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• Wall Street flat as unusual trading roils shares
• Fed set to signal more easing, stop short of big steps
• Companies add more jobs, but manufacturing falters
• Big 3 U.S. automakers post lower-than-expected July sales
• U.S. raises pressure for euro zone crisis action
• Lenovo executive dismisses Nokia bid talk as "joke"
• MF Global trustees offer mixed signals to customers
• Apple, Samsung launch salvos as smartphone trial heats up
• Global factories struggle as growth fears rise
• ISS recommends two Icahn nominees for Forest board
• Credit Suisse names DeNunzio global chairman of M&A
• Ex-Morgan Stanley housing chief launches foreclosed home fund
• July factory growth slowest in almost three years: Markit
• MasterCard revenue misses as consumers rein in spending
• Google delays widely-panned "Nexus Q" orb gadget
• Small-business borrowing falls in June
• Record joblessness in euro zone; hope fades for quick ECB cure
• Office building sales rebound hits a speed bump
• UBS's huge Facebook loss throws doubt on Nasdaq plan
• Weak data hits dollar, eyes on central banks
• Better finance deals spur July auto sales: analysts
• China official PMI shows factory sector barely growing
• Murdoch's The Daily to let go nearly a third of staff in revamp
• Buffett's Berkshire gets nod for Industrial Insulation deal
• Defense official: Cuts hit warfighters, weapons
• House heading toward election-year tax showdown
• Judge lets challenge to FDA tobacco panel proceed
• Haribo fined $2.9 million by competition watchdog
• News Summary: Harley-Davidson 2Q profit up 30 pct
• Harley-Davidson 2Q profit up 30 pct on US demand
• Spanish regions rebel against deficit targets
• Strong dollar chips away at MasterCard's revenue
• US crude oil supplies drop by 6.5 million barrels
• Study: Small business lending falls

Wall Street flat as unusual trading roils shares Posted: 01 Aug 2012 09:17 AM PDT NEW YORK (Reuters) - Stocks were barely changed on Wednesday as the market became consumed with unusual trading that roiled seemingly unrelated shares on the NYSE. Coming into the day, the market's main concern was the Federal Reserve, which at the conclusion of a two-day meeting later in the afternoon is likely to show it is ready to act to support a weakening economy but stop short of aggressive measures for now. ...

Fed set to signal more easing, stop short of big steps Posted: 01 Aug 2012 07:20 AM PDT WASHINGTON (Reuters) - The Federal Reserve is likely to show on Wednesday that it is ready to act against a weakening U.S. economy but stop short of aggressive measures for now. Economists say the central bank could well push back its guidance for when it sees the need for an eventual rate hike into 2015 from the current Fed consensus of late-2014, a move that could signal the depth of the central bank's concerns about the economy and hint at new measures ahead. ...

Companies add more jobs, but manufacturing falters Posted: 01 Aug 2012 09:01 AM PDT NEW YORK (Reuters) - U.S. companies hired more workers than expected in July, but continued weakness in the manufacturing sector pointed to sluggish economic growth. The economic recovery has lost steam in recent months as it has been buffeted by the euro zone debt crisis, a struggling U.S. labor market and concerns over higher taxes and government spending cuts that are set to take place early next year. Economists said Wednesday's data suggested further slow growth after a 1.5 percent growth rate in the second quarter, though the economy should avoid recession. ...

Big 3 U.S. automakers post lower-than-expected July sales Posted: 01 Aug 2012 07:43 AM PDT (Reuters) - All three U.S. automakers reported lower-than-expected July auto sales on Wednesday as high U.S. unemployment and weak consumer confidence kept would-be buyers on the sidelines. The largest U.S. automaker, General Motors Co, reported a 6 percent drop in July U.S. sales, while Ford Motor Co reported a 4 percent drop. Smaller U.S. rival Chrysler Group LLC posted a 13 percent increase. Lack of job growth and confusion about government policy on tax cuts and spending tempered sales in July, said George Magliano, senior economist with IHS Automotive. "It's the economy. ...

U.S. raises pressure for euro zone crisis action Posted: 01 Aug 2012 08:33 AM PDT FRANKFURT/BERLIN (Reuters) - The United States raised pressure on euro zone leaders to take decisive action to solve the region's debt crisis, notably by lowering troubled members' borrowing costs, on the eve of a crucial European Central Bank meeting. U.S. Treasury Secretary Timothy Geithner said the euro zone must take steps including "bringing down interest rates in the countries that are reforming and making sure those banking systems can provide the credit those economies need". ...

