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• Wall Street drops on growth fears, quarter remains positive
• Consumers lift spending to pay for pricier gasoline
• Consumer sentiment gains to four-month high in September
• BofA to pay $2.43 billion to settle shareholder lawsuit
• U.S. Midwest business barometer sinks in September
• Xstrata haggles over management as Glencore deadline nears
• T-Mobile USA in $2.4 billion tower deal with Crown Castle
• France hits rich and business to slash deficit
• Ireland eyes November deal on bank debt talks
• Energy fuels euro inflation but ECB rate cut still on
• Higher gas costs push US consumer spending up
• US consumers more confident in September
• Bank of America to pay $2.43B in settlement
• Tim Cook on Apple maps: 'Extremely sorry'
• US stocks lower on consumer spending worries
• Who's watching? 3-D TV is no hit with viewers
• UK regulator outlines LIBOR overhaul
• Kodak plans to end consumer inkjet printer sales
• Oil steady, slow world economy still in focus
• FDA warning public of risks of online pharmacies
• Tim Cook on Apple maps: 'Extremely sorry'
• US stocks lower on consumer spending worries
• Markets slide as focus remains on Spain
• Germany, France push for financial transactions tax in EU
• Apple's Cook apologizes for Maps flaws, recommends rivals
• France unveils a budget heavy on taxes
• Kodak plans to end consumer inkjet printer sales
• Grilli says euro zone bank oversight plans should not be slowed
• Niger to reduce fuel prices after China loan rate cut
• Kenya economy slows in Q2, inflation drops
• US consumers more confident in September
• Higher gas costs push US consumer spending up
• United Airlines CEO Smisek talks 787s and mojo
• Ireland eyes November deal on bank debt talks
• Ex-finance minister to challenge Merkel in 2013
• Consumers lift spending to pay for pricier gasoline
• Bank of America to pay $2.43B in settlement
• Tesco improving, but outpaced by Sainsbury's
• TSX weighed by global worry, but RIM shines
• Fed names banks which tapped discount window in third-quarter 2010

Wall Street drops on growth fears, quarter remains positive Posted: 28 Sep 2012 07:07 AM PDT NEW YORK (Reuters) - U.S. stocks fell on Friday as investors locked in gains at the end of a strong quarter and amid uncertainty ahead of the result of stress tests on Spanish banks. Equities added to their losses following a weaker-than-expected read on the Institute for Supply Management-Chicago's index of Midwest business activity, which fell to 49.7 in September from 53.0 in August. The final read on the Thomson Reuters/University of Michigan survey on consumer sentiment was also less than expected, though it advanced to its highest in four months. ...

Consumers lift spending to pay for pricier gasoline Posted: 28 Sep 2012 08:22 AM PDT WASHINGTON (Reuters) - U.S. consumer spending rose in August as households stretched to pay for higher gasoline prices and factory activity in the Midwest contracted this month for the first time in three years, pointing to lackluster economic growth. The Commerce Department said consumer spending rose 0.5 percent after an unrevised 0.4 percent gain in July. The increase was the biggest in six months, but was largely accounted for by pricier gasoline. When adjusted for inflation, spending edged up a scant 0.1 percent after increasing 0.4 percent in July. ...

Consumer sentiment gains to four-month high in September Posted: 28 Sep 2012 06:58 AM PDT NEW YORK (Reuters) - U.S. consumer sentiment rose to its highest level in four months in September as Americans saw better prospects for the job market and economy, a survey released on Friday showed. The Thomson Reuters/University of Michigan's final reading on consumer sentiment rose to 78.3 from 74.3 in August, the highest level since May. Still, it was shy of economists' forecasts for 79, according to a Reuters poll, and gave up some of the advance seen in September's preliminary reading when the index climbed to 79.2. Consumer expectations improved strongly, rising to 73.5 from 65. ...

BofA to pay $2.43 billion to settle shareholder lawsuit Posted: 28 Sep 2012 07:18 AM PDT NEW YORK (Reuters) - Bank of America Corp agreed on Friday to pay $2.43 billion to settle a shareholder lawsuit over its 2008 buyout of Merrill Lynch in one of the largest-ever settlements of a securities fraud class action. The bank said it expects to incur total litigation expenses of about $1.6 billion in the third quarter ending September 30. That expense and a U.K. tax charge are expected to hurt the bank's earnings by about 28 cents per share for the quarter, it said. The pact also calls for the bank to make changes to its corporate governance through January 1, 2015. ...

