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Eaton to buy Cooper Industries for $11.8 billion

(Reuters) - Diversified industrial manufacturer Eaton Corp struck a deal to buy electrical equipment maker Cooper Industries for $11.8 billion in cash and stock, paying a 29 percent premium to broaden its services to the electrical industry. Eaton, announcing the deal on Monday, also said it would reincorporate in Ireland, where Cooper is based. Eaton will pay $72 per share for Cooper: $39.15 in cash and 0.77479 Eaton shares for each Cooper share. Cooper shares rose more than 25 percent to $69.90 in early trading. ...

Euro zone needs growth and austerity: ECB's Asmussen

A sculpture showing the Euro currency sign is seen in front of the European Central Bank (ECB) headquarters in FrankfurtBERLIN (Reuters) - Europe's fiscal pact must not be renegotiated or softened but could be complemented by growth-enhancing measures, European Central Bank Executive Board member Joerg Asmussen said on Monday. Asmussen also stressed that the ECB's non-standard measures - introduced to fight the debt crisis - were of a temporary nature and could be withdrawn any time if inflation risks emerged. There is a growing push in the euro zone, led by newly elected French President Francois Hollande, to do more to stimulate growth and not just focus on reducing deficits. ...


EU gives Google 'weeks' to ease antitrust concerns

The European Union said on Monday that Google Inc. must in "a matter of weeks" outline steps it is willing to take to ease concerns about alleged abuses of its dominant position in the online search market.

Houghton Mifflin files Chapter 11 bankruptcy

(Reuters) - Houghton Mifflin Harcourt Publishers Inc filed for bankruptcy protection on Monday after the textbook publisher reached agreement with a majority of its creditors to cut about $3.1 billion of debt. The Boston-based company and two dozen affiliates filed for Chapter 11 protection in U.S. bankruptcy court in Manhattan. It said it had more than $1 billion in both assets and liabilities. Houghton Mifflin has struggled as state and local governments cut spending, reducing demand for textbooks for students from kindergarten to 12th grade, Moody's Investors Service has said. ...

Wall Street rises at open after worst week of year

Traders work on the floor of the New York Stock ExchangeNEW YORK (Reuters) - Wall Street edged higher at the open on Monday, rebounding from its worst weekly decline for the year, on assurances that world powers want debt-laden Greece to remain in the euro zone. The Dow Jones industrial average gained 29.71 points, or 0.24 percent, to 12,399.09. The Standard & Poor's 500 Index added 2.73 points, or 0.21 percent, to 1,297.95. The Nasdaq Composite Index climbed 4.26 points, or 0.15 percent, to 2,783.05. (Reporting By Chuck Mikolajczak, editing by Dave Zimmerman)


Ditch euro? Many Greeks already are

This image taken from AP video shows people buying and selling their goods at a weekly bartering market in Volos, Greece, Saturday May 19, 2012. A small but growing minority in about a dozen Greek towns are using an alternative exchange system to help them survive the crisis. That's been attracting increasing attention amid concern that Greece _ stricken by political chaos _ will be forced to leave the euro and return to the drachma. Members take payment for their goods and services in TEMS (Local Alternative Unit), and use TEMS to obtain goods and services from other members in the network, in effect, a barter economy. (AP Photo/AP video)People in this central Greek city are rejecting the euro before it rejects them.


Man armed with grenades arrested at Nigeria state radio

ABUJA (Reuters) - A man armed with grenades and several rounds of ammunition was stopped as he tried to enter a government building in the capital Abuja where two ministers were giving a news conference on Monday, a government security officer said. "We arrested him with black bags containing three hand grenades and 37 live munitions. We snatched the bag from him at the gate as he was entering the compound at the gate," Akindele James, security officer in charge of the building, told Reuters. "We handed him over to police. ...

Where are Facebook friends? Stock sinks on 2nd day

Facebook's stock is sinking nearly 7 percent, falling below the $38 IPO price, in the social network's second day of trading as a public company Monday.

