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• Wall Street off 1 percent as Europe worries grow
• Pending homes sales post surprise fall in April
• GSK eyes replacing Human Genome board: sources
• EU throws Spain two potential lifelines
• Analysts skeptical as RIM reviews strategy
• Iraq's terms deter oil, gas explorers at auction
• Global carbon market value rises to record $176 billion
• RBS chairman "has sympathy" with bank pay critics
• Wal-Mart urges worker integrity amid bribery probe
• U.S. Ex-Im bill signing lifts "cloud" over business
• Apple CEO sees TV as area of "intense interest"
• Lee family scraps over some of Samsung riches
• RBS says CEO needs "freedom" to carry out turnaround
• Saudi Aramco seeks $12.5 billion in debt for Dow project: PFI
• Bankia to be recapitalised through FROB bank fund: De Guanos
• China stimulus unnecessary, risks long-term damage
• Macy's May same-store sales beat Wall Street view
• Exclusive: Glencore, Vitol keep oil flowing to Greece
• Spain rattles markets, Greeks warned of catastrophe
• Global regulators plan margin rules soon for uncleared derivatives
• Moody's seen following S&P's Danske Bank downgrade
• Facebook shares plumb new depths, valuation questioned
• BoE's Fisher says can't rule out euro break up: paper
• Spain's debt woes send shares, euro lower
• Olympus to cut 2,500 jobs, sell equity stake: media
• Chesapeake to meet with major lenders this week: sources
• Norway's Golden Ocean sees end to shipping glut
• Analysis: Investors may be stoking the volatility they fear
• Cape names new CEO to tackle Algeria troubles
• Fiat Industrial proposes CNH farm business merger
• Ex-Cameron aide detained over alleged perjury
• Colleges' bank deals saddle students with big fees
• Euro plunges near a two-year low versus the dollar
• Stocks plummet as outlook in Europe dims
• EU calls for 'banking union' to ease crisis
• Red double-decker buses make a comeback in Iraq
• Sales contracts for US homes dropped in April
• UK's top court backs extradition of WikiLeaks boss
• Oil headed for biggest drop since 2008

Wall Street off 1 percent as Europe worries grow Posted: 30 May 2012 08:45 AM PDT NEW YORK (Reuters) - Stocks fell 1 percent on Wednesday as spiraling fears about the euro zone prompted investors to sell sectors tied to economic growth. "We're being held hostage by Europe, by the increasing tensions in Spain," said John Kattar, chief investment officer at Eastern Investment Advisors in Boston, which manages $1.7 billion. "We're back to a risk-off mode, with cyclical sectors getting hit really hard. For the moment this seems to be the dominant trend." Of the 10 S&P 500 sectors, only utilities were in positive territory, with the defensive group rising 0.1 percent. ...

Pending homes sales post surprise fall in April Posted: 30 May 2012 08:13 AM PDT WASHINGTON (Reuters) - Contracts to purchase previously owned U.S. homes unexpectedly fell in April to a four-month low, undermining some of the recent optimism that the housing sector was touching bottom. The National Association of Realtors said on Wednesday its Pending Home Sales Index, based on contracts signed last month, fell 5.5 percent to 95.5, its lowest level since December, after a downwardly revised 3.8 percent increase in March. Still, the series remained sharply higher from a year earlier, and economists said the data did not change the view that the U.S. ...

GSK eyes replacing Human Genome board: sources Posted: 30 May 2012 08:40 AM PDT NEW YORK/LONDON (Reuters) - GlaxoSmithKline Plc plans to launch a campaign to replace the entire board of Human Genome Sciences Inc with its own nominees, stepping up its $2.6 billion hostile bid for the U.S. biotech company, sources familiar with the situation said on Wednesday. GSK intends to seek consent from Human Genome shareholders to replace the board with independent directors, the sources said. The consent solicitation process could come in the next few weeks, they said. ...

EU throws Spain two potential lifelines Posted: 30 May 2012 07:39 AM PDT BRUSSELS/MADRID (Reuters) - The European Commission threw Spain, the latest frontline in Europe's debt war, two potential lifelines on Wednesday, offering more time to reduce its budget deficit and direct aid from a euro zone rescue fund to recapitalize distressed banks. Spanish government borrowing costs lurched higher and the Madrid stock market hit a nine-year low with investors rattled by the parlous state of its banking sector fleeing to the relative haven of German bonds. ...

