Reuters: Regulatory News: Democratic U.S. senators see support for 'fiscal cliff' deal

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Democratic U.S. senators see support for 'fiscal cliff' deal Jan 1st 2013, 04:03 WASHINGTON | Mon Dec 31, 2012 11:03pm EST WASHINGTON Dec 31 (Reuters) - Democratic senators emerged from a meeting with Vice President Joe Biden late on Monday saying there was strong support for quickly passing legislation aimed at averting the fiscal cliff. Senator Joseph Lieberman, an independent from Connecticut, and Senator Charles Schumer, of New York, who is a member of the Senate Democratic leadership, both said the Senate would aim to pass the newly struck deal by a midnight (0500 GMT Tuesday) deadline. If it passes the Senate, the House of Representatives would still have to approve it. A vote in that chamber could come on Tuesday.

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Reuters: Regulatory News: UPDATE 1-U.S. wind tax credit likely to weather 'cliff' deal

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UPDATE 1-U.S. wind tax credit likely to weather 'cliff' deal Dec 31st 2012, 22:52 Mon Dec 31, 2012 5:52pm EST By Valerie Volcovici WASHINGTON Dec 31 (Reuters) - A tax credit that provides incentives to produce wind energy, a financial lifeline for the wind power industry, will likely be extended if Congress approves a tentative deal between Senate Democrats and Republicans to avert the "fiscal cliff." President Barack Obama said on Monday that a deal with Congress to stop a range of spending cuts and tax increases was "within sight," although not yet finalized. According to the sources close to the 11th-hour negotiations, the deal would include a one-year extension for a tax credit to support the production of wind energy, which was set to expire at year-end without an extension by Congress. The extension is based on a measure passed in August by the Senate Finance Committee, which would extend the tax credit for all wind projects that begin construction in 2013. The American Wind Energy Association, a lobbying group, said the Senate Finance Committee extension "accommodates the 18-24 month timeline it takes to build a wind project." "Thousands of American workers have already been laid off and without an extension of the PTC (production tax credit) soon, those job losses will accelerate until 37,000 American jobs are lost due to congressional inaction," a spokeswoman for the lobby group said. The fate of the credit, which has spurred the expansion of wind farms and helped boost wind turbine manufacturing, has been uncertain ever since it was enacted as part of the 1992 Energy Policy Act. The measure has been extended four times and allowed to sunset three times, contributing to a boom-bust cycle for wind energy production, according to the Union of Concerned Scientists. U.S. wind farms installed a record number of turbines in 2012 but uncertainty about the future of the tax credit has prompted recent layoffs at manufacturers like Vestas Wind Systems' operation in Colorado, Siemens in Iowa and Gamesa Wind Corp's facility in Pennsylvania. Some wind energy companies have rushed to install wind turbines before the Dec. 31 deadline for the production tax credit. "The president and many bipartisan members of Congress have been working all year to extend the wind tax credits, with support from clean energy advocates ranging from wind companies and the United Steelworkers to faith groups and environmental advocates," said Courtney Abrams, federal clean energy advocate for Environment America, an environmental advocacy group. "But nothing has been voted on yet, and we urge Congress to act to protect the future of wind power and a cleaner environment," she added. The House and Senate still need to approve any deal that emerges on spending and taxes before Monday's midnight deadline. Link this Share this Digg this Email Reprints

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Reuters: Regulatory News: Skeptical US Senate Democrats seek meeting with Biden on 'fiscal cliff' deal -aide

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Skeptical US Senate Democrats seek meeting with Biden on 'fiscal cliff' deal -aide Dec 31st 2012, 22:16 WASHINGTON | Mon Dec 31, 2012 5:16pm EST WASHINGTON Dec 31 (Reuters) - Skeptical U.S. Senate Democrats requested a meeting on Monday with Vice President Joe Biden about the tentative deal on the "fiscal cliff" that he is forging with Senate Republican leader Mitch McConnell, a Democratic Senate aide said. With the deal apparently short of needed support, Democrats are hopeful that Biden will meet with them, but have not yet received a commitment, the aide said. Some Democrats complain that Biden went too far to find common ground with McConnell. Congress and the White House face a midnight deadline (0500 GMT Tuesday) to avert the fiscal cliff of tax hikes and spending cuts.