Death toll in Yemen suicide bombing rises to 90

A still image taken from video shows army personnel helping injured soldier at the scene of a suicide attack in SanaaSANAA (Reuters) - A man with explosives strapped under his army uniform killed more than 90 people in the Yemeni capital Sanaa on Monday when he blew himself up in the midst of a military parade rehearsal, the defense ministry said. The ministry also said 222 people were wounded in the attack. (Reporting by Mohammed Ghobari; Writing by Isabel Coles; Editing by Louise Ireland)


Key witness in Clemens trial to take stand again

Brian McNamee, former trainer of Major League Baseball pitcher Roger Clemens, leaves the federal courthouse in WashingtonWASHINGTON (Reuters) - Government prosecutors on Monday will try to salvage the credibility of their key witness in the perjury trial of former Major League Baseball star Roger Clemens when his ex-trainer who said he supplied the pitching ace with drugs takes the stand. Brian McNamee, the most important witness for federal prosecutors who have charged Clemens with lying to the U.S. Congress about using the performance-enhancing drugs, will be wrapping up more than 20 hours of testimony in U.S. District Court. ...


EU offers Google last chance in antitrust case

People walk past a logo next to the main entrance of the Google building in ZurichBRUSSELS (Reuters) - The European Union's antitrust chief on Monday ratcheted up the pressure on Google, giving it a matter of weeks to settle an investigation into allegations of anti-competitive behavior and avoid formal charges and a possible fine. Even if the world's most popular search engine offers concessions to resolve the issue, it will still be under the EU spotlight following fresh complaints over its Android mobile software, the top operating system for Internet-enabled smartphones. ...


Greece's new prime minister meets party leaders

Leader of Conservatives New Democracy party Antonis Samaras makes statements after his meeting with Greece's newly installed caretaker prime minister Panagiotis Pikramenos at the Greek Parliament in Athens, Monday, May 21, 2012. Greece is set to hold elections on June 17 to end a political deadlock after a previous vote on May 6 produced a hung Parliament, with the country's future in the 17-nation eurozone potentially at stake. (AP Photo/Thanassis Stavrakis)Greece's newly installed caretaker prime minister began talks with party leaders Monday ahead of this week's European Union summit that's expected to focus on ways of kick starting economic growth across the continent.


Film effects company DDMG plans Abu Dhabi studio

The American special effects company that brought the "Transformers" movies to life and recently wowed concertgoers with a performing hologram of late rapper Tupac Shakur is setting up a studio in oil-rich Abu Dhabi.

US futures head higher; economists see some growth

In a May 7, 2012 photo trader Richard Newman works on the floor of the New York Stock Exchange. A weekend summit in Washington among leaders of the world's most powerful nations provided little in the way of encouragement for investors already nervous about the political turmoil in Greece. (AP Photo/Richard Drew)Stock futures rose Monday with a new survey suggesting that economists are a bit more optimistic about housing and employment.


Veep Beat: Christie and Rubio on the Attack

RUBIO SLAMS OBAMA: Sen. Marco Rubio, R-Fla., unleashed a set of attacks on President Obama Saturday evening in South Carolina as he called the president the most “divisive figure” in modern American history.  “His ideas that sounded so good in the classrooms of Harvard and...

Nasdaq alters IPO procedures after Facebook glitch

Monitors show the value of the Facebook, Inc. stock before closing bell at the NASDAQ Marketsite in New YorkNEW YORK (Reuters) - Nasdaq OMX Group Inc said on Monday it is changing its initial public offering trading procedures following glitches in Facebook Inc's market debut at the end of last week that prevented some traders from knowing for hours whether their orders for shares had been completed. The exchange operator said in a note to traders that modifications to its IPO and halt cross application would prevent the problems that occurred on Friday from recurring. (Reporting By John McCrank; Editing by Gerald E. McCormick)


Facebook shares fall below $38 issue price in premarket

Monitors show value of Facebook, Inc. stock before closing bell at NASDAQ Marketsite in New YorkNEW YORK (Reuters) - Facebook Inc's shares slid below their $38 issue price in premarket trading on Monday as support from underwriters of the initial public offering dissipated after its Friday debut. The social networking company's debut was marred by a shaky opening on the Nasdaq that will be reviewed by the SEC and a falling share price, which forced lead underwriter Morgan Stanley to defend the $38 price level by purchasing shares on the open market. ...


