GM enters harsh spotlight as Congress hearings begin

The U.S. Congress will try to establish who is to blame for at least 13 auto-related deaths over the past decade, as public hearings are launched on Tuesday on General Motors Co's slow response to defective ignition switches in cars. Despite tougher laws being enacted in 2000 and 2010 to encourage automakers and the National Highway Traffic Safety Administration (NHTSA) to aggressively root out safety concerns, it took GM more than a decade to acknowledge publicly that it had a potentially fatal problem. Documents that GM and NHTSA turned over to the House of Representatives Energy and Commerce Committee have provided new insights into GM's practices. They include decisions to install ignition switches in Chevrolet Cobalts, Saturn Ions and other models that did not meet all of the company's own specifications.

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Citigroup uncovered rogue trading in Mexico, fired two bond traders

Banamex suffered paper losses from unauthorized trading that ran into the millions or perhaps even tens of millions of dollars, the sources said. A spokeswoman for Citigroup confirmed the bank had fired two fixed income traders for violating its code of conduct and said in a written statement that the bank "escalated the issue to regulators and took immediate action against" the individuals. Mexico's bank and securities regulator, the National Bank and Securities Commission, is aware of the matter, which was investigated internally by the bank, a spokesman for the regulator said. The trading loss, even if realized, would be small in the scheme of Citigroup's $13.7 billion of earnings for 2013.

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Asian shares hit four-month high on China data, Yellen

Asian shares hit four-month high on Tuesday after China's official PMI survey showed manufacturing managed to continue expanding in March, and dovish comments from Federal Reserve Chair Janet Yellen. China's official Purchasing Managers' Index increased to 50.3 in March from February's 50.2, in line with economists' forecasts. While the PMI figure alone is unlikely to dispel concerns of a slowdown in China, investor sentiment has improved on China in recent weeks as they expect Beijing will adopt a stimulus plan to achieve its growth target.

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U.S. judge says SEC lawsuit against Bank of America should proceed

U.S. Magistrate Judge David Cayer in Charlotte, North Carolina, where the bank is based, made the recommendation four days after urging dismissal of a related Department of Justice civil lawsuit, which alleged violations of a different law. That ruling had been seen as a possible setback for government efforts to fight fraud by Wall Street in the sale of mortgage securities. "We are reviewing the magistrate judge's recommendation carefully," bank spokesman Lawrence Grayson said on Monday, with regard to the SEC civil case. Authorities accused Bank of America of misleading Wachovia Corp, now part of Wells Fargo & Co, and the Federal Home Loan Bank of San Francisco about risks in the $855 million offering, dating from early 2008 and backed by 1,191 "jumbo" adjustable rate mortgages that proved less safe than expected.

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JPMorgan fails to end lawsuit over London Whale losses

JPMorgan Chase & Co must face a lawsuit from shareholders accusing it of securities fraud by misleading them about its ability to manage risk, which surfaced when it lost $6.2 billion in the "London Whale" scandal. U.S. District Judge George Daniels in Manhattan said shareholders could pursue claims that JPMorgan, Chief Executive Jamie Dimon and former Chief Financial Officer Douglas Braunstein knowingly hid the increased risks that the bank's Chief Investment Office had been taking in early 2012. In separate decisions also issued on Monday, the judge also dismissed a lawsuit brought against JPMorgan directors, and a lawsuit by employees over their losses from investing in the bank's stock in their retirement accounts. The $6.2 billion loss was linked to trades by Bruno Iksil, a French national who had worked in a bank office in London.

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Senator says Caterpillar avoided billions in taxes

Sen, Carl Levin says manufacturing giant Caterpillar Inc. has used an aggressive tax strategy to shift profits overseas in order to avoid paying billions in U.S. taxes.

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GM to recall 1.3 million vehicles to fix electric power steering assist

General Motors Co said it informed the National Highway Traffic Safety Administration that it would recall more than 1.3 million vehicles in the United States to fix defects in electric power steering ...

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Why Google Is Splitting Its Stock

The main reason is not because the stock price is so high.

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Wall Street sharply cuts gains as biotechs plunge again

Major U.S. stock indexes had been significantly higher in most of the morning and early afternoon trade following comments from a Chinese official indicating that the country's government was ready to take steps to support its slowing economy.

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5 ways GM CEO Mary Barra can quiet the critics

When she testifies before Congress on Tuesday, Barra needs to provide forceful evidence GM has become a more responsible automaker.

