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• U.S. data, Europe woes to set tone
• Spain's Bankia eyes stake sales after record bailout
• Spain region, Greek exit warnings rattle euro zone
• Tax could cost UBS up to 10 pct of Europe assets
• Canada's RIM to cut at least 2000 jobs: report
• Insight: Minute by minute, Nasdaq chaos engulfed Facebook IPO
• EU says China, U.S. also have economic work to do
• Nomura linked to another insider trading case: sources
• India wants detailed study on airwaves auction price
• Poland's PGNiG wants to invest $14 billion over 10 years: paper
• ThyssenKrupp CEO sees Steel Americas loss next year
• Asia's richest man cleverly sidesteps possibility of family feud
• JPMorgan board to shake up risk committee: WSJ
• EU says China, U.S., Japan also have economic work to do
• Icahn buys Chesapeake stake, seeks board changes
• Bankia, Catalonia pile on Spanish debt worries
• Renesas aims to sell chip plant, shed 12,000 jobs: source
• Exclusive: Merrill misstep may hurt battle vs. broker claims
• Chinese WTO suit strikes back at U.S. duties
• Facebook's market maker losses may top $115 million: sources
• Judge says Enron's Skilling can seek new trial
• NASDAQ OMX board elects interim chairman
• Chinese WTO suit strikes back at U.S. duties
• U.S. Postal Service offers buyouts to 45,000 workers
• Court OKs JPMorgan fee pact; Capital One talks fail
• Ex-General Re, AIG execs may settle criminal case
• GM says ad agency work tied to CFO's wife
• Embittered Facebook investors ponder next move
• Spain's lender Bankia says it won't need more aid
• For something so simple, pasta is serious business
• IMF chief Lagarde: Little sympathy for Greece
• Cheaper gas spurs more travelers this Memorial Day
• Barbara Graves, wife of prominent publisher, dies
• Is China poor? Key question at climate talks
• Greek euro exit would be a recipe for hardship
• Spain's Bankia asks for $24B in state aid
• Why that flat Facebook IPO isn't so bad after all

U.S. data, Europe woes to set tone Posted: 25 May 2012 05:23 PM PDT NEW YORK (Reuters) - Investors will grapple next week with major U.S. economic reports and the looming possibility of a Greek exit from the euro zone, which is likely to keep dragging on equities for weeks to come. As contingency plans are made for Greece's possible departure from the euro zone, investors may not get a clear picture until Greece holds elections on June 17. As a result, U.S. economic statistics may grab the spotlight during the holiday-shortened week. ...

Spain's Bankia eyes stake sales after record bailout Posted: 26 May 2012 08:02 AM PDT MADRID (Reuters) - Spain's fourth biggest lender, Bankia, on Saturday prepared to sell stakes it holds in companies to meet European competition rules after a state rescue that has so far cost 23.5 billion euros ($29.40 billion). Bankia's parent company BFA asked for a higher-than-expected 19 billion euros in government help on Friday, in addition to 4.5 billion the state has already pumped in, to cover possible losses on repossessed property, loans and investments. ...

Spain region, Greek exit warnings rattle euro zone Posted: 26 May 2012 08:20 AM PDT (Reuters) - Central banks and companies risk making a grave error if they do not brace for a possible Greek exit from the euro zone, Belgium's foreign minister said on Friday, rattling markets already alarmed by Spain's deteriorating finances. Greek elections are scheduled for 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. Contrasting findings of opinion polls on Friday showed the outcome is too tight to call. ...

Tax could cost UBS up to 10 pct of Europe assets Posted: 26 May 2012 04:31 AM PDT ZURICH (Reuters) - UBS AG could see up to 10 percent of its European assets of 300 billion Swiss francs ($312.52 billion) moved out due to pressure to clamp down on untaxed accounts, the head of the wealth management business was quoted as saying on Saturday. "We have been losing assets in Europe for many quarters, around 10 billion francs to date," Juerg Zeltner told the Finanz und Wirtschaft newspaper in an interview. "And we expect further asset outflows going forward, in the region of 12 to 30 billion francs. That's a bitter pill to swallow. ...

Canada's RIM to cut at least 2000 jobs: report Posted: 26 May 2012 08:09 AM PDT TORONTO (Reuters) - Research In Motion Ltd is preparing for a major restructuring beginning in the next couple of weeks that will see it eliminate at least 2,000 jobs worldwide, the Globe and Mail reported on Saturday, citing unnamed sources. The Canadian newspaper, citing several people close to the company, reported that the next round is layoffs is said to be planned for around June 1 - a day before the BlackBerry smartphone maker's first quarter ends - but some expect the announcement even earlier. ...

