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• Wall Street falls on euro zone concerns, Dell
• New home sales, prices rise in April
• Facebook, banks sued over pre-IPO analyst calls
• Bundesbank says Greek euro exit "manageable"
• Dell shares lower on weak forecast
• Exclusive: Eurozone tells members to make contingency plans for "Grexit"
• GSK to drop Human Genome bid if "poison pill" stands
• Battle for Cove Energy heats up as PTT trumps Shell
• Yahoo under Levinsohn seen shifting to content, advertising
• MetLife targets global growth, gets bank subpoenas
• Euro crisis pain primes Britain for more stimulus
• Ailing demand shrinks Greek current account gap
• Spain's banks in focus ahead of Bankia rescue plan
• Wells Fargo names head for ultra-wealthy business
• Gupta jury hears competing views of Rajaratnam ties
• Reebok India accuses former top execs of $157 million fraud
• Regulators, investors turn up heat over Facebook IPO
• U.S. anti-dumping duty crimps solar companies' margins
• Exclusive: New euro bailout fund may not have sufficient staff
• Guessing game begins over next Treasury chief
• BOJ on hold, keeps powder dry as Europe clouds darken
• China says to step up policy fine-tuning to spur growth
• Gazprom reviews Shtokman line-up
• Analysis: Are British bonds a riskier bet than they look?
• Gazprom hints at Shtokman line-up changes
• Reebok India accuses former top execs of $157 million fraud
• SEC dealt blow in financial-crisis case
• China plans brokerage reforms to create its own Goldman Sachs
• Specialist banks cherry pick from lay-offs
• Europe's stocks hit on EU summit skepticism
• Oil drops below $90 for 1st time since Nov. 1
• Russian jet crash in Czech Republic injures 6
• Germany beefs up monitoring of nuclear shutdown
• Facebook stock climbs after rocky start
• TV presenter: Piers Morgan showed me how to hack
• Euro sinks to 22-month low on fears about Europe
• Spain calls for help to lower borrowing rates
• US stocks open lower as European leaders meet
• US sales of new homes rose 3.3 percent in April

Wall Street falls on euro zone concerns, Dell Posted: 23 May 2012 07:51 AM PDT NEW YORK (Reuters) - U.S. stocks fell on Wednesday with all S&P 500 sectors trading negative, on mounting concerns over Greece's future in the euro zone and as a weaker-than-expected revenue forecast from computer maker Dell weighed on investor sentiment. Euro zone officials have agreed that each euro zone country must prepare an individual contingency plan in the eventuality that Greece decides to leave the single currency area. The agreement was reached during a teleconference of the Eurogroup Working Group, which lasted for about an hour on Monday. ...

New home sales, prices rise in April Posted: 23 May 2012 09:16 AM PDT WASHINGTON (Reuters) - New single-family home sales rose solidly in April and prices pushed higher, offering further evidence the housing market was turning the corner. The Commerce Department said on Wednesday sales increased 3.3 percent to a seasonally adjusted 343,000-unit annual rate after a 332,000-unit pace in March. The report, whose details were fairly bullish, came on the heels of news on Tuesday that home resales hit a two-year high in April and suggested the housing market recovery was gaining traction. ...

Facebook, banks sued over pre-IPO analyst calls Posted: 23 May 2012 06:50 AM PDT (Reuters) - Facebook Inc and banks including Morgan Stanley were sued by the social networking leader's shareholders, who claimed the defendants hid Facebook's weakened growth forecasts ahead of its $16 billion initial public offering. The defendants, who also include Facebook Chief Executive Officer Mark Zuckerberg, were accused of concealing from investors during the IPO marketing process "a severe and pronounced reduction" in revenue growth forecasts, resulting from increased use of its app or website through mobile devices. Facebook went public last week. The lawsuit was filed in U.S. ...

Bundesbank says Greek euro exit "manageable" Posted: 23 May 2012 05:14 AM PDT BERLIN (Reuters) - The impact of a Greek exit from the euro zone would be substantial but "manageable", Germany's Bundesbank said on Wednesday, raising pressure on Athens to keep its painful economic reforms on track. In a toughly worded monthly report, the German central bank also said euro zone member states should have a say on further payments of aid to Greece under its 130 billion euro bailout program funded by the IMF and the European Union. ...

