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• Wall Street Week Ahead: Positive momentum in the face of headwinds
• Wall Street sees Knight as software risk wake-up call
• ECB saves Greece from bankruptcy by securing emergency loans-paper
• SAP misses internal mark, to rein in costs: report
• Weapons maker Lockheed builds submarine for oil rigs
• Treasury says to raise $5 billion from AIG stock sale
• Berkshire Hathaway profit falls on derivative losses
• Nissan unveils sleeker Pathfinder SUV
• Exclusive: Fired Barclays trader draws scrutiny in Libor probe
• Knight Capital heads into make-or-break weekend
• Hiring picks up but not enough to sideline Fed
• Treasury says to raise $5 billion from AIG stock sale
• Nasdaq expects "significant" new expenses over Facebook IPO
• S&P cuts, affirms Italian banks in sweeping changes
• Insight: Morgan Stanley brokers chafe at new system's glitches
• Reuters blogging platform hacked, false Syria blog posted
• U.S. Treasury says to sell $4.5 billion in AIG stock
• Jetliner feud deepens as Boeing grabs key Airbus client
• Allianz concerned over cenbank role in Libor scandal
• Analysis: Banks face valuation losses as Libor discarded
• Obama turns 51; plays golf, will go to Camp David
• Ryan Lochte's parents face foreclosure in Florida
• Congress breaks for 5 weeks, but much work undone
• Berkshire Hathaway's 2Q profit declines 9 percent
• Failure of bank in Illinois brings '12 total to 40
• 6 companies eyeing IPOs next week
• Economy generates 163K jobs in sign of resilience
• Russia mogul under pressure wants to sell assets
• Ousted CEO sues Tuesday Morning for discrimination
• Treasury plans to sell AIG stock worth $5 billion

Wall Street Week Ahead: Positive momentum in the face of headwinds Posted: 03 Aug 2012 01:51 PM PDT NEW YORK (Reuters) - To borrow from "Star Wars," the Force is strong with this stock market. Despite a ho-hum earnings season and central banks' disappointing hopes for aggressive economic stimulus this week, U.S. stocks held firm. After four days of losses, the benchmark Standard & Poor's 500 index rallied on Friday, finishing the week in the positive for a fourth straight time and reaching three-month highs. Sustaining momentum are valuations that make stocks attractively priced relative to other assets. ...

Wall Street sees Knight as software risk wake-up call Posted: 03 Aug 2012 05:16 PM PDT (Reuters) - Wall Street banks and brokers are poring over their trading systems and rethinking the way they test software to make sure they don't become the next Knight Capital Group, the trading firm whose survival was imperiled by a software glitch on Wednesday. Knight Capital's $440 million loss from errant trades, which has forced the company to consider selling all or part of itself, is the third time in five months that technical bugs have caused trouble for Wall Street players. ...

ECB saves Greece from bankruptcy by securing emergency loans-paper Posted: 03 Aug 2012 08:09 PM PDT BERLIN (Reuters) - The European Central Bank (ECB) has saved Greece from bankruptcy for the time being by securing it interim financing in the form of additional emergency loans from the Bank of Greece, German newspaper Die Welt said on Saturday. The ECB's Governing Council agreed at its meeting on Thursday to increase the upper limit for the amount of Greek short-term loans the Bank of Greece can accept in exchange for emergency loans, the newspaper said in an advance copy of the article due to appear in its Saturday edition. ...

SAP misses internal mark, to rein in costs: report Posted: 04 Aug 2012 04:44 AM PDT FRANKFURT (Reuters) - SAP , the world's biggest maker of business software, failed to reach its internal profit target in the first half and told staff to rein in costs to meet the full-year goal, a German magazine reported on Saturday. "We have to cut costs considerably in the second half to reach our internal target," weekly WirtschaftsWoche cited finance chief Werner Brandt as saying in an internal video message to employees that the magazine obtained. While last month SAP confirmed its full-year outlook for operating profit to reach 5.05-5.25 billion euros ($6.23-$6. ...