Lenovo executive dismisses Nokia bid talk as "joke" Posted: 01 Aug 2012 06:49 AM PDT HELSINKI (Reuters) - A senior executive at Chinese personal computer maker Lenovo dismissed market speculation that the company was interested in buying struggling Finnish cellphone maker Nokia as a "joke." Shares in Nokia rose as much as 17 percent in heavy volumes earlier on Wednesday on market talk that Lenovo may be interested, but gave up the gains after executive Gianfranco Lanci's rebuttal. "This must be a joke," Lanci, who runs Lenovo's operations in Europe, Middle East and Africa, told Reuters. "There's nothing ongoing. ...

MF Global trustees offer mixed signals to customers Posted: 01 Aug 2012 08:47 AM PDT WASHINGTON (Reuters) - Customers of the failed futures brokerage MF Global got mixed signals on Wednesday about their chances of recovering all of a $1.6 billion shortfall after two trustees involved in the firm's liquidation offered different outlooks about their chances of success. In prepared testimony before the Senate Agriculture Committee, former FBI Director Louis Freeh -- who is responsible for winding down MF Global's parent company -- told lawmakers he is quite confidence that "all of the customers of MF Global Inc eventually will be made whole. ...

Apple, Samsung launch salvos as smartphone trial heats up Posted: 31 Jul 2012 05:46 PM PDT SAN JOSE, California (Reuters) - Samsung Electronics Co Ltd told jurors that its products are not copycats of Apple Inc's iPhone but rather an example of legitimate American-style competition from the South Korean company. Lawyers for both tech giants faced off on Tuesday for opening statements in the highly anticipated U.S. patent trial, where Apple has accused Samsung of stealing iPhone features like scrolling and multi-touch. ...

Global factories struggle as growth fears rise Posted: 01 Aug 2012 09:05 AM PDT NEW YORK/LONDON (Reuters) - U.S. and euro zone factory activity slumped again in July while Chinese manufacturing hit an eight-month low, surveys showed on Wednesday, as economies worldwide showed signs of slowing. The data may boost pressure on central banks to do more to stimulate growth. Economists suspect the Federal Reserve may move in that direction later on Wednesday, possibly by saying it won't raise U.S. interest rates until 2015. ...

ISS recommends two Icahn nominees for Forest board Posted: 01 Aug 2012 08:50 AM PDT (Reuters) - Institutional Shareholder Services is backing two of billionaire investor Carl Icahn's nominees to the board of U.S. drugmaker Forest Laboratories Inc , the influential proxy advisory firm said in a research report. Icahn is waging a proxy fight to elect four directors to Forest's 10-member board at its annual meeting on August 15 after failing in a similar effort last year. ISS recommended that Forest shareholders vote for Icahn nominees Daniel Ninivaggi and Pierre Legault. "As the dissidents have demonstrated a compelling case that change at the board level is needed, votes ... ...

Credit Suisse names DeNunzio global chairman of M&A Posted: 01 Aug 2012 07:50 AM PDT (Reuters) - Credit Suisse Group AG named veteran investment banker David DeNunzio as global chairman of mergers and acquisitions, as part of a broader reshuffling of the group in recent weeks, according to an internal memo on Wednesday. DeNunzio's appointment comes after Steve Koch, who was co-chairman of the M&A group, decided to retire to become the deputy mayor of Chicago, effective September 4. Scott Lindsay, who was the other co-chairman of the M&A group, was earlier named the global head of M&A. ...

Ex-Morgan Stanley housing chief launches foreclosed home fund Posted: 01 Aug 2012 07:13 AM PDT (Reuters) - Oliver Chang, the former head of U.S. housing strategy at Morgan Stanley, on Wednesday announced the opening of an investment firm that intends to spend up to $1 billion to acquire distressed, single-family homes over the next two years. Sylvan Road Capital is launching with a $300 million investment from an undisclosed private equity firm, the new firm said. The new asset management firm will seek to acquire foreclosed homes across the United States with an eye toward operating them as rental properties. ...

July factory growth slowest in almost three years: Markit Posted: 01 Aug 2012 06:08 AM PDT NEW YORK (Reuters) - The manufacturing sector grew in July at its slowest pace in nearly three years as a debt crisis in Europe and economic and political uncertainty at home dented demand, a survey showed on Wednesday. The final Markit Manufacturing Purchasing Managers Index stood at 51.4 in July, below both a preliminary estimate of 51.8 and June's reading of 52.5. It was the lowest reading since September of 2009. A reading above 50 indicates expansion. ...

