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• China June official PMI hits 7-month low
• Japan restarts first reactor since Fukushima crisis
• Italian regulator threatens Apple with new fines: source
• Norway oil strike into second week, unions to meet Tuesday
• Spain shrank further in second quarter, government to push reforms
• Wal-Mart suspends Louisiana seafood supplier
• French audit office sees 8 billion-euro gap in 2012 budget: paper
• Egypt signs $1 billion finance for food, energy
• Sulzer CEO says has means for acquisitions-paper
• Five miners die at Gold Fields mine in South Africa
• Property & Building gets deal to refinance HSBC Tower
• Investcorp buys Austrian online firm for $178 million
• Surprise: Stocks are having a strong year
• ECB official: Greece must deliver "100 pct"
• NY utility, union talks collapse amid hot weather
• Midweek July Fourth causes muddle for travelers
• More than 1,000 protest Russia's entry into WTO
• Negotiations break down, Con Ed workers dismissed
• Midweek July 4th causes muddle for travelers
• 1st Japan reactor goes online since nuclear crisis
• Iceland president re-elected for record 5th term
• Iran: We will 'confront' new EU oil sanctions

China June official PMI hits 7-month low Posted: 01 Jul 2012 05:18 AM PDT BEIJING (Reuters) - China's factory downturn worsened in June as a key activity index hit a seven-month low, data expected to raise expectations the central bank may seek more policy easing to revive the world's second-largest economy. The official Chinese purchasing managers' index (PMI) fell to 50.2 in June after seasonal adjustments, the National Bureau of Statistics said on Sunday, above forecasts for 49.8, but down from May's 50.4. That was the worse reading since November last year, and a sharp fall in export orders and shrinking new orders suggested a recovery is not in sight. ...

Japan restarts first reactor since Fukushima crisis Posted: 01 Jul 2012 07:31 AM PDT TOKYO (Reuters) - Kansai Electric Power Co on Sunday restarted the 1,180-megawatt No. 3 unit at its Ohi atomic plant, the utility said, Japan's first nuclear reactor to come back online since the Fukushima crisis, despite public safety concerns. The government on June 16 approved the restart of the No. 3 and No. 4 reactors at the Ohi plant to avert a potential summer power crunch, sparking street protests in cities around Japan. The No.4 unit will resume operations later this month. ...

Italian regulator threatens Apple with new fines: source Posted: 01 Jul 2012 05:25 AM PDT MILAN (Reuters) - Italy's competition regulator is threatening Apple Inc with further fines of up to 300,000 euros ($381,000) if it does not offer local customers a free two-year warranty as demanded by Italian law, a source close to the watchdog said on Sunday. In Italy consumers who buy electronic products and other durable goods have the right to get two years of free assistance, irrespective of other warranties offered by a manufacturer. ...

Norway oil strike into second week, unions to meet Tuesday Posted: 01 Jul 2012 07:25 AM PDT OSLO (Reuters) - A strike by offshore workers in Norway's oil sector entered its second week on Sunday with labor unions bracing for a long conflict and possible escalation to further lower output from the eighth largest oil exporter. Operator Statoil said the strike had cut production of oil and natural gas liquids by 230,000 to 250,000 barrels per day, or up to 13 percent of Norway's capacity. Some natural gas output has also been affected. ...

Spain shrank further in second quarter, government to push reforms Posted: 01 Jul 2012 05:55 AM PDT NAVACERRADA, Spain (Reuters) - Spain's economy shrank further in the second quarter but looks set to stabilize over the rest of the year while the government continues to push structural reforms and budget austerity, Economy Minister Luis de Guindos said on Sunday. European leaders on Friday agreed to allow the euro zone rescue fund to inject aid directly into problematic banks, bypassing the sovereign government, and intervene on debt markets to support Treasuries facing high funding costs. ...

Wal-Mart suspends Louisiana seafood supplier Posted: 30 Jun 2012 05:15 PM PDT (Reuters) - Wal-Mart Stores Inc has suspended one of its seafood suppliers amid allegations that the company, CJ's Seafood of Breaux Bridge, Louisiana, violated several federal labor laws. The retailing giant launched an investigation of CJ's Seafood following a report published by labor rights group the Worker Rights Consortium that said the crawfish processor abused migrant workers, forced them to work 24 hour shifts and used threats to prevent them from complaining to authorities. ...

French audit office sees 8 billion-euro gap in 2012 budget: paper Posted: 01 Jul 2012 04:10 AM PDT PARIS (Reuters) - France's national audit office will reveal a shortfall of almost 8 billion euros ($10 billion) in this year's national budget after discovering a 1.5 billion-euro spending gap left by the previous government and lower tax revenues, the Journal du Dimanche newspaper said on Sunday. The audit office is due to publish on Monday the results of an official review of the public finances that new President Francois Hollande ordered. Without citing sources, the weekly newspaper said the government would need to fill a gap of between 7. ...

