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• Wall Street little changed, investors focus on Greece
• May consumer sentiment highest in more than four years
• Europe slowdown adds more tension to Greek drama
• Spain region, Greek exit warnings rattle euro zone
• Facebook market makers' losses total at least $100 million
• Analysis: Greeks not alone in bank savings exodus
• NBC may buy Microsoft's MSNBC.com stake
• Bankia set to ask Spain for more than $19 billion
• Lehman to buy rest of Archstone for $1.58 billion
• China's WTO suit hits back at U.S. duties
• Moody's downgrades three big Nordic banks
• Euro zone must head toward banking union: ECB's Praet
• Analysis: Funds of hedge funds fight to stay relevant
• Fed's Plosser warns on discretionary policy decisions
• Slow and steady Mexico draws equity bets over Brazil
• SEC unlikely to file charges in Lehman case: memo
• Alibaba.com says 83.8 percent of shareholders back privatization
• Moody's cuts ratings for three Nordic banks
• Email, wiretaps, at trial link Gupta to Rajaratnam
• Chinese Estates head to be prosecuted in Macau over bribery
• China approves Baosteel's $11 billion steel project in Guangdong
• What would Greek exit mean for the U.S. economy?
• Lockheed uses temporary workers at striking Texas plant
• Dish, TV networks take fight over ad zapper to judges
• Morgan Stanley still has Facebook issues: source
• Icahn buys stake in Chesapeake: report
• Independent director Daft quits Green Mountain board
• Spain's Bankia to ask for more state aid
• Italian automaker Fiat halts sales to Iran
• Closed Idaho silver mine to start rehiring in July
• Poll: Anti-bailout party extends lead in Greece
• Sycamore not ready to pull trigger on Talbots deal
• Sugar fight takes another bitter turn
• Markets are mixed ahead of long holiday weekend
• Oil holds near 2012 low
• Apple CEO Cook gives up $75M in stock dividends
• Spanish bank asks for more state aid

Wall Street little changed, investors focus on Greece Posted: 25 May 2012 08:16 AM PDT NEW YORK (Reuters) - Stocks were little changed in volatile trading on Friday as fresh warnings about Greece kept investors away from risky assets. Despite the weak start, the S&P 500 was on track to post its best weekly gain in over two months. Trading has been choppy all week, with stocks usually opening lower or little changed but adding gains heading into the close. Volume was also expected to be light as traders stay away from making new bets or positions heading into the Memorial Day holiday weekend. Markets will be closed on Monday. ...

May consumer sentiment highest in more than four years Posted: 25 May 2012 08:45 AM PDT NEW YORK (Reuters) - Consumer sentiment rose to its highest level in more than four years in May as Americans stayed optimistic about the job market, while higher income households expected to see bigger wage increases, a survey released on Friday showed. The Thomson Reuters/University of Michigan's final reading on the overall index on consumer sentiment rose to 79.3 from 76.4 in April, topping forecasts for 77.8 and an initial May reading of the same. It was the highest level since October 2007. ...

Europe slowdown adds more tension to Greek drama Posted: 25 May 2012 07:55 AM PDT (Reuters) - Europe's economic slowdown has hit the engine-room of the euro zone, including Germany, gloomy new indicators have revealed, adding urgency to the region's struggle to keep Greece's debt crisis from tearing the single currency apart. So far, the 17-nation euro zone's downturn has been confined mainly to its periphery, but an index measuring broad economic activity across the monetary union in May showed its weakest outcome since mid-2009, during the global financial crisis. ...

Spain region, Greek exit warnings rattle euro zone Posted: 25 May 2012 08:12 AM PDT (Reuters) - Central banks and companies not bracing for a possible Greek euro exit would be making a grave error, Belgium's foreign minister said on Friday, rattling markets already alarmed by Spain's deteriorating finances. Greek elections are due on June 17 and could hasten the country's departure from the currency club should a government intent on ripping up the country's bailout program result. Polls suggest the outcome is too tight to call. ...

