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• Wall Street Week Ahead: Time for some more stimulus?
• Job growth trips again, opens door to more Fed moves
• Greco elected after Generali coup ousts Perissinotto
• Spain wants euro zone fiscal authority
• "Big Four" to audit Spain's banking sector
• VW overhauls board to speed up China, trucks
• Japan to ask SEC to join insider trading crackdown: sources
• BCE and funds to pay C$1.1 billion for Q9 Networks
• Thyssen gets interest for Brazil, U.S. plants: report
• India's Maruti to spend $716 million on new car plant
• Analysis: How Morgan Stanley sank to junk pricing
• Wal-Mart chairman: Integrity 'is our business'
• U.S. regulator said slow to see mortgage servicing risk
• China studies more market opening steps: state media
• JPMorgan has returned $600 million of MF Global money: WSJ
• Euro zone to fix structural problems soon : Spain PM
• Moody's cuts Greek domestic rating ceiling on euro exit risk
• Wall Street sinks on jobs data, Dow negative for 2012
• Protege testifies against McKinsey mentor Gupta
• GM to cut about one-fourth of U.S. pension liability
• Analysis: Economic worry tightens CEOs' grip on spending
• World growth at risk as U.S. employment stumbles
• U.S. job growth trips again, opens door to more Fed moves
• MF Global trustee to report on payback efforts
• May auto sales disappoint; demand slows
• Germans ease austerity pace for Spain, markets in turmoil
• Judge OKs Dynegy bankruptcy pact with creditors
• Summer season lacks fireworks for U.S. retailers
• Judge approves Dynegy bankruptcy pact with creditors
• Manufacturing sector growth wanes in May: ISM
• Volkswagen strengthens focus on Chinese market
• Q&A: Hard times for Obama from economic recovery
• Obama to Congress: Act now on bills to aid economy
• Italian insurance company Generali changing CEO
• Spain PM insists on sticking to austerity measures
• Hard times for Obama from slow economic recovery
• US economy souring, so what's a Democrat to do?
• Risks of boomerangs a reality in world of cyberwar
• Chinese developer unveils replica Austrian village
• FACT CHECK: Romney misses a mark on Solyndra claim

Wall Street Week Ahead: Time for some more stimulus? Posted: 01 Jun 2012 02:00 PM PDT NEW YORK (Reuters) - Things are shaping up for another hot summer on Wall Street, and there is a long, long way to go yet. Federal Reserve Chairman Ben Bernanke will be back on Capitol Hill on Thursday to testify before a congressional committee about the state of the U.S. economy. He's not going to get an easy ride. The blue-chip Dow average of stocks is now negative for the year. Employment appears to be slowing to a snail's pace and Europe remains mired in crisis. "This puts the Fed firmly in play and they will likely feel compelled to respond," said Tom Porcelli, chief U.S. ...

Job growth trips again, opens door to more Fed moves Posted: 01 Jun 2012 06:13 PM PDT WASHINGTON (Reuters) - U.S. job growth braked sharply for a third straight month in May and the unemployment rate rose for the first time in nearly a year, raising chances of further monetary stimulus from the Federal Reserve to support the sputtering recovery. Employers added a paltry 69,000 jobs to their payrolls last month, the least since May of last year, and 49,000 fewer jobs were created in the previous two months than had been thought, the Labor Department said on Friday. ...

Greco elected after Generali coup ousts Perissinotto Posted: 02 Jun 2012 08:07 AM PDT MILAN (Reuters) - Europe's third-largest insurer Generali said it named Mario Greco, a top executive at Zurich Insurance Group , as its new CEO on Saturday, after Giovanni Perissinotto was ousted in a rapid boardroom coup. The push to oust Perissonotto -- who spent more than 30 years at the group - happened suddenly last week and was led by chief shareholder Mediobanca and private investors including Luxottica founder Leonardo Del Vecchio. ...

Spain wants euro zone fiscal authority Posted: 02 Jun 2012 08:56 AM PDT MADRID (Reuters) - Spain called on Saturday for a new fiscal euro zone authority which would harmonize national budgets and manage the block's debts. Prime Minister Mariano Rajoy said the authority was the answer to the European debt crisis and would go a long way in alleviating Spain's woes as it would send a clear signal to investors that the single currency is an irreversible project. ...