Dell shares lower on weak forecast Posted: 23 May 2012 07:19 AM PDT (Reuters) - Shares of Dell Inc fell 15 percent on Wednesday after a weak revenue forecast and disappointing quarterly results triggered stock price target cuts by a slew of brokerages on the world's No. 3 personal computer maker. Dell shares were down $2.28 at $12.80 on Nasdaq in morning trade after it forecast revenue of $14.7 billion to $15 billion in the current quarter, well short of analysts' average forecast of $15.4 billion. ...

Exclusive: Eurozone tells members to make contingency plans for "Grexit" Posted: 23 May 2012 09:22 AM PDT BRUSSELS (Reuters) - Euro zone officials have told members of the currency area to prepare contingency plans in case Greece quits the bloc, an eventuality which Germany's central bank said would be testing but "manageable". Three officials told Reuters the instruction was agreed on Monday during a teleconference of the Eurogroup Working Group (EWG) - experts who work for the bloc's finance ministers. "The EWG agreed that each euro zone country should prepare a contingency plan, individually, for the potential consequences of a Greek exit from the euro," said one euro zone official. ...

GSK to drop Human Genome bid if "poison pill" stands Posted: 23 May 2012 08:08 AM PDT LONDON (Reuters) - GlaxoSmithKline said it would not proceed with its $2.6 billion offer for Human Genome Sciences unless the U.S. biotechnology company dropped a "poison pill" shareholder rights plan imposed to block the deal. Human Genome adopted the stockholder rights plan earlier this month in an attempt to ward off GSK in what is becoming an increasingly acrimonious battle between the companies that together sell new Lupus drug Benlysta. The British company is taking its $13-a-share offer direct to investors after Human Genome's board said it was inadequate. ...

Battle for Cove Energy heats up as PTT trumps Shell Posted: 23 May 2012 09:23 AM PDT LONDON (Reuters) - The takeover battle for Cove Energy looks set to run after Thailand's PTT Exploration and Production trumped Royal Dutch Shell with a $1.9 billion offer, underscoring interest in new east African gas finds. Shares in Mozambique-focused Cove jumped as much as 12 percent to 250.5 pence on Wednesday, above PTT's offer of 240 pence a share and signaling investors expect Shell to come back with a higher bid. ...

Yahoo under Levinsohn seen shifting to content, advertising Posted: 23 May 2012 06:42 AM PDT SAN FRANCISCO (Reuters) - With two of its most distracting conflicts resolved in the past week and a half, Yahoo Inc hopes its new interim chief executive can focus on the biggest challenge of all: turning the company into an entertainment and information destination that wins back the advertising dollars flowing elsewhere. While ousted predecessors Scott Thompson and Carol Bartz were seen as technologists, Ross Levinsohn has managed Internet efforts at such mainstream media companies as CBS and Rupert Murdoch's News Corp. ...

MetLife targets global growth, gets bank subpoenas Posted: 23 May 2012 08:13 AM PDT (Reuters) - MetLife Inc will change its product mix in the United States and push harder on growth in international markets to substantially boost returns by 2016, the largest U.S. life insurer said on Wednesday. MetLife also said it had received two subpoenas in April and May from regulators looking into mortgage servicing and foreclosure practices at its banking unit. The company had shut its mortgage businesses by then, and is in the process of selling the deposit-taking portion of the bank to General Electric Co . ...

Euro crisis pain primes Britain for more stimulus Posted: 23 May 2012 07:23 AM PDT LONDON (Reuters) - The Bank of England signaled on Wednesday it was likely to pump more money into the struggling British economy if the euro crisis causes more mayhem, and the government flagged new steps to boost growth. Evidence that both may be needed was sharply underlined by data showing that Britons have been shopping much less and factories getting far fewer orders. In minutes of its May meeting, the Bank of England reported that while 8 of 9 policymakers voted to end a 325 billion pound round of asset buying to keep interest rates low, they had not closed the door on more. ...