Facebook market makers' losses total at least $100 million Posted: 25 May 2012 05:26 AM PDT (Reuters) - Claims by four of Wall Street's main market makers against Nasdaq over Facebook's botched IPO are likely to exceed $100 million, as they and other traders continue to deal with thousands of problems with customer orders. A technical glitch delayed the social networking company's market debut by 30 minutes on Friday and many client orders were delayed, giving some investors and traders significant losses as the stock price dropped. The exchange operator is facing lawsuits from investors and threats of legal action from brokers. ...

Analysis: Greeks not alone in bank savings exodus Posted: 25 May 2012 05:18 AM PDT LONDON/ATHENS (Reuters) - Greek savers may be gripped by a "great fear that could develop into panic" in the words of President Karolos Papoulias, but many Greeks shifted their money to safer havens in Britain, Switzerland, Germany and Nordic countries long ago. Worries about a run on Greek banks have rattled Athens this week, after savers withdrew at least 700 million euros on Monday alone, according to minutes of Papoulias's comments to political leaders posted on the presidency's website. It is not only Greeks who are worried about their savings. ...

NBC may buy Microsoft's MSNBC.com stake Posted: 25 May 2012 03:53 AM PDT (Reuters) - NBCUniversal is in talks to buy out Microsoft Corp's 50 percent stake in joint venture MSNBC.com, media reports said. NBCU parent Comcast Corp is conducting due diligence and the partnership with NBC News could be unwound by this summer, said Adweek, which first reported the talks. "Discussions are taking place," Amy Lynn, director of communications at NBC News, told the Wall Street Journal. The companies are likely to negotiate a deal ensuring that MSNBC.com secures real estate on MSN.com, similar to the treatment Fox Sports receives, Adweek said. ...

Bankia set to ask Spain for more than $19 billion Posted: 25 May 2012 05:59 AM PDT MADRID (Reuters) - Spain's Bankia SA is set to ask the state for a more than 15 billion euros ($19 billion) bailout on Friday, marking another rise in the cost of a drawn-out rescue of the country's fourth-biggest bank. The capital shortfall at Bankia is key to a wider funding gap in Spain's banking system, which some investors believe could drive the euro zone's fourth-largest economy to seek international aid - a move that would create fresh uncertainty around the whole currency union. ...

Lehman to buy rest of Archstone for $1.58 billion Posted: 25 May 2012 06:04 AM PDT (Reuters) - Lehman Brothers Holdings Inc said it would acquire the remaining 26.5 percent of apartment company Archstone that it didn't already own from Barclays Capital and Bank of America Corp for $1.58 billion. Sources told Reuters on Thursday that Lehman had reached a deal to buy the last portion of the company. The last slice of Archstone was critical to Lehman in order to block real estate investment trust Equity Residential from controlling Archstone's fate. In January, Lehman bought half the banks' stake, or 26.5 percent of Archstone, for $1.325 billion. ...

China's WTO suit hits back at U.S. duties Posted: 25 May 2012 06:27 AM PDT GENEVA (Reuters) - China launched a complaint at the World Trade Organization on Friday against U.S. import duties on 22 Chinese products that the United States says are unfairly priced or subsidized, including solar panels, wind towers and steel products. "China firmly opposes the abuse of trade remedy measures and trade protectionism," China's Ministry of Commerce said in a statement. The complaint, which also encompasses such diverse products as citric acid, kitchen shelving and lawn groomers, covers exports to the United States worth $7.3 billion, the Ministry said. ...

Moody's downgrades three big Nordic banks Posted: 25 May 2012 05:15 AM PDT STOCKHOLM/OSLO (Reuters) - Three of the Nordic region's biggest banks had their credit ratings cut by Moody's Investor Service on Friday due partly to the euro zone crisis, but the downgrades were relatively mild and showed the banks remain some of the strongest in Europe. Moody's cited their reliance on market funding, tough competition for retail loans and exposure to the spreading eurozone debt crisis. ...