MasterCard revenue misses as consumers rein in spending Posted: 01 Aug 2012 05:55 AM PDT (Reuters) - MasterCard Inc's quarterly revenue missed Wall Street estimates as worldwide purchase volume growth slowed to its lowest level in five quarters, sending the credit and debit card network's shares down 3 percent before the bell. Net income rose to $700 million, or $5.55 per share, from $608 million, or $4.76 per share, a year earlier. Revenue rose 9 percent to $1.82 billion. On a constant currency basis, revenue rose 13 percent. The card network also took a pre-tax charge of $20 million, related to its share of the settlement in the 'swipe fee' lawsuit. ...

Google delays widely-panned "Nexus Q" orb gadget Posted: 31 Jul 2012 03:59 PM PDT SAN FRANCISCO (Reuters) - Google Inc is postponing the launch of the Nexus Q, the Internet giant's first self-designed and marketed consumer electronics device, in a smudge on its budding hardware credentials. The company announced the indefinite delay of the orb-shaped media player device in an email on Tuesday to customers who had pre-ordered the made-in-America gadget, saying it wanted to add more features and functions. It offered a "preview version" of the streaming device for free instead. ...

Small-business borrowing falls in June Posted: 01 Aug 2012 03:56 AM PDT CHICAGO (Reuters) - Lending to small businesses fell in June to the lowest level since October, a report showed on Wednesday, suggesting the economy's recent loss of momentum is likely to persist absent any new action by policymakers. The Thomson Reuters/PayNet Small Business Lending Index, which measures the overall volume of financing to small U.S. companies, sagged to 98.5 from 103.8 in May, PayNet said. The index, which points to changes in overall economic growth several months in the future, has fallen in five of the past six months. ...

Record joblessness in euro zone; hope fades for quick ECB cure Posted: 31 Jul 2012 10:12 PM PDT ROME/FRANKFURT (Reuters) - Joblessness in the euro zone hit on Tuesday its highest level since the single currency was born, a further sign of economic desperation as hopes erode that the bloc will be saved by its central bank this week. An additional 123,000 people were out of work in the euro zone in June, figures from Eurostat showed, bringing the unemployment rate to a record high 11.2 percent across the 17 countries that use the single currency. The rate hides wide divergences, with unemployment as low as 4.5 percent in Austria and as high as 24. ...

Office building sales rebound hits a speed bump Posted: 31 Jul 2012 08:23 PM PDT NEW YORK (Reuters) - The rebound in U.S. office building sales hit a speed bump in the second quarter as weak demand for office space made it more difficult for prospective buyers to predict the income from their investments. Sales of U.S. office buildings in the second quarter fell 10 percent from a year earlier to $14.8 billion, according to Real Capital Analytics, which tracks sales of office properties of at least $2.5 million. Corporations are reluctant to hire because of uncertainty over the U.S. ...

UBS's huge Facebook loss throws doubt on Nasdaq plan Posted: 31 Jul 2012 11:59 AM PDT NEW YORK (Reuters) - Facebook's disastrous May IPO took on a new dimension on Tuesday, as Swiss bank UBS said it lost more than $350 million on botched order execution and would take legal action against Nasdaq for the exchange's alleged failures. But UBS did not fully explain why its losses were ten times worse than other market makers, raising questions about how much liability Nasdaq could actually face. Meanwhile, Facebook shares fell to a new all-time low Tuesday, touching $21.61 in afternoon trading. At that level they are down 52 percent from their first-day high. ...

Weak data hits dollar, eyes on central banks Posted: 01 Aug 2012 12:48 AM PDT LONDON (Reuters) - Weak growth numbers from Asia sent the dollar to a two-month low against the yen on Wednesday but most markets traded within tight ranges awaiting the verdict from policy making meetings of the U.S. Federal Reserve and the European Central bank. The greenback's fall against the Japanese currency to A low of 77.90 yen came after China's official factory purchasing managers' index fell to an eight-month low of 50.1 in July, suggesting virtually no growth. ...

Better finance deals spur July auto sales: analysts Posted: 31 Jul 2012 02:10 PM PDT DETROIT (Reuters) - The pace of auto sales is expected to hold steady in July, when sweeter financing deals prompted American consumers to replace aging cars and trucks despite languishing consumer confidence and high unemployment. According to a Reuters survey of 41 economists, the annual rate of U.S. light vehicle sales is expected to be 14 million this month. In June, that rate was 14.1 million. Over the last two weeks, auto executives have noted that lenders are offering better deals to consumers with lower credit scores. ...