Ailing demand shrinks Greek current account gap Posted: 23 May 2012 05:12 AM PDT ATHENS (Reuters) - Greece's current account deficit narrowed by close to a fifth in March, data showed on Wednesday, reflecting a sharp drop in imports as the country's austerity-hit consumers tighten their belts. The deficit dropped 17.3 percent to 2.13 billion euros ($2.69 billion) compared with March 2011, the Bank of Greece said. The country's high current account gap, which eased to 9.8 percent of gross domestic product last year from 10.5 percent in 2010, reflects eroded economic competitiveness, partly the result of years of wage increases above productivity. "The pace of narrowing ... ...

Spain's banks in focus ahead of Bankia rescue plan Posted: 23 May 2012 05:29 AM PDT MADRID (Reuters) - Spain may say on Wednesday how it will plug a hole of at least 8 billion euros ($10.21 billion) at Bankia, part of an effort to clean up a banking sector laden with bad debts and stop the country sinking further into the euro zone debt crisis. Economists say Spain has little hope of emerging from recession unless there is a wide-ranging bank recapitalization and many predict it will need an international aid package similar to the ones handed out to Greece and Ireland. ...

Wells Fargo names head for ultra-wealthy business Posted: 23 May 2012 06:01 AM PDT NEW YORK (Reuters) - Wells Fargo has tapped its own private equity veteran, Joseph Colianni, to lead the banking division for the company's new Abbot Downing family-wealth business catering to the richest families in the United States. Colianni, who has been with the company since 2001, has taken on the lead role overseeing the banking needs of Wells' ultra-wealthy clients. "Our clients' needs are increasingly complex," Colianni said in an interview, adding, "We want to create a culture that understands that... ...

Gupta jury hears competing views of Rajaratnam ties Posted: 22 May 2012 04:06 PM PDT NEW YORK (Reuters) - Former Goldman Sachs director Rajat Gupta was once on hedge fund billionaire Raj Rajaratnam's "important people" list but excluded from a fantasy football celebration helicopter trip to Atlantic City with other corporate high-flyers. On the second day of Gupta's insider-trading trial in Manhattan federal court on Tuesday, prosecutors tried to establish for the jury his ties to now-imprisoned Rajaratnam, while defense lawyers sought to describe some distance between the men. Gupta, 63, is the most prominent corporate figure indicted in a broad U.S. ...

Reebok India accuses former top execs of $157 million fraud Posted: 23 May 2012 06:06 AM PDT MUMBAI (Reuters) - Reebok India, owned by Germany's Adidas , lodged a police complaint against two former top executives accusing them of fraud that had led the company to lose 8.7 billion rupees ($157 million). The alleged fraud would be the most high-profile corporate scandal in India since 2009 when Satyam Computer's former chairman and founder Ramalinga Raju revealed that the company had overstated profits and falsified assets for years. ...

Regulators, investors turn up heat over Facebook IPO Posted: 23 May 2012 04:28 AM PDT (Reuters) - Two top U.S. financial regulators said on Tuesday the issues around the initial public offering of Facebook should be reviewed, putting fresh pressure on the company, its lead underwriter, Morgan Stanley, and the Nasdaq stock exchange. Facebook shares closed 8.9 percent lower at $31, following an 11 percent plunge on Monday. At that price the company has shed more than $19 billion in market capitalization from its $38-per-share offering price last week. ...

U.S. anti-dumping duty crimps solar companies' margins Posted: 23 May 2012 05:54 AM PDT (Reuters) - Solar companies Suntech Power Holdings Co Ltd and Trina Solar Ltd said their first-quarter margins were squeezed as they set aside money to offset anti-dumping tariffs imposed by the U.S. government on solar panel imports from China. The U.S. Commerce Department set punitive tariffs last Thursday after ruling in favor of the local firms that said Chinese exporters were dumping cut-price panels on their market. The tariffs apply to most top Chinese exporters, including Suntech Power and Trina Solar Ltd, at 31 percent. ...

Exclusive: New euro bailout fund may not have sufficient staff Posted: 23 May 2012 05:07 AM PDT BERLIN (Reuters) - An external consulting firm charged with evaluating the structure of Europe's new permanent rescue facility has raised questions about whether it will have enough staff to function effectively, according to documents seen by Reuters. In a May 12 letter addressed to Klaus Regling, the head of the bloc's temporary rescue fund, partners at A.T. Kearney warn that the approved staff of 75 for the European Stability Mechanism (ESM) may prove "too small" if the debt crisis rumbles on for several years. ...