Analysts skeptical as RIM reviews strategy Posted: 30 May 2012 07:56 AM PDT (Reuters) - Research In Motion Ltd's move to hire bankers for a strategic review and scout for partnerships prompted a slew of price-target cuts from analysts, who were skeptical about the BlackBerry maker's ability to attract a buyer. The company on Tuesday said it hired bankers from J.P. Morgan Securities LLC and RBC Capital Markets to help evaluate its strategies. "A potential buyer remains uncertain, and potentially a long shot in our judgment," analysts at Robert W. Baird said, adding they would be surprised by an acquisition by an existing OEM. ...

Iraq's terms deter oil, gas explorers at auction Posted: 30 May 2012 08:19 AM PDT BAGHDAD (Reuters) - Iraq awarded only one out of six new oil and gas blocks to foreign companies on Wednesday as the tough contract terms on offer, especially at a time when the world has plenty of gas, dampened interest in the country's fourth energy bidding round. The auction aims to spur the rapid expansion of Iraq's energy sector after years of war and sanctions, but officials and corporate executives said the economics of the contracts, especially on gas deals, largely kept companies away on the first of two days of bidding. "We believe the contracts.. ...

Global carbon market value rises to record $176 billion Posted: 30 May 2012 08:36 AM PDT COLOGNE, Germany (Reuters) - Carbon market trading rose 11 percent to a record value of $176 billion in 2011 as an increase in secondary trading volumes offset lower prices and slowing economies, the World Bank said on Wednesday. Companies and governments are turning to emissions trading as a tool for fighting climate change, with the European Union by far the most active since its cap-and-trade scheme began in 2005. ...

RBS chairman "has sympathy" with bank pay critics Posted: 30 May 2012 08:46 AM PDT LONDON (Reuters) - Royal Bank of Scotland's Chairman Philip Hampton said he had sympathy with critics of bank bonuses but defended the part-nationalized bank's own pay proposals. "I do accept that some people in some organizations have been significantly overpaid in the financial sector in recent years but I would not say that for RBS," Hampton said at RBS's annual meeting. Hampton also said UK Financial Investments (UKFI), which manages the government's stake, was a "pretty tough taskmaster" on the issue of executive pay. UKFI on Wednesday supported RBS's pay plans. ...

Wal-Mart urges worker integrity amid bribery probe Posted: 30 May 2012 08:48 AM PDT FAYETTEVILLE, Arkansas (Reuters) - Top executives of Wal-Mart Stores Inc made no mention of a Mexican bribery scandal at an employee pep rally on Wednesday, but asked their international workers to focus on "integrity" as a core value. The world's largest retailer has been under fire from shareholders and activists after the New York Times reported in April that management at Wal-Mart de Mexico , or Walmex, allegedly orchestrated bribes of $24 million to help it grow quickly last decade and that Wal-Mart's top brass tried to cover it up. ...

U.S. Ex-Im bill signing lifts "cloud" over business Posted: 30 May 2012 08:22 AM PDT WASHINGTON (Reuters) - U.S. exporters that use government financing for overseas sales can plan with more certainty after President Barack Obama signs legislation on Wednesday to renew the U.S. Export-Import Bank's charter, the bank's president said. "This just takes away a big cloud of doubt for a lot of American businesses," Ex-Im Bank President Fred Hochberg said in an interview, adding that the bank's board of directors will be considering "north of $6.5 billion" of financing deals on Wednesday and Thursday. ...

Apple CEO sees TV as area of "intense interest" Posted: 29 May 2012 11:20 PM PDT RANCHOS PALOS VERDES, California (Reuters) - Apple Inc Chief Executive Tim Cook said technology for televisions was of "intense interest" but stressed the company's efforts would unfold gradually amid speculation the iPad and iPhone maker was on the brink of unveiling a revolutionary iTV. In one of his more revealing interviews since assuming the helm of the world's most valuable company, Cook also said he hoped someday to see Apple products manufactured in the United States and outlined his approach to managing an organization long-associated with its late founder Steve Jobs. ...

