Fiat Industrial says Tobin to be CNH Industrial CEO after merger

MILAN | Mon Aug 26, 2013 8:19am EDT

MILAN (Reuters) - Fiat Industrial (FI.MI) said on Monday its Chief Operating Officer Richard Tobin would run CNH Industrial, the new company that will be formed CNH in the autumn.

The appointment, which was widely expected, completes top management appointments at the new group which is expected to be created at the end of September.

"Rich will be assuming the position of Chief Executive of CNH Industrial upon completion of the merger," Fiat Industrial and CNH Chairman Sergio Marchionne said in a statement.

Tobin, CFO at Switzerland's SGS Group in Geneva before joining CNH in 2010, is currently also CNH's CEO.

Fiat Industrial and CNH also said in a joint statement that Massimiliano Chiara will take over as chief financial officer of the new company from Pablo Di Si, who was leaving the group.

After the merger Fiat Industrial will move its corporate headquarters to the Netherlands. The new CNH Industrial group will have a primary stock listing in the U.S.

Marchionne, who is also CEO of Fiat (FIA.MI), has previously said the Fiat Industrial-CNH merger "is one of the technical blueprints" for a future Fiat-Chrysler marriage".

The Turin-based Fiat, Italy's biggest private employer, is in talks with Chrysler's minority shareholder VEBA to buy the 41.5 percent stake it does not already own.

(Reporting by Silvia Aloisi and Stephen Jewkes; Editing by Louise Heavens)

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Analysis: After mega-LBO boom, a massive private equity cleanup

An exterior shot of the Hilton Midtown in New York June 7, 2013.

Credit: Reuters/Andrew Kelly

By Greg Roumeliotis

NEW YORK | Wed Aug 28, 2013 3:31am EDT

NEW YORK (Reuters) - According to Blackstone Group LP's (BX.N) books, the private equity firm's investment in Hilton Worldwide Inc was worth 50 percent more this year than when it took the international hotel chain private in 2007.

While that might not seem like much compared to private equity's historical record of doubling or tripling its investments, it is a remarkable turnaround for a $26.7 billion deal that has come to epitomize the leveraged buyout boom and bust of the past decade.

Hilton is one of many cleanup acts that have been quietly going on in the world of private equity, as the industry atones for a debt binge in the years before the financial crisis.

Many of the largest buyouts from 2005 to 2008 were based on revenue and profit expectations that proved too optimistic when the recession hit. Companies such as casino operator Caesars Entertainment Corp (CZR.O) and Texas utility Energy Future Holdings were saddled with huge piles of debt and had difficulty meeting interest payments when business declined.

Just months after Blackstone closed the Hilton deal, the financial crisis forced the firm to dock the value of its investment by half, according to fund documents seen by Reuters.

In 2010, Blackstone persuaded Hilton creditors to agree to a restructuring that cut the company's total debt by nearly $4 billion and pushed back debt maturities by two years to 2015. The restructuring was notable for both its scale and impact: Hilton was allowed to keep more of its cash flow, which is projected to be up 58 percent this year compared to 2009.

With the U.S. economy growing again, Blackstone is now looking to refinance another $12 billion of Hilton debt and plans to take the company public next year.

Blackstone's final returns on the deal are not yet known. On paper, the firm valued Hilton at around 1.5 times its investment, a person familiar with the matter said, citing figures as of the end of March. Blackstone declined to comment.

Private equity investment group Hamilton Lane Advisors LLC conducted a study on 19 LBOs between 2005 and 2008, each with an enterprise value (which includes debt) of more than $10 billion. It found that the average deal was up 1.17 times as of the end of December.

A similar investment in MSCI's world equity index .MIWD00000PUS would have been worth just 1.01 times more by the end of December, the study shows.

Yet the returns are subpar by private equity standards. These firms charge hefty fees to manage money for pension funds, endowments and other institutional investors, and typically deliver between two and three times their investment.

The experience has injected a new sense of conservatism in the industry, and put off a whole generation of private equity executives and their investors, said Harvard Business School professor Josh Lerner, whose research focuses on private equity.

"There has been increasing awareness that really big deals done at peak periods have not been a recipe for success, particularly on the limited partner side," Lerner said.

VARIED PERFORMANCE

A Reuters review of the largest deals from the buyout boom shows that private equity firms have been extending and restructuring debt obligations and selling or spinning off assets to boost the value of their investments.

To be sure, the performance of deals varied widely.

For example, hospital operator HCA Holdings Inc (HCA.N), which was taken private by KKR & Co LP (KKR.N) and Bain Capital LLC for $32.2 billion in 2006, has proved extremely profitable. The HCA investment was marked at 4.3 times higher or more as of the end of June, according to people familiar with the matter. But Energy Future, taken private in 2007 for $45 billion by KKR, TPG Capital LP and Goldman Sachs Capital Partners (GS.N), has said it is now preparing for bankruptcy.

HCA, Energy Future Holdings, and the private equity firms involved either declined to comment or did not respond to requests for comment.

Some other mega-LBOs are struggling as debt payments sap cash flow or because profits are not growing.

Computer software maker SunGard Data Systems Inc, which was taken private in 2005 for $11.4 billion and is trying to revive its profit growth, is exploring a sale of its data managing operations that could fetch up to $2 billion, people familiar with the matter told Reuters in June.

As of the end of December, SunGard had barely increased in value for the private equity firms, according to two people familiar with the matter.

In a starker example, First Data Corp, the world's largest payment processing company taken private by KKR for $29 billion in 2007, explored the possibility of selling its financial services business, seeking up to $6 billion, people familiar with the matter told Reuters in April.

The company, which is struggling with a roughly $24 billion debt burden, was worth only 70 percent of KKR's investment as of the end of June, according to people familiar with the matter.

KKR in April appointed former JPMorgan Chase & Co (JPM.N) co-chief operating officer Frank Bisignano as First Data's CEO. Last month Bisignano named JPMorgan's former chief information officer Guy Chiarello as First Data's President.

"Even if they think they have gone through multiple rounds of cost cutting prior to the LBO, they all have the opportunity to shed a few more pounds," said A.T. Kearney partner Robert Haas, who leads the consultancy's private equity practice in the Americas.

First Data, SunGard and the private equity firms involved either declined to comment or did not respond to requests for comment.

BIG TEMPTATION

Because of their size, an IPO is often the only option available for private equity to exit, and that is a gradual process that can take years with uncertain outcomes. (For a graphic on share performance of firms that have already been taken public, click on link.reuters.com/jer32v)

Meanwhile, the temptation to do large, splashy deals remains. Private equity firms are raising multi-billion-dollar funds, creating a challenge for managers to find good investments.

Private equity firms have not led a $10 billion-plus deal since the crisis, but they have participated in two deals worth more than $20 billion each: the proposed buyout of Dell Inc (DELL.O) by Michael Dell and Silver Lake, and the takeover of H.J. Heinz Co by Warren Buffett's Berkshire Hathaway Inc (BRKa.N) and 3G Capital.

Lerner, the Harvard professor, said some private equity executives are constrained by skepticism from their fund investors, as well as little appetite from some banks to underwrite huge deals.

They are also concerned that a rise in interest rates could increase financing costs for buyers of their companies down the road, making exit strategies more difficult, Lerner added.

(Reporting by Greg Roumeliotis in New York; Editing by Paritosh Bansal, Tiffany Wu and Tim Dobbyn)

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Energy buoys Wall Street after selloff, Syria eyed

Traders work on the floor of the New York Stock Exchange August 27, 2013.

