Maine"s senators will vote to declassify torture report summary. But don"t expect to read it soon

Sens. Angus King, the Maine independent who caucuses with the Democrats, and Susan Collins, a Republican who is as close to a maverick as the party includes these days, announced Wednesday that they will vote to declassify the “Finding & Conclusions” and the Executive Summary of the 6,300-page torture report of the Senate Select Committee on Intelligence. Both senators are members of the 15-member committee, which is scheduled to vote on declassification Thursday.

Good to hear. But even if the vote is favorable, as now seems probable, it might be months or longer before the public actually sees the report, which was completed 16 months ago. It has been the subject of review by the CIA and unproductive discussions between committee members and the agency, which ran the torture program whose methods became euphemized as “enhanced interrogation techniques.” The CIA would almost certainly seek a final review of the parts of the report the committee seeks to declassify.

Having the CIA handle such a review is especially troubling given the details of the report that have been leaked to the press. In addition to what was already known, what those details show is that the agency intentionally released false information to persuade people that torture works and that it employed methods of torture not previously confirmed. Nobody should be surprised by either of those revelations.

More on the report and possibility of declassification below the fold.

Daily Kos

Maine"s senators will vote to declassify torture report summary. But don"t expect to read it soon

CA-BUSINESS Summary

Soft data, commodity prices take TSX to one-week low

TORONTO (Reuters) – Canada‘s main stock index retreated sharply on Friday as lower commodity prices triggered a slump in shares of natural resource companies and weak economic data out of Europe and the United States dampened investor sentiment. While almost every major sector declined, the index still looked on track for a gain in May, reversing losses in the previous two months.

DirecTV, two others bid over $ 1 billion for Hulu: source

(Reuters) – Satellite operator DirecTV and two other bidders have offered more than $ 1 billion apiece to buy Hulu, a source with knowledge of the bidding process said on Friday, increasing the likelihood that owners News Corp and Walt Disney Co will be able to shed the video streaming service they failed to sell in 2011. Hulu board members, who are being advised by Guggenheim Partners on the auction, fielded at least seven buyout offers last week, the source said.

RBS gives up fight, will hand over Libor documents to Canada

OTTAWA (Reuters) – The Royal Bank of Scotland Group has agreed to hand over documents demanded by Canada in its probe into whether the bank was involved in a global interest rate-rigging scandal, Canada’s Competition Bureau said on Friday. The move marked a reversal for RBS, which had launched a legal challenge against the bureau’s demand for internal documents. The Competition Bureau is trying to determine whether RBS and several other banks sought to manipulate the London Interbank Offered Rate (Libor).

Digital currency firms rush to adopt anti-money laundering rules

NEW YORK/ST. LOUIS (Reuters) – These are unsettling times for digital currency businesses and the venture capitalists backing them. On Tuesday, authorities in Spain, Costa Rica and New York arrested five people at the digital currency firm Liberty Reserve, including its founder Arthur Budovsky, and seized related bank accounts and Internet domains.

SAC redemptions grow, as Magnitude Capital joins in

NEW YORK (Reuters) – Investor redemptions from Steven A. Cohen’s SAC Capital Advisors continue to mount, with Magnitude Capital emerging as the latest outside investor asking to get money back from the $ 15 billion hedge fund. Magnitude Capital, a fund of hedge funds that manages $ 3.1 billion of client money, began redeeming funds in the first quarter of this year and intends to submit another withdrawal notice for the second quarter, according to a person with knowledge of the investment.

NYSE asks SEC to reinstate volatility curbs

NEW YORK (Reuters) – NYSE Euronext asked U.S. regulators on Friday to allow it to reintroduce rules to curb excessive trading volatility after several New York Stock Exchange-listed securities recently experienced sharp unintended drops. NYSE had a system in place to slow trading when a stock’s price moved rapidly over a short period of time, but had to cancel it when the U.S. Securities and Exchange Commission introduced market-wide rules for trading halts in April.