Visceral performances bring stardom for Tom Hardy

Actor Tom Hardy poses during a photo call for Lawless at the 65th international film festival, in Cannes, southern France, Saturday, May 19, 2012. (AP Photo/Lionel Cironneau)The allure of movie stardom is becoming evident to Tom Hardy.


Everything Old Is New Again (The Note)

By MICHAEL FALCONE (@michaelpfalcone) and AMY WALTER (@amyewalter) NOTABLES: ALL AMPED UP. Ampad, the office supply giant that suffered job losses after Mitt Romney’s former company, Bain Capital took it over, is getting another 15-minutes of fame today (and maybe more). The Obama campaign features...

Euro zone needs growth and austerity: ECB's Asmussen

A sculpture showing the Euro currency sign is seen in front of the European Central Bank (ECB) headquarters in FrankfurtBERLIN (Reuters) - Europe's fiscal pact must not be renegotiated or softened but could be complemented by growth-enhancing measures, European Central Bank Executive Board member Joerg Asmussen said on Monday. Asmussen also stressed that the ECB's non-standard measures - introduced to fight the debt crisis - were of a temporary nature and could be withdrawn any time if inflation risks emerged. There is a growing push in the euro zone, led by newly elected French President Francois Hollande, to do more to stimulate growth and not just focus on reducing deficits. ...


Thousands gather for Lebanese Sunni cleric funeral

A Lebanese man steps out from a destroyed building that was damaged during clashes erupted between pro- and anti-Syrian Sunni groups, in Beirut, Lebanon, Monday May 21, 2012. Gunmen fired rocket-propelled grenades and machine guns early Monday in intense street battles in the Lebanese capital, wounding and killed several people as fears mounted that the conflict in neighboring Syria was bleeding across the border. The clashes erupted hours after an anti-Syrian cleric and his bodyguard were shot dead in northern Lebanon.(AP Photo/Hussein Malla)Mourners fired guns in the air as thousands poured into the streets Monday in northern Lebanon for the funeral of a Sunni Muslim cleric, whose killing sparked intense clashes in Beirut and raised fears the crisis in Syria was spilling across the border.


3 dead, 2 missing after crowded weekend on Everest

FILE - In this Oct. 27, 2011 file photo, the last light of the day sets on Mount Everest as it rises behind Mount Nuptse as seen from Tengboche, in the Himalaya's Khumbu region, Nepal. Mountaineering Department official Gyanendra Shrestha said Monday, May 21, 2012, that a German, a Nepal-born Canadian and a Korean died Saturday while descending from the 8,850-meter (29,035-foot) summit. (AP Photo/Kevin Frayer, File)Three climbers who scaled Mount Everest died on their descent and two went missing during a crowded weekend on the Himalayan peak, raising concerns Monday about congested trails and poor conditions near the summit.


APNewsBreak: 22 states join campaign finance fight

FILE - Montana Attorney General Steve Bullock is seen at an event in which he announced the start of his 2012 gubernatorial campaign on in this Sept. 7, 2011 file photo taken in Billings, Mont. Twenty-two states and the District of Columbia are backing Montana in its fight to prevent the U.S. Supreme Court's 2010 Citizens United decision from being used to strike down state laws restricting corporate campaign spending. Bullock argues that political corruption in the Copper King era led to the state ban on corporate campaign spending. A clarification of Citizens United is needed to make clear that states can block certain political spending in the interest of limiting corruption, he said. On Friday, May 18, 2012 Montana's case was given a boost when U.S. Sens. John McCain, R-Ariz., and Sheldon Whitehouse, D-D-R.I., signed on in support. (AP Photo/Matthew Brown, File)Twenty-two states and the District of Columbia are backing Montana in its fight to prevent the U.S. Supreme Court's 2010 Citizens United decision from being used to strike down state laws restricting corporate campaign spending.