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Reuters: Regulatory News: Cash payouts to fall as banks squeeze bonus pots

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Cash payouts to fall as banks squeeze bonus pots Dec 31st 2012, 18:53 Mon Dec 31, 2012 1:53pm EST * Some may reward staff with recovering toxic assets * Overall bonuses may be down as much as 30 percent * Bankers to stay put due to job cuts By Sarah White and Anjuli Davies LONDON, Dec 31 (Reuters) - Many European banks are likely to limit the cash portion of this year's staff bonuses as rocky markets, tighter capital rules and costly scandals take their toll. Under pressure from politicians, regulators and shareholders, firms are shifting further away from the big upfront handouts of the boom years. Some are expected to opt for a mixture of shares and risky assets - the kind which provoked the global financial crisis in 2008 but in some cases are now regaining value. Britain's Barclays already capped cash awards at 65,000 pounds ($105,000) for 2011 payouts, and those types of limits will feature again at several firms, bankers and headhunters said. In total, 2012 bonuses could be down by as much as 30 percent on 2011 levels, senior managers believe, and the structure of awards is changing as regulators press the banks to clamp down on short term rewards. "I'm sure there will be lots of different structures this year with different products, and attempts to cap the cash element. Either way bonuses will be down," said Stephane Rambosson, managing partner of executive search firm Veni Partners. In the past year the industry has been caught up in a series of scandals ranging from mis-selling of financial products and a failure to prevent money laundering to the rigging of the Libor interest rate. Regulators have slapped heavy fines on a number of banks and disgruntled customers are following up with civil law suits. All this is affecting the size and shape of bonuses. "It's a mix of politicians and regulators wanting (pay) to be down and wanting to see an impact in the media, and also banks' new business models, which will mean that people will get paid less in future," Rambosson said. During the crisis, many assets such as sub-prime mortgages became essentially worthless as no one would buy them, fearing that the borrowers would default. But as the crisis eased, some have begun to regain value - albeit from near zero levels - and banks are now using these assets and other risky type of bonds to reward their staff. Credit Suisse is examining yet more ways to include different types of products as part of its 2012 bonus round, according to two sources familiar with the matter. The bank declined to comment. As long as four years ago, the Swiss bank paid a group of employees with some of the riskiest assets on its balance sheet as their bonus, and unveiled a similar programme for 2011 awards. Know as PAF2, the plan linked bonuses for 5,500 senior bankers to about $5 billion in illiquid assets that fell in value in the crisis. This form of payout can be attractive, and the value of some of the assets has grown again, netting paper gains for the bankers - some of whom even jumped at a chance to buy more of the risky assets in the past year. But this programme and others like it, where bankers are paid in shares, make it harder to cash in straight away, with stock rewards for instance deferred for several years, or in some cases such as at HSBC, until certain employees leave or retire. European Union rules force banks to defer at least 40 percent of a bonus for at least three years, though many firms are now going further than this, partly trying to counter the public outcry over big bonuses after the crisis. NO EXCITEMENT THIS YEAR Expectations over bonuses are already low as banks put the final touches to bonus pots and decide how they will be allocated in the first quarter. Only at a handful of firms are some bankers hopeful of doing slightly better. Goldman Sachs, for instance, put aside more money for pay in the first nine months of 2012 than in the year before. Staff there are due to find out about rewards at the end of January. But most top investment banks have been cutting back drastically this year to cope with stricter capital rules and weak revenues, leading to mass layoffs this year and prompting some such as UBS and Royal Bank of Scotland to ditch entire businesses. That will force pay levels down too, as well as bring more changes to bonus structures, while many banks will also be concerned about appeasing shareholders who rebelled against reward plans for 2011. "No one is very excited this year," said one banker in London, who wished to remain anonymous. "Bankers still do a lot better than most people but pay is very different today than it was five years go. It is not as attractive career as it was." Germany's Deutsche Bank decided earlier this year to defer any part of an employee's bonus above 200,000 euros, and further restricted how much of that payout would be in cash. Since then, its new chief executives Anshu Jain and Juergen Fitschen have warned that pay will drop as they crack down on a risk-taking culture driven by short-term gain - possibly signalling further tweaks to pay structures. Others like Barclays, fined in the Libor rate rigging scandal this year which forced the departure of boss Bob Diamond, will also be keen to show a fresh attitude to pay. Few bankers are likely to collect their 2012 rewards and jump ship as they might have in fatter years, however, or quit if they don't get what they had hoped for as more job cuts loom. "We are just expecting zeroes," said another investment banker in London. "But this doesn't make me rethink my career as there is nowhere else to go right now." Link this Share this Digg this Email Reprints

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Reuters: Regulatory News: UPDATE 1-Major U.S. banks close to big settlement on home loans