Credit: Reuters/Brendan McDermid

By Rodrigo Campos

NEW YORK | Wed Aug 28, 2013 10:42am EDT

NEW YORK (Reuters) - Energy shares buoyed Wall Street on Wednesday as oil prices jumped after the United States and its allies appeared ready to attack Syria, raising concerns over global oil supplies.

Selling pressure abated on equities following stocks' worst day since June a day earlier amid heightened tensions over a possible Western response to an alleged chemical weapons attack on Syrian civilians by President Bashar al-Assad's government.

The S&P 500 index fell 2 percent in the past two days and the CBOE Volatility Index .VIX rose 20 percent, reflecting investor uncertainty.

Tuesday's selloff "may have been an over reaction to what we know now on Syria," said John Manley, chief equity strategist at Wells Fargo Funds Management in New York. However, he said, the consequences of any conflict are unknown and the selling could have only started.

The United Nations Security Council was set for a showdown on Wednesday after Britain sought authorization for Western military action against Syria that seems certain to be vetoed by Russia and probably China.

The Dow Jones industrial average .DJI rose 28.8 points or 0.19 percent, to 14,804.93, the S&P 500 .SPX gained 3.56 points or 0.22 percent, to 1,634.04 and the Nasdaq Composite .IXIC added 14.088 points or 0.39 percent, to 3,592.612.

Brent crude hit a six-month high and U.S. crude hit its highest in more than two years on concerns foreign military action in Syria may further destabilize the Middle East.

The S&P energy index .SPNY rose 1.3 percent to lead the top ten S&P sectors. Chevron (CVX.N), up 2 percent at $121.25, and Exxon Mobil (XOM.N), up 1.3 percent at $87.93, were the top performers on the S&P 500.

An index of airline shares .XAL fell 0.7 percent after falling 3.9 percent on Tuesday.

Analysts said a possible decline in consumer confidence and spending, due to higher oil prices and the possibility of a larger conflict, was affecting U.S. equities.

Gold prices rose to 3-1/2 month highs above $1,430 an ounce as the Syria tensions raised its appeal as a safe-haven asset.

On Wall Street, U.S. government housing finance authorities are pressing JPMorgan Chase & Co (JPM.N) for at least $6 billion to settle lawsuits over bonds backed by subprime mortgages, according to a person familiar with the matter. JPMorgan shares fell 0.5 percent to $50.36.

Shares of mining equipment manufacturer Joy Global (JOY.N) fell 5.6 percent to $48.45 after it reported a lower profit for the third quarter and said orders fell.

Contracts to purchase previously owned U.S. homes fell for the second straight month in July, a sign that rising mortgage rates are taking some steam out of America's housing market recovery.

The PHLX housing sector index .HGX fell 0.6 percent.

(Editing by Bernadette Baum)

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Fonterra products didn't have botulism bacteria after all, New Zealand tests show

A Fonterra milk tanker arrives to Fonterra's Te Rapa plant near Hamilton in this August 6, 2013 file photo.

Credit: Reuters/Nigel Marple/Files

By Naomi Tajitsu

WELLINGTON | Wed Aug 28, 2013 3:49am EDT

WELLINGTON (Reuters) - Dairy giant Fonterra's products at the center of a global contamination scare this month did not contain a bacteria that could cause botulism, and posed no food safety threat, New Zealand officials said on Wednesday.

The Ministry for Primary Industries (MPI) said tests showed that whey protein concentrate manufactured by the world's largest dairy processor contained clostridium sporogenes, which cannot cause botulism, but which at elevated levels can be associated with food spoilage.

Original tests conducted by Fonterra and a New Zealand government research institute had indicated the presence of clostridium botulinum, raising fears that infant formula and sports drinks made from the product and widely exported could be potentially dangerous.

The botulism scare triggered a recall of products made by multinational brands that may have contained the whey protein in a number of markets, from China to the Middle East and Southeast Asia. It also prompted bans in Russia and Sri Lanka, while other countries stepped up scrutiny of Fonterra's dairy products.

"We went to world-leading labs, which are accredited and can test for this. That has given us a clear and definitive sense that it isn't clostridium botulinum," MPI acting director-general Scott Gallacher told reporters. "There is no food safety risk here."

Fonterra CEO Theo Spierings said he was "very relieved" that the MPI's tests showed the company's products did not pose any food safety risk. He said Fonterra "did the right thing" in announcing the possible risk earlier this month.

"When you go through a global recall, you know it will affect your reputation," Spierings told reporters. "If we had not acted on this, and if something had happened with one child in the world, then it would have caused a massive reputation issue in the long term, or even you could be wiped off the map and possibly face closure."

Spierings said Fonterra's interim tests had isolated the possible presence of either clostridium sporogenes or clostridium botulinum, and that the final stage of the company's testing had shown a positive result for the botulinum strain.

He said he would not judge any mistakes which may have occurred in the testing process. Fonterra has said the contaminated whey protein concentrate was caused by a dirty pipe at one of its processing plants. The MPI said it began its own independent tests in early August after being informed by Fonterra of the possible contamination.

"EMBARRASSMENT"

New Zealand Trade Minister Tim Groser said the initial contamination scare based on Fonterra's initial test result was "an embarrassment" to New Zealand, whose reputation as a source of clean, safe food products was questioned by global consumers. Fonterra controls around a third of the world's dairy exports.

"We checked the information, the information turned out to be false, the consequences of this have been very serious, (we're) not comfortable about that, and we need some answers to how all this happened," he told Radio New Zealand, noting that a government inquiry was one of four currently underway into the affair.

The ministry's test results, giving the all clear from potential botulism-causing bacteria, could help repair Fonterra's reputation. "Obviously, it's caused some damage, but we shouldn't lose sight of the fact that Fonterra did raise the alert even if it wasn't absolutely certain," said BNZ economist Doug Steel.

Fonterra said it resumed operations in Sri Lanka after suspending activity at its offices and factories there late last week following protests against its milk products. Fonterra has 755 employees in Sri Lanka - where New Zealand supplies two-thirds of annual milk powder imports.

Trading in Fonterra's Shareholders Fund units was suspended earlier on Wednesday.

(Additional reporting by Gyles Beckford; Editing by Ian Geoghegan)

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Russia orders oil cut to Belarus after potash clash

Oil pumpjacks are seen near the Belarussian village of Kaporovka, some 300 km (186 miles) southeast of Minsk, June 12, 2013.

Credit: Reuters/Vasily Fedosenko (

By Dmitry Zhdannikov and Vladimir Soldatkin

MOSCOW | Wed Aug 28, 2013 11:40am EDT

MOSCOW (Reuters) - Russia ordered its oil firms on Wednesday to cut supplies to neighboring Belarus by around a quarter, in a major escalation of a trade and diplomatic dispute following the arrest in Minsk of the boss of Russian potash firm.

Trade disputes between Russia and Belarus have affected oil deliveries in the past, causing knock-on disruptions to pipeline flows via Belarus to European countries such as Poland and Germany.

Memories of those cuts, which led to oil price spikes, resurfaced this week after a major diplomatic row erupted between Moscow and Minsk.

Belarus this week detained chief executive of Russia's Uralkali (URKA.MM), the world's top potash producer, accusing him of inflicted severe economic damage following the collapse of a Russia-Belarus sales cartel.