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Lessons From the McDonald's-Taco Bell Breakfast War

Here's what you can learn from the companies' clever attempts to one-up each other's advertisements.

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GM CEO to testify company to expand replacement switch output

General Motors Co Chief Executive Mary Barra will testify on Tuesday that the No. 1 U.S. automaker is sorry for the pain caused by the defective ignition switches linked to at least 13 deaths and has asked its supplier to boost production of replacement parts to speed the recall. In testimony posted Monday on the U.S. House Energy and Commerce Committee website, Barra said she does not yet have answers to why GM took more than 10 years to catch the faulty switch.

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BlackBerry still struggling but not dead yet

Blackberry CEO John Chen, reporting fourth quarter earnings results on Friday, argued the case for his progress so far but investors weren’t biting.

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A union that doesn't want wages?

On March 26, the Chicago district of the National Labor Relations Board ruled in favor of the players of Northwestern University’s football team, giving them the right to form a union over the objections of school administrators. The decision raises the specter of a future in which March Madness is cancelled due to player strikes.

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Why Democrats need a stellar jobs report Friday

Friday's March jobs report is especially critical following the weak winter numbers and the impending midterm elections, POLITICO's Ben White says.

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Good times roll for IPOs: How long will boom last?

This has been a record year so far for European stock market listings - traditionally a sign that a region's economy has returned to health.

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GM engineer OK'd sub-standard ignition switch: documents

A General Motors engineer signed off on a design change for troubled ignition switches even though those changes did not meet company standards, according to documents provided to a U.S. House of Representatives ...

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Google and Apple in court again, this time on the same side

A federal judge ruled Friday that alleged collusion between tech giants like Apple, Google, and Intel will be going to trial. The story goes that between 2005 and 2009 some of Silicon Valley’s biggest companies had a tacit agreement not to hire each others engineers, luring them with higher salaries. As a result engineer wages were kept low, saving all the companies involved a lot of cash.

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Blackberry, Visa, Caesars stocks to watch on Friday

Today's Trending Tickers include Blackberry, Visa, and Caesars.

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Hipsters baffled by Microsoft's new cool

Phil Pearlman on why Microsoft's move to bring Office to iOS might be too little, too late

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How you, I and everyone got the top 1% all wrong

I've written, over and over, that the most important divide in our wealth disparity was between the 1 percent and the 99 percent. For example, when I compared the evolution in investment income since the late 1970s, I often imagined a graph like this from the Economic Policy Institute, showing the 1 percent flying away from the rest of the country.

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Minimum wage value falling but fairness is debated

The federal minimum wage has been below what's needed to keep a family of three out of poverty since 1980. It's also well shy of the peak of its buying power almost half a century ago. Is the current $7.25 ...

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Obamacare squeaks by with a passing grade -- but could still fail

Hitting the threshold of 6 million enrollees gives the Obama administration a plausible basis for saying the Affordable Care Act is working more or less as expected.

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Private debt crisis could lead to the next economic collapse

As of March 2014, American consumers owe $11.52 trillion in debt, an increase of 1.6% from last year. The average household owes $7,115 on their credit cards and the average indebted household owes $15,252. Americans owe $8.05 trillion in mortgages and $1.08 trillion in student loan debt.

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Yellen strongly defends easy Fed policies, cites U.S. labor slack

Federal Reserve Chair Janet Yellen said on Monday the U.S. central bank's "extraordinary" commitment to boosting the economy, especially the still struggling labor market, will be needed for some time to come. Yellen, in her first public speech since becoming Fed chair two months ago, strongly defended the Fed's policies of low interest rates and continued bond-buying. "I think this extraordinary commitment is still needed and will be for some time, and I believe that view is widely shared by my fellow policy-makers at the Fed," Yellen said at the 2014 National Interagency Community Reinvestment Conference.

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Mary Barra’s strong leadership will lead GM beyond recall drama

A memo released by a House subcommittee on Sunday shows that federal regulators knew about GM's faulty ignition switch. Why weren't GM's problems addressed sooner?

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Wall Street surges on Yellen remarks

U.S. stocks opened higher on Monday, putting the S&P 500 on track for a second straight advance, ahead of a speech by Federal Reserve Chair Janet Yellen.

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The market is rigged: Here's how not to be a victim

The stock market is rigged! That’s the headline as suggested by author Michael Lewis during a segment on last night’s 60 Minutes. Promoting his book, “Flash Boys: A Wall Street Revolt” argued that High Frequency Traders (HFTs) are in effect stealing from individual investors, pension funds and literally anyone else who ever buys or sells a stock.