China official PMI shows factory sector barely growing Posted: 31 Jul 2012 09:18 PM PDT BEIJING (Reuters) - China's official factory purchasing managers' index fell to an eight-month low of 50.1 in July, suggesting the sector is barely growing, while a rival HSBC survey indicated the more market-sensitive private sector is starting to recover. The HSBC PMI rose to a seasonally adjusted 49.3, its highest level since February and little changed from a flash, or preliminary, estimate of 49.5. ...

Murdoch's The Daily to let go nearly a third of staff in revamp Posted: 31 Jul 2012 02:57 PM PDT (Reuters) - News Corp's digital tablet magazine The Daily is letting go of 50 employees, around 29 percent of its total, as it streamlines production to focus on its most popular features. Launched just 18 months ago, The Daily was News Corp chief Rupert Murdoch's risky bet that he could reinvigorate his news business with tablet devices like Apple Inc's iPad. But The Daily has struggled to find its feet in a turbulent and uncertain news market, where well-established print papers have been cutting staff and going through numerous restructurings as circulation and advertising dollars shrink. ...

Buffett's Berkshire gets nod for Industrial Insulation deal Posted: 31 Jul 2012 10:43 AM PDT (Reuters) - Warren Buffett's Berkshire Hathaway has received U.S. antitrust approval for a transaction with Industrial Insulation Group LLC, the Federal Trade Commission said on Tuesday. Industrial Insulation Group, also known as IIG, started in 2002 as a joint venture when Calsilite Group and Berkshire's Johns Manville Corp combined manufacturing capabilities for several of their product lines. A spokeswoman for Johns Manville said a transaction was pending but that an agreement had not been completed. ...

Defense official: Cuts hit warfighters, weapons Posted: 01 Aug 2012 09:05 AM PDT Warfighters heading to Afghanistan would receive less training while the Navy would be forced to buy fewer ships if lawmakers fail in the next five months to come up with an alternative deficit-reduction plan, a Pentagon official said Wednesday.

House heading toward election-year tax showdown Posted: 01 Aug 2012 08:33 AM PDT An election-year tax faceoff between Democrats and Republicans in the GOP-controlled House is heading toward a predictable outcome Wednesday.

Judge lets challenge to FDA tobacco panel proceed Posted: 01 Aug 2012 08:10 AM PDT A federal judge says a challenge by two major cigarette makers alleging conflicts of interest in a federal advisory panel's review of tobacco products can move forward.

Haribo fined $2.9 million by competition watchdog Posted: 01 Aug 2012 08:01 AM PDT Germany's competition watchdog says it has imposed a €2.4 million ($2.9 million) fine on confectionary company Haribo for improperly sharing information on sales negotiations with three rivals.

News Summary: Harley-Davidson 2Q profit up 30 pct Posted: 01 Aug 2012 08:00 AM PDT THE RESULTS: Harley-Davidson Inc. said Wednesday its second-quarter net income jumped 30 percent. But its revenue for the quarter fell short of expectations, as warmer-than-usual weather in the first quarter of the year pulled forward some second-quarter sales. Lower European demand also reduced sales.

Harley-Davidson 2Q profit up 30 pct on US demand Posted: 01 Aug 2012 08:00 AM PDT Harley-Davidson Inc. said Wednesday that its second-quarter net income jumped 30 percent, as demand for its motorcycles continued to grow both at home and abroad.

Spanish regions rebel against deficit targets Posted: 01 Aug 2012 07:57 AM PDT The president of Spanish region Andalusia led protests Wednesday against central government attempts to control the spending of the country's 17 semiautonomous authorities in an outcry that threatens to undermine the ailing country's efforts to convince investors it can put its finances back in order.

Strong dollar chips away at MasterCard's revenue Posted: 01 Aug 2012 07:49 AM PDT The strong U.S. dollar swallowed a chunk of MasterCard's earnings from overseas, leading to revenue growth that was slower than investors were hoping for.

US crude oil supplies drop by 6.5 million barrels Posted: 01 Aug 2012 07:38 AM PDT The nation's crude oil supplies declined last week, the government said Wednesday.

Study: Small business lending falls Posted: 01 Aug 2012 08:28 AM PDT Lending to small businesses is falling again even as some banks are offering more lenient loan terms to try to encourage borrowing, according to a study out Wednesday.

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