"Big Four" to audit Spain's banking sector Posted: 02 Jun 2012 07:19 AM PDT MADRID (Reuters) - Spain has picked the "Big Four" accounting firms KPMG , PwC , Deloitte and Ernst & Young to carry a full, individual audit of its ailing banks, a source with knowledge of the decision told Reuters on Saturday. The review, which should take a few months, will complement an ongoing exercise to stress test Spain's banking sector by consultors Oliver Wyman and Roland Berger, whose first results are expected around mid-June. "I can confirm (the names)," the source said. ...

VW overhauls board to speed up China, trucks Posted: 02 Jun 2012 07:37 AM PDT STUTTGART/BERLIN (Reuters) - Volkswagen elevated China's status within its sprawling empire and reasserted control over its wayward trucks brands with an extensive overhaul of senior management as it bids for market dominance. The first overseas car maker to enter China three decades ago, Volkswagen and its two local partners are investing 14 billion euros ($17.3 billion) up to 2016 to build a host of factories around the country, including one in the impoverished western city of Urumqi home to a Muslim ethnic minority. ...

Japan to ask SEC to join insider trading crackdown: sources Posted: 02 Jun 2012 03:03 AM PDT TOKYO (Reuters) - Japan's securities regulator plans to ask the U.S. Securities and Exchange Commission (SEC) to cooperate in a widening probe of insider trading in Japanese shares, two sources with knowledge of the situation said on Saturday. Japan's Securities and Exchange Surveillance Commission (SESC) believes confidential information on a planned share offering by Tokyo Electric Power Co. in 2010 was leaked to American investors, according to the sources, who asked not to be named because the investigation remains ongoing. The identity of the U.S. investors was not immediately clear. ...

BCE and funds to pay C$1.1 billion for Q9 Networks Posted: 02 Jun 2012 05:13 AM PDT TORONTO (Reuters) - Canada's biggest telecommunications company, BCE Inc , has joined with a group of private equity fund managers to buy data center company Q9 Networks Inc for C$1.1 billion ($1.06 billion), BCE said on Saturday. Toronto-based Q9 is one of Canada's largest outsourced data centre operators and will be run as an independent company under current management after the deal closes, BCE said. ...

Thyssen gets interest for Brazil, U.S. plants: report Posted: 02 Jun 2012 08:08 AM PDT FRANKFURT (Reuters) - ThyssenKrupp has attracted interest from peers Vale and Posco for its struggling steel plants in Brazil and the United States, German weekly WirtschaftsWoche reported. Citing company sources the magazine said Vale, which already owns 27 percent of the Brazilian plant, would be interested in buying the rest of the joint venture, which has saddled Germany's biggest steelmaker with heavy losses. South Korea's steelmaker POSCO has shown interest for Thyssen's mill in Alabama, according to an excerpt of a story to be published in the magazine's Monday edition. ...

India's Maruti to spend $716 million on new car plant Posted: 02 Jun 2012 06:57 AM PDT MUMBAI (Reuters) - India's top carmaker Maruti Suzuki is to invest 40 billion rupees ($716 million) to set up a new manufacturing facility in the western Indian state of Gujarat, raising its total capacity to 2 million units by 2015-16. The company has signed an agreement with the government of western Indian state of Gujarat to buy land to set up a new manufacturing facility, it said in a statement on Saturday. Maruti Suzuki estimates it will generate employment for more than 2,000 people. Maruti, 54.2 percent owned by Japan's Suzuki Motor Corp. ...

Analysis: How Morgan Stanley sank to junk pricing Posted: 01 Jun 2012 02:28 PM PDT (Reuters) - The bond markets are treating Morgan Stanley like a junk-rated company, and the investment bank's higher borrowing costs could already be putting it at a disadvantage even before an expected ratings downgrade this month. Bond rating agency Moody's Investors Service has said it may cut Morgan Stanley by at least two notches in June, to just two or three steps above junk status. Many investors see such a cut as all but certain. Many U.S. ...

Wal-Mart chairman: Integrity 'is our business' Posted: 01 Jun 2012 03:54 PM PDT FAYETTEVILLE, Arkansas (Reuters) - Wal-Mart Stores Inc executives told shareholders they would not stand for unethical behavior at the world's largest retailer, whose shares have soared to 12-year highs as strong results more than offset concerns about bribery allegations. Friday's annual shareholders meeting was the first time that Chairman Rob Walton, a son of Wal-Mart founder Sam Walton, publicly addressed the issue of possible bribery in Mexico. ...