Insight: Minute by minute, Nasdaq chaos engulfed Facebook IPO Posted: 26 May 2012 04:13 AM PDT (Reuters) - Dead silence. For nearly 20 minutes on the morning of Facebook Inc's trading debut last Friday, the line Nasdaq had opened up to keep traders informed about the social media company's $16 billion IPO had been mute. Well after the stock was supposed to have opened at 11 a.m. New York time, no one from Nasdaq was talking - and there was still no sign of trading. Finally, at 11:28 a.m., an unidentified person announced that the shares would open in about 2 minutes. Nasdaq also said orders and cancellations were still being processed, according to several sources listening to the call. ...

EU says China, U.S. also have economic work to do Posted: 26 May 2012 03:44 AM PDT BRUSSELS (Reuters) - The United States and Japan need to tackle their tax issues and China must relax restrictions on the yuan as they share responsibility with Europe for restoring global economic health, EU leaders said ahead of a June summit of the G20 economies. In a letter addressed to all 27 European Union nations, European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy said Europe was doing all it could. ...

Nomura linked to another insider trading case: sources Posted: 26 May 2012 03:25 AM PDT TOKYO (Reuters) - Japan's securities regulator will seek a fine against a fund management arm of Sumitomo Mitsui Trust Holdings for insider trading for the second time and believes an employee of broker Nomura Holdings was again the source of the leak, two people with direct knowledge of the matter said. ...

India wants detailed study on airwaves auction price Posted: 26 May 2012 08:22 AM PDT NEW DELHI (Reuters) - India's Telecom Commission will ask the sector regulator to analyse the potential impact of a proposed airwaves auction base price that is seen as too high and has drawn protests from carriers. The Commission however endorsed a separate regulatory proposal to auction by June next year airwaves in another band, Telecoms Secretary R.Chandrashekhar said on Saturday. That band currently used by older operators and will be taken back from them in the so-called airwave refarming. ...

Poland's PGNiG wants to invest $14 billion over 10 years: paper Posted: 26 May 2012 01:22 AM PDT WARSAW (Reuters) - Polish gas monopoly PGNiG wants to invest about 50 billion zlotys ($14.31 billion) over the next ten years, mainly on a search for new gas and oil sources, the daily Parkiet said on Saturday. The daily, referring to comments by the company's deputy chief executive, Slawomir Hinc, also said that PGNiG, 72.4 percent owned by the state treasury, wants to earmark some 1.1 billion on investment this year alone. ...

ThyssenKrupp CEO sees Steel Americas loss next year Posted: 26 May 2012 06:10 AM PDT FRANKFURT (Reuters) - ThyssenKrupp's Steel Americas business, which the company may put up for sale, will continue posting operating losses until at least next year, Chief Executive Heinrich Hiesinger told a German newspaper. "It would be unrealistic to expect operating figures in the black in America next year following a likely triple-digit million euro loss for the current year," weekly Euro am Sonntag quoted Hiesinger as saying. ...

Asia's richest man cleverly sidesteps possibility of family feud Posted: 26 May 2012 12:42 AM PDT HONG KONG (Reuters) - Octogenarian Hong Kong billionaire Li Ka-shing mapped out a succession plan for one of Asia's biggest family empires, ensuring a smoother transition for the Cheung Kong group than that of real estate rival Sun Hung Kai Properties . Li told investors that while he had no plans to retire, elder son Victor would eventually take over at Cheung Kong Holdings and Hutchison Whampoa , the real estate to telecoms empire founded by Asia's richest man. The 83-year-old, whose personal wealth of $25. ...

JPMorgan board to shake up risk committee: WSJ Posted: 25 May 2012 05:31 PM PDT (Reuters) - The board of JPMorgan Chase & Co is expected to make changes to its risk-policy committee after the bank's trading losses of more than $2 billion, The Wall Street Journal reported on Friday, citing anonymous sources. The board is expected to add either Timothy Flynn or James Bell to the committee, the Journal said. Flynn and Bell have backgrounds in risk and finance, the report said. It was not clear whether any of the current members of the committee would leave it, the Journal said. A JPMorgan spokesman declined to comment on the report. ...

EU says China, U.S., Japan also have economic work to do Posted: 25 May 2012 03:39 PM PDT BRUSSELS (Reuters) - The United States and Japan must tackle their tax issues and China must relax restrictions on the yuan, as they share responsibility with Europe for restoring global economic health, EU leaders said ahead of a June summit of the G20 leading economies. In a letter addressed to all 27 European Union nations, European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy said Europe was doing it all it could. ...

Icahn buys Chesapeake stake, seeks board changes Posted: 26 May 2012 01:46 AM PDT (Reuters) - Billionaire investor Carl Icahn revealed he had bought a 7.6 percent stake in Chesapeake Energy Corp and called for the natural gas producer to replace at least four directors, saying the board has failed "in a dramatic fashion" in its oversight of management. The corporate-raider-turned-activist investor asked the company for two board seats for his own representatives and two for another large shareholder such as Chesapeake's largest, Southeastern Asset Management. ...