Egypt signs $1 billion finance for food, energy Posted: 01 Jul 2012 05:15 AM PDT CAIRO (Reuters) - The Egyptian government signed an agreement on Sunday with the Saudi-based Islamic Development Bank (IDB) that will provide $1 billion to finance energy and food imports, the government said in a statement. It said the agreement with the International Islamic Trade Finance Corporation, part of the IDB, was signed in Cairo by Waleed Abdul Mohsen al-Wohaib, chief executive of the institution, and Egypt's international cooperation minister, Faiza Abu el-Naga. "Dr. ...

Sulzer CEO says has means for acquisitions-paper Posted: 01 Jul 2012 02:29 AM PDT ZURICH (Reuters) - Swiss engineering group Sulzer is looking for acquisitions and has the financial firepower to spend in the range of 1 billion Swiss francs ($1.06 billion), the company's chief executive was quoted as saying on Sunday. "We have sufficient means to carry out large acquisitions - be it through cash or bank credit lines," Klaus Stahlmann who took over as CEO four months ago, told the Sonntagszeitung newspaper in an interview. "Sulzer has a strong balance sheet and can therefore also make large acquisitions in the range of 1 billion Swiss francs," he said. ...

Five miners die at Gold Fields mine in South Africa Posted: 01 Jul 2012 02:48 AM PDT JOHANNESBURG (Reuters) - Five miners died from smoke inhalation at a Gold Fields mine in South Africa on Saturday as they worked underground, the company said on Sunday. The deaths are a setback for the government and the industry as they try to improve safety and reduce fatalities in South Africa's mines, which are the deepest in the world. In 2011, for the first time in living memory, the country's mining sector recorded no "disaster", defined as a single incident in which four or more workers die. ...

Property & Building gets deal to refinance HSBC Tower Posted: 01 Jul 2012 01:29 AM PDT JERUSALEM (Reuters) - Israel's Property & Building said on Sunday it had finalized a deal with JP Morgan to refinance its borrowing on the HSBC Tower in New York in the amount of $400 million over 10 years. The current financing on the Fifth Avenue building is about $240 million. Property & Building, the real estate subsidiary of holding company IDB , said the new agreement would generate cash flow of about $150 million. It bought the building two years ago for around $350 million. ...

Investcorp buys Austrian online firm for $178 million Posted: 01 Jul 2012 01:14 AM PDT DUBAI (Reuters) - Investcorp , a Bahrain-based investment firm, said on Sunday its online portfolio unit Skrill bought Austrian firm paysafecard.com for up to 140 million euros ($177.67 million), betting on growth in online retail sector. Paysafecard provides prepaid electronic payment services and the acquisition is Investcorp's fifth investment in Europe in the past six months, the Bahraini firm said in a bourse statement. ...

Surprise: Stocks are having a strong year Posted: 01 Jul 2012 09:12 AM PDT For all the scary headlines — a bailout of Spanish banks, JPMorgan's huge trading loss, the sputtering job market, Facebook's failed initial public offering — it's a wonder stocks aren't down more this year.

ECB official: Greece must deliver "100 pct" Posted: 01 Jul 2012 09:06 AM PDT A top European Central Bank official says that Greece must fulfill its austerity and reform targets "100 percent" to stay in the euro and is questioning whether Athens can be given more time.

NY utility, union talks collapse amid hot weather Posted: 01 Jul 2012 08:38 AM PDT Consolidated Edison closed walk-in centers, suspended meter readings and limited work on major construction projects in New York on Sunday after contract talks between the utility and its unionized workers broke down in the middle of a wave of extremely hot weather.

Midweek July Fourth causes muddle for travelers Posted: 01 Jul 2012 08:00 AM PDT Who knew the calendar could cause so much vacation heartburn?

More than 1,000 protest Russia's entry into WTO Posted: 01 Jul 2012 07:53 AM PDT More than 1,000 people waving communist and imperial flags have protested in central Moscow against Russia's upcoming entry into the World Trade Organization.

Negotiations break down, Con Ed workers dismissed Posted: 01 Jul 2012 07:06 AM PDT Consolidated Edison is closing walk-in centers, suspending meter readings and limiting work on major construction projects now that contract negotiations between the utility and its unionized workers have broken down.

Midweek July 4th causes muddle for travelers Posted: 01 Jul 2012 06:56 AM PDT Who knew the calendar could cause so much vacation heartburn?

1st Japan reactor goes online since nuclear crisis Posted: 01 Jul 2012 06:33 AM PDT Dozens of protesters shouted and danced at the gate of a nuclear power plant as it restarted Sunday, the first to go back online since Japan shut down all of its reactors for safety checks following the Fukushima nuclear disaster.

Iceland president re-elected for record 5th term Posted: 01 Jul 2012 06:13 AM PDT Iceland's President Olafur Ragnar Grimsson, who wielded the political power of his traditionally ceremonial office and rejected a deal that would have put taxpayers on the hook for $5 billion to Britain and the Netherlands, has been re-elected to a fifth term.

Iran: We will 'confront' new EU oil sanctions Posted: 01 Jul 2012 06:08 AM PDT Iran has stored up imported goods and hard currency for a "battle" against EU sanctions targeting the country's vital oil sector that went into effect Sunday, officials said. They acknowledged though that the measures, which aim at pressuring the Islamic Republic over its nuclear program, may cause economic disruptions.

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