Russia demanded the release of Vladislav Baumgertner. Uralkali controls 20 percent of the world market and is partially owned by Suleiman Kerimov, a billionaire with close ties to Russian President Vladimir Putin's administration.

"It looks like we are heading for a new trade war again," one trader with a Russian oil firm said after the pipeline monopoly Transneft ordered a cut in oil supplies to Belarus by 400,000 metric tons for September.

Transneft (TRNF_p.MM) cited environmental concerns, saying it needed to replace 700 km (440 miles) of old pipelines. "We have to speed up work as it is ecologically dangerous," vice-president Mikhail Barkov said.

Oil traders said the order was completely unexpected. Belarus relies entirely on Russian oil to keep its two major refineries running and supply the local market.

Also unexpected was Belarus' order this week to steeply raise excise taxes on gasoline and diesel, which will make sales in Belarus of refined products produced from Russian oil loss-making, traders added.

According to a decree by Belarussian President Alexander Lukashanko, excise taxes will rise by 45 percent on gasoline and 70 percent on diesel to reach $200-$250 per metric ton (1.1023 tons) respectively.

Lukashenko, in power since 1994, has a history of maneuvering between Russia and Europe to shore up his isolated leadership and Soviet-style economy.

The potash incident has led to one of the biggest diplomatic row in years with Russia's Foreign Ministry summoning the Belarusian ambassador to issue a rebuke, warning of unspecified consequences for bilateral ties.

(Additional reporting by Andrei Makhovsky in Minsk,; Editing by Douglas Busvine)

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Carol McGiffin quits her day job on Loose Women after ten years

By Jason Chester

PUBLISHED: 03:55 EST, 25 August 2013 | UPDATED: 11:17 EST, 25 August 2013

She became a household name thanks to her daily appearances on Loose Women, but after more than a decade on the panel Carol McGiffin has quit the show for pastures new.

The 53-year-old TV personality was the longest serving member on the panel, but admits she won’t be returning to the long-running ITV show when the new series kicks off later this year.

Speaking to the Sunday People, she said: ‘I’m sure some of you will rejoice but those who might not be so pleased deserve some sort of explanation. 

Bowing out: Carol McGiffin has quit her ten year presenting role on ITV daytime show Loose Women

‘I’d been thinking about it for at least a year. It seems mad to quit one of the best jobs in the world – you talk for an hour with like-minded women and get paid.

‘But I felt I’d completely plundered my private life and exhausted my repertoire of anecdotes to the point of boring myself.’

Carol made 1,172 appearances on the show before bowing out when the 17th series came to an end in June.

Her personal highlights include chats with singers Bryan Ferry and Robbie Williams and a trip to Spain, where she visited the set of sitcom Benidorm – her favourite TV show. 

Familiar faces: Loose Women panelists Carol Vorderman, Lisa Maxwell, Carole McGiffin and Denise Welch chat to actress Kym Lomas, one of hundreds of guests to appear on the show

She added: ‘I had so many laughs, made so many friends. It’s been such a big part of my life.’

Carol is currently following in Loose Women colleague Denise Welch’s footsteps by taking part in Celebrity Big Brother – and she’s already won an unlikely admirer in TOWIE star Mario Falcone.

Speaking in the Diary Room shortly after entering the house, he said: ‘She has got amazing legs for an older woman. Amazing. Her legs are the ideal legs on a woman.

Bit of a gap: Carol McGiffin with fiance Mark Cassidy, who is 23-years her junior

‘It is weird for me. When I am out with my friends they are all boys. Carol is completely different for me, she has come in tonight and got proper p***ed.’

The TV presenter is engaged to Mark Cassidy, who is 22-years her junior, but Mario admitted he still fancied his chances.

‘She is engaged to a 31-year-old which means I am six years out,’ he said. ‘But if her engagement doesn’t work out...Carol, I am single and I am a changed man.

'There have been a few moments tonight where something could have happened but she is an engaged woman.’

Fancying his chances: TOWIE star Mario Falcone has developed a crush on fellow Celebrity Big Brother housemate Carol McGiffin

While Carol has already quit Loose Women, fellow panellist Carol Vorderman could be facing the axe as producers plan to give the show a radical shake-up following a drop in viewing figures.

According to The Sun, show regulars Vorderman, Denise Welch and Jane McDonald have been given short-term contracts with their positions set to come under review in January.

The ITV mainstay is understood to have lost more than 700,000 viewers during the last series.

Under threat: Carol McGiffin has quit Loose Women, but her fellow panelist have reportedly given short term contracts following a steep decline in viewing figures during the last series

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Carol McGiffin quits her day job on Loose Women after ten years

By Jason Chester

PUBLISHED: 03:55 EST, 25 August 2013 | UPDATED: 11:17 EST, 25 August 2013

She became a household name thanks to her daily appearances on Loose Women, but after more than a decade on the panel Carol McGiffin has quit the show for pastures new.

The 53-year-old TV personality was the longest serving member on the panel, but admits she won’t be returning to the long-running ITV show when the new series kicks off later this year.

Speaking to the Sunday People, she said: ‘I’m sure some of you will rejoice but those who might not be so pleased deserve some sort of explanation. 

Bowing out: Carol McGiffin has quit her ten year presenting role on ITV daytime show Loose Women

‘I’d been thinking about it for at least a year. It seems mad to quit one of the best jobs in the world – you talk for an hour with like-minded women and get paid.

‘But I felt I’d completely plundered my private life and exhausted my repertoire of anecdotes to the point of boring myself.’

Carol made 1,172 appearances on the show before bowing out when the 17th series came to an end in June.

Her personal highlights include chats with singers Bryan Ferry and Robbie Williams and a trip to Spain, where she visited the set of sitcom Benidorm – her favourite TV show. 

Familiar faces: Loose Women panelists Carol Vorderman, Lisa Maxwell, Carole McGiffin and Denise Welch chat to actress Kym Lomas, one of hundreds of guests to appear on the show

She added: ‘I had so many laughs, made so many friends. It’s been such a big part of my life.’

Carol is currently following in Loose Women colleague Denise Welch’s footsteps by taking part in Celebrity Big Brother – and she’s already won an unlikely admirer in TOWIE star Mario Falcone.

Speaking in the Diary Room shortly after entering the house, he said: ‘She has got amazing legs for an older woman. Amazing. Her legs are the ideal legs on a woman.

Bit of a gap: Carol McGiffin with fiance Mark Cassidy, who is 23-years her junior

‘It is weird for me. When I am out with my friends they are all boys. Carol is completely different for me, she has come in tonight and got proper p***ed.’

The TV presenter is engaged to Mark Cassidy, who is 22-years her junior, but Mario admitted he still fancied his chances.

‘She is engaged to a 31-year-old which means I am six years out,’ he said. ‘But if her engagement doesn’t work out...Carol, I am single and I am a changed man.

'There have been a few moments tonight where something could have happened but she is an engaged woman.’

Fancying his chances: TOWIE star Mario Falcone has developed a crush on fellow Celebrity Big Brother housemate Carol McGiffin

While Carol has already quit Loose Women, fellow panellist Carol Vorderman could be facing the axe as producers plan to give the show a radical shake-up following a drop in viewing figures.

According to The Sun, show regulars Vorderman, Denise Welch and Jane McDonald have been given short-term contracts with their positions set to come under review in January.

The ITV mainstay is understood to have lost more than 700,000 viewers during the last series.

