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Visa, MasterCard "more investable" after new fee rules - Yahoo! News

BANGALORE (Reuters) - The revised Federal Reserve rules governing how much banks charge retailers to process debit card purchases was given a big thumbs-up by some analysts, who expect the rules to be a huge boost to card networks Visa and MasterCard .

"We believe the most significant threat to Visa and MasterCard profitability has been dramatically reduced," Chris Brendler of Stifel Nicolaus said.

Banks pay card networks like Visa and MasterCard for processing debit transactions, and the softened rule is a victory for big banks like Bank of America and JPMorgan Chase , and card networks like Visa and MasterCard.

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Oscars to allow 5 to 10 best picture nominees - Yahoo! News

Putting an emphasis on quality rather than quantity, the Academy Awards shook up the best picture category again.

The Academy of Motion Picture Arts and Sciences announced late Tuesday night that it had approved a change in the nomination process that will allow between five and 10 best picture nominees. On the recommendation of its Board of Governors, the number of the category's nominees will be dictated by the voting.

A film will need a minimum of 5 percent first-place votes to be nominated for best picture.

The Academy said the change came after analyzing the voting from the last two years. In 2009, the Oscars expanded the best picture field from five nominees to 10.

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Jessica Simpson named "Fashion Star" mentor - Yahoo! News

LOS ANGELES (Hollywood Reporter) – NBC has named Jessica Simpson as a celebrity mentor for its upcoming reality series "Fashion Star."

The network said Monday that the singer/actress will join host Elle Macpherson on the reality series, which will see 14 unknown designers compete for the chance to win a multimillion-dollar contract to launch their lines in three of America's largest retailers. Buyers from the three retailers serve as judges.

(To read more about our entertainment news, visit our blog "Fan Fare" online at http://blogs.reuters.com/fanfare/)

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World stocks hit 12-week low - Yahoo! News

LONDON (Reuters) – World stocks touched a 12-week low on Monday as Chinese data highlighted concerns about weaker global growth, prompting investors to unwind positions in higher-risk assets and buy top-rated government bonds.

The euro hit a record low against the safe-haven Swiss franc while the cost of insuring Greek sovereign debt against default rose to an all-time high. Investors are concerned by signs policymakers are struggling to come to agreement on a second bailout for Athens and that moves to involve private investors will wind up triggering a technical debt default.

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At the Tonys, 'Book of Mormon' favored to win big - Yahoo! News

NEW YORK – The official tongue-in-cheek slogan for "The Book of Mormon" claims that it is "God's Favorite Musical." Producers of the show are hopeful the Broadway community agrees.

The satirical show goes into Sunday night's Tony Awards with 14 Tony nominations, one shy of the record held by "The Producers," and is heavily favored to nab at the very least the best musical crown.

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Controversial "Three Cups" author has heart surgery - Yahoo! News

HELENA, Montana (Reuters) – "Three Cups of Tea" author Greg Mortenson, who is under fire over allegations he fabricated much of his story, is recovering from open heart surgery, a representative said on Thursday.

Mortenson, 53, underwent the surgery last week to repair a very large hole in his heart, or an atrial septal defect, said Anne Beyersdorfer, the acting executive director of Mortenson's Montana-based charity, the Central Asia Institute.

The operation also repaired an aneurysm, which is a bulge in a blood vessel. The author has suffered from hypoxia -- a condition marked by a lack of oxygen -- for the past year, Beyersdorfer said.

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Regulators pressuring banks after Citi data breach - Yahoo! News

NEW YORK (Reuters) – Banking regulators are pressuring banks to improve their data security standards following large data breaches at banks including Citigroup Inc, a top U.S. regulator said on Thursday.

The Federal Deposit Insurance Corp is developing new guidance for banks and may ask "some banks to strengthen their authentication when a customer logs onto online accounts," FDIC Chairman Sheila Bair said on Thursday.

Citigroup said late on Wednesday that computer hackers breached the bank's network and accessed the data of about 200,000 bank card holders in North America, the latest in a string of cyber attacks on high-profile companies.

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Reese Witherspoon to star in wedding comedy - Yahoo! News

LOS ANGELES (Hollywood Reporter) – Wedding-themed movies are all the rage in Hollywood -- see the success of "Bridesmaids" and "The Hangover, Part II" -- and now Reese Witherspoon is joining the fray.

The actress is attached to star in and produce "Who Invited Her?," a romantic comedy a woman about who crashes a bachelor party getaway.

The DreamWorks project is based on a pitch by Sascha Rothschild, who wrote "How to Get Divorced by 30," based on her article in LA Weekly. The project is set up Universal.

Witherspoon is currently in theaters with "Water for Elephants."

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Indian yoga guru slams 'murdered democracy' - Yahoo! News

HARIDWAR, India (AFP) – At the spartan headquarters from where he controls a global empire, India's television yoga guru issues a warning to the government which he has seriously unnerved with his anti-graft campaign.

In an interview at his ashram complex in the foothills of the Himalayas, Swami Ramdev accused the government of "murdering democracy and human rights" with a brutal crackdown on his rally site in the capital New Delhi.

"If they continue to harass me like this, there will be protests throughout this country. We won't put up with it," he told AFP as he sat on a sofa, swathed in his trademark orange robes and with luxuriant black hair and beard.

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Obama Fed pick withdraws, slams partisan politics - Yahoo! News

WASHINGTON/NEW YORK (Reuters) – Nobel Prize winner Peter Diamond said on Sunday he planned to withdraw as a nominee for Federal Reserve governor, after his nomination was repeatedly opposed by Republicans.

"It is time for me to withdraw, as I plan to inform the White House," Diamond, an economics professor at the Massachusetts Institute of Technology, wrote in an opinion piece published in the New York Times titled "When a Nobel Prize isn't enough."

The top Republican on the Senate Banking Committee, Richard Shelby, has criticized Diamond, saying he lacks monetary policy experience.

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