U.S. regulator said slow to see mortgage servicing risk Posted: 01 Jun 2012 04:41 PM PDT WASHINGTON (Reuters) - The chief regulator of U.S. national banks did not pay enough attention to how lenders process home foreclosures and underestimated the risks it posed until problems broke into the open in late 2010, the Treasury Department's inspector general said in a report released on Friday. Banks' failure in recent years to follow the laws and rules that govern how a delinquent borrower can be removed from their home has led to multi-billion-dollar settlements with federal regulators and states. ...

China studies more market opening steps: state media Posted: 01 Jun 2012 07:51 PM PDT SHANGHAI (Reuters) - China is considering steps to allow overseas firms to float shares in the country and foreign institutions to invest yuan they hold in domestic markets, state media on Saturday quoted a government document as saying. The government will draft rules for overseas firms to list in China and make necessary preparations for the opening, according to the documents signed by eight government departments, including the top planner, the National Development and Reform Commission. ...

JPMorgan has returned $600 million of MF Global money: WSJ Posted: 01 Jun 2012 07:55 PM PDT (Reuters) - JPMorgan Chase & Co has returned about $600 million that was at the bank when MF Global Holdings Ltd went bust in October, the Wall Street Journal reported late on Friday citing people familiar with the matter. MG Global's bankruptcy trustee James Giddens might have additional claims against JPMorgan for several hundred million dollars, the business daily said. JPMorgan officials contend that the bank no longer holds any MF Global money, the Journal said citing the people. A JPMorgan spokeswoman was unavailable for comment outside regular business hours. ...

Euro zone to fix structural problems soon : Spain PM Posted: 02 Jun 2012 04:29 AM PDT MADRID (Reuters) - Spain's Prime Minister Mariano Rajoy on Saturday said he had strong reasons to believe the euro zone monetary union would soon fix its structural problems. "It is urgent to resolve Spain's problems but it is just as urgent to resolve the problems of the monetary union," Rajoy said at an event in Sitges, in the north-eastern region of Catalonia. "These problems of the monetary union, I have strong reasons to affirm that they will start to be resolved soon," he added without giving any detail. (Reporting by Julien Toyer; Editing by Mike Nesbit)

Moody's cuts Greek domestic rating ceiling on euro exit risk Posted: 01 Jun 2012 07:35 PM PDT NEW YORK (Reuters) - Rating agency Moody's Investors Service said it had lowered its ratings ceiling on Greek domestic debt issuers due to the rising risk of the country exiting the euro zone, but added it did not consider that the most likely scenario for the country. Moody's said it lowered its assessment of the highest rating that can be assigned to a domestic debt issuer in Greece to Caa2, below the highest existing rating by the firm on any Greek security, which is B1 for certain covered bonds. ...

Wall Street sinks on jobs data, Dow negative for 2012 Posted: 01 Jun 2012 04:29 PM PDT NEW YORK (Reuters) - Stocks fell more than 2 percent on Friday, dragging the Dow into negative territory for the year after a dismal U.S. jobs report added to fears that Europe's spiraling debt crisis was dragging down the world economy. The S&P 500 closed at its lowest since early January and ended below its 200-day moving average for the first time in 2012 after the Labor Department said employers created just 69,000 jobs last month, the weakest in a year. The bleak May jobs report caps a week of soft economic data from China and growing problems in Europe as Spain's bank crisis deepened. ...

Protege testifies against McKinsey mentor Gupta Posted: 01 Jun 2012 01:56 PM PDT NEW YORK (Reuters) - When business guru Rajat Gupta and his protege, Anil Kumar, worked together to expand management consultancy McKinsey & Co in the 1990s, a date in court years later surely was not part of the plan. At Gupta's criminal trial on insider-trading charges on Friday, Kumar testified for the prosecution, describing the connections both of them had to now-imprisoned Galleon Group hedge fund founder Raj Rajaratnam. ...