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Live: Futures up after volatile week; New GM revelations; Is Wall St. rigged?

Join Hot Stock Minute live now for the latest premarket headlines.

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Mohamed A. El-Erian: Lifting the Ukrainian cloud that threatens stocks

What does it take to decisively lift the cloud of the Ukrainian crisis that hangs over global equity markets? Here are five key conditions.

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Futures climb with Yellen on tap

U.S. stock index futures rose on Monday, indicating the S&P 500 will climb for a second straight session, ahead of a speech by Federal Reserve Chair Janet Yellen. Yellen is scheduled to speak in Chicago at 9:55 a.m. EST (1355 GMT) and investors will monitor her comments for her stance on interest rates. On March 19, equities dropped after Yellen raised the possibility of an earlier-than-anticipated increase in rates.

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Caterpillar Set to Defend Its Tax Bill

As millions of Americans prepare to file their income-tax returns, Caterpillar Inc. officials this week will try to make the case that the company fully shares their pain. Caterpillar already has said its effective income-tax rate is relatively high at about 29% despite those strategies. The subcommittee's chairman, Sen. Carl Levin, a Michigan Democrat, has long decried the ability of corporations to elude taxes through what he has called "complex structures, dubious transactions and legal fictions." The subcommittee report on Caterpillar's tax practices is due Monday.



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Apple’s War on Samsung Has Google in Crossfire

Apple is seeking about $2 billion in damages from Samsung, which in turn says Apple violated its patents, but the case could also have major implications for Google.

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GM, safety agency face Congress over recalls

If GM knew it had a problem, why wasn't something done to fix it? Congress will seek the answer to that question and others this week as it presses General Motors CEO Mary Barra and federal regulators ...

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Euro zone inflation drops to lowest since 2009

Euro zone inflation hit its lowest level since November 2009 in March, a shock drop that raises expectations the European Central Bank will take radical action to stop the threat of deflation in currency bloc. Annual consumer inflation in the 18 countries sharing the euro was 0.5 percent in March, with the pace of price rises cooling from February's 0.7 percent reading, the EU's statistics office Eurostat said on Monday. Inflation has now been in the ECB's "danger zone" of below 1 percent for six consecutive months, and the flash reading increases the chances the ECB will cut interest rates when its Governing Council meets on Thursday. "This will keep the possibility of further monetary policy easing very much alive," said Nick Kounis, head of economic research at ABN AMRO in Amsterdam.

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Amazon workers on strike in Germany

Workers at one of Amazon.com's German distribution centers are on strike in a dispute over wages. The ver.di union said Monday that workers at the American online retailer's logistics center in Leipzig ...

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Tesla Manager Leaves as Musk Prepares for China Expansion

Tesla Motors Inc. (TSLA)'s general manager in China has left the company as the electric carmaker gears up to take a foothold in the world's largest auto market. General Manager Kingston Chang is no longer with the company, Tesla Vice President Veronica Wu said in an e-mail, declining to provide further comment, after Sina.com reported he resigned because of personal reasons. Chang, who joined Tesla from Volkswagen AG's Bentley about a year ago, didn't answer calls to his mobile phone or reply to text messages. The departure comes as billionaire Chief Executive Officer Elon Musk, who's shaken up the automotive industry with Tesla's electric cars, sets his sights on expansion in China.



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China, Japan stimulus hopes boost global stocks

Global stocks were mostly higher Monday on expectations China and Japan will take new steps to spur economic growth. Most European stock markets gained ground in early trading with Britain's FTSE 100 up ...



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Euro zone inflation drops to lowest since 2009

Euro zone inflation hit its lowest level since November 2009 in March, a shock drop that raises expectations the European Central Bank will take radical action to stop the threat of deflation in currency bloc. Annual consumer inflation in the 18 countries sharing the euro was 0.5 percent in March, with the pace of price rises cooling from February's 0.7 percent reading, the EU's statistics office Eurostat said on Monday. Inflation has now been in the ECB's "danger zone" of below 1 percent for six consecutive months, and the flash reading increases the chances the ECB will cut interest rates when its Governing Council meets on Thursday. "This will keep the possibility of further monetary policy easing very much alive," said Nick Kounis, head of economic research at ABN AMRO in Amsterdam.