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UPDATE 1-Major U.S. banks close to big settlement on home loans Dec 31st 2012, 16:40 Mon Dec 31, 2012 11:40am EST Dec 31 (Reuters) - U.S. regulators are close to securing another multibillion-dollar settlement with the largest banks to resolve allegations that they unlawfully cut corners when foreclosing on delinquent borrowers, a source familiar with the talks said. The settlement with five big banks would be part of a larger deal that the Office of the Comptroller of the Currency hopes will include 14 banks and total about $10 billion, the source said. Such a settlement would address an outstanding issue that was left unsettled after the $25 billion deal that the banks reached in February with the Justice Department, housing authorities, and state attorneys general. In 2011, the OCC had separately required the big banks to "look back" and compensate borrowers wrongfully foreclosed upon in 2009 and 2010. It appears that the case-by-case analysis is proving too cumbersome, and the banks are instead opting for a lump-sum settlement. The top five mortgage lenders -- Bank of America Corp , Wells Fargo & Co, JPMorgan Chase & Co, Citigroup Inc and Ally Financial Inc -- may reach a deal in the coming days, the source said. The largest banks would pay the majority of the $10 billion target. That money would be paid out to a group of borrowers foreclosed upon during the period of time covered by the review, said the source, who was not authorized to speak publicly. The OCC and the banks are still negotiating how to calculate individual payouts, the source said, adding that regulators will give the banks credit for compensation they have already given borrowers as part of ongoing foreclosure reviews. The New York Times first reported the pending deal. "The Office of the Comptroller of the Currency is committed to ensuring the Independent Foreclosure Review proceeds efficiently and to ensuring harmed borrowers are compensated as quickly as possible," the OCC said in a statement. Ally, Wells Fargo, JPMorgan, Bank of America and Citigroup declined to comment. Link this Share this Digg this Email Reprints

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Reuters: Regulatory News: CORRECTED-EPA faces legal battles, might take easy confirmation road

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CORRECTED-EPA faces legal battles, might take easy confirmation road Dec 31st 2012, 15:25 Mon Dec 31, 2012 10:25am EST (Corrects name of environmental group to Natural Resources Defense Council from National Resources Defense Council in 10th paragraph) * Pollution rules for power plants likely to draw challenges once finalized * Acting administrator could continue without confirmation * Agency has had mostly success in DC court of appeals By Valerie Volcovici WASHINGTON, Dec 30 (Reuters) - Regardless of who takes the reins, the U.S. Environmental Protection Agency will likely face continued legal battles in President Barack Obama's second term as it tries to finalize pollution rules for power plants, analysts said. EPA Administrator Lisa Jackson, who spearheaded the Obama administration's regulation of carbon emissions, said on Thursday she will step down after almost four years. Her tenure was marked by opposition from industry groups and Republican lawmakers to the EPA's first-ever crackdown on carbon emissions, as well as other anti-pollution measures. Analysts said whoever succeeds Jackson will probably face a spate of lawsuits to challenge rules that the EPA will finalize governing power plants, industrial sources and oil and gas production. "This is shaping up to be four years of litigation," said Christopher Guith, vice president for policy at the U.S. Chamber of Commerce's Energy Institute. Given the partisan divide, Guith said, legislators would struggle to draft laws that could serve as alternatives to the EPA's pending suite of carbon and air regulation. "As we look to an even more divided Congress, the action will be in the federal courts," he said. The U.S. Court of Appeals for the District of Columbia circuit, which hears most challenges to federal environmental rules, is likely to be busy as industry groups and states bring their cases against the EPA's rules after they are finalized. The court sided with the agency in most of the recent challenges, most notably upholding its decision to use the Clean Air Act to regulate carbon dioxide emissions. David Doniger, policy director of the Natural Resources Defense Council's Climate and Clean Air Program, said this could bolster the EPA as it tackles rules that may be more controversial than those rolled out under Jackson. "The agency has a very good batting record on the clean air side. Carbon and climate (regulations) have come through completely unscathed," he said. CARETAKER ADMINISTRATOR? After the EPA was a political lightning rod during the first Obama administration, the president is likely to seek out a safe, possibly internal choice as Jackson's successor, or to avoid the confirmation process altogether. "There are just so many arrows pointed at this agency," said Susan Tierney, managing principal and energy and environment specialist at Boston-based Analysis Group Bob Perciasepe, deputy EPA administrator, will take over on an interim basis and could continue in that role indefinitely. He previously worked at the EPA during the Clinton administration, specializing in water and air quality. Before rejoining the agency, Perciasepe was a top official at the National Audubon Society, a major conservation group. Tierney said she expects the EPA to stay the course on its current agenda, especially as the agency faces some court-ordered deadlines to finalize rules, such as for coal ash, industrial waste from coal-fired plants and ozone standards. PRIORITY ON CLIMATE CHANGE? Some environmentalists have criticized Obama for being too timid on climate issues during his first term. But in his acceptance speech on election night in November the president gave a nod to climate change, raising hopes for more activism. The White House may lean on the EPA to tackle one of the largest sources of U.S. greenhouse gas emissions, the current fleet of power plants, said Jeremy Symons, senior vice president at the National Wildlife Federation. "The president has made clear that climate change is one of his top three priorities for the second term, so that means EPA needs to do its job," Symons said. This, he said, means the agency needs to finalize the rules for new power plants and the standards for limiting carbon emissions from existing power plants. The NRDC's Doniger said once the EPA meets an April 2013 legal deadline to finalize the greenhouse gas rules for new power plants, it will then have to address standards for existing plants. The EPA has to start promptly in the beginning of the second term, said Doniger, because the rulemaking process is "a multistep process that will take time." The controversial task will almost certainly trigger lawsuits because the rules will target a large number of domestic power plants and could jeopardize electric reliability. "It's high stakes litigation when you are talking about bringing 40 percent of generation under regulations. That's disastrous," the Chamber's Guith said. Guith said that while the EPA does have the authority to regulate carbon dioxide using the Clean Air Act, its rules are too difficult for industry - forcing the litigation. "This EPA has been so aggressive in pushing the envelope by way of the compliance timeline that it has made itself more vulnerable to lawsuits," he said. The EPA may also face legal challenges from environmental groups and certain states. The NRDC, the Environmental Defense Fund and the Sierra Club joined a group of nine states led by New York that threatened to sue the EPA last year to propose air pollution standards for oil and gas drilling. They said that the drilling, transportation and distribution resulted in a significant release of methane, a potent greenhouse gas that is not regulated by federal rules. Doniger said the group is trying to negotiate a timeline with the EPA to set a rule but could sue the agency if it doesn't agree a schedule by February. (Additional reporting by Ayesha Rascoe; Editing by Gary Hill) Link this Share this Digg this Email Reprints