Bankia, Catalonia pile on Spanish debt worries Posted: 25 May 2012 01:29 PM PDT MADRID (Reuters) - Financial troubles at a big Spanish bank and one of the country's richest regions, Catalonia, piled on problems on Friday for the Madrid government and for investors who question whether it can pay its debts without help from euro zone allies. Bankia SA, Spain's fourth biggest bank and newly nationalized, asked for a bailout of 19 billion euros ($24 billion) to repair losses from a property crash - the biggest Spanish bank rescue ever. ...

Renesas aims to sell chip plant, shed 12,000 jobs: source Posted: 26 May 2012 04:17 AM PDT TOKYO (Reuters) - Japanese chipmaker Renesas Electronics Corp plans to sell off loss-making operations and cut its payroll by at least 12,000, a source close to the matter told Reuters on Saturday, as the company battles high costs and nimbler foreign rivals. Sources also confirmed that Renesas, the world's largest maker of microcontroller chips for cars, aims to raise more than 100 billion yen ($1.3 billion) to pay for restructuring costs and will take the plan to Hitachi Ltd and its other major shareholders as early as next week. ...

Exclusive: Merrill misstep may hurt battle vs. broker claims Posted: 25 May 2012 03:23 PM PDT NEW YORK (Reuters) - Merrill Lynch's battle to void a $10 million arbitration ruling suffered a setback this week after a new court filing raised questions about its claims that a panel member had not disclosed her potential conflicts. The brokerage giant, which Bank of America agreed to acquire in 2008, is challenging an April 3 arbitration ruling that awarded two brokers, Tamara Smolchek and Meri Ramazio, more than $10 million in damages stemming from unpaid compensation claims. ...

Chinese WTO suit strikes back at U.S. duties Posted: 25 May 2012 05:15 PM 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 and steel products. "China firmly opposes the abuse of trade remedy measures and trade protectionism," China's Ministry of Commerce said in a statement. China's complaint counterattacks in areas where the United States has hit Chinese products with punitive tariffs, known as anti-dumping duties or countervailing duties, in recent years. In Washington, U.S. ...

Facebook's market maker losses may top $115 million: sources Posted: 25 May 2012 02:12 PM PDT NEW YORK (Reuters) - Four of Wall Street's major market makers involved in Facebook's botched initial public offering last Friday expect their losses from technical glitches on Nasdaq's exchange to be around $115 million. A software error on Nasdaq OMX Group Inc's U.S. exchange delayed the social networking company's market debut by 30 minutes last Friday. Many client orders were delayed, leading to significant losses to some investors and traders as the stock price dropped. The exchange operator is facing lawsuits from investors and threats of legal action from brokers. ...

Judge says Enron's Skilling can seek new trial Posted: 25 May 2012 01:51 PM PDT HOUSTON (Reuters) - Former Enron Corp Chief Executive Jeffrey Skilling is reviving his quest for a new trial based on evidence his legal team received from prosecutors long after he was convicted of 19 counts of conspiracy, securities fraud, insider trading and lying to auditors. U.S. District Judge Sim Lake in Houston, who presided over Skilling's 2006 trial following the bankruptcy of the once high-flying energy company, on Friday gave the go-ahead to his legal team to seek a new trial. Enron crumbled in December 2001 after years of hidden debt and shaky finances fell apart. ...

NASDAQ OMX board elects interim chairman Posted: 25 May 2012 04:39 PM PDT NEW YORK (Reuters) - Nasdaq OMX said on Friday its board of directors elected Börje Ekholm to serve as the interim chairman of the exchange operator, replacing Furlong Baldwin, who retired. Ekholm, chief executive of Nordic-based industrial holding company Investor AB, Nasdaq's No. 2 shareholder, steps into the position a week after technical glitches at Nasdaq led to a series of problems in Facebook's highly anticipated initial public offering. A software error delayed the social networking company's market debut by 30 minutes last Friday. ...

Chinese WTO suit strikes back at U.S. duties Posted: 25 May 2012 03:38 PM 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 and steel products. "China firmly opposes the abuse of trade remedy measures and trade protectionism," China's Ministry of Commerce said in a statement. China's complaint counterattacks in areas where the United States has hit Chinese products with punitive tariffs, known as anti-dumping duties or countervailing duties, in recent years. In Washington, U.S. ...