Guessing game begins over next Treasury chief Posted: 22 May 2012 11:10 PM PDT WASHINGTON (Reuters) - Wanted for the Treasury Department: a new boss who can fix trillion-dollar-plus budget deficits, overhaul the tax system and spur a reluctant Europe into fixing its debt crisis. It's a tall order, especially when the new Treasury chief also must deal with a fractious Congress - and all for a salary lower than that paid to many junior Wall Street bankers. ...

BOJ on hold, keeps powder dry as Europe clouds darken Posted: 23 May 2012 02:14 AM PDT TOKYO (Reuters) - The Bank of Japan kept monetary policy steady on Wednesday but warned of lingering risks to the country's recovery prospects, a sign it was saving ammunition in case Europe's deepening debt crisis warrants further supportive action to shield the economy. The central bank said it would conduct policy appropriately to beat deflation, but did not repeat the vow of powerful easing it has used in post-meeting statements since August 2010. Some market players interpreted this as a sign the BOJ may scale back its ultra-loose policy, a view its governor quickly dismissed. ...

China says to step up policy fine-tuning to spur growth Posted: 23 May 2012 04:11 AM PDT BEIJING (Reuters) - China will step up policy fine-tuning to support the economy, Premier Wen Jiabao said on Wednesday, the latest signal that Beijing will take further action to fight slowing growth. The latest Reuters poll shows that private sector economists expect China's growth to ease to 7.9 percent in the second-quarter from an 8.1 percent annual rate in Q1. They forecast full-year growth of 8.2 percent. The government would bring forward key investment projects laid out under the 12th five-year plan (2011-15) and launch other projects that could promote development of the economy. ...

Gazprom reviews Shtokman line-up Posted: 23 May 2012 04:28 AM PDT MOSCOW (Reuters) - Russia's Gazprom said it is reconsidering the composition of the consortium to develop the Shtokman offshore gas with a decision expected next month, further heightening uncertainty over the project's future. "The project is being reviewed at the moment. A decision on members and the scheme is expected in June," Vitaly Markelov, Gazprom's deputy CEO, told a briefing on Wednesday. Gazprom sources said that there could be a departure from Shtokman, where the Russian gas giant has partnered with Statoil of Norway and Total of France. ...

Analysis: Are British bonds a riskier bet than they look? Posted: 23 May 2012 03:14 AM PDT LONDON (Reuters) - Investors fleeing the euro zone to seek safety in British government bonds may be taking a riskier bet than they think: The ultra-low interest rates the shrinking UK economy is paying look unlikely to last. British government bonds, nicknamed gilts after the gold leaf that used to adorn the paper certificates, have surged in price alongside U.S. and German government debt as investors have scurried away from riskier stocks and the questionable debt of crisis-hit, mainly southern, euro zone countries. ...

Gazprom hints at Shtokman line-up changes Posted: 23 May 2012 02:49 AM PDT MOSCOW (Reuters) - Russia's Gazprom said on Wednesday that it would review the composition of the consortium to develop the Shtokman offshore gas field next month, further heightening uncertainty over the project's future. "The project is being reviewed at the moment. A decision on members and the scheme is expected in June," Vitaly Markelov, Gazprom's deputy CEO, told a briefing. Gazprom sources said that there could be a departure from Shtokman, where the Russian gas giant has partnered with Statoil of Norway and Total of France. ...

Reebok India accuses former top execs of $157 million fraud Posted: 23 May 2012 01:52 AM PDT MUMBAI (Reuters) - Reebok India, owned by Germany's Adidas , lodged a police complaint against two former top executives accusing them of fraud that had led the company to lose 8.7 billion rupees ($157 million). The alleged fraud would be the most high-profile corporate scandal in India since 2009 when Satyam Computer's former chairman and founder Ramalinga Raju revealed that the company had overstated profits and falsified assets for years. ...