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Reuters: Regulatory News: UPDATE 2-Publisher Tribune emerges from bankruptcy

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UPDATE 2-Publisher Tribune emerges from bankruptcy Dec 31st 2012, 13:37 Mon Dec 31, 2012 8:37am EST * Former Fox Ent. Chairman Liguori may be CEO * New board includes former execs of Yahoo, Disney * Co includes 23 TV stations, 8 dailies Dec 31 (Reuters) - U.S. media giant Tribune Co, owner of the Los Angeles Times and the Chicago Tribune, emerged from bankruptcy on Monday, ending four years of Chapter 11 reorganization. Chicago-based Tribune's said on Sunday that its portfolio would include eight major daily newspapers and 23 TV stations. As part of the Chapter 11 exit, the company closed on a new $1.1 billion senior secured term loan and a new $300 million asset-based revolving credit facility. The term loan will be used to fund certain payments under the plan of reorganization and the revolving credit facility will be used to fund ongoing operations, the company said. Upon exiting bankruptcy, Tribune will have issued to former creditors a mix of about 100 million shares of new class A common stock and new class B common stock and new warrants to purchase shares of new class A or class B common stock. Chief executive Eddy Hartenstein will remain in his role until the new board ratifies the company's executive officers. The company announced a seven-person board that includes Hartenstein, former Fox Entertainment chairman Peter Liguori, former Yahoo interim CEO Ross Levinsohn and Peter Murphy, Walt Disney's former top strategic planning executive. Liguori is expected to be named Tribune's new CEO. In November, Tribune received regulatory approval from the Federal Communications Commission to transfer its broadcast licenses to the owners who would take it over after emerging from bankruptcy. The company's reorganization plan was confirmed by the Delaware bankruptcy court in July. The case is In re: Tribune Co et al, U.S. Bankruptcy Court, District of Delaware, No. 08-13141. Link this Share this Digg this Email Reprints

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Reuters: Regulatory News: MIDEAST DEBT-UAE risks slowing property recovery with mortgage cap