Weapons maker Lockheed builds submarine for oil rigs Posted: 03 Aug 2012 05:10 PM PDT PALM BEACH, Florida (Reuters) - Lockheed Martin Corp is already the Pentagon's biggest supplier and the largest information technology provider for the U.S. federal government, but now it is turning its sights on a $1 billion niche market in the oil and gas industry. At a small waterfront facility just outside Palm Beach, Florida, engineers have developed a 10-foot unmanned submarine named Marlin that uses sonar and other technologies developed for the U.S. military to inspect off-shore oil rigs in far less time and at lower cost than current systems. ...

Treasury says to raise $5 billion from AIG stock sale Posted: 03 Aug 2012 05:27 PM PDT WASHINGTON (Reuters) - The U.S. Treasury Department said on Friday it expects to raise $5 billion from its sale of American International Group stock, cutting the government's stake in the bailed-out insurer to 55 percent. The sale, which would bring a profit of about $300 million to the U.S. Treasury, comes as President Barack Obama campaigns for a second term and has been forced to defend his administration's decision to use taxpayer money to prop up companies during the crisis. The Treasury Department priced the offering at $30.50 a share, six percent above the $28.72 price needed for the ...

Berkshire Hathaway profit falls on derivative losses Posted: 03 Aug 2012 03:00 PM PDT (Reuters) - Warren Buffett's ice-cream-to-insurance conglomerate Berkshire Hathaway reported a smaller profit for the second quarter on Friday as losses on derivatives dragged down results, though operating income set the new records Buffett predicted. Buffett eschews derivatives for the most part, but he does have one outstanding - and large - derivative bet tied to stock market performance. While he has said repeatedly he expects that position to be profitable over time, it generated nearly $700 million in losses in the last quarter. Berkshire earned $3. ...

Nissan unveils sleeker Pathfinder SUV Posted: 03 Aug 2012 03:25 PM PDT FARMINGTON HILLS, Michigan (Reuters) - Nissan Motor Co unveiled a new 2013 model of its Pathfinder on Friday that it hopes will improve the current version's lagging performance among large sports utility vehicles in the U.S. market. The new Pathfinder will be 300 to 500 pounds lighter than the 2012 versions, depending on which options consumers take, said Carla Bailo, senior vice president of research and development for Nissan Americas. The Pathfinder was unveiled at Nissan's North American technical center in suburban Detroit on Friday and in New York on Thursday night. ...

Exclusive: Fired Barclays trader draws scrutiny in Libor probe Posted: 03 Aug 2012 04:17 PM PDT (Reuters) - A 30-year-old former Barclays Plc swaps trader in New York, who was fired from the bank in 2010, is among those drawing scrutiny from prosecutors in the deepening scandal over the manipulation of global benchmark interest rates. U.S. prosecutors in Washington, D.C. are looking at Ryan Reich's activities while at Barclays between August 2006 and March 2010, said several people familiar with the situation, who declined to be identified because the bid-rigging investigation is ongoing. ...

Knight Capital heads into make-or-break weekend Posted: 03 Aug 2012 07:56 PM PDT (Reuters) - Knight Capital Group Inc's future remained in flux as it headed into the weekend trying to clinch a rescue deal, but there was skepticism on Wall Street that one of the largest U.S. equities trading firms would find a suitor before Monday. Knight was plunged into crisis on Wednesday when it lost $440 million, most of its capital, after a software glitch caused it to make thousands of unintended trades on about 140 stocks. Knight said on Thursday it was actively pursuing strategic and financing alternatives. ...

Hiring picks up but not enough to sideline Fed Posted: 03 Aug 2012 05:56 PM PDT WASHINGTON (Reuters) - Employers hired the most workers in five months in July, but an increase in the jobless rate to 8.3 percent kept prospects of further monetary stimulus from the Federal Reserve on the table. Nonfarm payrolls rose 163,000 last month, the Labor Department said on Friday, breaking three straight months of job gains below 100,000 and offering hope for the ailing economy. "It's a relief we did not post another number like 75,000, but the reality is it's not night and day. ...

