Thursday, June 3, 2010

6/4 Reuters: Business News

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G20 to back euro zone on debt
June 4, 2010 at 10:28 AM

BUSAN, South Korea (Reuters) - G20 finance ministers and central bankers will endorse efforts to douse the euro zone's debt crisis but are far apart on the contentious issue of a global bank levy, a senior South Korean official said on Friday.


 

Oil industry grapples with risk and volatile prices
June 4, 2010 at 1:50 PM

SINGAPORE (Reuters) - Oil's steep drop of more than $20 a barrel over three weeks last month, sparked by European debt woes, underscored market volatility from stocks to commodities and the fragile state of global economic recovery.


 

Investors to scour AgBank IPO docs for NPL and book ratios
June 4, 2010 at 1:22 PM

HONG KONG (Reuters) - Investors will scour a preliminary prospectus for Agricultural Bank of China's around $30 billion IPO, the world's largest, for updates on its book value and bad loans.


 

BP's battered brand draws consumer opposition
June 4, 2010 at 1:04 PM

WASHINGTON/LOS ANGELES (Reuters) - U.S. consumers are venting frustration over the BP oil spill, demonstrating at gas stations and corporate offices, drumming up support on Facebook and waging a mock public relations campaign on Twitter.


 

Census hiring to boost U.S. payrolls in May
June 4, 2010 at 12:14 PM

WASHINGTON, Jun (Reuters) - U.S. nonfarm payrolls likely rose at their fastest pace in nearly 27 years in May as the government ramped up hiring for the census and businesses grew more optimistic about the economy, a Reuters survey showed.


 

Dollar and Asia stocks steady ahead of U.S. jobs
June 4, 2010 at 11:28 AM

HONG KONG (Reuters) - The U.S. dollar and Asian stocks held on to recent gains on Friday ahead of a report expected to show the highest U.S. jobs growth since 1983, supporting a cautious shift back into riskier assets this week.


 

Increasingly hawkish Fed ponders raising rates
June 4, 2010 at 10:38 AM

ATLANTA (Reuters) - Three top Federal Reserve officials said on Thursday it may soon be time to begin raising interest rates as the economic recovery in the United States gathers momentum, despite persistently high unemployment.


 

Europe needs further action on debt crisis: Chrysler CEO
June 4, 2010 at 9:38 AM

DETROIT (Reuters) - The European bailout of Greece may have prevented "catastrophic" results but Europe needs to take further action to resolve the region's debt crisis, Chrysler Chief Executive Sergio Marchionne said on Thursday.


 

New Apple iPhone on tap but may fail to dazzle
June 4, 2010 at 8:56 AM

SAN FRANCISCO (Reuters) - Apple Inc's next-generation iPhone, which CEO Steve Jobs is widely expected to unveil on Monday, will have to really set new standards in multimedia content and function to wow Wall Street and consumers.


 

Pru chairman says no change at top over AIA: report
June 4, 2010 at 7:31 AM

LONDON (Reuters) - Prudential's management team is under no pressure to step down over the British insurer's failed $35.5 billion bid to buy AIG's Asian life unit, Chairman Harvey McGrath said in an interview published on Friday.


 

Dell CEO says has considered taking company private
June 4, 2010 at 4:25 AM

SAN FRANCISCO (Reuters) - Dell Inc's chief executive said on Thursday he has considered taking the company he founded private, and said the transformation of the computer maker is still incomplete.


 

Sands CEO says Las Vegas business coming back: report
June 4, 2010 at 6:57 AM

ATLANTA (Reuters) - Business in Las Vegas is picking up, particularly on weekends, as the economy recovers, Las Vegas Sands Corp Chief Executive Sheldon Adelson said on Thursday in an interview on the CNBC network.


 

Increasingly hawkish Fed ponders raising rates
June 4, 2010 at 6:01 AM

ATLANTA (Reuters) - Two top Federal Reserve officials said on Thursday it may soon be time to begin raising interest rates as the U.S. economic recovery gathers momentum, despite persistent unemployment.


 

Geithner: growth momentum to top Europe's woes
June 4, 2010 at 4:53 AM

WASHINGTON (Reuters) - The global economy had enough momentum before Europe's debt crisis struck to weather it without a sharp downturn, Treasury Secretary Timothy Geithner said on Thursday.


 

WaMu has setback on road out of Chapter 11
June 4, 2010 at 5:28 AM

WILMINGTON, Delaware (Reuters) - Washington Mutual Inc's effort to exit bankruptcy encountered a setback on Thursday when the judge in the case ordered the company to talk further with shareholders about their requests for documents.


 

Patent office proposes pricey, expedited review
June 4, 2010 at 5:21 AM

WASHINGTON (Reuters) - Companies and inventors who pay extra would be able to get a quicker review of their patent applications under a proposal by the U.S. Patent and Trademark Office announced on Thursday.


 

Stock futures signal gains
June 3, 2010 at 3:55 PM

(Reuters) - Stock index futures pointed to a higher opening on Wall Street on Thursday and extending the previous sharp rally, with futures for the S&P 500 up 0.51 percent, Dow Jones futures up 0.38 percent and Nasdaq 100 futures up 0.4 percent at 0742 GMT.


 

"Flash crash" a record day at TD Ameritrade: CEO
June 4, 2010 at 2:53 AM

NEW YORK (Reuters) - The jarring "flash crash" on May 6 yielded a record trading day at TD Ameritrade Holding Corp , though some of its customers were upset with the market breakdown that day, the U.S. online brokerage's chief said on Thursday.


 

Fed should raise rates to 1 percent: Fed's Hoenig
June 4, 2010 at 1:20 AM

BARTLESVILLE, Oklahoma (Reuters) - A top Federal Reserve Official said on Thursday the U.S. central bank should raise rates to 1 percent by the end of the summer to avoid having to raise borrowing costs abruptly as the economic recovery gains momentum.