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Swiss competition watchdog opens probe into forex manipulation

Switzerland's competition commission WEKO said on Monday it had opened an investigation into several Swiss, British and U.S. banks over potential collusion to manipulate foreign exchange rates. WEKO said it is investigating UBS, Credit Suisse, Zuercher Kantonalbank (ZKB), Julius Baer, JP Morgan, Citigroup, Barclays and Royal Bank of Scotland. "Evidence exists that these banks colluded to manipulate exchange rates in foreign currency trades," WEKO said in a statement.

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U.S. top court considers patent protections for software

The U.S. Supreme Court will on Monday delve into the hotly contested question of when software is eligible for patent protection. The nine justices will hear a one-hour oral argument in a case of interest not just to software companies but also to a wide range of businesses that sell products containing computer-implemented features. Google Inc, Dell Inc, Verizon Communications Inc, Microsoft Corp, Hewlett-Packard Co and engine manufacturer Cummins Inc, are among the companies that have filed legal papers weighing in on the issue. Those that often get sued for patent infringement, such as Google, favor a tighter definition.

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China's Huawei books quickest profit growth in four years on smartphone demand

SHENZHEN/BEIJING (Reuters) - China's Huawei Technologies Ltd, the world's No.2 telecommunications equipment maker, reported its fastest profit growth in four years as expansion in enterprise and consumer revenue far exceeded growth in its network building division. Shenzhen-based Huawei is now looking for revenue from Chinese mobile phone operators switching to fourth-generation networks to cushion the impact of a slowdown in network spending abroad.

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Asian stocks edge higher on growing hopes of China stimulus

Asian stocks were up slightly in a cautious start to the week on Monday, with investors holding out hopes that China would take steps to stimulate the economy. China's Premier Li Keqiang on Friday sought to reassure jittery global investors that Beijing was ready to support the cooling economy, saying the government had the necessary policies in place and would push ahead with infrastructure investment. The euro lingered near a one-month low it hit against the dollar on Friday after an unexpected drop in Spanish and German inflation bolstered expectations the European Central Bank could further ease monetary policy as early as Thursday. "It all depends on whether the ECB views the recent slowdown as a temporary pullback or a deeper problem.

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Delphi told panel GM approved ignition switches below specifications

WASHINGTON/DETROIT (Reuters) - General Motors Co approved ignition switches for cars that have been linked to 13 deaths, even though the parts did not appear to meet the company's specifications, officials of Delphi Automotive told U.S. congressional investigators. In a memo released on Sunday by the House of Representatives Energy and Commerce Committee, documents provided by GM and a federal regulator provided "unsettling" information, according to Republican Representative Tim Murphy, who leads a subcommittee of the panel. The memo was released ahead of Tuesday's testimony from GM Chief Executive Mary Barra, who will appear at the committee's first public hearing on the recalls. She is likely to be asked why it took GM so long to identify and address the ignition switch problem.

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ECB wrestles with 'danger zone' inflation

The European Central Bank's dilemma over barely rising prices seems likely to dominate a week starting with a euro zone inflation estimate and ending with U.S. jobs figures, the monetary policy driver on the other side of the Atlantic. After more than a month of East-West tensions centered on Russia's annexation of Crimea, U.S. President Barack Obama and Russia's Vladimir Putin finally spoke to each other on Friday, suggesting a possible diplomatic path out of crisis. With geopolitical issues calmer, even if not resolved, the financial markets are more likely to be guided more by global economic data and central bank deliberations. The ECB's Governing Council meets on Thursday and, although the vast majority of economists expect it to hold interest rates (ECB/INT), it is wrestling with a response to inflation persistently below its target of below but close to 2 percent.

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Wall St. Week Ahead-U.S. jobs and Russia to rule stocks

U.S. stock investors will take their cues this week from March jobs data and diplomacy to defuse East-West tensions over Russia's annexation of Ukraine's Crimea region. Friday's monthly jobs report, the most widely watched U.S. economic indicator, is expected to show that employers added 200,000 jobs in March to nonfarm payrolls, according to a Reuters poll of economists. Employers added 175,000 jobs to nonfarm payrolls in February after creating 129,000 new positions in January. When trading begins on Monday, investors will keep an eye on developments involving Russia and Ukraine.