Treasury says to raise $5 billion from AIG stock sale Posted: 03 Aug 2012 03:05 PM PDT WASHINGTON (Reuters) - The U.S. Treasury Department said on Friday it expects to raise $5 billion from its sale of American International Group stock, cutting the government's stake in the bailed-out insurer to 55 percent. The move comes as President Barack Obama's campaign for a second term in which he has been forced to defend his administration's decision to use taxpayer money to prop up companies during the crisis. The Treasury, which earlier on Friday said it expected to sell $4.5 billion in AIG stock, priced the offering at $30.50 a share. ...

Nasdaq expects "significant" new expenses over Facebook IPO Posted: 03 Aug 2012 12:18 PM PDT NEW YORK (Reuters) - Nasdaq OMX Group Inc expects to incur costs well above the $62 million it has set aside to pay back firms harmed by the glitch-ridden Facebook IPO, as it fights lawsuits and updates its systems, it said in a regulatory filing on Friday. Nasdaq said it is cooperating with an investigation by the U.S. Securities and Exchange Commission into the problems at the exchange during the $16 billion IPO on May 18. The New York-based exchange operator also said that it is the subject of eight lawsuits by investors and one by trading firms for its role in Facebook's problematic debut. ...

S&P cuts, affirms Italian banks in sweeping changes Posted: 03 Aug 2012 02:49 PM PDT MILAN/NEW YORK (Reuters) - Ratings agency Standard & Poor's on Friday downgraded a broad swath of Italian banks, citing worries that the recession in the euro zone's third-largest economy could mean mounting losses for the country's lenders. Among the banks cut were giant Monte dei Paschi di Siena SpA . The bank stayed within the investment grade category - but only barely, slipping to BBB-minus from BBB. Monte Paschi, which has laid out a tough restructuring plan, is regarded as the weakest among Italy's top banks and was forced to request state aid in June to boost its weak capital base. ...

Insight: Morgan Stanley brokers chafe at new system's glitches Posted: 03 Aug 2012 02:47 PM PDT NEW YORK (Reuters) - Morgan Stanley Smith Barney's new brokerage technology platform has been beset by glitches that have frustrated the firm's financial advisers and made a long and costly merger more expensive, brokers and other people familiar with the situation said. The business, the result of a 2009 combination of Citigroup's Smith Barney and Morgan Stanley's retail brokerage into an operation that now employs nearly 17,000 advisers overseeing $1.7 trillion in assets, transferred Smith Barney brokers to the new system in three waves this year. ...

Reuters blogging platform hacked, false Syria blog posted Posted: 03 Aug 2012 12:45 PM PDT (Reuters) - Thomson Reuters said the blogging platform of the Reuters News website was compromised on Friday and a false posting purporting to carry an interview with a Syrian rebel leader was illegally posted on a Reuters' journalist's blog. "Reuters.com was a target of a hack on Friday," the company said in a statement. "Our blogging platform was compromised and fabricated blog posts were falsely attributed to several Reuters journalists." One of the false posts purported to be an interview with Riad al-Asaad, the head of the Free Syrian Army. ...

U.S. Treasury says to sell $4.5 billion in AIG stock Posted: 03 Aug 2012 01:28 PM PDT WASHINGTON (Reuters) - The U.S. Treasury Department said on Friday it will sell $4.5 billion worth of American International Group stock, taking another step toward unwinding its position in the financial crisis bailout programs. The sale could cut the government's stake in the insurer to just above 50 percent. The move accompanies President Barack Obama's campaign for a second term in which he has been forced to defend his administration's decision to use taxpayer money to prop up companies during the crisis. ...