 

Private sector adds 55,000 jobs in May
June 3, 2010 at 8:39 PM

NEW YORK (Reuters) - Private employers added 55,000 jobs in May, compared with an upwardly revised gain of 65,000 in April, a report by a payrolls processor showed on Thursday.


 

Bernanke says job scarcity a concern
June 3, 2010 at 11:20 PM

WASHINGTON (Reuters) - Policymakers have largely succeeded in stabilizing the U.S. financial system and economy over the past two years but the scarcity of jobs is troubling, Federal Reserve Chairman Ben Bernanke said on Thursday.


 

Early May retail sales show erratic recovery
June 3, 2010 at 8:42 PM

DETROIT (Reuters) - May brought mixed sales results for retailers, with early reports on Thursday suggesting an erratic recovery in consumer spending during a seasonally weaker period of shopping.


 

Luxury brands warming to the Web
June 4, 2010 at 12:52 AM

LONDON (Reuters) - Luxury groups are finally warming to the Internet, lured by surging sales and a wider audience for their brands, though lingering suspicions could limit the level of online penetration compared with the wider retail sector.


 

Services growth shows signs of waning momentum
June 4, 2010 at 12:43 AM

NEW YORK/LONDON (Reuters) - Growth in the euro zone services sector quickened in May, helped by a the recovery in France, but activity slowed in the big emerging economies and was stable in the United States, surveys showed on Thursday.


 

Fitch first to cut BP as oil-spill costs mount
June 3, 2010 at 9:03 PM

LONDON (Reuters) - Fitch Ratings downgraded BP , becoming the first agency to cut the oil major's credit rating and reversing its initial view that the financial impact of the Gulf of Mexico oil spill on BP would be limited.


 

J&J sees device business growing faster than industry
June 3, 2010 at 11:09 PM

NEW BRUNSWICK, New Jersey (Reuters) - Johnson & Johnson sees its medical device sales growing faster than the industry through 2014 and plans about 80 "significant" regulatory submissions for its largest unit in the next two years.


 

Wal-Mart seeks growth in China, Brazil, eyeing Russia
June 3, 2010 at 10:54 PM

ROGERS, Arkansas (Reuters) - Wal-Mart Stores Inc is still learning about the Russian market, a country it sees as underserved by retailers, a top Walmart International officer said on Thursday.


 

"Flash crash" a record day at TD Ameritrade: CEO
June 3, 2010 at 8:59 PM

NEW YORK (Reuters) - The jarring "flash crash" on May 6 yielded a record trading day at TD Ameritrade Holding Corp , although some customers were upset with the market breakdown that day, the U.S. online brokerage's chief said on Thursday.


 

Time to hike rates nearing: Fed's Lockhart
June 3, 2010 at 7:32 PM

ATLANTA (Reuters) - The U.S. economy is almost strong enough to allow the Federal Reserve to begin raising interest rates, Atlanta Fed President Dennis Lockhart said on Thursday.


 

Costco May same-store-sales lower than Street view
June 3, 2010 at 8:09 PM

(Reuters) - Costco Wholesale Corp said it saw May sales in stores open at least a year rise 9 percent, slightly less than Wall Street forecasts for the period, which included an extra day compared with a year ago due to the shift in the Memorial day holiday.


 

Swiss upper house backs UBS tax deal with U.S.
June 3, 2010 at 7:25 PM

ZURICH (Reuters) - The Swiss parliament's upper house on Thursday backed a Swiss-U.S. tax deal that averted the risk of crippling legal action against UBS but punched a hole in the country's treasured bank secrecy.


 

UK fines JPMorgan record amount
June 3, 2010 at 5:40 PM

LONDON (Reuters) - U.S. investment bank JP Morgan Securities Ltd has been fined a record 33.32 million pounds ($49.12 million) by Britain's regulator for failing to protect billions of dollars of client money over almost seven years.


 

Laos set for capitalist leap into stock market
June 3, 2010 at 6:26 PM

VIENTIANE (Reuters) - Isolated for decades behind Asia's bamboo curtain, communist Laos will soon take a great leap into the global capitalist marketplace with the launch of a stock exchange to fuel a quiet mining and hydro-power boom.


 

G20 aims to reduce red ink and keep recovery on track
June 3, 2010 at 5:45 PM

BUSAN, South Korea (Reuters) - Disagreements over how quickly to reduce billowing budget deficits and restore balance to the global economy risk straining high-level Group of 20 talks that started on Thursday.


 

Xstrata threatens to scrap Australia projects over tax
June 3, 2010 at 5:04 PM

SYDNEY (Reuters) - Global miner Xstrata threatened to scrap $5.4 billion in Australian coal and copper projects, blaming a new mining tax and taking the value of new developments put on hold to above $20 billion in just a month.


 

BP to speak with analysts Friday, shares rise
June 3, 2010 at 5:03 PM

LONDON (Reuters) - British oil giant BP will speak with analysts on Friday, a spokeswoman for the company said after analysts pointed to a planned conference call as one possible reason for a spike in its battered shares.


 

French bid for euro zone "government" gains ground
June 3, 2010 at 3:32 PM

BRUSSELS/PARIS (Reuters) - French-inspired plans to create an "economic government" for the euro zone took a step forward on Wednesday when European Council President Herman Van Rompuy threw his weight behind the idea.


 

Asian stock jump after U.S. data
June 3, 2010 at 2:45 PM

HONG KONG (Reuters) - Asian stocks jumped on Thursday, posting their biggest single-day gain in four weeks, as U.S. housing data fueled optimism about the world's largest economy.


 

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