Exclusive: Founders seek more time for ENRC bid – sources

LONDON/MOSCOW (Reuters) – The three billionaire founders behind miner ENRC have asked its independent board members for a three-week extension to a June 3 buyout bid deadline, seeking more time to iron out technical details, sources with knowledge of the matter said. ENRC’s founders said in April they were weighing up a buyout of minority investors in the mining group – a move that would take the company private and end a London adventure marked by bitter boardroom battles, corruption probes and an acquisition spree that left it with $ 5 billion of debt.

Canada’s CVTech says it rejected takeover bids in January, March

(Reuters) – CVTech Group Inc , which provides services to electric utilities, said it had received and rejected multiple takeover offers from a New York Stock Exchange-listed electrical contractor, after its second largest shareholder wrote to investors that the company was withholding that information. Guy Aubert, who resigned as CVTech’s director on January 24, issued a letter to shareholders on Monday that detailed two previous takeover bids. The letter was made public on Thursday.

Canada GDP jumps to 2.5 percent growth in first quarter on exports

OTTAWA (Reuters) – Rising exports helped rouse the Canadian economy from a sluggish second half of 2012 to grow at an annualized rate of 2.5 percent in the first quarter of this year, the fastest pace in six quarters, Statistics Canada reported on Friday. The real growth rate was well above the Bank of Canada’s forecast in April of 1.5 percent, topped the median projection of 2.3 percent in a Reuters survey and outpaced U.S. growth of 2.4 percent for the quarter. Statscan also revised up fourth-quarter growth to 0.9 percent from 0.6 percent.

China Inc’s Smithfield bid expected to pass Washington test

(Reuters) – Washington may still be digesting news of China Inc’s latest bold move into America with the nearly $ 5 billion takeover of Smithfield Foods Inc , but early indications are the deal will not inflame enough nationalistic opposition to kill it, and success could pave the way for more Chinese purchases. Shuanghui International Holdings’ agreement to buy Smithfield would be the largest ever acquisition of a U.S. company by a Chinese one. The bid – an effort to feed a growing Chinese appetite for U.S. pork – has stirred some concern among U.S. politicians and will face review by a Treasury committee.

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Soft data, commodity prices take TSX to 1-week low

TORONTO (Reuters) – Canada‘s main stock index slipped on Friday as lower commodity prices triggered a slump in shares of natural resource companies and weak economic data out of Europe and the United States dampened investor sentiment. While almost every major sector declined, the index still looked on track for a gain in May, reversing losses in the previous two months.

Canada GDP jumps to 2.5 percent growth in first quarter on exports

OTTAWA (Reuters) – Rising exports helped rouse the Canadian economy from a sluggish second half of 2012 to grow at an annualized rate of 2.5 percent in the first quarter of this year, the fastest pace in six quarters, Statistics Canada reported on Friday. The real growth rate was well above the Bank of Canada’s forecast in April of 1.5 percent, topped the median projection of 2.3 percent in a Reuters survey and outpaced U.S. growth of 2.4 percent for the quarter. Statscan also revised up fourth-quarter growth to 0.9 percent from 0.6 percent.

China Inc’s Smithfield bid expected to pass Washington test

(Reuters) – Washington may still be digesting news of China Inc’s latest bold move into America with the nearly $ 5 billion takeover of Smithfield Foods Inc , but early indications are the deal will not inflame enough nationalistic opposition to kill it, and success could pave the way for more Chinese purchases. Shuanghui International Holdings‘ agreement to buy Smithfield would be the largest ever acquisition of a U.S. company by a Chinese one. The bid – an effort to feed a growing Chinese appetite for U.S. pork – has stirred some concern among U.S. politicians and will face review by a Treasury committee.

Exclusive: Bain, Advent cancel sale of WorldPay‘s U.S. unit

NEW YORK (Reuters) – WorldPay’s private equity owners, Bain Capital LLC and Advent International Corp, have canceled the auction of the payment processing firm’s U.S. unit, WorldPay told Reuters on Friday. No potential buyer was willing to meet Bain’s and Advent’s price expectations of $ 800 million to $ 1 billion, sources familiar with the matter said.