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MIDEAST DEBT-UAE risks slowing property recovery with mortgage cap Dec 31st 2012, 13:59 Mon Dec 31, 2012 8:59am EST * UAE caps home loans at 50 pct of property value for expats * Central bank sets cap at 70 pct for UAE citizens * Aims to prevent any repeat of real estate bubble * But rules may dampen residential market sales * Unclear if rules will be implemented strictly By Praveen Menon and Mirna Sleiman DUBAI, Dec 31 (Reuters) - Last September, people lined up for hours in a square outside the headquarters of leading Dubai real estate developer Emaar Properties, waiting for a chance to buy units in a luxury apartment complex. The complex, in a fashionable area of downtown Dubai, had not yet been built. But the buyers, who included foreigners from Europe and Asia as well as local citizens, were so keen to get hold of the apartments that they were willing to sign up based on construction plans. Some were hoping to make money even before the units were completed, by selling on their ownership if property prices rose. The scene recalled, on a smaller scale, Dubai's property bubble of the mid-2000s, when frenzied speculation sent real estate prices soaring. By introducing caps on mortgage lending, the UAE's central bank signalled this week that it was determined not to allow another bubble to form. The rules could ensure that the wealthy country grows in a more stable manner than it has done over the past decade of boom and bust. But they could also hurt a fledgling recovery in the property market - and the abrupt way in which they were introduced illustrates the risks of doing business in an unpredictable regulatory environment. "There was no consultation on this...it was unilaterally decided by the central bank," said one Abu Dhabi commercial banker, who declined to be named because of the political and commercial sensitivity of the issue. "It makes no sense to limit lending to expats when the property market has just begun to see a revival." CIRCULAR A circular sent to commercial banks by the central bank on Sunday says mortgage loans for foreign individuals should not exceed 50 percent of the property value for a first purchase of a home, and 40 percent for second and subsequent homes. The caps for UAE citizens were set at 70 percent for a first home and 60 percent for subsequent ones. Foreigners, most of them working in the country, account for about 80 percent of the UAE's population of roughly 8 million, and are major buyers in designated areas where they are permitted to own property. Gaurav Shivpuri, head of capital markets at consultancy Jones Lang LaSalle MENA, said about 30 to 40 percent of home and commercial property sales in the UAE were through mortgages. Bankers estimate about 60 to 70 percent of mortgage customers in the country are expatriates. So the central bank's new regulations, which resemble those imposed in some other countries including Singapore, could have a major impact on the real estate sector. "If and when such measures are implemented, they could well take some of the fizz out of the residential market from a sales perspective," Chavan Bhogaita, head of the markets strategy unit at National Bank of Abu Dhabi. "However, looking at this with a longer-term or strategic view, one could argue that such a move would help to remove speculators from the market - which would certainly be a positive aspect." The question being asked by many UAE bankers and real estate developers this week is whether the central bank may have acted too soon, in which case it risks stifling a property market recovery that has only become apparent in the last few months. UAE property prices plunged over 50 percent between 2008 and 2011, triggering a corporate debt crisis in Dubai that forced the restructuring of billions of dollars of loans. In 2012, residential prices in parts of Dubai began to pick up and developers are again laying plans for high-end projects. Mohammed Ali Yasin, managing director at NBAD Securities, said he did not think the new rules would end the recovery of the property market, but they might slow it. "Banks, which are currently lending up to 85 percent of the property value, will face challenges to deal with this new mortgage cap," he said. He added that about 40 percent of bank lending in the UAE was to real estate firms. REGULATION Another worrying aspect of the circular was its abruptness; several commercial bankers said they were caught off guard by the move, and called day-long meetings on the last day of the year to assess the impact on their business. Many said they needed to find out details that were not given in the brief circular. For example, no time frame for implementation of the rules was specified, and it was not clear if the rules would affect existing mortgages. "This only came yesterday so it's still early to analyse the implications. We're still examining the impact of it," said Suvo Sarkar, general manager for retail banking at Emirates NBD , Dubai's biggest bank. "We will be contacting the central bank very soon to clarify a few things like time frame for implementation." Central bank officials could not be reached to comment on Sunday or Monday. But the suddenness of the circular raised questions over whether the central bank was coordinating closely with other parts of the government. Abu Dhabi's state tourism development company, TDIC, signed a deal with Abu Dhabi Islamic Bank earlier in December to start offering investors 100 percent mortgages of up to 30 million dirhams ($8.2 million) for purchases of luxury homes on the emirate's Saadiyat Island, local media reports said. It is not clear whether the new mortgage rules will be strictly imposed; the central bank has previously tried to regulate the lending of commercial banks, only to back off after the banks protested. The central bank announced in April that from Sept. 30, banks would have to limit their exposure to state-linked entities. Some big banks were above the limits when the deadline passed, and in December, the central bank announced it was suspending the rules while it consulted banks. Expectations that the new mortgage rules could meet the same fate may have limited falls in the share prices of UAE property developers and banks on Monday. Emaar dropped only 1.6 percent. In a statement the company, which is partly state-owned, said it welcomed the new rules. "The decision by the central bank regarding mortgage limits will contribute to strengthening the property sector by encouraging serious buyers to invest in the country's property sector," it said. "Emaar has recorded a strong response to its property launches this year, and we expect the trend to continue in 2013 by drawing on the positive growth of the economy and growing demand for homes in premium lifestyle communities." Link this Share this Digg this Email Reprints

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Reuters: Regulatory News: UPDATE 3-Publisher Tribune emerges from bankruptcy

