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• Spanish bank rescue hopes boost Wall Street
• It's your job to fix crisis, ECB tells governments
• First quarter productivity falls more than expected
• EU, Germany exploring Spanish rescue, no request yet
• Morgan Stanley may sell part of commodities unit: CNBC
• JPMorgan cuts IT spending outlook as economy slows
• EU edges towards banking union, too late for Spain
• Germany finalizing face-saving aid deal for Spain
• Cyprus on financial brink from Greek exposure
• Moody's cuts German, Austrian banks on euro risks
• Barrick ousts CEO, aiming to spur share price
• Two Fed officials cool to more easing
• Pfizer job cuts highlight Irish exposure to patent expiries
• News Corp buys Disney stake in Asian sports JV
• Nokia fights back with cheap touchscreen phones
• Diageo splashes out to tap whisky boom
• Analysis: Wall Street due for further dip? Charts say yes
• Apple eyes new stores in two Chinese cities as iPad suit continues
• Russia's watchdog targets TNK-BP shareholder pact
• Insight: Apax: A private equity firm with a revolving door
• Diageo splashes out to tap whisky boom
• Nasdaq to make Facebook compensation announcement
• U.S. regulator says looking at JPMorgan clawbacks
• Exclusive: Chesapeake CEO McClendon hires ex-SEC lawyer
• MF Global payouts could take six years: CMC exec
• Chevron faces problem regaining Brazil drill permit: ANP
• Chinese Estates suspended, Macau warns may seize site
• Argentina's YPF says needs billions to revive output
• Fannie Mae taps general counsel to be CEO
• Dow leaps, is on track for a second day of gains
• France to lower retirement age for some workers
• 2 California cities voters embrace pension cuts
• Google adds warning of 'state-sponsored attacks'
• AP Interview: Japan inspires Gaga's shoe designer
• US warns of Syria action, seeks transition plan
• EU seeks to shield taxpayers from bank failures
• LinkedIn investigating reports of stolen passwords
• Regulator: JPMorgan had 'inadequate' risk controls
• US Treasury prices fall as stocks rise strongly

Spanish bank rescue hopes boost Wall Street Posted: 06 Jun 2012 08:50 AM PDT NEW YORK (Reuters) - Stocks rose on Wednesday, with the Nasdaq Composite up 2 percent, on signs of urgent moves in Europe to rescue Spain's troubled banks. The Dow Jones industrial average rose 204.84 points, or 1.69 percent, to 12,332.79. The S&P 500 Index gained 22.37 points, or 1.74 percent, to 1,307.87. The Nasdaq Composite added 56.77 points, or 2.04 percent, to 2,834.88. (Reporting by Chuck Mikolajczak, editing by Dave Zimmerman)

It's your job to fix crisis, ECB tells governments Posted: 06 Jun 2012 08:26 AM PDT FRANKFURT (Reuters) - The European Central Bank on Wednesday put the onus firmly on euro zone governments to solve the bloc's debt crisis, dashing expectations it could take near-term action despite saying the currency area's economy was under increasing threat. After the ECB left interest rates at 1 percent, President Mario Draghi said the bank was not open to trading with governments on the policy response to the crisis. ...

First quarter productivity falls more than expected Posted: 06 Jun 2012 06:56 AM PDT WASHINGTON (Reuters) - Nonfarm productivity fell more than expected in the first quarter as companies gave more hours to employees but only modestly expanded output, revised data from Labor Department showed on Wednesday. Productivity slipped at a 0.9 percent annual rate, a sharper decline than the 0.5 percent initially reported by the government. Analysts polled by Reuters had expected productivity to decline at a 0.7 percent rate during the period. Employers slashed payrolls during the 2007-09 recession, helping fuel a spike in productivity. ...

EU, Germany exploring Spanish rescue, no request yet Posted: 06 Jun 2012 07:59 AM PDT MADRID/BERLIN (Reuters) - Germany and European Union officials are urgently exploring ways to rescue Spain's debt-stricken banks although Madrid has not yet requested assistance and is resisting being placed under international supervision, European sources said on Wednesday. Spain, the euro zone's fourth biggest economy, said on Tuesday it was effectively losing access to credit markets due to prohibitive borrowing costs and appealed to European partners to help revive its banks. ...