Under threat: Carol McGiffin has quit Loose Women, but her fellow panelist have reportedly given short term contracts following a steep decline in viewing figures during the last series

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Fiat Industrial says Tobin to be CNH Industrial CEO after merger

MILAN | Mon Aug 26, 2013 8:19am EDT

MILAN (Reuters) - Fiat Industrial (FI.MI) said on Monday its Chief Operating Officer Richard Tobin would run CNH Industrial, the new company that will be formed CNH in the autumn.

The appointment, which was widely expected, completes top management appointments at the new group which is expected to be created at the end of September.

"Rich will be assuming the position of Chief Executive of CNH Industrial upon completion of the merger," Fiat Industrial and CNH Chairman Sergio Marchionne said in a statement.

Tobin, CFO at Switzerland's SGS Group in Geneva before joining CNH in 2010, is currently also CNH's CEO.

Fiat Industrial and CNH also said in a joint statement that Massimiliano Chiara will take over as chief financial officer of the new company from Pablo Di Si, who was leaving the group.

After the merger Fiat Industrial will move its corporate headquarters to the Netherlands. The new CNH Industrial group will have a primary stock listing in the U.S.

Marchionne, who is also CEO of Fiat (FIA.MI), has previously said the Fiat Industrial-CNH merger "is one of the technical blueprints" for a future Fiat-Chrysler marriage".

The Turin-based Fiat, Italy's biggest private employer, is in talks with Chrysler's minority shareholder VEBA to buy the 41.5 percent stake it does not already own.

(Reporting by Silvia Aloisi and Stephen Jewkes; Editing by Louise Heavens)

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Lamar Odom 'goes missing' after being 'kicked out of the house by Khloe Kardashian' amid claims of drug abuse

By Daily Mail Reporter

PUBLISHED: 14:55 EST, 25 August 2013 | UPDATED: 15:36 EST, 25 August 2013

Lamar Odom has gone missing, TMZ are reporting.

The website claims that people close to the NBA star have been unable to find or contact him for the last 72 hours.

The reports come after it was alleged that his wife Khloe Kardashian threw him out of the house on Wednesday.

'Missing': People close to Lamar Odom have allegedly been unable to find or contact him for the last 72 hours

The couple have been subject to persistent rumours that their marriage is in trouble after Lamar, 33, allegedly cheated on Khloe, 29, with two different women. 

But several sources have told TMZ the real reason behind their marriage crisis is that Khloe reportedly believes that her husband has a drug problem.

Representatives for Lamar did not respond to MailOnline's request for comment.

More problems? It comes after claims Khloe Kardashian has thrown out Lamar after reports of alleged drug use

'Really hard to sit here and listen to people talk s*** about my family! F*** you and shame on you! I'm too protective for this s***!' Khloe tweeted on Sunday.

Earlier this week the Kardashian family allegedly staged an intervention to convince Lamar to return to rehab, but he refused, reports the gossip website.

Khloe urged Lamar in August 2012 to go to rehab and after he entered a San Diego facility she hired private investigators to make sure he didn't leave.

Lamar reportedly constantly threatened to leave the rehab clinic and Khloe visited several times to convince him to stay, but he left after three weeks, sources said.

'Thrown out': Lamar was seen outside the home he shares with Khloe in Calabasas, California on Wednesday

Packed bags: A man was seen loading large amounts of luggage into Lamar's car while the basketball star stood by

Online affirmation: Khloe posted a tweet on Friday citing the importance of strength to survival

Lamar, who won two championships with the Los Angeles Lakers, stayed clean and played well last season for the Los Angeles Clippers, but sources said he resumed using drugs after the season.

Khloe was convinced of recent reports of Lamar's infidelity, but feels his drug abuse has been the main problem, the website reported.

Neither Khloe nor Lamar has contacted a divorce lawyer.

Heartfelt: Lamar posted a tweet last month supporting Khloe as claims of his infidelity surfaced

'Khloe is more concerned about saving Lamar than ending her marriage,' a source told TMZ.

Khloe allegedly tossed Lamar out of the house after the failed intervention, and he was pictured Wednesday as an associated loaded a number of large suitcases into his car in Calabasas, California.

Khloe and Lamar got married in 2009 about a month after meeting each other.

Khloe has recently endured reports that Lamar had an affair with Jennifer Richardson for a year until March 2013 and a six-week fling with lawyer Polina Polonsky at the start of the summer.

Troubled marriage?: Khloe and Lamar, shown in May 2012 in Los Angeles, have been the subject of infidelity rumours in recent weeks

Keeping it spicy: Khloe put on latex and got acrobatic in order to provide husband Lamar with some sexy photos in a recent episode of Keeping Up With The Kardashians

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Lamar Odom 'goes missing' after being 'kicked out of the house by Khloe Kardashian' amid claims of drug abuse

By Daily Mail Reporter

PUBLISHED: 14:55 EST, 25 August 2013 | UPDATED: 15:36 EST, 25 August 2013

Lamar Odom has gone missing, TMZ are reporting.

The website claims that people close to the NBA star have been unable to find or contact him for the last 72 hours.

The reports come after it was alleged that his wife Khloe Kardashian threw him out of the house on Wednesday.

'Missing': People close to Lamar Odom have allegedly been unable to find or contact him for the last 72 hours

The couple have been subject to persistent rumours that their marriage is in trouble after Lamar, 33, allegedly cheated on Khloe, 29, with two different women. 

But several sources have told TMZ the real reason behind their marriage crisis is that Khloe reportedly believes that her husband has a drug problem.

Representatives for Lamar did not respond to MailOnline's request for comment.

More problems? It comes after claims Khloe Kardashian has thrown out Lamar after reports of alleged drug use

'Really hard to sit here and listen to people talk s*** about my family! F*** you and shame on you! I'm too protective for this s***!' Khloe tweeted on Sunday.

Earlier this week the Kardashian family allegedly staged an intervention to convince Lamar to return to rehab, but he refused, reports the gossip website.

Khloe urged Lamar in August 2012 to go to rehab and after he entered a San Diego facility she hired private investigators to make sure he didn't leave.

Lamar reportedly constantly threatened to leave the rehab clinic and Khloe visited several times to convince him to stay, but he left after three weeks, sources said.

'Thrown out': Lamar was seen outside the home he shares with Khloe in Calabasas, California on Wednesday

Packed bags: A man was seen loading large amounts of luggage into Lamar's car while the basketball star stood by

Online affirmation: Khloe posted a tweet on Friday citing the importance of strength to survival

Lamar, who won two championships with the Los Angeles Lakers, stayed clean and played well last season for the Los Angeles Clippers, but sources said he resumed using drugs after the season.

Khloe was convinced of recent reports of Lamar's infidelity, but feels his drug abuse has been the main problem, the website reported.

Neither Khloe nor Lamar has contacted a divorce lawyer.

Heartfelt: Lamar posted a tweet last month supporting Khloe as claims of his infidelity surfaced

'Khloe is more concerned about saving Lamar than ending her marriage,' a source told TMZ.

Khloe allegedly tossed Lamar out of the house after the failed intervention, and he was pictured Wednesday as an associated loaded a number of large suitcases into his car in Calabasas, California.

Khloe and Lamar got married in 2009 about a month after meeting each other.

Khloe has recently endured reports that Lamar had an affair with Jennifer Richardson for a year until March 2013 and a six-week fling with lawyer Polina Polonsky at the start of the summer.