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UPDATE 3-Publisher Tribune emerges from bankruptcy Dec 31st 2012, 15:10 Mon Dec 31, 2012 10:10am EST * Former Discovery Comms COO Liguori expected to be CEO * New board includes former execs of Yahoo, Disney * Company includes 23 TV stations, 8 dailies By Ashutosh Pandey and Liana B. Baker Dec 31 (Reuters) - U.S. media giant Tribune Co, owner of the Los Angeles Times and the Chicago Tribune, emerged from bankruptcy on Monday, ending four years of Chapter 11 reorganization. Chicago-based Tribune said on Sunday that its portfolio would include eight major daily newspapers and 23 TV stations. Tribune's controlling owners, which include hedge funds Oaktree Capital and Angelo, Gordon & Co, and JPMorgan Chase & Co intend to sell most, if not all, of its newspapers and already have expressions of interest for The Los Angeles Times, The Orlando Sentinel and others, Reuters has reported. Oaktree is the biggest Tribune shareholder, owning about 23 percent of the company while Angelo Gordon and JP Morgan each hold a 9 percent stake. "Tribune will emerge as a dynamic multi-media company with a great mix of profitable assets, powerful brands in major markets, sufficient liquidity for operations and investments and significantly less debt," Chief Executive Eddy Hartenstein said in a statement. As part of the Chapter 11 exit, the company closed on a new $1.1 billion senior secured term loan and a new $300 million asset-based revolving credit facility. The term loan will be used to fund certain payments under the plan of reorganization and the revolving credit facility will be used to fund ongoing operations, the company said. Upon exiting bankruptcy, Tribune will have issued to former creditors a mix of about 100 million shares of new class A common stock and new class B common stock, and new warrants to purchase shares of new class A or class B common stock. Hartenstein will remain CEO until the new Tribune board names a new management team. Peter Liguori, a former Discovery Communications chief operating officer, is expected to be named CEO. The company announced a seven-person board that includes Hartenstein, Liguori, former Yahoo CEO Ross Levinsohn and Peter Murphy, Walt Disney's former top strategic planning executive. Tribune is expected to focus on building its TV operations. In its portfolio, it owns WGN America, a national feed of Tribune's Chicago TV stations that it distributes through cable and satellite to more than 76 million U.S. homes. Tribune's TV operations are estimated to account for $2.85 billion of the company's $7 billion valuation, while its publishing assets are estimated to represent $623 million, according to report by its financial advisor, Lazard. The rest of its value resides in other assets including its 30 percent stake in the Food Network and its cash balance. In November, Tribune received regulatory approval from the Federal Communications Commission to transfer its broadcast licenses to the owners who would take it over after emerging from bankruptcy. The company's reorganization plan was confirmed by the Delaware bankruptcy court in July. The case is In re: Tribune Co et al, U.S. Bankruptcy Court, District of Delaware, No. 08-13141. Link this Share this Digg this Email Reprints

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Reuters: Regulatory News: UPDATE 2-US approves J&J drug-resistant tuberculosis treatment

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UPDATE 2-US approves J&J drug-resistant tuberculosis treatment Dec 31st 2012, 15:11 Mon Dec 31, 2012 10:11am EST By Toni Clarke Dec 31 (Reuters) - U.S. health regulators have approved a new Johnson & Johnson drug for patients with tuberculosis who do not respond to other treatments, the company said. The drug is the first in 40 years to tackle the disease using a new mechanism of action, according to J&J. The drug blocks an energy-producing enzyme that tuberculosis bacteria need to survive. The U.S. Food and Drug Administration approved the drug, chemically known as bedaquiline and called Sirturo, on Monday following a positive review by an advisory panel last month. Tuberculosis is an air-spread infection that usually attacks the lungs but it can also affect the brain, the spine and the kidneys. In 2011, nearly 9 million people around the world became sick with TB, according to the Centers for Disease Control and Prevention, and there were 1.4 million TB-related deaths. The disease requires six to nine months of drug treatment. The FDA advisers found the drug to be effective, though they noted that more deaths were seen in the group of patients who took bedaquiline in combination with standard treatments than in the group that took standard drugs alone. Chrispin Kambili, medical affairs leader for bedaquiline at J&J's Janssen Therapeutics unit, said in a recent interview that the company is studying the difference in death rates but has so far seen no common pattern. Almost every death was due to a different cause, including a motor vehicle accident. What was unusual, he said, was the low rate of death in the placebo group. Advisers to the FDA expressed concern that a greater number of patients had elevated liver enzymes, a potential sign of liver toxicity, and elongated QT levels -- an electrical irregularity in the heart that can cause sudden death. But Kambili said none of the patients died due to serious QT prolongation and there was no unifying findings in the data. Kambili said J&J's drug is designed for a relatively small portion of patients - some 650,000 - who do not respond to existing therapies. And while investment analysts at Cowen and Co have forecast peak annual sales of the product at a relatively modest $300 million, the drug is important from a public health standpoint, Kambili said. Multidrug-resistant tuberculosis is caused by strains of the bacterium that have become resistant to at least isoniazid and rifampin, the two most potent drugs for TB. J&J shares dipped 0.1 percent to $69.43 in early trading. Link this Share this Digg this Email Reprints