GM to cut about one-fourth of U.S. pension liability Posted: 01 Jun 2012 03:39 PM PDT DETROIT (Reuters) - General Motors Co will cut nearly a quarter of its U.S. pension obligation by transferring the management of its pension plans for 118,000 white-collar retirees to a third party and offering lump-sum buyouts. The two moves unveiled on Friday will cut $26 billion from the automaker's massive U.S. pension liability of nearly $109 billion. GM's pension overhang is a top concern for investors. It was one of a handful of issues left untouched during GM's U.S.-financed bankruptcy restructuring three years ago. "There are lots of companies with pension plans. ...

Analysis: Economic worry tightens CEOs' grip on spending Posted: 01 Jun 2012 11:36 AM PDT BOSTON (Reuters) - CEOs will hold their wallets a little bit tighter heading into the summer after the long-awaited recovery in U.S. employment stumbled in May. The United States had been a relative bright spot this year in a troubled world economy coping with Europe's debt crisis and a cooling Chinese economy. But a weaker-than-expected May jobs report on Friday gave corporate America fresh worries. AT&T Inc was one company that was not surprised by the disappointing jobs numbers as it has seen a lack of hiring at both big and small corporate clients. ...

World growth at risk as U.S. employment stumbles Posted: 01 Jun 2012 12:45 PM PDT WASHINGTON/LONDON (Reuters) - The world's economic outlook darkened on Friday as reports showed U.S. employment growth slowing sharply, Chinese factory output barely growing and European manufacturing falling deeper into malaise. In a shock that sent global equity markets into a dive, the U.S. economy added just 69,000 jobs in May, less than half what analysts expected and well below what is seen as needed to keep the jobless rate moving lower. Readings for the prior two months were also revised down, while the unemployment rate rose for the first time in almost a year, to 8.2 percent. ...

U.S. job growth trips again, opens door to more Fed moves Posted: 01 Jun 2012 02:36 PM PDT WASHINGTON (Reuters) - U.S. job growth braked sharply for a third straight month in May and the unemployment rate rose for the first time in nearly a year, raising chances of further monetary stimulus from the Federal Reserve to support the sputtering recovery. Employers added a paltry 69,000 jobs to their payrolls last month, the least since May of last year, and 49,000 fewer jobs were created in the previous two months than had been thought, the Labor Department said on Friday. ...

MF Global trustee to report on payback efforts Posted: 01 Jun 2012 01:59 PM PDT NEW YORK (Reuters) - Former MF Global Holdings Ltd customers are hoping to get fresh information on Monday about where their money went and for an update on efforts to get it back. Trustee James Giddens, who is unwinding MF Global's broker-dealer, is to provide a written report to the U.S. Bankruptcy Court in Manhattan on the status of his investigation into the company's unraveling. He also is expected to give an update on his attempts to track down money that vanished from customer accounts as the company went under. MF Global filed for Chapter 11 bankruptcy in October after its $6. ...

May auto sales disappoint; demand slows Posted: 01 Jun 2012 03:48 PM PDT DETROIT (Reuters) - Automakers posted strong U.S. May sales gains from a year ago, but the sales rate still fell short of expectations as the broader economy softened and gave pause to consumers mulling big-ticket purchases. The annual selling rate in May finished at 13.8 million vehicles, the first month this year under the 14 million pace and far short of the 14.5 million expected by economists polled by Reuters. The sales results, when combined with Friday's anemic U.S. ...

Germans ease austerity pace for Spain, markets in turmoil Posted: 01 Jun 2012 09:01 AM PDT BERLIN/DUBLIN (Reuters) - EU paymaster Germany softened its drive for austerity across the euro zone on Friday, agreeing to allow Spain more time to cut its deficit while its battles a deepening bank crisis, capital flight and recession. Irish voters backed a European budget discipline treaty by a 60-40 percent vote in a referendum, a widely expected result that removed one political risk for the troubled currency area but left several bigger ones. Investors stampeded to safe-haven U.S. ...

Judge OKs Dynegy bankruptcy pact with creditors Posted: 01 Jun 2012 01:28 PM PDT (Reuters) - Dynegy Inc on Friday won a U.S. bankruptcy judge's approval of a settlement with creditors, putting the power producer's Dynegy Holdings LLC unit one step closer to emerging from Chapter 11 protection. Chief Judge Cecelia Morris of the U.S. Bankruptcy Court for the Southern District of New York approved the settlement at a hearing in Poughkeepsie, New York. Some creditors this week dropped their opposition to the accord. Robert Flexon, chief executive of Dynegy and Dynegy Holdings, said the settlement has support from all major creditor groups. ...