Troubled marriage?: Khloe and Lamar, shown in May 2012 in Los Angeles, have been the subject of infidelity rumours in recent weeks

Keeping it spicy: Khloe put on latex and got acrobatic in order to provide husband Lamar with some sexy photos in a recent episode of Keeping Up With The Kardashians

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Argentina markets give back gains after U.S. court stay

By Jorge Otaola and Walter Bianchi

BUENOS AIRES | Fri Aug 23, 2013 4:10pm EDT

BUENOS AIRES (Reuters) - Argentine markets initially rose on Friday after a U.S. appeals court put a hold on injunctions against the government in its legal battle with "holdout" bond investors, but stock and bond price gains were soon erased as concerns over the case persist.

The South American grains-exporting country lost its appeal of a judge's order requiring it to pay $1.33 billion to bondholders who refused to take part in two debt restructurings.

But the 2nd U.S. Circuit Court of Appeals in New York delayed implementing the decision pending a ruling by the U.S. Supreme Court, sparking a brief market rally in Buenos Aires.

"After the appeals court decision was analyzed, the realization set in that Argentina has only bought itself some time," a local stock broker told Reuters, asking not to be named. "So sellers started showing up to take profits."

The U.S. high court is likely to consider whether to hear the case in the fall. If the justices agree to hear the case, a ruling would be issued by the end of June.

"All this does is extend the fight to next year," said Rodolfo Rossi, an economist and former central bank president.

The MerVal .MERV blue-chip stock index ended the day 0.7 percent lower at 3,916.8 points after rising 1.53 percent earlier in the session.

The case still threatens to push Argentina toward a debt default if the country is finally ordered to pay holdouts the 100 cents on the dollar that they are demanding.

President Cristina Fernandez vows never to pay on those terms. She characterizes the holdouts as "vultures" out to profit on her country's catastrophic 2002 bond default.

The holdouts bought their Argentine bonds at steep discounts, refused to restructure the obligations and are demanding repayment at face value.

The international bond market seesawed on news of the appeals court decision, with Argentina's country risk premium initially tightening by 21 basis points and then widening by 43 basis points to 1,066 basis points over comparable U.S. Treasuries, according to JP Morgan's Emerging Markets Bond Index Plus.

The index as a whole was at a much tighter spread of 357 basis points over safe-haven U.S. Treasury paper, showing the market sees Argentina three times as likely as other emerging market countries to default.

If final judgment goes against Argentina and the government nevertheless refuses to pay the holdouts what they want, the courts could block it from paying holders who accepted big writedowns as part of debt restructurings in 2005 and 2010.

Missing interest payments to the holders of restructured bonds would put the country in technical default.

"The appeals court decision means the Argentine government can continue paying bondholders who participated in the restructurings at least until there is a final decision," said Ignacio Labaqui, who analyzes the country for emerging markets consultancy Medley Global Advisors.

The ruling nonetheless marked a potential victory over the long term for holdouts led by NML Capital Ltd, a unit of billionaire hedge fund manager Paul Singer's Elliott Management Corp, and Aurelius Capital Management.

U.S. Circuit Judge Barrington Parker, writing for the three-judge panel, said the court believed "it is equitable for one creditor to receive what it bargained for, and is therefore entitled to, even if other creditors, when receiving what they bargained for, do not receive the same thing."

(Additional reporting by Brad Haynes and Alejandro Lifschitz, writing by Hugh Bronstein; editing by Dan Grebler, Kenneth Barry and Andrew Hay)

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Argentina markets give back gains after U.S. court stay

By Jorge Otaola and Walter Bianchi

BUENOS AIRES | Fri Aug 23, 2013 4:10pm EDT

BUENOS AIRES (Reuters) - Argentine markets initially rose on Friday after a U.S. appeals court put a hold on injunctions against the government in its legal battle with "holdout" bond investors, but stock and bond price gains were soon erased as concerns over the case persist.

The South American grains-exporting country lost its appeal of a judge's order requiring it to pay $1.33 billion to bondholders who refused to take part in two debt restructurings.

But the 2nd U.S. Circuit Court of Appeals in New York delayed implementing the decision pending a ruling by the U.S. Supreme Court, sparking a brief market rally in Buenos Aires.

"After the appeals court decision was analyzed, the realization set in that Argentina has only bought itself some time," a local stock broker told Reuters, asking not to be named. "So sellers started showing up to take profits."

The U.S. high court is likely to consider whether to hear the case in the fall. If the justices agree to hear the case, a ruling would be issued by the end of June.

"All this does is extend the fight to next year," said Rodolfo Rossi, an economist and former central bank president.

The MerVal .MERV blue-chip stock index ended the day 0.7 percent lower at 3,916.8 points after rising 1.53 percent earlier in the session.

The case still threatens to push Argentina toward a debt default if the country is finally ordered to pay holdouts the 100 cents on the dollar that they are demanding.

President Cristina Fernandez vows never to pay on those terms. She characterizes the holdouts as "vultures" out to profit on her country's catastrophic 2002 bond default.

The holdouts bought their Argentine bonds at steep discounts, refused to restructure the obligations and are demanding repayment at face value.

The international bond market seesawed on news of the appeals court decision, with Argentina's country risk premium initially tightening by 21 basis points and then widening by 43 basis points to 1,066 basis points over comparable U.S. Treasuries, according to JP Morgan's Emerging Markets Bond Index Plus.

The index as a whole was at a much tighter spread of 357 basis points over safe-haven U.S. Treasury paper, showing the market sees Argentina three times as likely as other emerging market countries to default.

If final judgment goes against Argentina and the government nevertheless refuses to pay the holdouts what they want, the courts could block it from paying holders who accepted big writedowns as part of debt restructurings in 2005 and 2010.

Missing interest payments to the holders of restructured bonds would put the country in technical default.

"The appeals court decision means the Argentine government can continue paying bondholders who participated in the restructurings at least until there is a final decision," said Ignacio Labaqui, who analyzes the country for emerging markets consultancy Medley Global Advisors.

The ruling nonetheless marked a potential victory over the long term for holdouts led by NML Capital Ltd, a unit of billionaire hedge fund manager Paul Singer's Elliott Management Corp, and Aurelius Capital Management.

U.S. Circuit Judge Barrington Parker, writing for the three-judge panel, said the court believed "it is equitable for one creditor to receive what it bargained for, and is therefore entitled to, even if other creditors, when receiving what they bargained for, do not receive the same thing."

(Additional reporting by Brad Haynes and Alejandro Lifschitz, writing by Hugh Bronstein; editing by Dan Grebler, Kenneth Barry and Andrew Hay)

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Wall Street ends up a day after Nasdaq outage, Microsoft jumps

1 of 2. Traders work on the floor of the New York Stock Exchange August 21, 2013.

Credit: Reuters/Brendan McDermid

By Rodrigo Campos

NEW YORK | Fri Aug 23, 2013 4:55pm EDT

NEW YORK (Reuters) - Stocks rose in light trading on Friday, led by a jump in Microsoft shares, as trading took place without interruption a day after the Nasdaq stock exchange suffered an unprecedented, three-hour trading halt.

Microsoft (MSFT.O) shares posted their largest daily percentage gain in more than four years after the head of the world's largest software company, Steve Ballmer, announced he will retire within 12 months.

The stock closed up 7.3 percent at $34.77 and was the largest contributor to the advance on the three major indexes.

"The big news today is the succession at Microsoft, but beyond that it's pretty quiet," said Dan Veru, chief investment officer at Palisade Capital Management in Fort Lee, New Jersey.