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Reuters: Regulatory News: Italian tax police targets jeweller Bulgari-report

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Italian tax police targets jeweller Bulgari-report Dec 31st 2012, 10:14 MILAN | Mon Dec 31, 2012 5:14am EST MILAN Dec 31 (Reuters) - Italian police have carried out checks at Rome jeweller Bulgari to assess whether the group owned by French luxury conglomerate LVMH regularly declared income tax in Italy, a newspaper reported. Italian authorities have intensified their efforts to collect taxes this year and have already targeted foreign companies, such as Google and Facebook to assess whether their Italian divisions are paying their taxes. The Corriere della Sera on Monday reported that police completed a tax inspection last week, alleging Bulgari did not declare income in Italy to the tune of around 70 million euros ($92.55 million). "We have always complied with fiscal regulations in Italy and abroad," Bulgari family member Francesco Trapani, who heads LVMH's jewellery and watch division, told the newspaper. The report, which cites a police document, said controls focused on the last five years through 2011, the year when LVMH bought Bulgari in a all-share deal worth 3.7 billion euros. Trapani said Bulgari has always collaborated with Italian authorities and emerged unscathed from past fiscal controls. Bulgari was not immediately reachable for further comment. Link this Share this Digg this Email Reprints

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Reuters: Regulatory News: UPDATE 1-Market Chatter-Corporate finance press digest

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UPDATE 1-Market Chatter-Corporate finance press digest Dec 31st 2012, 06:12 Mon Dec 31, 2012 1:12am EST Dec 31 (Reuters) - The following corporate finance-related stories were reported by media on Monday: * Guardian Media Group Plc has received expressions of interest for its Auto Trader subsidiary that could lead to a 600 million pounds ($967.68 million) windfall for the struggling newspaper group, the Telegraph reported. () * Mumbai-based billionaire Ajay Piramal's eponymous Piramal Group is in advanced talks to buy U.S. private equity firm TPG Capital Management LP's 20.27 percent stake in India's largest truck financier, Shriram Transport Finance Co Ltd , for around 35 billion rupees, the Economic Times reported citing two people with direct knowledge of the negotiations. () * Shares of Australia's Sundance Resources Ltd surged more than 17 percent on Monday after the Republic of Congo granted it a key mining permit and following reports China's Hanlong Group plans to complete its long-delayed $1.4 billion takeover by March. * Taiwan's Chinatrust Commercial Bank is in talks with U.S. investment fund Lone Star Funds and other shareholders of Tokyo Star Bank to take over the Japanese lender for some 50 billion yen ($580.75 million)Japanese media reported on Sunday. * Carlo Tassara Group, former majority owner of Polish bank Alior Bank SA, is expected to name advisors this week to sell its remaining stake in the company, Il Sole 24 Ore newspaper reported on Sunday. * Consolidation of European banks is not yet at an end, and Germany's sector with its many small banks will have to change, the co-chief executive of Deutsche Bank AG told a German newspaper. Link this Share this Digg this Email Reprints

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Reuters: Regulatory News: UPDATE 1-Publisher Tribune to emerge from bankruptcy on Dec. 31

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UPDATE 1-Publisher Tribune to emerge from bankruptcy on Dec. 31 Dec 31st 2012, 06:16 Mon Dec 31, 2012 1:16am EST * Former Fox Ent. chairman Liguori may get CEO job * New board to include former execs of Yahoo, Disney * Reorganized company includes 23 TV stations, 8 dailies Dec 31 (Reuters) - U.S. media giant The Tribune Co, owner of the Los Angeles Times and the Chicago Tribune, said late on Sunday it will emerge from bankruptcy on Dec. 31, ending four years of Chapter 11 reorganization. Chicago-based Tribune said it will emerge from the Chapter 11 process with a portfolio of profitable assets that will include eight major daily newspapers and 23 TV stations. The company will also have a new board of directors. "Tribune will emerge as a dynamic multi-media company with a great mix of profitable assets, powerful brands in major markets, sufficient liquidity for operations and investments and significantly less debt," Eddy Hartenstein, Tribune's chief executive officer, said in an email to employees. "In short, Tribune is far stronger than it was when we began the Chapter 11 process." As part of the Chapter 11 exit, the company will close on a new $1.1 billion senior secured term loan and a new $300 million asset-based revolving credit facility. The term loan will be used to fund certain payments under the plan of reorganization and the revolving credit facility will be used to fund ongoing operations, the company said. Upon exiting bankruptcy, Tribune will have issued to former creditors a mix of about 100 million shares of new class A common stock and new class B common stock and new warrants to purchase shares of new class A or class B common stock. The current chief executive officer, Eddy Hartenstein, will remain in his role until the new board ratifies the company's executive officers. The company announced a seven-person board that includes Hartenstein, former Fox Entertainment chairman Peter Liguori, former Yahoo interim CEO Ross Levinshohn and Peter Murphy, Walt Disney's former top strategic planning executive. Liquori is expected to be named Tribune's new chief executive officer. In November, Tribune received regulatory approval from the Federal Communications Commission (FCC) to transfer its broadcast licenses to the owners who will take over the company when it emerges from bankruptcy. The company's plan of reorganization was confirmed by the Delaware bankruptcy court in July. Tribune's emergence from bankruptcy was conditional on the FCC approving the transfer of the broadcast licenses to new owners. The case is In re: Tribune Co et al, U.S. Bankruptcy Court, District of Delaware, No. 08-13141. Link this Share this Digg this Email Reprints