Lee family scraps over some of Samsung riches Posted: 30 May 2012 04:33 AM PDT SEOUL (Reuters) - Lawyers for Lee Kun-hee said on Wednesday the chairman of Samsung Electronics had been chosen by his father, the Samsung Group's founder, to lead the conglomerate and so was free to transfer shares of group companies to maintain control. Lee, South Korea's richest man, is defending three lawsuits from relatives who claim around $1 billion of Samsung assets they say Lee inherited and hid in nominee accounts. ...

RBS says CEO needs "freedom" to carry out turnaround Posted: 30 May 2012 07:28 AM PDT EDINBURGH (Reuters) - Royal Bank of Scotland's chief executive needs to be given the freedom to complete his five-year turnaround plan without excessive interference, the part-nationalized UK bank's chairman said. "There are ... still risks on the horizon and the task of rebuilding RBS has some way to go," Philip Hampton said on Wednesday at the bank's annual shareholder meeting. "It is important ... that the RBS management team is given the support and the freedom they need to continue their work to make us still safer and stronger. ...

Saudi Aramco seeks $12.5 billion in debt for Dow project: PFI Posted: 30 May 2012 06:00 AM PDT DUBAI (Reuters) - State-owned oil giant Saudi Aramco is seeking to raise $12.5 billion in debt to help finance its joint venture with Dow Chemical , according to a report in Project Finance International (PFI), a unit of Thomson Reuters. Saudi Aramco has sent an information memorandum to local and international banks detailing the $20 billion project with Dow Chemical. The project is due to be completed in 2016, and will produce more than 3 million metric tons a year of petrochemicals. ...

Bankia to be recapitalised through FROB bank fund: De Guanos Posted: 30 May 2012 02:48 AM PDT MADRID (Reuters) - Nationalised lender Bankia will be recapitalised through the FROB bank fund, which will issue bonds, Spain's Economy Minister Luis De Guanos said on Wednesday. "It will be the usual mechanism, through the FROB issuances", De Guanos told journalists after a parliamentary debate on Spain's ongoing banking reform. The FROB currently has more than four billion euros available while Bankia asked on Friday for a 19 billion euros rescue from the state. He also said the country's banking crisis does not begin and end with Bankia. ...

China stimulus unnecessary, risks long-term damage Posted: 30 May 2012 05:07 AM PDT BEIJING (Reuters) - China does not need massive fiscal stimulus to stabilize growth and calm investors fretting that the global economy may slip back into a similar crisis as 2008-2009, top policy advisers said on Wednesday. Even though China's economic growth is expected to ease this year to its weakest pace in 13 years, aggressive spending now could do longer-term harm, they said. "I don't think we're back in that kind of acute crisis phase," Richard Boucher, deputy secretary general of the Paris-based Organisation for Economic Co-operation and Development (OECD), told Reuters. ...

Macy's May same-store sales beat Wall Street view Posted: 30 May 2012 06:25 AM PDT (Reuters) - Macy's Inc reported better than expected May same-store sales on Wednesday, helped by its growing e-commerce business. For the four weeks ended May 26, Macy's same-store sales, which include online sales and sales at its department stores open at least a year, rose 4.2 percent, slightly above the 4 percent increase Wall Street analysts were projecting. Online sales rose 42.3 percent. Total sales for the period were up 4.1 percent to $2.02 billion. Macy's also owns the upscale Bloomingdale's chain. (Reporting By Phil Wahba; Editing by Gerald E. McCormick)

Exclusive: Glencore, Vitol keep oil flowing to Greece Posted: 30 May 2012 03:56 AM PDT LONDON (Reuters) - Debt-stricken Greece is surviving on oil priced at a premium from trading houses Vitol and Glencore, who have stepped in as suppliers of last resort after sanctions forced Greece to halt imports from its main supplier Iran. Greece has been forced to halt Iranian oil purchases because of EU financial sanctions ahead of an oil embargo in effect from July 1. The timing could hardly have been worse for Athens, which had become dependent on Iranian oil because most oil firms and banks would not extend it credit for fear it would default on its debts. ...