Ireland rejects U.S. senator claims as tax spat rumbles on

DUBLIN (Reuters) – Ireland has rejected claims by two U.S. senators that Ireland is a tax haven and had handed Apple Inc a special tax deal, a charge the pair stood by on Friday. Ireland’s ambassador to the United States Michael Collins has written to the two senators, Carl Levin and John McCain, arguing Ireland’s tax system is transparent, according to the text released by the finance ministry.

Unlocked engine covers caused BA emergency landing: regulator

LONDON (Reuters) – British air safety regulators ordered Airbus to notify operators of its A320 jets to make specific safety checks after finding unlocked engine covers had forced a jet to make an emergency landing at London’s Heathrow airport last week. An Air Accidents Investigation Branch (AAIB) report published on Friday said two coverings or cowls on the Airbus A319′s engines were left unlatched after maintenance and this was not noticed before the aircraft departed.

New Scotiabank CEO says to drive international growth

TORONTO (Reuters) – Brian Porter, who will take over as Bank of Nova Scotia’s chief executive in November, said on Friday he plans to continue the bank’s growth in Latin America and Asia, while looking for opportunities to boost its Canadian credit card business. “We’ve got a number of strategic initiatives in Canada … and we’ll look at acquisitions selectively as they come about,” he told Reuters, shortly after being announced on Friday as the replacement for current CEO Rick Waugh.

EU trade chief to protect cultural subsidies in U.S. trade talks

MADRID (Reuters) – Europe will protect its cultural subsidies in a proposed free-trade pact with the United States, the EU trade chief said on Friday. But he called on EU states to allow the inclusion of the movie, television and music industries in negotiations.

Louis Vuitton owner faces maximum fine in luxury row

PARIS (Reuters) – A battle between French luxury handbag makers spilled out into the public eye on Friday with market regulators seeking the maximum fine for Louis Vuitton owner LVMH for failing to disclose moves to build a stake in rival Hermes . The row centers around deals, first disclosed in late 2010, by LVMH owner and France’s wealthiest man Bernard Arnault that have left the firm with a roughly one fifth stake in its biggest rival, the producer of the iconic Kelly and Birkin handbags.

Boeing to open design and support sites away from Seattle

SEATTLE (Reuters) – Boeing Co on Friday began a major move to spread its commercial aircraft engineering talent and aircraft support staff around the U.S., announcing plans for engineering design and airplane-support centers outside of the Seattle area. The Chicago-based company said it will establish engineering design centers in Washington state, South Carolina and Southern California. The centers will compete with each other for work based on their ability to supply skills at the lowest cost, spokesman Doug Alder said.

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Economic reality finally cracks market fervor

LONDON (Reuters) – As evidence mounts that a mid-year slowdown taking place in the world economy, the next few days will offer a clearer glimpse of how that will impinge on policymaking and buoyant financial markets. Global stocks stumbled last Thursday in one of the few times the grey economic reality cut through this year’s reverie in financial markets.

Merkel, Li call for end to EU-China solar trade row

BERLIN (Reuters) – German Chancellor Angela Merkel and Chinese Premier Li Keqiang on Sunday called for an end to a trade row between Europe and China over solar panels and wireless equipment, telling a joint news conference they were both for free trade. The European Union accuses China of pricing its solar panels and mobile telecom devices too cheaply and “dumping” them in Europe to corner the market. It plans to impose duties on Chinese panel makers.

China PM says stable euro in best interests of China and world

BERLIN (Reuters) – China’s Premier Li Keqiang said on Sunday a stable euro was in the best interests of China and the whole world. Speaking at a news conference in Berlin with Chancellor Angela Merkel, Li said China has offered its help throughout the euro zone crisis.

