Top Republican rejects Panetta’s defense budget criticism

U.S. Secretary of Defense Panetta speaks during a joint news conference with China's Defence Minister Liang in WashingtonWASHINGTON (Reuters) – A top Republican lawmaker on defense issues on Friday rejected Pentagon chief Leon Panetta’s criticism of budget maneuvering in Congress, underscoring the difficulty of finding a compromise on security spending at a time of sharp political polarization. Representative Buck McKeon, chairman of the House of Representatives Armed Services Committee, told Panetta in a letter that he was “clearly operating under some misconceptions” about a defense policy bill passed this week that authorized $554 billion in defense spending for the 2013 fiscal year. …

Avon cooperating with SEC in stock trading probe

To match Feature AVON/(Reuters) – Cosmetics company Avon Products Inc is cooperating with the Securities and Exchange Commission, which was reported on Friday to be looking into trading activity before fragrance maker Coty Inc’s $10 billion offer to buy Avon. According to the Wall Street Journal, the SEC sent a letter to Avon on April 2, the day Coty made its offer public, asking for telephone records and other information. …

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