Summer season lacks fireworks for U.S. retailers Posted: 01 Jun 2012 11:55 AM PDT (Reuters) - With a weak job market, signs of rising inventories and the shopping-intensive festive season still months away, U.S. retailers are bracing for a bland second quarter. Quarterly earnings for the retail sector are expected to rise 8.8 percent in the quarter from a year ago, after jumping 12.2 percent in the first quarter when unseasonably warm weather and colorful clothes helped sales, according to Ken Perkins, president of research firm Retail Metrics. Last year in the second quarter, earnings rose 8.2 percent, according to Perkins. ...

Judge approves Dynegy bankruptcy pact with creditors Posted: 01 Jun 2012 12:21 PM PDT (Reuters) - Dynegy Inc on Friday won a U.S. bankruptcy judge's approval of a settlement with creditors, putting the power producer's Dynegy Holdings LLC unit one step closer to emerging from Chapter 11 protection. Chief Judge Cecelia Morris of the U.S. Bankruptcy Court for the Southern District of New York approved the settlement at a hearing in Poughkeepsie, New York. Some creditors this week dropped their opposition to the accord. Dynegy said creditors who joined the settlement hold more than $2.7 billion of claims against Dynegy Holdings. ...

Manufacturing sector growth wanes in May: ISM Posted: 01 Jun 2012 07:50 AM PDT NEW YORK (Reuters) - The pace of growth in manufacturing slowed modestly in May but a gauge of new orders rose to its highest in over a year, according to an industry report released on Friday. The Institute for Supply Management said its index of national factory activity slipped to 53.5 from 54.8 in April, just missing expectations for 53.9. Despite the softer pace, the sector still grew for the 34th month in a row, suggesting manufacturing is holding up better than its counterparts overseas. The new orders index rose to their highest since April 2011 at 60.1 from 58. ...

Volkswagen strengthens focus on Chinese market Posted: 02 Jun 2012 08:31 AM PDT German carmaker Volkswagen moved Saturday to strengthen its strategic focus to expanding sales in China, while reshuffling the leadership of its truck business.

Q&A: Hard times for Obama from economic recovery Posted: 02 Jun 2012 08:23 AM PDT Nothing upsets a president's re-election groove like ugly economic numbers.

Obama to Congress: Act now on bills to aid economy Posted: 02 Jun 2012 08:13 AM PDT President Barack Obama wants Congress to act on bills he says will accelerate the economy. He says the country has responsibilities that are "bigger than an election."

Italian insurance company Generali changing CEO Posted: 02 Jun 2012 07:46 AM PDT Italian insurance company Assicurazioni Generali has ousted its chief executive.

Spain PM insists on sticking to austerity measures Posted: 02 Jun 2012 07:35 AM PDT Spain's prime minister says his government is determined to stick to harsh austerity measures for as long as is necessary.

Hard times for Obama from slow economic recovery Posted: 02 Jun 2012 07:22 AM PDT Nothing upsets a president's re-election groove like ugly economic numbers.

US economy souring, so what's a Democrat to do? Posted: 02 Jun 2012 05:43 AM PDT Five months before the elections, the uneven economic recovery is sputtering and job growth is anemic. Stock prices are down to 2011 levels and news on the European debt front is menacing.

Risks of boomerangs a reality in world of cyberwar Posted: 02 Jun 2012 04:50 AM PDT The Obama administration is warning American businesses about an unusually potent computer virus that infected Iran's oil industry even as suspicions persist that the United States is responsible for secretly creating and unleashing cyberweapons against foreign countries.

Chinese developer unveils replica Austrian village Posted: 02 Jun 2012 01:58 AM PDT A group of Austrians whose scenic mountain village has been copied down to the statues by a Chinese developer attended Saturday's opening in China for the high-end residential project but were still miffed about how the company did it.

FACT CHECK: Romney misses a mark on Solyndra claim Posted: 02 Jun 2012 01:09 AM PDT Republican presidential contender Mitt Romney has revived charges about the failed solar company Solyndra as he assails President Barack Obama' green energy policy. But he didn't get the story completely straight when he accused the administration of favoring "cronies."

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