Morgan Stanley may sell part of commodities unit: CNBC Posted: 06 Jun 2012 08:40 AM PDT (Reuters) - Morgan Stanley is considering selling a stake in its commodities unit, according to a news report that, if true, could signal the extent to which regulatory pressures are weighing on the outlook for the business. The investment bank has been exploring a partial sale since at least last year and has talked to several parties, including private equity firm Blackstone Group LP , CNBC television reported Wednesday, citing sources. Spokespeople for Morgan Stanley and Blackstone declined to comment. ...

JPMorgan cuts IT spending outlook as economy slows Posted: 06 Jun 2012 04:29 AM PDT (Reuters) - JPMorgan Securities lowered its IT spending growth outlook for 2012 citing a slowdown in global production trends and spending by China, amid rising macroeconomic uncertainties in Europe and the United States. JPMorgan technology analysts lowered their forecast for global IT spending growth to 2.2 percent from 3.8 percent for the year. "We are concerned that the region (China) could be a source of increasing uncertainty for most technology segments," they wrote in a research note to clients. ...

EU edges towards banking union, too late for Spain Posted: 06 Jun 2012 06:03 AM PDT BRUSSELS (Reuters) - The European Commission proposed far-reaching powers for regulators to take control of failing banks on Wednesday, a step towards the banking union wanted by the European Central Bank, which will come too late to help Spain. The plans, which spell out an insolvency regime for banks and empower regulators to intervene to prevent a collapse from triggering panic, first need to be approved by EU countries and the European Parliament and may not take effect until 2015. ...

Germany finalizing face-saving aid deal for Spain Posted: 06 Jun 2012 07:51 AM PDT BERLIN (Reuters) - A deal is in the works that would allow Spain to recapitalize its stricken banks with aid from its European partners but avoid the embarrassment of having to adopt new economic reforms imposed from the outside, German officials say. While Berlin remains firm in its rejection of Spain's calls for Europe's rescue funds to lend directly to its banks, the officials said that if Madrid put in a formal aid request, funds could flow without it submitting to the kind of strict reform program agreed for Greece, Portugal and Ireland. ...

Cyprus on financial brink from Greek exposure Posted: 06 Jun 2012 07:42 AM PDT NICOSIA (Reuters) - Cyprus is racing to meet an end-June deadline to pump 1.8 billion euros ($2.24 billion) into Cyprus Popular Bank - heavily exposed to Greek bonds - but will struggle to attract investors as long as the outcome of this month's election in Greece is unclear. The island nation's only other option is finding the money - about 10 percent of its economy - itself, raising the odds that it will become the fourth euro zone country to be bailed out after Ireland, Portugal and Greece. ...

Moody's cuts German, Austrian banks on euro risks Posted: 06 Jun 2012 04:43 AM PDT (Reuters) - Moody's Investors Service cut the credit ratings of six German banking groups and Austria's three largest banks on Wednesday, underscoring that even the euro zone's strongest economies face risks if the region's debt crisis deepens. The downgrades to Commerzbank AG , Germany's second-largest lender, and several smaller German banks are part of a broad review of financial institutions in the euro bloc that has had investors on edge, but were mild compared with cuts for banks in weaker economies such as Spain and Italy. ...

Barrick ousts CEO, aiming to spur share price Posted: 06 Jun 2012 07:08 AM PDT TORONTO (Reuters) - Barrick Gold Corp , whose shares have languished in recent years despite surging bullion prices, has ousted Chief Executive Aaron Regent and promoted Chief Financial Officer Jamie Sokalsky to the top job at the world's largest gold miner. Shares of Barrick have risen just 3.9 percent since the market close on January 15, 2009, the day before Aaron Regent took over as Barrick CEO. By comparison, the S&P/TSX Global Gold Index, which includes Barrick, has risen 18.8 percent in the same period. Barrick's shares, which rose 2.1 percent to C$44. ...