The Dow Jones industrial average .DJI rose 46.77 points or 0.31 percent, to 15,010.51, the S&P 500 .SPX gained 6.54 points or 0.39 percent, to 1,663.5 and the Nasdaq Composite .IXIC added 19.085 points or 0.52 percent, to 3,657.792.

Volume was among the lowest of the year with about 4.9 billion shares changing hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, far below the daily average so far this year of about 6.3 billion shares.

Trading volume was only slightly higher than Thursday's 4.4 billion, affected by a technological problem that shut down trading in Nasdaq securities for three hours in the afternoon.

On Friday, Robert Greifeld, chief executive officer of Nasdaq OMX (NDAQ.O) said the exchange resolved the technical problems that led to the halt but could not guarantee there would never be future glitches. Nasdaq shares gained 1.2 percent to close at $30.83.

Friday's gains helped the S&P 500 and Nasdaq Composite end a two-week losing streak, but the Dow posted its third consecutive weekly decline. For the week the Dow fell 0.5 percent, the S&P gained 0.5 percent and the Nasdaq added 1.5 percent.

Economic data showed sales of new single-family homes fell by 13.4 percent in July to an annual rate of 394,000 units, well below expectations of 490,000 units.

The data weighed on homebuilder stocks, with PulteGroup (PHM.N) down 1.6 percent to $16.06 and Toll Brothers (TOL.N) off 3.9 percent to $31.19. The PHLX housing sector index .HGX lost 1.6 percent.

Pandora Media Inc (P.N) slumped 12.9 percent to $18.91 after the Internet radio service said late Thursday that rising expenditures to acquire music and expand its sales force would push fiscal 2014 earnings below analyst expectations.

Aeropostale Inc (ARO.N) tumbled 20.2 percent to $8.76 after the teen apparel retailer forecast a steep third-quarter loss.

Shares of Autodesk (ADSK.O) rallied 7.7 percent to $38.91 after earlier hitting $41.72, its highest level since April 2012.

Roughly two issues rose for every one that fell on the NYSE and on Nasdaq 13 rose for every 11 decliners.

(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak; Editing by Kenneth Barry)

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Wall Street ends up a day after Nasdaq outage, Microsoft jumps

1 of 2. Traders work on the floor of the New York Stock Exchange August 21, 2013.

Credit: Reuters/Brendan McDermid

By Rodrigo Campos

NEW YORK | Fri Aug 23, 2013 4:55pm EDT

NEW YORK (Reuters) - Stocks rose in light trading on Friday, led by a jump in Microsoft shares, as trading took place without interruption a day after the Nasdaq stock exchange suffered an unprecedented, three-hour trading halt.

Microsoft (MSFT.O) shares posted their largest daily percentage gain in more than four years after the head of the world's largest software company, Steve Ballmer, announced he will retire within 12 months.

The stock closed up 7.3 percent at $34.77 and was the largest contributor to the advance on the three major indexes.

"The big news today is the succession at Microsoft, but beyond that it's pretty quiet," said Dan Veru, chief investment officer at Palisade Capital Management in Fort Lee, New Jersey.

The Dow Jones industrial average .DJI rose 46.77 points or 0.31 percent, to 15,010.51, the S&P 500 .SPX gained 6.54 points or 0.39 percent, to 1,663.5 and the Nasdaq Composite .IXIC added 19.085 points or 0.52 percent, to 3,657.792.

Volume was among the lowest of the year with about 4.9 billion shares changing hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, far below the daily average so far this year of about 6.3 billion shares.

Trading volume was only slightly higher than Thursday's 4.4 billion, affected by a technological problem that shut down trading in Nasdaq securities for three hours in the afternoon.

On Friday, Robert Greifeld, chief executive officer of Nasdaq OMX (NDAQ.O) said the exchange resolved the technical problems that led to the halt but could not guarantee there would never be future glitches. Nasdaq shares gained 1.2 percent to close at $30.83.

Friday's gains helped the S&P 500 and Nasdaq Composite end a two-week losing streak, but the Dow posted its third consecutive weekly decline. For the week the Dow fell 0.5 percent, the S&P gained 0.5 percent and the Nasdaq added 1.5 percent.

Economic data showed sales of new single-family homes fell by 13.4 percent in July to an annual rate of 394,000 units, well below expectations of 490,000 units.

The data weighed on homebuilder stocks, with PulteGroup (PHM.N) down 1.6 percent to $16.06 and Toll Brothers (TOL.N) off 3.9 percent to $31.19. The PHLX housing sector index .HGX lost 1.6 percent.

Pandora Media Inc (P.N) slumped 12.9 percent to $18.91 after the Internet radio service said late Thursday that rising expenditures to acquire music and expand its sales force would push fiscal 2014 earnings below analyst expectations.

Aeropostale Inc (ARO.N) tumbled 20.2 percent to $8.76 after the teen apparel retailer forecast a steep third-quarter loss.

Shares of Autodesk (ADSK.O) rallied 7.7 percent to $38.91 after earlier hitting $41.72, its highest level since April 2012.

Roughly two issues rose for every one that fell on the NYSE and on Nasdaq 13 rose for every 11 decliners.

(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak; Editing by Kenneth Barry)

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Wall Street ends up a day after Nasdaq outage, Microsoft jumps

1 of 2. Traders work on the floor of the New York Stock Exchange August 21, 2013.

Credit: Reuters/Brendan McDermid

By Rodrigo Campos

NEW YORK | Fri Aug 23, 2013 4:55pm EDT

NEW YORK (Reuters) - Stocks rose in light trading on Friday, led by a jump in Microsoft shares, as trading took place without interruption a day after the Nasdaq stock exchange suffered an unprecedented, three-hour trading halt.

Microsoft (MSFT.O) shares posted their largest daily percentage gain in more than four years after the head of the world's largest software company, Steve Ballmer, announced he will retire within 12 months.

The stock closed up 7.3 percent at $34.77 and was the largest contributor to the advance on the three major indexes.

"The big news today is the succession at Microsoft, but beyond that it's pretty quiet," said Dan Veru, chief investment officer at Palisade Capital Management in Fort Lee, New Jersey.

The Dow Jones industrial average .DJI rose 46.77 points or 0.31 percent, to 15,010.51, the S&P 500 .SPX gained 6.54 points or 0.39 percent, to 1,663.5 and the Nasdaq Composite .IXIC added 19.085 points or 0.52 percent, to 3,657.792.

Volume was among the lowest of the year with about 4.9 billion shares changing hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, far below the daily average so far this year of about 6.3 billion shares.

Trading volume was only slightly higher than Thursday's 4.4 billion, affected by a technological problem that shut down trading in Nasdaq securities for three hours in the afternoon.

On Friday, Robert Greifeld, chief executive officer of Nasdaq OMX (NDAQ.O) said the exchange resolved the technical problems that led to the halt but could not guarantee there would never be future glitches. Nasdaq shares gained 1.2 percent to close at $30.83.

Friday's gains helped the S&P 500 and Nasdaq Composite end a two-week losing streak, but the Dow posted its third consecutive weekly decline. For the week the Dow fell 0.5 percent, the S&P gained 0.5 percent and the Nasdaq added 1.5 percent.

Economic data showed sales of new single-family homes fell by 13.4 percent in July to an annual rate of 394,000 units, well below expectations of 490,000 units.

The data weighed on homebuilder stocks, with PulteGroup (PHM.N) down 1.6 percent to $16.06 and Toll Brothers (TOL.N) off 3.9 percent to $31.19. The PHLX housing sector index .HGX lost 1.6 percent.