Kion, Shandong Heavy get 500 million euro to enhance cooperation

FRANKFURT (Reuters) – Germany’s Kion Group , the world’s second biggest maker of fork lift trucks, and shareholder Shandong Heavy are getting as much as 500 million euros ($ 647 million) in financing from the China Development Bank to support their cooperation, Kion said. The two companies will also be receiving unspecified financial services from the bank as part of an agreement signed on Sunday at a meeting between Chinese Premier Li Keqiang and German Chancellor Angela Merkel, Kion said.

China, EU to discuss trade disputes on Monday

BEIJING (Reuters) – China will hold informal talks with the European Commission on Monday to try to defuse a trade row over solar panels and wireless equipment. The European Union accuses China of pricing its solar panels and mobile telecom devices too cheaply and “dumping” them in Europe to corner the market. It plans to impose duties on Chinese panel makers.

Valeant deal sparks share jump, helps TSX ends week higher

TORONTO (Reuters) – Canada’s main stock index reversed earlier losses on Friday after several stocks jumped on takeover moves, helping the TSX shrug off uncertainty over U.S. central bank monetary policy that hurt U.S. indices. Shares in Valeant Pharmaceutical International Inc jumped more than 13 percent to C$ 86.91 after a source said the company is close to a $ 9 billion deal to acquire eye care company Bausch & Lomb.

Insight: Two things missing on Spain’s route to recovery

MADRID (Reuters) – Spanish officials tell a dramatic turnaround story: from near-bankruptcy a year ago to model of budget austerity and reform now. There are just two things missing: jobs and growth. And only one potential salvation: exports.

Ireland considering reform of corporate tax system: paper

DUBLIN (Reuters) – The Irish government is examining options to close a loophole in its tax system that has allowed multinational companies to significantly reduce taxes they pay on profits, the Sunday Business Post newspaper reported. Ireland has been criticized by British and U.S. legislators in recent weeks for the fact that multinationals like Apple and Google reduced their global tax bills by channeling profits through Irish subsidiaries.

Blackstone notifies Cohen’s SAC it intends to pull money: pension consultant

(Reuters) – Billionaire hedge fund manager Steven A. Cohen is losing the financial support of Blackstone Group Inc , the largest outside investor in his embattled SAC Capital Advisors, which is yanking much of its client money, according to a letter reviewed by Reuters. A pension consultant, in a May 21 letter to clients, said Blackstone has notified Cohen that it intends to “fully redeem” a significant portion of the roughly $ 550 million the investment firm has invested with the $ 15 billion hedge fund. The letter from pension consulting firm Russell Investments said Blackstone submitted its redemption notice to SAC Capital sometime before May 15 because of ongoing concerns about the insider trading investigation that continues to engulf Cohen’s fund.

Yahoo joins growing list of bidders for Hulu: sources

LOS ANGELES/NEW YORK (Reuters) – Yahoo Inc has submitted a formal proposal to buy Hulu, joining a growing list of bidders for the video service owned by News Corp and Walt Disney Co , two sources with knowledge of the bid told Reuters on Friday. Yahoo just this week announced a $ 1.1 billion acquisition of blogging service Tumblr. It now joins rival bidders for Hulu, including Time Warner Cable Inc , DirecTV , former News Corp president Peter Chernin and Guggenheim Digital Media, sources have said.

Economy News Headlines – Yahoo! News

CA-BUSINESS Summary

CA-BUSINESS Summary

Economic reality finally cracks market fervor

LONDON (Reuters) – As evidence mounts that a mid-year slowdown taking place in the world economy, the next few days will offer a clearer glimpse of how that will impinge on policymaking and buoyant financial markets. Global stocks stumbled last Thursday in one of the few times the grey economic reality cut through this year’s reverie in financial markets.

Merkel, Li call for end to EU-China solar trade row

BERLIN (Reuters) – German Chancellor Angela Merkel and Chinese Premier Li Keqiang on Sunday called for an end to a trade row between Europe and China over solar panels and wireless equipment, telling a joint news conference they were both for free trade. The European Union accuses China of pricing its solar panels and mobile telecom devices too cheaply and “dumping” them in Europe to corner the market. It plans to impose duties on Chinese panel makers.