Two Fed officials cool to more easing Posted: 05 Jun 2012 06:44 PM PDT ST.LOUIS/NEW YORK (Reuters) - Two top Federal Reserve officials suggested on Tuesday that the U.S. central bank is not preparing to ease monetary policy at a meeting later this month as the economic outlook has not deteriorated to the point where action is warranted. Both James Bullard, president of the St. Louis Federal Reserve Bank, and Dallas Fed President Richard Fisher were cool to the idea of new monetary stimulus in response to last month's disappointing U.S. jobs growth and boiling financial tensions in Europe. ...

Pfizer job cuts highlight Irish exposure to patent expiries Posted: 06 Jun 2012 05:20 AM PDT DUBLIN (Reuters) - Pfizer Inc will cut 177 jobs in Ireland following the expiration of patents on blockbuster cholesterol drug Lipitor, highlighting the exposure of Ireland's export-driven economy to the patent cliff facing many in the pharmaceutical sector. Eight of the world's top 10 pharmaceutical companies operate in Ireland. The sector employs around 25,000, according to business lobby group IBEC, and last year produced 26 billion euros ($32 billion) worth of products, representing 28 percent of total goods exported. ...

News Corp buys Disney stake in Asian sports JV Posted: 06 Jun 2012 03:31 AM PDT (Reuters) - Rupert Murdoch's News Corp has bought out Walt Disney Co's 50 percent stake in Asian joint venture ESPN STAR Sports (ESS) for an undisclosed sum, the two companies said on Wednesday, ending a 16-year partnership in the region. ESS operates 28 broadcast networks in 24 Asian countries, including a number focused on cricket, one of the biggest sports in the region. "News Corporation's acquisition of the interest of ESS that we did not already own ... ...

Nokia fights back with cheap touchscreen phones Posted: 06 Jun 2012 01:32 AM PDT HELSINKI (Reuters) - Struggling mobile phone maker Nokia Oyj has unveiled its first full touchscreen phones aimed at the budget end of the market, as it looks to fill a gap in its product range and catch up with rivals, particularly in emerging markets. Nokia has lost out badly to Apple Inc and Google Inc in the smartphone market and last quarter also lost its position as the world's largest volume cellphone maker to Samsung Electronics. ...

Diageo splashes out to tap whisky boom Posted: 06 Jun 2012 04:08 AM PDT LONDON (Reuters) - Diageo Plc , the largest producer of Scotch whisky, is to invest over 1 billion pounds ($1.5 billion) in the drink over the next five years to meet growing demand from the emerging markets of Asia, Latin America and Africa. Rivals are also expanding, with the world's second-biggest Scotch producer Pernod Ricard unveiling a 40 million pound investment last week at its malt distilleries to boost supplies of its top sellers like Ballantine's and Chivas Regal. ...

Analysis: Wall Street due for further dip? Charts say yes Posted: 06 Jun 2012 03:48 AM PDT NEW YORK (Reuters) - Sometimes "oversold" means "sell more." The S&P 500 Index was hit by a double whammy in the past few days. On Friday, the index fell below its 200-day moving average for the first time in nearly five months. Then on Monday, the index at its worst point fell more than 10 percent from its April 2 peak. Both, according to chart-watchers, are ominous signs for those hoping that the recent sell-off was going to be brief. The S&P 500 Index, which closed on Tuesday at 1,285.50, has now given up most of its gains this year. ...

Apple eyes new stores in two Chinese cities as iPad suit continues Posted: 05 Jun 2012 11:02 PM PDT SHANGHAI (Reuters) - Apple Inc is looking to open flagship stores in the major Chinese cities of Chengdu and Shenzhen, government officials said on Wednesday, while it continues to fight a Chinese company over the use of the iPad trademark. Opening stores in Shenzhen and Chengdu will be a big boost for Apple's China business, which currently has only five stores on the mainland, three in Shanghai and two in Beijing. In April, Apple reported quarterly profit that almost doubled after a jump in iPhone sales, particularly for the greater China region. ...