APNewsBreak: 22 states join campaign finance fight

FILE - Montana Attorney General Steve Bullock is seen at an event in which he announced the start of his 2012 gubernatorial campaign on in this Sept. 7, 2011 file photo taken in Billings, Mont. Twenty-two states and the District of Columbia are backing Montana in its fight to prevent the U.S. Supreme Court's 2010 Citizens United decision from being used to strike down state laws restricting corporate campaign spending. Bullock argues that political corruption in the Copper King era led to the state ban on corporate campaign spending. A clarification of Citizens United is needed to make clear that states can block certain political spending in the interest of limiting corruption, he said. On Friday, May 18, 2012 Montana's case was given a boost when U.S. Sens. John McCain, R-Ariz., and Sheldon Whitehouse, D-D-R.I., signed on in support. (AP Photo/Matthew Brown, File)Twenty-two states and the District of Columbia are backing Montana in its fight to prevent the U.S. Supreme Court's 2010 Citizens United decision from being used to strike down state laws restricting corporate campaign spending.


APNewsBreak: 22 states join campaign finance fight

FILE - Montana Attorney General Steve Bullock is seen at an event in which he announced the start of his 2012 gubernatorial campaign on in this Sept. 7, 2011 file photo taken in Billings, Mont. Twenty-two states and the District of Columbia are backing Montana in its fight to prevent the U.S. Supreme Court's 2010 Citizens United decision from being used to strike down state laws restricting corporate campaign spending. Bullock argues that political corruption in the Copper King era led to the state ban on corporate campaign spending. A clarification of Citizens United is needed to make clear that states can block certain political spending in the interest of limiting corruption, he said. On Friday, May 18, 2012 Montana's case was given a boost when U.S. Sens. John McCain, R-Ariz., and Sheldon Whitehouse, D-D-R.I., signed on in support. (AP Photo/Matthew Brown, File)Twenty-two states and the District of Columbia are backing Montana in its fight to prevent the U.S. Supreme Court's 2010 Citizens United decision from being used to strike down state laws restricting corporate campaign spending.


Obama Video Hits Romney Role in Ampad Bankruptcy

The story of Ampad, a company acquired by Bain Capital in 1992 that later went bankrupt, was used successfully by Democrats 18 years ago to help derail Mitt Romney’s run for a U.S. Senate seat from Massachusetts. Now, the Obama campaign is resurrecting the case...

Survivor: Honduran police fired on passenger boat

Lucio Adan Nelson Quin, 22, rests while recovering in a public hospital from the wounds caused during an attack involving U.S. helicopters in a DEA-supported anti-drug crackdown by Honduras police in Las Mosquitia region, in La Ceiba, Honduras, Sunday, May 20, 2012. On Friday May 11, Lucio and more than a dozen others dove from a riverboat into the water for cover from Honduran police, who with DEA agents aboard, say they were hitting drug traffickers who fired first. Four died.(AP Photo/Rodrigo Abd)Lucio Adan Nelson dozed on a riverboat ferrying him home from a visit with his mother when helicopters appeared overhead and started shooting. He and about a dozen other passengers traveling in the middle of the night jumped into the water for cover.


Coast Guard: No US guard attacked in Yemen

The U.S. Coast Guard is disputing a report that Guard members were attacked while on a training mission in Yemen.

Conservative donors slow to back Romney's campaign

Republican frontrunner Mitt Romney and his party raised a sizable $40 million last month from donors who want him to replace President Barack Obama. But even as Romney solidifies his position as the eventual GOP nominee, many supporters who backed his primary election challengers have not yet come to his aid.

Conservative donors slow to back Romney's campaign

Republican frontrunner Mitt Romney and his party raised a sizable $40 million last month from donors who want him to replace President Barack Obama. But even as Romney solidifies his position as the eventual GOP nominee, many supporters who backed his primary election challengers have not yet come to his aid.

Protesters march on Malian presidential palace

BAMAKO (Reuters) - Thousands of protesters marched on Mali's presidential palace on Monday, paralyzing traffic in the capital Bamako in a demonstration against an internationally-backed accord to extend the mandate of civilian president Dioncounda Traore. Some protesters at the gates of the palace shouted slogans in support of Captain Amadou Sanogo, the officer who led the March 22 military coup which unintentionally emboldened northern rebels to seize two-thirds of the West African country. ...