Pandora Media Inc (P.N) slumped 12.9 percent to $18.91 after the Internet radio service said late Thursday that rising expenditures to acquire music and expand its sales force would push fiscal 2014 earnings below analyst expectations.

Aeropostale Inc (ARO.N) tumbled 20.2 percent to $8.76 after the teen apparel retailer forecast a steep third-quarter loss.

Shares of Autodesk (ADSK.O) rallied 7.7 percent to $38.91 after earlier hitting $41.72, its highest level since April 2012.

Roughly two issues rose for every one that fell on the NYSE and on Nasdaq 13 rose for every 11 decliners.

(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak; Editing by Kenneth Barry)

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Wall Street ends up a day after Nasdaq outage, Microsoft jumps

1 of 2. Traders work on the floor of the New York Stock Exchange August 21, 2013.

Credit: Reuters/Brendan McDermid

By Rodrigo Campos

NEW YORK | Fri Aug 23, 2013 4:55pm EDT

NEW YORK (Reuters) - Stocks rose in light trading on Friday, led by a jump in Microsoft shares, as trading took place without interruption a day after the Nasdaq stock exchange suffered an unprecedented, three-hour trading halt.

Microsoft (MSFT.O) shares posted their largest daily percentage gain in more than four years after the head of the world's largest software company, Steve Ballmer, announced he will retire within 12 months.

The stock closed up 7.3 percent at $34.77 and was the largest contributor to the advance on the three major indexes.

"The big news today is the succession at Microsoft, but beyond that it's pretty quiet," said Dan Veru, chief investment officer at Palisade Capital Management in Fort Lee, New Jersey.

The Dow Jones industrial average .DJI rose 46.77 points or 0.31 percent, to 15,010.51, the S&P 500 .SPX gained 6.54 points or 0.39 percent, to 1,663.5 and the Nasdaq Composite .IXIC added 19.085 points or 0.52 percent, to 3,657.792.

Volume was among the lowest of the year with about 4.9 billion shares changing hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, far below the daily average so far this year of about 6.3 billion shares.

Trading volume was only slightly higher than Thursday's 4.4 billion, affected by a technological problem that shut down trading in Nasdaq securities for three hours in the afternoon.

On Friday, Robert Greifeld, chief executive officer of Nasdaq OMX (NDAQ.O) said the exchange resolved the technical problems that led to the halt but could not guarantee there would never be future glitches. Nasdaq shares gained 1.2 percent to close at $30.83.

Friday's gains helped the S&P 500 and Nasdaq Composite end a two-week losing streak, but the Dow posted its third consecutive weekly decline. For the week the Dow fell 0.5 percent, the S&P gained 0.5 percent and the Nasdaq added 1.5 percent.

Economic data showed sales of new single-family homes fell by 13.4 percent in July to an annual rate of 394,000 units, well below expectations of 490,000 units.

The data weighed on homebuilder stocks, with PulteGroup (PHM.N) down 1.6 percent to $16.06 and Toll Brothers (TOL.N) off 3.9 percent to $31.19. The PHLX housing sector index .HGX lost 1.6 percent.

Pandora Media Inc (P.N) slumped 12.9 percent to $18.91 after the Internet radio service said late Thursday that rising expenditures to acquire music and expand its sales force would push fiscal 2014 earnings below analyst expectations.

Aeropostale Inc (ARO.N) tumbled 20.2 percent to $8.76 after the teen apparel retailer forecast a steep third-quarter loss.

Shares of Autodesk (ADSK.O) rallied 7.7 percent to $38.91 after earlier hitting $41.72, its highest level since April 2012.

Roughly two issues rose for every one that fell on the NYSE and on Nasdaq 13 rose for every 11 decliners.

(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak; Editing by Kenneth Barry)

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Argentina markets give back gains after U.S. court stay

By Jorge Otaola and Walter Bianchi

BUENOS AIRES | Fri Aug 23, 2013 4:10pm EDT

BUENOS AIRES (Reuters) - Argentine markets initially rose on Friday after a U.S. appeals court put a hold on injunctions against the government in its legal battle with "holdout" bond investors, but stock and bond price gains were soon erased as concerns over the case persist.

The South American grains-exporting country lost its appeal of a judge's order requiring it to pay $1.33 billion to bondholders who refused to take part in two debt restructurings.

But the 2nd U.S. Circuit Court of Appeals in New York delayed implementing the decision pending a ruling by the U.S. Supreme Court, sparking a brief market rally in Buenos Aires.

"After the appeals court decision was analyzed, the realization set in that Argentina has only bought itself some time," a local stock broker told Reuters, asking not to be named. "So sellers started showing up to take profits."

The U.S. high court is likely to consider whether to hear the case in the fall. If the justices agree to hear the case, a ruling would be issued by the end of June.

"All this does is extend the fight to next year," said Rodolfo Rossi, an economist and former central bank president.

The MerVal .MERV blue-chip stock index ended the day 0.7 percent lower at 3,916.8 points after rising 1.53 percent earlier in the session.

The case still threatens to push Argentina toward a debt default if the country is finally ordered to pay holdouts the 100 cents on the dollar that they are demanding.

President Cristina Fernandez vows never to pay on those terms. She characterizes the holdouts as "vultures" out to profit on her country's catastrophic 2002 bond default.

The holdouts bought their Argentine bonds at steep discounts, refused to restructure the obligations and are demanding repayment at face value.

The international bond market seesawed on news of the appeals court decision, with Argentina's country risk premium initially tightening by 21 basis points and then widening by 43 basis points to 1,066 basis points over comparable U.S. Treasuries, according to JP Morgan's Emerging Markets Bond Index Plus.

The index as a whole was at a much tighter spread of 357 basis points over safe-haven U.S. Treasury paper, showing the market sees Argentina three times as likely as other emerging market countries to default.

If final judgment goes against Argentina and the government nevertheless refuses to pay the holdouts what they want, the courts could block it from paying holders who accepted big writedowns as part of debt restructurings in 2005 and 2010.

Missing interest payments to the holders of restructured bonds would put the country in technical default.

"The appeals court decision means the Argentine government can continue paying bondholders who participated in the restructurings at least until there is a final decision," said Ignacio Labaqui, who analyzes the country for emerging markets consultancy Medley Global Advisors.

The ruling nonetheless marked a potential victory over the long term for holdouts led by NML Capital Ltd, a unit of billionaire hedge fund manager Paul Singer's Elliott Management Corp, and Aurelius Capital Management.

U.S. Circuit Judge Barrington Parker, writing for the three-judge panel, said the court believed "it is equitable for one creditor to receive what it bargained for, and is therefore entitled to, even if other creditors, when receiving what they bargained for, do not receive the same thing."

(Additional reporting by Brad Haynes and Alejandro Lifschitz, writing by Hugh Bronstein; editing by Dan Grebler, Kenneth Barry and Andrew Hay)

View the original article here

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

Wall Street ends up a day after Nasdaq outage, Microsoft jumps

1 of 2. Traders work on the floor of the New York Stock Exchange August 21, 2013.

Credit: Reuters/Brendan McDermid

By Rodrigo Campos

NEW YORK | Fri Aug 23, 2013 4:55pm EDT

NEW YORK (Reuters) - Stocks rose in light trading on Friday, led by a jump in Microsoft shares, as trading took place without interruption a day after the Nasdaq stock exchange suffered an unprecedented, three-hour trading halt.