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Reuters: Regulatory News: Publisher Tribune to emerge from bankruptcy on Dec. 31

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Publisher Tribune to emerge from bankruptcy on Dec. 31 Dec 31st 2012, 04:29 Sun Dec 30, 2012 11:29pm EST Dec 31 (Reuters) - U.S. media giant The Tribune Co, owner of the Los Angeles Times and the Chicago Tribune, said late on Sunday it will emerge from bankruptcy on Dec. 31, ending four years of Chapter 11 reorganization. Chicago-based Tribune said it will emerge from the Chapter 11 process with a portfolio of profitable assets that will include eight major daily newspapers and 23 TV stations. The company will also have a new board of directors. As part of the Chapter 11 exit, the company will close on a new $1.1 billion senior secured term loan and a new $300 million asset-based revolving credit facility. The term loan will be used to fund certain payments under the plan of reorganization and the revolving credit facility will be used to fund ongoing operations, the company said. Upon exiting bankruptcy, Tribune will have issued to former creditors a mix of about 100 million shares of new class A common stock and new class B common stock and new warrants to purchase shares of new class A or class B common stock. The current chief executive officer, Eddy Hartenstein, will remain in his role until the new board ratifies the company's executive officers. In November, Tribune received regulatory approval from the Federal Communications Commission (FCC) to transfer its broadcast licenses to the owners who will take over the company when it emerges from bankruptcy. The company's plan of reorganization was confirmed by the Delaware bankruptcy court in July. Tribune's emergence from bankruptcy was conditional on the FCC approving the transfer of the broadcast licenses to new owners. The case is In re: Tribune Co et al, U.S. Bankruptcy Court, District of Delaware, No. 08-13141. Link this Share this Digg this Email Reprints

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Reuters: Regulatory News: Major banks close to $10 bln settlement on home loans - NYT

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Major banks close to $10 bln settlement on home loans - NYT Dec 31st 2012, 04:07 Sun Dec 30, 2012 11:07pm EST Dec 31 (Reuters) - U.S. regulators are nearing a $10 billion settlement with several banks that would end the government's efforts to hold lenders responsible for faulty foreclosure practices, the New York Times reported, citing people with knowledge of the talks. Under the settlement currently being discussed, about $3.75 billion would go to people who have already lost their homes, the New York Times said. The latest settlement would be potentially more than a broad pact agreed in February between state attorneys general and five large banks. That set aside $1.5 billion in cash relief. In February, Bank of America Corp, Wells Fargo & Co , JPMorgan Chase & Co, Citigroup Inc and Ally Financial Inc agreed to a $25 billion government settlement to release them from claims over faulty foreclosures and the mishandling of requests for loan modifications. The New York Times said 14 banks are now involved in the latest settlement talks with the U.S. authorities, including the five that had agreed to a similar settlement in February. The paper did not name other banks. () A deal could be reached by the end of the week between the 14 banks and the nation's top banking regulators, led by the Office of the Comptroller of the Currency, four people with knowledge of the negotiations told the newspaper. As per the settlement being negotiated, $6 billion would come from banks to be used for relief for homeowners, including reducing their principal, helping them refinance and donating abandoned homes, the New York Times said. Also, the banks will have to hire independent consultants to comb through loan records to determine whether the banks illegally charged fees, forced homeowners to take out costly insurance or miscalculated loan payment amounts, according to the newspaper. Wells Fargo spokesman Ancel Martinez had no immediate comment on the New York Times report when contacted by Reuters, while JPMorgan spokesman Joseph Evangelisti declined to comment. None of the other banks named in the report could immediately be reached for comments by Reuters outside of regular U.S. business hours. Link this Share this Digg this Email Reprints

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