Euro zone must head toward banking union: ECB's Praet Posted: 25 May 2012 03:45 AM PDT MILAN (Reuters) - The euro zone needs to push ahead with its financial sector reform plans and create a centrally managed and funded body to handle troubled banks, a European Central Bank policymaker said on Friday. "Europe needs to move towards a 'financial union', with a single euro area authority responsible for the supervision and resolution of large and complex cross-border banks," ECB Executive Board member Peter Praet said. "Decisive and far-sighted reforms like these, unrealistic until a short while ago, are now gaining support. ...

Analysis: Funds of hedge funds fight to stay relevant Posted: 25 May 2012 01:07 AM PDT ZURICH/LONDON (Reuters) - For funds which market themselves on their ability to spot the sharpest hedge fund minds, it could be their greatest challenge yet. Investors who once trusted them to find the best returns are gaining the expertise and confidence to do it themselves. U.S. pension funds like the giant $240 billion California Public Employees Retirement System (CalPERS) have picked single hedge fund managers for years. Now smaller players are following suit. ...

Fed's Plosser warns on discretionary policy decisions Posted: 25 May 2012 02:31 AM PDT ELTVILLE, Germany (Reuters) - The debate over how the Federal Reserve can best articulate its policy actions grew on Friday as a top Fed official warned against discretionary decisions, and asked whether a more systematic approach was desirable. Philadelphia Fed President Charles Plosser said the financial crisis has tied the hands of many central banks, including the Fed, creating a "conundrum" of near-zero interest rates and a search for new and untested ways to boost economies. ...

Slow and steady Mexico draws equity bets over Brazil Posted: 25 May 2012 01:20 AM PDT MEXICO CITY (Reuters) - Mexican stocks are drawing investors away from Brazil as Latin America's biggest economy loses steam and Mexico's close ties to the United States render it a safer bet in unsettled times. Although the market capitalization of Brazil's bourse is three times that of Mexico's, the Mexican stock market's standing with fund investors has been on a slow and steady rise since the end of last year, according to data from EPFR Global, which tracks funds with $16 trillion in global assets. ...

SEC unlikely to file charges in Lehman case: memo Posted: 24 May 2012 03:01 PM PDT WASHINGTON (Reuters) - The staff of the U.S. Securities and Exchange Commission has concluded its investigation into Lehman Brothers Holdings and will not likely recommend charges, according to the excerpt of a memo sent to Reuters. The excerpt, which was not dated, was sent along with an anonymous letter to Congress alleging that SEC Chairman Mary Schapiro made inaccurate statements about the agency's Lehman probe during a hearing last month. Schapiro told a House Financial Services panel on April 25 that Lehman "remains under investigation" and "is still under review. ...

Alibaba.com says 83.8 percent of shareholders back privatization Posted: 24 May 2012 07:11 PM PDT HONG KONG (Reuters) - Alibaba.com Ltd , Hong Kong-listed unit of China's Alibaba Group , said on Friday that 83.8 percent of its shareholders have approved a $2.5 billion buyout offer by the parent to take the company private, in a decision that was widely expected. Alibaba Group, in which Yahoo Inc owns a 40 percent stake, is offering investors HK$13.50 ($1.74) per share in cash to take Alibaba.com private, the same price as the company's initial public offering in 2007. Shares of Alibaba.com, which were suspended on Friday, closed on Thursday at HK$13.42. ...

Moody's cuts ratings for three Nordic banks Posted: 24 May 2012 11:04 PM PDT STOCKHOLM (Reuters) - Moody's cut ratings for DNB , Handelsbanken and Nordea on Friday in an expected move, pointing to vulnerability in terms of the Nordic banks funding and asset quality, as well as modest profitability. Moody's said it had downgraded Nordea's and Handelsbanken's debt ratings one notch to leave their deposit rating at Aa3, from Aa2 previously. Norwegian group DNB was downgraded to A1/C- from Aa3/C due to its reliance on market funding and exposure to volatile asset classes such as commercial real estate and shipping. ...