Microsoft (MSFT.O) shares posted their largest daily percentage gain in more than four years after the head of the world's largest software company, Steve Ballmer, announced he will retire within 12 months.

The stock closed up 7.3 percent at $34.77 and was the largest contributor to the advance on the three major indexes.

"The big news today is the succession at Microsoft, but beyond that it's pretty quiet," said Dan Veru, chief investment officer at Palisade Capital Management in Fort Lee, New Jersey.

The Dow Jones industrial average .DJI rose 46.77 points or 0.31 percent, to 15,010.51, the S&P 500 .SPX gained 6.54 points or 0.39 percent, to 1,663.5 and the Nasdaq Composite .IXIC added 19.085 points or 0.52 percent, to 3,657.792.

Volume was among the lowest of the year with about 4.9 billion shares changing hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, far below the daily average so far this year of about 6.3 billion shares.

Trading volume was only slightly higher than Thursday's 4.4 billion, affected by a technological problem that shut down trading in Nasdaq securities for three hours in the afternoon.

On Friday, Robert Greifeld, chief executive officer of Nasdaq OMX (NDAQ.O) said the exchange resolved the technical problems that led to the halt but could not guarantee there would never be future glitches. Nasdaq shares gained 1.2 percent to close at $30.83.

Friday's gains helped the S&P 500 and Nasdaq Composite end a two-week losing streak, but the Dow posted its third consecutive weekly decline. For the week the Dow fell 0.5 percent, the S&P gained 0.5 percent and the Nasdaq added 1.5 percent.

Economic data showed sales of new single-family homes fell by 13.4 percent in July to an annual rate of 394,000 units, well below expectations of 490,000 units.

The data weighed on homebuilder stocks, with PulteGroup (PHM.N) down 1.6 percent to $16.06 and Toll Brothers (TOL.N) off 3.9 percent to $31.19. The PHLX housing sector index .HGX lost 1.6 percent.

Pandora Media Inc (P.N) slumped 12.9 percent to $18.91 after the Internet radio service said late Thursday that rising expenditures to acquire music and expand its sales force would push fiscal 2014 earnings below analyst expectations.

Aeropostale Inc (ARO.N) tumbled 20.2 percent to $8.76 after the teen apparel retailer forecast a steep third-quarter loss.

Shares of Autodesk (ADSK.O) rallied 7.7 percent to $38.91 after earlier hitting $41.72, its highest level since April 2012.

Roughly two issues rose for every one that fell on the NYSE and on Nasdaq 13 rose for every 11 decliners.

(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak; Editing by Kenneth Barry)

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Wall Street ends up a day after Nasdaq outage, Microsoft jumps

1 of 2. Traders work on the floor of the New York Stock Exchange August 21, 2013.

Credit: Reuters/Brendan McDermid

By Rodrigo Campos

NEW YORK | Fri Aug 23, 2013 4:55pm EDT

NEW YORK (Reuters) - Stocks rose in light trading on Friday, led by a jump in Microsoft shares, as trading took place without interruption a day after the Nasdaq stock exchange suffered an unprecedented, three-hour trading halt.

Microsoft (MSFT.O) shares posted their largest daily percentage gain in more than four years after the head of the world's largest software company, Steve Ballmer, announced he will retire within 12 months.

The stock closed up 7.3 percent at $34.77 and was the largest contributor to the advance on the three major indexes.

"The big news today is the succession at Microsoft, but beyond that it's pretty quiet," said Dan Veru, chief investment officer at Palisade Capital Management in Fort Lee, New Jersey.

The Dow Jones industrial average .DJI rose 46.77 points or 0.31 percent, to 15,010.51, the S&P 500 .SPX gained 6.54 points or 0.39 percent, to 1,663.5 and the Nasdaq Composite .IXIC added 19.085 points or 0.52 percent, to 3,657.792.

Volume was among the lowest of the year with about 4.9 billion shares changing hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, far below the daily average so far this year of about 6.3 billion shares.

Trading volume was only slightly higher than Thursday's 4.4 billion, affected by a technological problem that shut down trading in Nasdaq securities for three hours in the afternoon.

On Friday, Robert Greifeld, chief executive officer of Nasdaq OMX (NDAQ.O) said the exchange resolved the technical problems that led to the halt but could not guarantee there would never be future glitches. Nasdaq shares gained 1.2 percent to close at $30.83.

Friday's gains helped the S&P 500 and Nasdaq Composite end a two-week losing streak, but the Dow posted its third consecutive weekly decline. For the week the Dow fell 0.5 percent, the S&P gained 0.5 percent and the Nasdaq added 1.5 percent.

Economic data showed sales of new single-family homes fell by 13.4 percent in July to an annual rate of 394,000 units, well below expectations of 490,000 units.

The data weighed on homebuilder stocks, with PulteGroup (PHM.N) down 1.6 percent to $16.06 and Toll Brothers (TOL.N) off 3.9 percent to $31.19. The PHLX housing sector index .HGX lost 1.6 percent.

Pandora Media Inc (P.N) slumped 12.9 percent to $18.91 after the Internet radio service said late Thursday that rising expenditures to acquire music and expand its sales force would push fiscal 2014 earnings below analyst expectations.

Aeropostale Inc (ARO.N) tumbled 20.2 percent to $8.76 after the teen apparel retailer forecast a steep third-quarter loss.

Shares of Autodesk (ADSK.O) rallied 7.7 percent to $38.91 after earlier hitting $41.72, its highest level since April 2012.

Roughly two issues rose for every one that fell on the NYSE and on Nasdaq 13 rose for every 11 decliners.

(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak; Editing by Kenneth Barry)

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Bloomberg to appoint ombudsman after customer complaints

A man stands in front of a screen showing broadcasts of Bloomberg Channel at Hong Kong's financial Central district May 15,2013.

Credit: Reuters/Tyrone Siu

NEW YORK | Wed Aug 21, 2013 12:35pm EDT

NEW YORK (Reuters) - Bloomberg LP will appoint an ombudsman and create a task force to review the way the company gathers news after a report confirmed its journalists routinely looked at client information intended for customer support employees.

The report, which Bloomberg commissioned and released on Wednesday, found that journalists could gain access to data including clients' log-in history, contact information and messages that customers left when they were moving firms.

Reporters could also get into anonymous chat rooms set up for commodities traders, who were never explicitly told that journalists could see their chats, according to the report from consulting firm Promontory Financial Group and law firm Hogan Lovells.

While the practice of journalists getting access to client data and chat rooms raised questions among some customers, it is not illegal.

Bloomberg blocked reporter access to the data in April 2013 after a customer complained.

A separate review by Clark Hoyt, a former public editor at the New York Times, also commissioned by Bloomberg and released on Wednesday focused on recommendations to ensure the company's commercial and news gathering operations were sufficiently independent.

Hoyt recommended several steps, including naming an independent editor, or ombudsman, to review complaint about news coverage. The company said it expects to fill the job in the next several weeks.

Hoyt also recommended creating a standards editor and a standards and practices task force to ensure the company consistently complies with its reporting policies.

In 2011, the company conducted a more limited review into its practices after a Bloomberg television anchor said on air that he had used client log-in data in his reporting, but no policy changes resulted, according to the report released Wednesday.

Bloomberg and Thomson Reuters are competitors in multiple businesses.

(Reporting by Lauren Tara LaCapra; Editing by Jeffrey Benkoe)

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