China PM says stable euro in best interests of China and world

BERLIN (Reuters) – China’s Premier Li Keqiang said on Sunday a stable euro was in the best interests of China and the whole world. Speaking at a news conference in Berlin with Chancellor Angela Merkel, Li said China has offered its help throughout the euro zone crisis.

Kion, Shandong Heavy get 500 million euro to enhance cooperation

FRANKFURT (Reuters) – Germany’s Kion Group , the world’s second biggest maker of fork lift trucks, and shareholder Shandong Heavy are getting as much as 500 million euros ($ 647 million) in financing from the China Development Bank to support their cooperation, Kion said. The two companies will also be receiving unspecified financial services from the bank as part of an agreement signed on Sunday at a meeting between Chinese Premier Li Keqiang and German Chancellor Angela Merkel, Kion said.

China, EU to discuss trade disputes on Monday

BEIJING (Reuters) – China will hold informal talks with the European Commission on Monday to try to defuse a trade row over solar panels and wireless equipment. The European Union accuses China of pricing its solar panels and mobile telecom devices too cheaply and “dumping” them in Europe to corner the market. It plans to impose duties on Chinese panel makers.

Valeant deal sparks share jump, helps TSX ends week higher

TORONTO (Reuters) – Canada’s main stock index reversed earlier losses on Friday after several stocks jumped on takeover moves, helping the TSX shrug off uncertainty over U.S. central bank monetary policy that hurt U.S. indices. Shares in Valeant Pharmaceutical International Inc jumped more than 13 percent to C$ 86.91 after a source said the company is close to a $ 9 billion deal to acquire eye care company Bausch & Lomb.

Insight: Two things missing on Spain’s route to recovery

MADRID (Reuters) – Spanish officials tell a dramatic turnaround story: from near-bankruptcy a year ago to model of budget austerity and reform now. There are just two things missing: jobs and growth. And only one potential salvation: exports.

Ireland considering reform of corporate tax system: paper

DUBLIN (Reuters) – The Irish government is examining options to close a loophole in its tax system that has allowed multinational companies to significantly reduce taxes they pay on profits, the Sunday Business Post newspaper reported. Ireland has been criticized by British and U.S. legislators in recent weeks for the fact that multinationals like Apple and Google reduced their global tax bills by channeling profits through Irish subsidiaries.

Blackstone notifies Cohen’s SAC it intends to pull money: pension consultant

(Reuters) – Billionaire hedge fund manager Steven A. Cohen is losing the financial support of Blackstone Group Inc , the largest outside investor in his embattled SAC Capital Advisors, which is yanking much of its client money, according to a letter reviewed by Reuters. A pension consultant, in a May 21 letter to clients, said Blackstone has notified Cohen that it intends to “fully redeem” a significant portion of the roughly $ 550 million the investment firm has invested with the $ 15 billion hedge fund. The letter from pension consulting firm Russell Investments said Blackstone submitted its redemption notice to SAC Capital sometime before May 15 because of ongoing concerns about the insider trading investigation that continues to engulf Cohen’s fund.

Yahoo joins growing list of bidders for Hulu: sources

LOS ANGELES/NEW YORK (Reuters) – Yahoo Inc has submitted a formal proposal to buy Hulu, joining a growing list of bidders for the video service owned by News Corp and Walt Disney Co , two sources with knowledge of the bid told Reuters on Friday. Yahoo just this week announced a $ 1.1 billion acquisition of blogging service Tumblr. It now joins rival bidders for Hulu, including Time Warner Cable Inc , DirecTV , former News Corp president Peter Chernin and Guggenheim Digital Media, sources have said.

Economy News Headlines – Yahoo! News

CA-BUSINESS Summary

CA-BUSINESS Summary

Asian shares ease, yen hits fresh lows against dollar

TOKYO (Reuters) – Asian shares eased on Monday with sentiment hit by selling in commodities triggered by a strong dollar, which rose to a fresh 4-1/2-year peak against the yen on the back of growing confidence in the U.S. economy. Losses in shares were likely to be limited after U.S. stocks rallied to record highs on Friday.