U.S. Midwest business barometer sinks in September Posted: 28 Sep 2012 07:07 AM PDT CHICAGO (Reuters) - Business activity in the U.S. Midwest contracted this month for the first time since September 2009, as new orders sank, a report showed on Friday. The Institute for Supply Management-Chicago business barometer fell to 49.7 from 53.0 in August. Economists had forecast an unchanged reading of 53. A reading below 50 indicates contraction in the regional economy. The forward-looking new orders index plummeted to 47.4, from 54.8. while the gauge of employment sank to 52.0 from 57.1 last month. (Reporting by Ann Saphir; Editing by James Dalgleish)

Xstrata haggles over management as Glencore deadline nears Posted: 28 Sep 2012 07:56 AM PDT LONDON (Reuters) - Xstrata's directors, facing a Monday deadline to deliver their verdict on Glencore's $32 billion bid, are hammering out a deal they hope will ensure the miner retains control of the combined group's board, even after the exit of its veteran boss. All sides are working towards completing an agreement and announcing the board's recommendation by October 1, sources familiar with the deal said on Friday. ...

T-Mobile USA in $2.4 billion tower deal with Crown Castle Posted: 28 Sep 2012 07:25 AM PDT NEW YORK (Reuters) - T-Mobile USA, the No. 4 U.S. mobile provider, has agreed to sell the rights to operate 7,200 of its wireless broadcast towers for $2.4 billion to Crown Castle International Corp to help its parent Deutsche Telekom pay back debt. Crown Castle has the option to pay another $2.4 billion to buy the towers outright from T-Mobile USA at the end of the lease term for each tower - between 2025 and 2048 - under the deal announced Friday. ...

France hits rich and business to slash deficit Posted: 28 Sep 2012 08:11 AM PDT PARIS (Reuters) - Socialist President Francois Hollande unveiled higher levies on business and a 75-percent tax for the super-rich on Friday in a 2013 budget aimed at showing France has the fiscal rigor to remain at the core of the euro zone. The package aims to recoup 30 billion euros ($39 billion) for the public purse with a goal of narrowing the deficit to 3.0 percent of national output next year from 4.5 percent this year - France's toughest single belt-tightening in 30 years. ...

Ireland eyes November deal on bank debt talks Posted: 28 Sep 2012 08:26 AM PDT DUBLIN (Reuters) - Ireland said it still hoped for support for significantly easier terms for its bank bailout by November, and that the economy was growing in line with government forecasts for this year. Central bank deputy governor Stefan Gerlach said he was optimistic that the euro zone's bailout fund would help cut the cost of Ireland's bank rescue, while finance minister Michael Noonan said on Friday his hopes for a broad deal were unchanged. ...

Energy fuels euro inflation but ECB rate cut still on Posted: 28 Sep 2012 05:40 AM PDT BRUSSELS (Reuters) - Euro zone inflation accelerated in September as energy costs soared but core prices stayed low, likely leaving the European Central Bank on track to cut interest rates soon. Consumer prices in the 17 countries sharing the euro rose 2.7 percent year-on-year, the European Union's statistics office Eurostat said on Friday in a first estimate that marked a rise from 2.6 percent in August. Markets had expected inflation to ease to 2.5 percent. Energy prices jumped 9.2 percent after a 8.9 percent rise the previous month. ...

Higher gas costs push US consumer spending up Posted: 28 Sep 2012 08:34 AM PDT Americans boosted their spending in August even though their income barely grew. Much of the spending increase went to pay higher gas prices, which may have forced consumers to cut back elsewhere.

US consumers more confident in September Posted: 28 Sep 2012 08:34 AM PDT Higher stock prices and rising home values boosted a measure of consumer confidence in September to its second-highest level in nearly five years.

Bank of America to pay $2.43B in settlement Posted: 28 Sep 2012 08:21 AM PDT Bank of America says it has agreed to pay $2.43 billion to settle a class-action lawsuit related to its acquisition of Merrill Lynch at the height of the financial crisis.

Tim Cook on Apple maps: 'Extremely sorry' Posted: 28 Sep 2012 09:10 AM PDT Apple CEO Tim Cook says the company is "extremely sorry" for the frustration its Maps application has caused and it's doing everything it can to make it better. In the meantime, he recommended that people use competing map applications to get around.

US stocks lower on consumer spending worries Posted: 28 Sep 2012 09:05 AM PDT Stocks fell on Friday after news that U.S. consumers spent more last month only because higher gas prices forced them to.