Russia's watchdog targets TNK-BP shareholder pact Posted: 06 Jun 2012 02:37 AM PDT MOSCOW (Reuters) - Shareholder agreements such as the pact between BP and its Russian partners in TNK-BP must be made public under legislative amendments agreed by Russia's Federal Anti-Monopoly Service, the agency's deputy head said on Wednesday. Anatoly Golomolzin told Reuters the amendments had been agreed following a complaint by Rosneft after the Russian state oil company's share swap and Arctic exploration deal with BP collapsed last year in the face of opposition from its Russian partners. Rosneft appealed to the competition watchdog after the failure of the deal, he said. ...

Insight: Apax: A private equity firm with a revolving door Posted: 06 Jun 2012 02:05 AM PDT NEW YORK/LONDON (Reuters) - Apax Partners LLP has lost or terminated more than half of its senior dealmakers over the past five years, a high level of turnover. Some investors say this is a concern as they decide whether to invest in a new fund that Apax, one of the world's largest private equity firms, is hoping will raise 9 billion euros ($11.2 billion). Since 2007, when it raised an 11.2 billion euro fund, 31 out of Apax's 50 partners have departed, according to company documents shared with investors that were reviewed by Reuters, and publicly available data. ...

Diageo splashes out to tap whisky boom Posted: 06 Jun 2012 01:02 AM PDT LONDON (Reuters) - Drinks group Diageo Plc is to invest over 1 billion pounds ($1.5 billion) in Scotch whisky production over the next five years, creating hundreds of jobs, to meet growing demand from the emerging markets of Asia, Latin America and Africa. The maker of Johnnie Walker, J&B and Bells whisky said it plans to build a new malt distillery, expand a number of its other distilleries and develop plans for a second new distillery if global demand is sustained at expected levels. ...

Nasdaq to make Facebook compensation announcement Posted: 05 Jun 2012 06:39 PM PDT NEW YORK (Reuters) - Nasdaq OMX Group Inc has reached out to at least one brokerage that lost money due to Facebook's botched initial public offering on the exchange, saying it will make an announcement on Wednesday, a person at the brokerage firm said on Tuesday. Nasdaq is expected to release details of a plan to make up some losses sustained by banks and trading firms, which collectively have been estimated above $100 million, in a filing with the U.S. Securities and Exchange Commission, according to the Wall Street Journal, citing unnamed sources. Nasdaq declined to comment on Tuesday. ...

U.S. regulator says looking at JPMorgan clawbacks Posted: 05 Jun 2012 04:13 PM PDT WASHINGTON (Reuters) - U.S. bank regulators will review whether JPMorgan Chase & Co executives should have to give back compensation due to the bank's failed hedging strategy that has produced at least $2 billion in losses, the head of the Office of the Comptroller of the Currency said. OCC chief Thomas Curry said his agency will evaluate the compensation of the Chief Investment Office responsible for the trading loss, and will assess JPMorgan's determination on clawbacks as part of that evaluation. ...

Exclusive: Chesapeake CEO McClendon hires ex-SEC lawyer Posted: 05 Jun 2012 05:53 PM PDT WASHINGTON (Reuters) - The embattled chief executive of Chesapeake Energy Corp. has hired a top defense lawyer to represent him in a securities regulatory inquiry into $1.3 billion in personal loans, three people familiar with the situation said. CEO Aubrey McClendon has retained Marvin Pickholz, a partner with Duane Morris and a former assistant director of enforcement with the U.S. Securities and Exchange Commission. He is counseling McClendon in connection with the SEC inquiry into loans he obtained from an investment firm doing business with the natural gas company. ...

MF Global payouts could take six years: CMC exec Posted: 05 Jun 2012 02:58 PM PDT CHICAGO (Reuters) - The complex pursuit of the missing $1.6 billion in segregated customer funds lost by bankrupt broker MF Global could take up to six years to sort out, with full payback to customers unlikely, a top futures industry official said on Tuesday. "Six years, that's my personal estimate," Christine Cochran, an attorney and president of the Commodity Markets Council, told Reuters in an interview on the sidelines of an industry meeting on MF Global at the CME Group offices. ...