SEC dealt blow in financial-crisis case Posted: 22 May 2012 08:38 PM PDT WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission was dealt a setback in its cases tied to the financial collapse when a federal judge dismissed large parts of its case against former executives at failed mortgage lender IndyMac Bancorp. In a verbal order entered on Monday and released as a transcript on Tuesday, U.S. District Judge Manuel Real gave an extensive explanation for siding with the defendants and rejecting many of the SEC's allegations in the case. ...

China plans brokerage reforms to create its own Goldman Sachs Posted: 23 May 2012 12:20 AM PDT SHANGHAI (Reuters) - China is rolling out sweeping brokerage reforms to nurture future global investment banks that officials hope could eventually compete with the likes of Goldman Sachs and Morgan Stanley , a regulatory document showed. The China Securities Regulatory Commission wants to allow domestic brokerages, which now get most of their money from trading stocks and underwriting new securities, to expand in futures and derivatives, asset management, private banking and private equity, according to a commission document distributed to securities firms earlier in the month. ...

Specialist banks cherry pick from lay-offs Posted: 23 May 2012 12:26 AM PDT LONDON (Reuters) - Small investment banks and brokerages in Europe are making the most of a hiring shutdown and cuts at bigger rivals, cherry picking staff frustrated by new pay rules and uncertainty over strategy. Those still in jobs are enquiring more than ever before about vacancies, headhunters say, and are far more open now to leaving for lesser known or smaller firms. "People are judging opportunities on their merits. They are more positive about smaller and independent firms nowadays - that conversation used to last 30 seconds before," said John Axworthy, a recruiter at Wheat Search. ...

Europe's stocks hit on EU summit skepticism Posted: 23 May 2012 09:35 AM PDT Stock markets were hit hard and the euro skidded down to near 22-month lows against the dollar Wednesday as investors grew increasingly skeptical that European Union leaders will be able to cobble together a plan to kick-start the region's faltering economy and deal with its crippling debt.

Oil drops below $90 for 1st time since Nov. 1 Posted: 23 May 2012 09:35 AM PDT The price of oil dropped below $90 on Thursday for the first time in nearly seven months as U.S. supplies continue to grow.

Russian jet crash in Czech Republic injures 6 Posted: 23 May 2012 09:34 AM PDT A Russian military jet's landing gear malfunctioned as it touched down in the Czech Republic on Wednesday, injuring six people when it rolled off the runway, broke apart and caught fire, officials said. At least one man was in life-threatening condition.

Germany beefs up monitoring of nuclear shutdown Posted: 23 May 2012 09:20 AM PDT The German government will more closely oversee the country's move from nuclear power to renewable energy, Chancellor Angela Merkel said Wednesday — a mammoth 10-year project for Europe's biggest economy that has been going slowly so far.

Facebook stock climbs after rocky start Posted: 23 May 2012 09:19 AM PDT Facebook's stock is climbing higher, a reprieve for shareholders after the stock's rocky inaugural trading day Friday was followed by a two-day decline.

TV presenter: Piers Morgan showed me how to hack Posted: 23 May 2012 09:16 AM PDT Prominent British television presenter Jeremy Paxman has told an official inquiry that CNN interviewer Piers Morgan once gave him pointers on how to hack a mobile phone.

Euro sinks to 22-month low on fears about Europe Posted: 23 May 2012 09:15 AM PDT The euro plunged to its lowest level in nearly two years as investors fretted that European leaders won't be able to prevent Greece from making a messy exit from the region's shared currency.

Spain calls for help to lower borrowing rates Posted: 23 May 2012 09:08 AM PDT Worries about Greece's electoral turmoil and Spain's spiraling borrowing costs are piling the pressure on European Union leaders meeting in Brussels on Wednesday amid renewed market pressure to keep the region's debt problems from getting worse.

US stocks open lower as European leaders meet Posted: 23 May 2012 08:59 AM PDT Markets are swooning in Europe and the U.S. as investors become increasingly skeptical that European leaders will succeed at jump-starting the region's economy and preventing a messy exit from the euro by Greece.

US sales of new homes rose 3.3 percent in April Posted: 23 May 2012 08:50 AM PDT Americans bought more new homes last month, the latest evidence that the U.S. housing market could be starting to recover.

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