Jetliner feud deepens as Boeing grabs key Airbus client Posted: 03 Aug 2012 10:51 AM PDT PARIS/SINGAPORE (Reuters) - Planemaker Airbus was reeling on Friday from the defection of a high-profile customer to Boeing , prompting European accusations of aggressive tactics amid renewed evidence of a jet price war. Silkair, the regional arm of Singapore Airlines , said it had placed the biggest order in its history with a tentative deal to buy over 50 Boeing 737 jets worth $5 billion. ...

Allianz concerned over cenbank role in Libor scandal Posted: 03 Aug 2012 10:26 AM PDT FRANKFURT (Reuters) - Europe's biggest insurer, Allianz , is worried about the role central banks may have played in an interest rate rigging scandal that has enveloped some leading international lenders, the insurer's chief financial officer said on Friday. "We do not find it funny, what has happened, in particular the arising implication that it is not just the banks but central banks being involved in this," Oliver Baete told a conference call with analysts. "That really gives us cause for concern," Baete added. ...

Analysis: Banks face valuation losses as Libor discarded Posted: 03 Aug 2012 10:03 AM PDT SINGAPORE (Reuters) - Global banks are delaying what will be an inevitable shift to valuing unsecured derivative positions at market rates because it could hit their bottom lines, but new global prudential regulations next year are set to force their hands. Traders and accountants have known for some time what is only becoming apparent to the public now -- the London Interbank Offered Rate or Libor, the interbank funding rate now at the center of a rigging scandal, is not the appropriate price to value most derivative deals on banks' books. ...

Obama turns 51; plays golf, will go to Camp David Posted: 04 Aug 2012 07:42 AM PDT President Barack Obama is playing a round of golf on his 51st birthday, kicking off a quiet birthday weekend away from re-election campaigning.

Ryan Lochte's parents face foreclosure in Florida Posted: 04 Aug 2012 07:26 AM PDT The parents of U.S. Olympic swimmer Ryan Lochte are facing foreclosure in Florida.

Congress breaks for 5 weeks, but much work undone Posted: 04 Aug 2012 06:10 AM PDT Congress' performance matches its approval rating — abysmal.

Berkshire Hathaway's 2Q profit declines 9 percent Posted: 03 Aug 2012 05:44 PM PDT Second-quarter profits at Warren Buffett's Berkshire Hathaway Inc. fell 9 percent because of bigger paper losses on derivatives the company sold, but many of its subsidiaries performed well.

Failure of bank in Illinois brings '12 total to 40 Posted: 03 Aug 2012 04:30 PM PDT Regulators have closed a small bank in Illinois, bringing to 40 the number of U.S. bank failures this year.

6 companies eyeing IPOs next week Posted: 03 Aug 2012 04:13 PM PDT One of the world's top soccer clubs is set to make its stock market debut next week along with the companies behind Outback Steakhouse restaurants and the Carl's Jr. and Hardee's fast-food chains.

Economy generates 163K jobs in sign of resilience Posted: 03 Aug 2012 03:51 PM PDT The U.S. economy generated jobs last month at the fastest pace since February, a sign it is resilient enough to pull out of a midyear slump and grow modestly even as the rest of the world slows down.

Russia mogul under pressure wants to sell assets Posted: 03 Aug 2012 03:35 PM PDT A Russian tycoon whose holdings include a leading investigative newspaper critical of the Kremlin said Friday that he wants to sell his Russian assets because of pressure from state security services.

Ousted CEO sues Tuesday Morning for discrimination Posted: 03 Aug 2012 03:32 PM PDT The ousted CEO of retailer Tuesday Morning Corp. has filed discrimination charges against the company, saying she was sent packing after the board learned she had breast cancer.

Treasury plans to sell AIG stock worth $5 billion Posted: 03 Aug 2012 03:15 PM PDT The government said Friday it is selling another batch of stock in insurance giant American International Group Inc., raising $5 billion. The sale is the latest effort to recoup taxpayer money spent on the largest bailout of the 2008 financial crisis.

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