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Key GM crisis questions: Who approved switch revision and why recall took so long

WASHINGTON/DETROIT (Reuters) - Among the most critical unanswered questions in General Motors' mounting crisis over a defective ignition switch that led to crashes and at least 13 deaths is who, eight years ago, approved a change in the part for new vehicles and why that didn't lead to a recall of older cars to fix the problem. Among the evidence that investigators inside and outside of the company will need to reconcile is the company's timeline of the switch's engineering, which describes an unnamed GM engineer approving the design change, and the deposition of a senior switch engineer, Ray DeGiorgio, who said he was not aware of it. GM declined to discuss the matter beyond its timeline or to make DeGiorgio available for an interview. DeGiorgio referred Reuters to GM, which has presented no evidence to suggest that he was the executive approving the design change.

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After years of probes, SEC fraud trial over Texas tycoons to start

The U.S. Securities and Exchange Commission faces off against wealthy Texas investor Samuel Wyly and the estate of his late brother, Charles, this week in a trial over long-standing accusations that they engaged in a $550 million fraud. Jury selection is set to begin Monday in a federal court in New York in what is expected to biggest test this year of the SEC's ability to hold individuals accountable at trial, following a recent series of disappointing verdicts in fraud and insider trading cases. The trial is the culmination of years of litigation and investigations by the SEC of the Wylys. The case has continued even after Charles Wyly died in a car crash in August 2011, with his estate substituted for him.

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Delta-Virgin takes up battle for New York-London fliers

Delta Air Lines (DAL) has been making inroads in the dogfight over the lucrative market for business travel between New York and London, but the newly merged American Airlines Group (AAL.O) is fighting back. Delta is hoping to attract customers through its new partnership with Virgin Atlantic, known for its high-tech and non-traditional approach to flying, and its own boosted profile in New York, where it expanded flights and renovated terminals. That convenience can win over corporate accounts, locking in lucrative business travelers. American and joint venture partner British Airways (IAG.L) have an estimated 59 percent share of seats flown between the United States and London's Heathrow airport, compared with about 24 percent for Delta and Virgin, and United Continental Holdings Inc's (UAL) 14 percent share, according to a U.S. government filing by Delta and Virgin.

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Kraft challenged by "healthier" macaroni and cheese brands

Kraft Macaroni & Cheese has been a favorite meal for generations of American children, but smaller brands made with more natural ingredients are starting to nibble at its market share, part of a trend that is biting into growth at large U.S. food companies. Zenobia Godschalk, an Atlanta mother of two young boys, stopped buying Kraft's "mac and cheese" after reading its complicated ingredient list. Now she buys Annie's organic version in bulk at Costco Wholesale Corp (COST). "I'm fully aware that it is not a health food," said Godschalk, of Annie's macaroni and cheese product.

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Analysis: Russia sell-off spurs hunt for bargains

Rising tension between Russia and the West has rattled the country's stock and bond markets, but some big money managers see the turbulence as an opportunity. Russia's equity market has plummeted 18 percent so far this year. Foreigners dumped the country's stocks, bonds and the ruble following the early March invasion of Crimea, a territory of Ukraine. "Russia's stock market right now is one of the cheapest in the world, and probably one of the most hated," said investor and commodities guru Jim Rogers, chairman of Rogers Holdings, in Singapore.

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Exclusive: Mt. Gox faced questions on handling client cash long before crisis

Two years before Mt. Gox filed for bankruptcy, a half dozen employees at the Tokyo-based bitcoin exchange challenged CEO Mark Karpeles over whether client money was being used to cover costs, according to three people who participated in the discussion. The question of how Mt. Gox handled other people's money - the issue raised by staff in the showdown with Karpeles in early 2012 - remains crucial to unraveling a multi-million dollar mystery under examination by authorities in Japan. The still-unresolved issue has thrown a spotlight on how Mt. Gox functioned as a hybrid between an online brokerage and an exchange. Essentially, the more than 1 million traders who used Mt. Gox at its peak had entrusted a 3-year-old firm to hold their money safely until they decided to cash out.

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Dollar reserve role secure but set to shrink: BIS

The dollar's share of central bank reserves may fall by as much as 10-15 percentage points in coming years without threatening its role as the world's main reserve currency, a senior official from the Bank of International Settlements said on Saturday. Peter Zoellner, head of the banking department at the central banks' central bank, also told one of the year's biggest gatherings of foreign exchange dealers that the role of China's renminbi would continue to grow. He expected trading and central bank reserves held in the yuan to continue to expand "at a sustained pace" but saw no prospect that the Chinese currency could replace the dollar as the reserve of choice over the next couple of decades. "It could happen that the percentage will go slightly down with the reserve currency from between 65 and 70 maybe to between 50 and 60 percent," he told the ACI Financial Markets Association congress in Berlin.

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