U.S. Postal Service offers buyouts to 45,000 workers Posted: 25 May 2012 03:33 PM PDT (Reuters) - The cash-strapped U.S. Postal Service will offer buyouts this summer to nearly all of its 45,000 mail handlers, part of a plan to consolidate operations at 140 mail-processing facilities in the next year. The mail agency, which lost $3.2 billion in the first three months of 2012, plans to begin this summer moving mail-processing activities away from smaller sites to reduce annual costs. As part of that plan, the Postal Service will offer $15,000 in two installments to full-time mail handlers who take early retirement or leave the agency, USPS spokesman Mark Saunders said on Friday. ...

Court OKs JPMorgan fee pact; Capital One talks fail Posted: 25 May 2012 02:57 PM PDT (Reuters) - JPMorgan Chase & Co won preliminary court approval of its agreement to pay $110 million to settle nationwide litigation accusing it of charging excessive overdraft fees. The settlement would resolve lawsuits brought on behalf of more than 1 million people over the fees, which are assessed when customers overdraw their checking accounts by using their debit cards. Consumers accused more than 30 lenders of trying to boost overdraft fees, which are typically $25 to $35, by reordering transactions from largest to smallest rather than processing them in chronological order. ...

Ex-General Re, AIG execs may settle criminal case Posted: 25 May 2012 02:39 PM PDT (Reuters) - Four former executives at Berkshire Hathaway Inc's General Re Corp and one at American International Group Inc are in talks to settle a long-running criminal case accusing them of engineering a reinsurance transaction that fraudulently boosted AIG's loss reserves. The talks were disclosed in a Thursday court filing, nearly 10 months after the 2nd U.S. Circuit Court of Appeals in New York overturned the defendants' convictions, citing errors by the judge handling their six-week trial in 2008. ...

GM says ad agency work tied to CFO's wife Posted: 25 May 2012 02:50 PM PDT DETROIT (Reuters) - General Motors Co failed to disclose in its 2011 proxy filing that it paid $600,000 for work done by an advertising agency where the wife of GM's chief financial officer works, the automaker said in a regulatory filing on Friday. GM said that the transaction has since been properly ratified but that it is evaluating its internal disclosure procedures. Pernilla Ammann, who is married to GM CFO Dan Ammann, is chief operating officer and partner of Mother New York. The New York-based firm worked on a project to celebrate the centennial of the Chevrolet brand last year. ...

Embittered Facebook investors ponder next move Posted: 26 May 2012 09:07 AM PDT To say that Facebook's debut as a public company was bungled is something like saying Facebook is a website you might have heard of.

Spain's lender Bankia says it won't need more aid Posted: 26 May 2012 08:40 AM PDT The president of troubled Bankia tried Saturday to calm fears about the future of the bank, saying Spain's second largest mortgage lender will emerge as a solid financial entity after it receives €19 billion ($23.8 billion) in state aid in the country's biggest ever bank bailout.

For something so simple, pasta is serious business Posted: 26 May 2012 05:10 AM PDT They twirled, they sniffed, they slurped, they chewed.

IMF chief Lagarde: Little sympathy for Greece Posted: 26 May 2012 04:37 AM PDT International Monetary Fund chief Christine Lagarde says she has more sympathy for poor African children than Greeks suffering under the country's economic problems and austerity measures.

Cheaper gas spurs more travelers this Memorial Day Posted: 26 May 2012 02:44 AM PDT More Americans will hit the road this holiday weekend than a year ago. And they'll have a bit more money to spend thanks to lower gas prices.

Barbara Graves, wife of prominent publisher, dies Posted: 25 May 2012 08:33 PM PDT Barbara Kydd Graves, the wife of the publisher of Black Enterprise Magazine who aided in the growth of the publication and media company, died Friday.

Is China poor? Key question at climate talks Posted: 25 May 2012 05:18 PM PDT Another round of U.N. climate talks closed without resolving how to share the burden of curbing man-made global warming, mainly because countries don't agree on who is rich and who is poor.

Greek euro exit would be a recipe for hardship Posted: 25 May 2012 05:14 PM PDT As Greece creaks under its untenable debt and a shrinking economy, the possibility that it could stop using the euro is becoming increasingly likely. The effects of such a move would be as quick as they would be brutal for ordinary Greeks, who would essentially take a 50-percent pay cut just as prices soar.

Spain's Bankia asks for $24B in state aid Posted: 25 May 2012 05:09 PM PDT Spain's troubled bank, Bankia, has asked the Spanish government for €19 billion ($23.8 billion) in financial support just as a leading credit rating agency downgraded it to junk status.

Why that flat Facebook IPO isn't so bad after all Posted: 25 May 2012 05:05 PM PDT The botched offering of Facebook stock has raised several troubling questions, but at least we don't have to worry about the one that plagues many IPOs: How are a few select investors able to buy in early at lower prices and then pocket huge profits when the trading frenzy begins?

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