Analysis: Google+ struggles to attract brands, some neglect to update

SAN FRANCISCO (Reuters) – To mark the Cinco de Mayo holiday this year, Domino’s Pizza festooned its Facebook page with a string of posts, including an image of a Mexican-themed guacamole pizza that garnered over 2,000 “likes”. But visitors to Domino’s companion Google+ page on that day found less festive fare: The most recent post was from October 2012. Two years after introducing its social network, Google Inc is struggling to win over the brands and businesses that have been its most loyal customers in the Internet search market.

For banks in cyber heist, how to get their money back?

NEW YORK (Reuters) – Because the sums were large and such attacks are relatively new, the two Middle East banks hit in a $ 45 million ATM heist face an uncertain path in trying to recover their losses, financial, insurance and legal experts say. Oman-based Bank of Muscat lost $ 40 million and United Arab Emirates-based National Bank of Ras Al Khaimah PSC (RAKBANK) lost $ 5 million in the global heist, U.S. prosecutors said on Thursday.

Western Union shares could rise in coming years – Barron’s

NEW YORK (Reuters) – Western Union Co. , which facilitates long-distance money transfers between consumers and businesses, could see its shares rise to the low $ 20 range in the next few years, according to a Barron’s report. In its May 13 edition, Barron’s cited a recent reduction in Western Union’s rates as a catalyst for growth. It also said that business could expand as unemployment levels fall around the world, citing Ariel Investment analyst James Kenney.

Deutsche Telekom says U.S. listing helps it “attack” rivals: paper

FRANKFURT (Reuters) – Deutsche Telekom has given its U.S. operations more autonomy, positioning its business to compete better with bigger and smaller rivals, Chief Executive Rene Obermann told Germany’s Welt am Sonntag newspaper. In an effort to turnaround its U.S. business, which has lost customers to AT&T and Verizon , the German telecoms provider floated its operations there after merging its T-Mobile USA unit with MetroPCS Communications.

HSBC boss can do more to cut bank down to size

LONDON (Reuters) – HSBC’s sale of a stake in a Korean insurer last month was made with little fanfare, just one of 52 deals struck or businesses closed in the last two years by Chief Executive Stuart Gulliver, and analysts are expecting more. With less than a year left of his 3-year restructuring plan, Gulliver will report on how he is doing in meeting his targets on Wednesday.

Mixed signals for the global economy

WASHINGTON (Reuters) – A flood of data this week will paint a mixed picture of the global economy, with belt-tightening continuing to dampen activity in the euro zone, but accommodative policies helping to stimulate growth in Japan. Reports from the United States are expected to show some slowdown in momentum early in the second quarter, and the Chinese economy’s prospects are unlikely to have changed much.

Analysis: Bullish yuan herd leaves China fundamentals in the dust

SHANGHAI (Reuters) – Investors convinced China’s currency is once again a one-way bet upward should think again: signs of slowing economic growth could cut short the yuan’s rally. Investors and companies have been pouring funds into China in recent months, helping send the yuan to a series of record highs.

Germany pushing for faster reform in euro zone: magazine

BERLIN (Reuters) – Germany wants further reforms and savings in crisis-hit euro zone states, according to a report obtained by German magazine Spiegel in which Berlin evaluates progress made under strengthened EU budget rules. The rules have managed to spur in all euro zone countries a “general political mobilization towards structural reforms and greater competitiveness”, Spiegel cited the report as saying in its edition published on Sunday.

India IT watchdog investigating breach in ATM heist

MUMBAI/BANGALORE (Reuters) – The Indian government’s cyber watchdog is investigating how security at two companies that are part of the country’s vast IT services industry was breached in a global ATM heist that saw $ 45 million stolen from two banks in the Middle East. EnStage Inc, which operates from Bangalore, and ElectraCard Services, based in the Indian city of Pune, processed card payments for the two banks that were hit in the theft, several people familiar with the situation said.

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