Email, wiretaps, at trial link Gupta to Rajaratnam Posted: 24 May 2012 04:00 PM PDT NEW YORK (Reuters) - Using FBI wiretaps, email, phone records and the testimony of a Goldman Sachs Group Inc director, U.S. prosecutors drew a picture for jurors on Thursday of events that led to the insider-trading trial of onetime corporate star Rajat Gupta. The 63-year-old Gupta is accused of providing now-imprisoned hedge fund manager Raj Rajaratnam with boardroom secrets between March 2007 and January 2009 while he was a director of Goldman Sachs and Procter & Gamble Co . ...

Chinese Estates head to be prosecuted in Macau over bribery Posted: 24 May 2012 09:15 PM PDT HONG KONG (Reuters) - Hong Kong tycoon Joseph Lau, who heads developer Chinese Estates Holdings , will face prosecution over bribery and money laundering in a land deal in Asia's gambling capital, Macau, Chinese Estates said in a statement on Thursday. A court in Macau on Wednesday formally accepted an accusation by the public prosecutor that Lau had a case to answer on the charges, the company said. The court denied a request by Lau that the case be thrown out for lack of evidence. No date was set for the trial. ...

China approves Baosteel's $11 billion steel project in Guangdong Posted: 24 May 2012 09:19 PM PDT BEIJING (Reuters) - The Chinese government has given Baosteel Group the go-ahead to build a 10-million tonne per annum steel project at Zhanjiang port in southeastern Guangdong province, according to a notice issued on Friday. The project, which also involves the construction of power plants and port facilities, will require a total investment of 69.68 billion yuan ($10.98 billion) and was approved by the National Development and Reform Commission on Thursday. ...

What would Greek exit mean for the U.S. economy? Posted: 24 May 2012 04:04 PM PDT WASHINGTON (Reuters) - Uncertainty over the fate of the euro currency is already dampening U.S. economic growth and any significant worsening of the crisis would deal a blow to a recovery that is gradually gathering steam. Economists estimate that volatile markets and business uncertainty over the fate of Greece and the policy course in Europe is already shaving anywhere from one tenth to one half a percentage point from U.S. 2012 gross domestic product growth. In a Reuters poll last week, U.S. GDP was forecast on average at 2.3 percent for 2012 and 2.4 percent for 2013. ...

Lockheed uses temporary workers at striking Texas plant Posted: 24 May 2012 04:59 PM PDT WASHINGTON (Reuters) - Lockheed Martin Corp , the Pentagon's top supplier by sales, began using temporary workers on Thursday in place of striking employees at its plant in Fort Worth, Texas, to help meet scheduled deliveries of F-16 and F-35 fighter jets. Fewer than 10 temporary workers, hired through a contractor, were brought in to supplement the "contingency work force" that includes managers, said Lockheed spokesman Joe Stout. Another 50 to 60 temporary workers will be added on Tuesday, and the company will bring in more as needed, Stout said in an email. ...

Dish, TV networks take fight over ad zapper to judges Posted: 24 May 2012 04:30 PM PDT (Reuters) - A legal battle erupted between DISH Network and some of the major broadcast networks Thursday as the two sides traded lawsuits over the satellite distribution company's "Hopper" DVR, which threatens to bring down the television business model by allowing viewers to skip over commercials entirely. Dish Network Corp asked a Manhattan federal judge to declare that its "Auto Hop" feature does not infringe any copyright owned by the four major U.S. television networks: Walt Disney Co's ABC, CBS Corp's CBS, News Corp's Fox and Comcast Corp's NBC. ...