Who's watching? 3-D TV is no hit with viewers Posted: 28 Sep 2012 06:43 AM PDT Phil Orlins knows everything about producing TV in three dimensions. The ESPN producer has captured the undulating greens of Augusta National and the flying motor bikes of the X-Games for ESPN's 3-D channel. But he can only guess how well his shows resonate with viewers. That's because 3-D audiences are so small they can't be measured by Nielsen's rating system.

UK regulator outlines LIBOR overhaul Posted: 28 Sep 2012 04:55 AM PDT Britain's financial regulator on Friday laid out a 10-point plan to overhaul the handling of a key global interest rate that has been the subject of a scandal involving major banks across multiple countries.

Kodak plans to end consumer inkjet printer sales Posted: 28 Sep 2012 08:48 AM PDT Kodak said Friday that it plans to stop selling consumer inkjet printers and will eliminate 200 more jobs than previously projected as it requested more time to submit its framework for emerging from bankruptcy protection.

Oil steady, slow world economy still in focus Posted: 28 Sep 2012 07:53 AM PDT The price of oil is hanging around $92 as investors remain concerned that economic stimulus measures from central banks around the world won't stimulate much oil demand.

FDA warning public of risks of online pharmacies Posted: 28 Sep 2012 06:06 AM PDT The Food and Drug Administration is warning U.S. consumers that the vast majority of Internet pharmacies are fraudulent and likely are selling counterfeit drugs that could harm them.

Tim Cook on Apple maps: 'Extremely sorry' Posted: 28 Sep 2012 09:10 AM PDT Apple CEO Tim Cook says the company is "extremely sorry" for the frustration its Maps application has caused and it's doing everything it can to make it better. In the meantime, he recommended that people use competing map applications to get around.

US stocks lower on consumer spending worries Posted: 28 Sep 2012 09:05 AM PDT Stocks fell on Friday after news that U.S. consumers spent more last month only because higher gas prices forced them to.

Markets slide as focus remains on Spain Posted: 28 Sep 2012 09:00 AM PDT Market fell on Friday as investors continued to fret over Spain's finances in the run-up to a report on the state of the country's banks.

Germany, France push for financial transactions tax in EU Posted: 28 Sep 2012 08:57 AM PDT BERLIN/BRUSSELS (Reuters) - Germany and France asked the European Commission on Friday to push ahead with plans for a financial transactions tax with a core of at least nine European Union countries, after failing to win backing for such a levy across the entire EU. Germany had originally wanted a tax covering financial transactions across the 27-nation EU but the plan ran into opposition from Britain and some other countries, prompting it to aim instead for a core group to introduce the levy. ...

Apple's Cook apologizes for Maps flaws, recommends rivals Posted: 28 Sep 2012 08:52 AM PDT SAN FRANCISCO (Reuters) - Apple Inc Chief Executive Tim Cook apologized Friday to customers frustrated with glaring errors in its new Maps service, and, in an unusual move for the consumer giant, directed them to rival services instead, such as Google Inc's Maps. The rare apology follows Apple's launch of its own mapping service earlier this month, when it began selling the iPhone 5 and rolled out iOS 6, the highly anticipated update to its mobile software platform. ...

France unveils a budget heavy on taxes Posted: 28 Sep 2012 08:49 AM PDT The French government presented a budget Friday that was heavy on taxes — including a controversial 75 percent income rate on high earners — but which critics said lacked fundamental reforms that could jumpstart economic growth.

Kodak plans to end consumer inkjet printer sales Posted: 28 Sep 2012 08:48 AM PDT Kodak said Friday that it plans to stop selling consumer inkjet printers and will eliminate 200 more jobs than previously projected as it requested more time to submit its framework for emerging from bankruptcy protection.

Grilli says euro zone bank oversight plans should not be slowed Posted: 28 Sep 2012 08:44 AM PDT BERLIN (Reuters) - Italy's Finance Minister Vittorio Grilli said in Berlin on Friday that the euro zone's bank supervision plans should not be slowed down despite the worries about speed. "We are absolutely convinced it is necessary and feasible to do it quickly," Grilli told reporters at a business seminar. "We back this deadline (set by the Commission)." "If there are concerns about not going too fast they should be taken into account but this cannot in itself be an excuse for slowing it down. ...

Niger to reduce fuel prices after China loan rate cut Posted: 28 Sep 2012 08:37 AM PDT NIAMEY (Reuters) - Niger will reduce the cost of fuel at the pumps by about 7 percent next year as a result of China cutting the interest rate on a loan taken out to pay for the West African country's sole oil refinery, the oil minister said on state television. The move will curb the threat of further social unrest in the West African state, where riots over fuel prices have cost at least two lives this year. There have also been several strikes by taxi drivers over the cost of locally produced fuel. However, the price cut at the pumps will cost the government 14. ...