Spain rattles markets, Greeks warned of catastrophe Posted: 30 May 2012 04:21 AM PDT MADRID/ATHENS (Reuters) - Spain's borrowing costs lurched higher and the Madrid stock market hit a nine-year low on Wednesday as investors rattled by deepening fears about its banking system fled to the relative haven of German bonds. Spain's banking woes - the result of a burst property bubble aggravated by recession - have combined with growing uncertainty about Greece's survival in the euro zone to reignite Europe's sovereign debt crisis, driving the euro to a two-year low of $1.2454. European shares also extended their fall after Italy paid heavily to sell bonds. ...

Global regulators plan margin rules soon for uncleared derivatives Posted: 30 May 2012 12:20 AM PDT HONG KONG (Reuters) - Global regulators said on Wednesday they will issue proposals in coming weeks on rules to encourage banks to put derivative trades through a central clearing house, but they won't be ready for the G20 summit in June. The move is part of a huge regulatory overhaul aimed at cutting risk in the $700 trillion derivatives industry. A disorderly unraveling of derivative trades contributed to the global credit crunch in 2008 and 2009. ...

Moody's seen following S&P's Danske Bank downgrade Posted: 30 May 2012 03:24 AM PDT COPENHAGEN (Reuters) - Continuing high impairment charges for Danske Bank's Irish operations moved Standard & Poor's to cut its rating on Denmark's biggest financial institution, and analysts said a downgrade by Moody's was now imminent. S&P cut Danske Bank Group to A-/A-2 from A/A-1, and said it expected the bank will continue to see high impairment charges in the Irish banking business, as well as ongoing challenges for some sectors in Denmark. ...

Facebook shares plumb new depths, valuation questioned Posted: 29 May 2012 05:25 PM PDT SAN FRANCISCO (Reuters) - Facebook Inc shares slid below $29 to a new low on Tuesday as nervous investors fled the company's shares, concerned about the social network's long-term business prospects and an initial offering price that proved too rich. Shares of the No. 1 social network fell 10 percent to an all-time low of $28.65, before closing at $28.84, or down 9.6 percent. Since its market debut at $38 on May 18, the eight-year-old company has shed approximately $25 billion in value - roughly equivalent to the market capitalization of Morgan Stanley, the lead underwriter of Facebook's IPO. ...

BoE's Fisher says can't rule out euro break up: paper Posted: 30 May 2012 01:38 AM PDT LONDON (Reuters) - A break up of the euro zone cannot be ruled out, Bank of England policymaker Paul Fisher was quoted as saying on Wednesday, amid growing jitters about the stability of the single currency bloc. In an interview with the Leicester Mercury, Fisher, who sits on the BoE's Monetary Policy Committee and Financial Policy Committee for regulation of the wider financial system, was quoted as saying that the impact of a euro break up would depend on how it was handled by European authorities. "No one is trying to anticipate a euro break-up, but you just can't rule it out," he said. ...

Spain's debt woes send shares, euro lower Posted: 30 May 2012 05:53 AM PDT LONDON (Reuters) - European shares fell and the euro neared a two-year low on Wednesday, depressed by worries that Spain's banking problems would push its borrowing costs to unsustainable levels and force it to seek a bailout. U.S. stock index futures also pointed to a weaker session on Wall Street , after a slip in Asian shares amid signals that China did not plan a large stimulus package. ...

Olympus to cut 2,500 jobs, sell equity stake: media Posted: 30 May 2012 12:21 AM PDT TOKYO (Reuters) - Japan's Olympus Corp, hit by a $1.7 billion fraud scandal, plans to shed 2,500 workers and sell an equity stake to either Sony Corp or Panasonic Corp in a bid to bolster its finances, local media reported Wednesday. Olympus, the world's leading maker of diagnostic endoscopes, is struggling to recover from an accounting fraud uncovered last year by its then CEO, Michael Woodford. It was forced to correct years of accounts, leaving its balance sheet badly weakened. ...

Chesapeake to meet with major lenders this week: sources Posted: 29 May 2012 04:41 PM PDT NEW YORK (Reuters) - Chesapeake Energy will meet with many of its major lenders in Oklahoma City later this week, as the second-largest U.S. natural gas producer scrambles to raise cash to close a $9 billion to $10 billion funding shortfall, according to sources familiar with the matter. One of the sources said that it was a regularly scheduled meeting. But the company is expected to talk about its plans and liquidity needs at the meeting, the sources said, at a time when it is under immense pressure due to low natural gas prices and governance problems. ...