Protesters march on Malian presidential palace

BAMAKO (Reuters) - Thousands of protesters marched on Mali's presidential palace on Monday, paralyzing traffic in the capital Bamako in a demonstration against an internationally-backed accord to extend the mandate of civilian president Dioncounda Traore. Some protesters at the gates of the palace shouted slogans in support of Captain Amadou Sanogo, the officer who led the March 22 military coup which unintentionally emboldened northern rebels to seize two-thirds of the West African country. ...

Alain Resnais back in Cannes competition at 89

Actress Sabine Azema, left and director Alain Resnais pose during a photo call for You Haven't Seen Anything Yet at the 65th international film festival, in Cannes, southern France, Monday, May 21, 2012. (AP Photo/Francois Mori)The Cannes Film Festival has received a dose of theater in the form of French director Alain Resnais' new film.


Yemen bomber kills at least 63 soldiers on parade

Forensic policemen collect evidence at the site of a suicide bomb attack at a parade square in SanaaSANAA (Reuters) - A suicide bomber infiltrated a military parade rehearsal in Yemen's capital Sanaa on Monday, killing at least 63 people in the bloodiest single attack in the city in recent years of instability. Dozens of people, mostly soldiers, were also wounded in the bombing, which left blood and body parts scattered over a wide area. Yemen's defence minister and chief of staff were both present at the event, a rehearsal for Tuesday's National Day parade, but neither was hurt. Officials suspect the attack was carried out by a rogue soldier. ...


Barclays to sell $6.1 billion BlackRock stake

A man walks past a branch of Barclays bank in central LondonLONDON (Reuters) - British bank Barclays is selling its near-20 percent stake in U.S. asset manager BlackRock, worth $6.1 billion, as tougher global regulations have cut the attraction of such holdings. Barclays has held the stake for almost three years, a legacy of BlackRock's $13.5 billion purchase of Barclays Global Investors, but Basel III regulations mean banks have to hold more capital against minority stakes in asset managers and other firms, making it less profitable. ...


Lowe's 1Q profit up, but cuts 2012 profit outlook

FILE -- In a Nov. 14, 2011 file photo, customers walk toward the Lowe's store in Saugus, Mass. Lowe's Cos.'reported Monday May 21, 2012, first-quarter profit climbed 14 percent, as warmer weather helped boost sales. (AP Photo/Michael Dwyer/file)Lowe's Cos.' first-quarter profit climbed 14 percent, as warmer weather helped boost sales. But the world's second-biggest home improvement company lowered its full-year earnings forecast on Monday, saying it is still cautious on the housing market and economic conditions.


Ukrainians launch hosting project for Euro 2012

A group of Ukrainian activists has launched a project to provide free accommodation, translation and other services to foreign guests attending the Euro 2012 football championship following criticism of the prices being charged by many hotels.

Campbell's profit slips amid sluggish soup sales

Campbell Soup Co.'s net income slipped by 5 percent in the latest quarter as it struggled to balance higher costs for ingredients and sluggish soups sales, the company said Monday.

Jury to reconvene in ex-Senator Edwards' federal trial

John Edwards arrives at the federal courthouse for jury deliberations in GreensboroGREENSBORO, North Carolina (Reuters) - Jurors were set to resume deliberations on Monday in the federal campaign finance case against former U.S. Senator John Edwards, who is accused of using campaign funds to hide his pregnant mistress as he sought the presidency. A jury of eight men and four women in Greensboro, North Carolina, considered the case for about 5 1/2 hours on Friday before breaking for the weekend. They must reach a unanimous verdict to convict Edwards, a two-time presidential candidate and the Democrats' 2004 vice presidential nominee, on any of the six felony counts he faces. ...


Jury to reconvene in ex-Senator Edwards' federal trial

John Edwards arrives at the federal courthouse for jury deliberations in GreensboroGREENSBORO, North Carolina (Reuters) - Jurors were set to resume deliberations on Monday in the federal campaign finance case against former U.S. Senator John Edwards, who is accused of using campaign funds to hide his pregnant mistress as he sought the presidency. A jury of eight men and four women in Greensboro, North Carolina, considered the case for about 5 1/2 hours on Friday before breaking for the weekend. They must reach a unanimous verdict to convict Edwards, a two-time presidential candidate and the Democrats' 2004 vice presidential nominee, on any of the six felony counts he faces. ...


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