Kenya economy slows in Q2, inflation drops Posted: 28 Sep 2012 08:35 AM PDT NAIROBI (Reuters) - Kenya's economic growth slowed sharply in the second quarter, marring better news on inflation which fell faster than expected in September, and pressurising policymakers to spur the economy. Save for 2008 and 2009 when the economy was affected by a bout of post-election fighting and the impact of the global financial crisis, Kenya has posted robust growth rates in the past decade. ...

US consumers more confident in September Posted: 28 Sep 2012 08:34 AM PDT Higher stock prices and rising home values boosted a measure of consumer confidence in September to its second-highest level in nearly five years.

Higher gas costs push US consumer spending up Posted: 28 Sep 2012 08:34 AM PDT Americans boosted their spending in August even though their income barely grew. Much of the spending increase went to pay higher gas prices, which may have forced consumers to cut back elsewhere.

United Airlines CEO Smisek talks 787s and mojo Posted: 28 Sep 2012 08:32 AM PDT For years, airline executives were criticized for falling in love with shiny new airplanes, to the detriment of their shareholders. United Continental Holdings Inc. CEO Jeff Smisek makes the hard-headed business case for the new Boeing 787 his company got this week. But it sure is pretty, too.

Ireland eyes November deal on bank debt talks Posted: 28 Sep 2012 08:26 AM PDT DUBLIN (Reuters) - Ireland said it still hoped for support for significantly easier terms for its bank bailout by November, and that the economy was growing in line with government forecasts for this year. Central bank deputy governor Stefan Gerlach said he was optimistic that the euro zone's bailout fund would help cut the cost of Ireland's bank rescue, while finance minister Michael Noonan said on Friday his hopes for a broad deal were unchanged. ...

Ex-finance minister to challenge Merkel in 2013 Posted: 28 Sep 2012 08:24 AM PDT Germany's main opposition party embarked Friday on an uphill struggle to oust Chancellor Angela Merkel, choosing a respected former finance minister who helped steer the country through the financial crisis as her challenger in next year's election.

Consumers lift spending to pay for pricier gasoline Posted: 28 Sep 2012 08:22 AM PDT WASHINGTON (Reuters) - U.S. consumer spending rose in August as households stretched to pay for higher gasoline prices and factory activity in the Midwest contracted this month for the first time in three years, pointing to lackluster economic growth. The Commerce Department said consumer spending rose 0.5 percent after an unrevised 0.4 percent gain in July. The increase was the biggest in six months, but was largely accounted for by pricier gasoline. When adjusted for inflation, spending edged up a scant 0.1 percent after increasing 0.4 percent in July. ...

Bank of America to pay $2.43B in settlement Posted: 28 Sep 2012 08:21 AM PDT Bank of America says it has agreed to pay $2.43 billion to settle a class-action lawsuit related to its acquisition of Merrill Lynch at the height of the financial crisis.

Tesco improving, but outpaced by Sainsbury's Posted: 28 Sep 2012 08:21 AM PDT LONDON (Reuters) - Tesco , Britain's biggest retailer, is expected to show it is fighting back from a shock profit warning when it reports first-half results on Wednesday, though its sales growth is likely to be outpaced by rival J Sainsbury . Analysts expect both companies to say Britain's food retail market remains weak and that they do not see much improvement in the economy any time soon, with government austerity measures and inflation running ahead of wages growth continuing to squeeze household budgets. ...

TSX weighed by global worry, but RIM shines Posted: 28 Sep 2012 08:15 AM PDT TORONTO (Reuters) - Canada's main stock index fell on Friday as investors locked in gains on the last day of the quarter amid concern about instability in Spain, though shares of Research In Motion Ltd surged after its results. Spain's borrowing costs rose back above 6 percent as optimism about the country's debt-fighting plans faded and ahead of the results of a stress test of its crippled banks, while business activity in the U.S. Midwest shrank for the first time since September 2009. "There is a hot and cold sense to what's going on in Europe. ...

Fed names banks which tapped discount window in third-quarter 2010 Posted: 28 Sep 2012 08:14 AM PDT WASHINGTON (Reuters) - The Federal Reserve on Friday released the names of banks that borrowed at its discount window during the third quarter of 2010, meeting the requirements of the Dodd-Frank reforms, and noted that the period had shown very tame levels of activity. Some of the decline in discount window borrowing may have reflected banks steering clear because they knew that their actions would be disclosed, albeit with a two-year lag, once the Dodd-Frank financial reform law was passed. ...

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