Morgan Stanley still has Facebook issues: source Posted: 24 May 2012 02:24 PM PDT NEW YORK (Reuters) - Morgan Stanley continues to work through trade orders placed on Friday by brokerage customers in Facebook Inc during the social networking company's IPO, two people familiar with the situation said on Thursday. Morgan Stanley Smith Barney, an affiliate unit of Facebook lead underwriter Morgan Stanley, did not receive from the Nasdaq stock market information about stock trades in a "systematic, orderly way," said one person, who was not authorized to speak publicly on the matter. Nasdaq said it had all orders, executed or not, returned to member firms by 1:50 p.m. ...

Icahn buys stake in Chesapeake: report Posted: 24 May 2012 02:07 PM PDT NEW YORK (Reuters) - Billionaire hedge fund manager Carl Icahn has purchased a stake in Chesapeake Energy Corp , according to Bloomberg, which sourced the information to a person with knowledge of the matter. The person said that Icahn Enterprises LP may now hold more than 4 percent of the company, making him the company's fifth-largest investor. Icahn was not immediately available for comment when Reuters called his office. Mason Hawkins, whose firm Southeastern Asset Management is the largest Chesapeake shareholder, did not respond to a request for comment. Chesapeake shares gained 3. ...

Independent director Daft quits Green Mountain board Posted: 24 May 2012 04:24 PM PDT (Reuters) - Green Mountain Coffee Roasters Inc independent director Douglas Daft resigned from its board this week at a time when concerns of slowing growth and allegations of accounting malpractices have hammered the stock. Green Mountain, the maker of Keurig one-cup coffee brewers, reported the resignation of the former Coca-Cola Co CEO on Thursday in a filing with the U.S. Securities and Exchange Commission. ...

Spain's Bankia to ask for more state aid Posted: 25 May 2012 09:05 AM PDT The board of Bankia, the large Spanish bank that was taken over by the government, met Friday to discuss a restructuring plan that will include a request for more state aid, bolstering calls for a coordinated relief blueprint for Europe's fragile financial sector.

Italian automaker Fiat halts sales to Iran Posted: 25 May 2012 09:05 AM PDT The Italian automaker Fiat, which controls Chrysler, says it is halting sales to Iran.

Closed Idaho silver mine to start rehiring in July Posted: 25 May 2012 09:00 AM PDT A northern Idaho silver mine that was shut down after a series of accidents last year, including the deaths of two miners, will start rehiring in July and should have a full workforce by the end of the year, Hecla Mining Co. Chief Executive Officer Phil Baker said Thursday.

Poll: Anti-bailout party extends lead in Greece Posted: 25 May 2012 08:59 AM PDT A left-wing party that opposes Greece's international bailout agreements has extended its lead ahead of next month's election, according to a new poll published Friday.

Sycamore not ready to pull trigger on Talbots deal Posted: 25 May 2012 08:51 AM PDT The women's clothier Talbots Inc. said Friday that a deadline expired without a deal in its exclusive talks about being acquired by a private equity firm and that it will actively pursue other options.

Sugar fight takes another bitter turn Posted: 25 May 2012 08:46 AM PDT What defines sugar? It's getting to be a stickier question.

Markets are mixed ahead of long holiday weekend Posted: 25 May 2012 08:41 AM PDT There wasn't much in the way of U.S. corporate news on Friday for investors to trade on.

Oil holds near 2012 low Posted: 25 May 2012 08:17 AM PDT The price of oil is holding near the lowest levels of the year.

Apple CEO Cook gives up $75M in stock dividends Posted: 25 May 2012 08:07 AM PDT Apple says CEO Tim Cook is giving up $75 million in dividends on restricted stock.

Spanish bank asks for more state aid Posted: 25 May 2012 08:05 AM PDT A large Spanish bank that was taken over by the government will ask for more state rescue money on Friday, bolstering calls for a coordinated relief plan for Europe's fragile financial sector.

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