Norway's Golden Ocean sees end to shipping glut Posted: 30 May 2012 12:37 AM PDT OSLO (Reuters) - Norway's Golden Ocean , controlled by shipping magnate John Fredriksen, said on Wednesday the pace of new ships coming on to the market was slowing down although overcapacity would weigh on the dry-bulk business in the medium term. The shipping industry in Europe has struggled during the economic downturn which has depressed demand for vessels just as new ships from an ordering binge a few years earlier have begun to flood on to the market. Some big firms have come under pressure, including Denmark's Torm . ...

Analysis: Investors may be stoking the volatility they fear Posted: 29 May 2012 10:51 PM PDT LONDON (Reuters) - Long-term investors fearful of another global financial storm may be better prepared than they were before Lehman Brothers went bust in 2008, but their increasingly nervous disposition could itself be making markets more fragile. The Lehman collapse and hyper-correlated decline in risky assets everywhere challenged a key long-standing investment tenet that broad diversification of portfolios was sufficient to protect overall savings over time. ...

Cape names new CEO to tackle Algeria troubles Posted: 30 May 2012 12:13 AM PDT (Reuters) - Cape Plc named a new chief executive on Wednesday, filling a post that has been vacant since March in a move that comes less than a week after a shock profit warning from the resources industry services provider. The company said Joe Oatley, former CEO of British engineering company Hamworthy will take over as CEO at the end of June, replacing Martin May, who stepped down unexpectedly earlier this year after six years at the helm. ...

Fiat Industrial proposes CNH farm business merger Posted: 30 May 2012 08:30 AM PDT Fiat Industrial Chairman Sergio Marchionne is seeking a full merger with U.S.-based CNH farm and construction vehicle business, in a move that would shift the company's capital center to the U.S. and drop the Fiat name.

Ex-Cameron aide detained over alleged perjury Posted: 30 May 2012 08:26 AM PDT The former top media adviser to Prime Minister David Cameron was detained Wednesday on suspicion of perjury in the trial of a flamboyant ex-Scottish lawmaker — the latest case tied to allegations of wrongdoing by British tabloid newspapers.

Colleges' bank deals saddle students with big fees Posted: 30 May 2012 08:24 AM PDT A public interest group says as many as 900 colleges are pushing students into using payment cards that carry hefty costs, sometimes even to access students' financial aid money.

Euro plunges near a two-year low versus the dollar Posted: 30 May 2012 08:20 AM PDT The euro plunged below $1.24 for the first time in nearly two years as traders fret over Spain's economy.

Stocks plummet as outlook in Europe dims Posted: 30 May 2012 08:17 AM PDT Traders fearful of a rupture in Europe's financial system retreated Wednesday from risky investments. They punished stocks and fled to the safety of U.S. bonds, pushing the yield on the benchmark 10-year Treasury note to a record low.

EU calls for 'banking union' to ease crisis Posted: 30 May 2012 08:17 AM PDT The European Union's executive office on Wednesday said the 17-country eurozone needs a "banking union" that can centrally oversee and — if needed — bail out the sector, which has become a weak link in the continent's financial system.

Red double-decker buses make a comeback in Iraq Posted: 30 May 2012 08:16 AM PDT Iraqis welcomed the return of red double-decker buses to Baghdad's streets this week, a colorful sign that the country is moving toward normalcy after a decade of war and sectarian violence.

Sales contracts for US homes dropped in April Posted: 30 May 2012 08:11 AM PDT A gauge of Americans who signed contracts to buy homes fell in April from nearly a two-year high in the previous month.

UK's top court backs extradition of WikiLeaks boss Posted: 30 May 2012 08:04 AM PDT Britain's Supreme Court has endorsed the extradition of WikiLeaks chief Julian Assange to Sweden, bringing the secret-spilling Internet activist a big step closer to prosecution in a Scandinavian court.

Oil headed for biggest drop since 2008 Posted: 30 May 2012 07:52 AM PDT The price of oil is headed for its biggest monthly decline since December 2008.

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