Chevron faces problem regaining Brazil drill permit: ANP Posted: 05 Jun 2012 07:05 PM PDT RIO DE JANEIRO (Reuters) - Chevron , the second-largest U.S. oil company, faces problems regaining its Brazilian oil-drilling rights because it has not explained how it plans to "mitigate" problems at an offshore field, Magda Chambriard, Brazil's chief oil regulator, told reporters on Tuesday. Chevron had its Brazilian drilling license suspended by the regulator, known as the ANP, after a November oil spill in the Frade field northeast of Rio de Janeiro. The oil was dispersed and did not reach the coastline. ...

Chinese Estates suspended, Macau warns may seize site Posted: 05 Jun 2012 08:22 PM PDT HONG KONG (Reuters) - Trading in shares of Hong Kong-based developer Chinese Estates was suspended on Wednesday, after the Macau government issued a statement warning it could seize back five plots of land where the company is building a multi-tower project. A former senior official in Macau, Asia's gambling capital, was convicted of six fresh charges of corruption and three more counts of money laundering on May 31, and had his sentence extended by six months to 29 years by the Macau Court of Final Appeal, the court said in its ruling. ...

Argentina's YPF says needs billions to revive output Posted: 05 Jun 2012 05:27 PM PDT BUENOS AIRES (Reuters) - Argentina's state-controlled energy company YPF will need to invest $7 billion a year to boost flagging natural gas and oil output by more than a quarter by 2017, the new chief executive said on Tuesday. Center-left President Cristina Fernandez seized control of YPF from Repsol in April, accusing the Spanish oil major of investing too little and making the country increasingly reliant on pricey imports. ...

Fannie Mae taps general counsel to be CEO Posted: 05 Jun 2012 04:35 PM PDT WASHINGTON (Reuters) - Fannie Mae , the top provider of mortgage money in the United States, on Tuesday appointed its general counsel, Timothy Mayopoulos, as chief executive. Mayopoulos, 53, will become CEO effective June 18, the company said in a statement, taking the reins barely a month after Fannie reported its first profitable quarter since September 2008, when it was seized by the federal government. "I didn't take the job with the expectation that anyone would say to me that I was doing a public service," Mayopoulos told Reuters. ...

Dow leaps, is on track for a second day of gains Posted: 06 Jun 2012 08:55 AM PDT A 200-point charge turned the Dow Jones industrial average positive for the year following a dismal stretch in May.

France to lower retirement age for some workers Posted: 06 Jun 2012 08:54 AM PDT France's new Socialist government is moving to lower the retirement age from 62 to 60 years old for certain workers, bucking the trend in developed countries in a gesture to unions that critics say is a costly mistake.

2 California cities voters embrace pension cuts Posted: 06 Jun 2012 08:47 AM PDT Voters in two major California cities overwhelmingly approved cuts to retirement benefits for city workers in what supporters said was a mandate that may lead to similar ballot initiatives in other states and cities buried under mounting pension obligations.

Google adds warning of 'state-sponsored attacks' Posted: 06 Jun 2012 08:45 AM PDT Google said Wednesday that it has added a feature to warn users whose accounts it believes are targets of "state-sponsored attacks," but the Internet giant did not cite a specific government.

AP Interview: Japan inspires Gaga's shoe designer Posted: 06 Jun 2012 08:42 AM PDT A Japanese shoe designer has become a pop diva's favorite by taking geisha and making it Gaga.

US warns of Syria action, seeks transition plan Posted: 06 Jun 2012 08:40 AM PDT The Obama administration is warning Syria that U.N. sanctions may be near, as Secretary of State Hillary Rodham Clinton heads Wednesday to Turkey to talk strategy with America's allies and look for a way to win Russia's support for a transition plan ending the Assad regime.

EU seeks to shield taxpayers from bank failures Posted: 06 Jun 2012 08:35 AM PDT European officials proposed Wednesday a new system of financial regulations that aims to keep bank failures from costing taxpayers billions and bankrupting governments.

LinkedIn investigating reports of stolen passwords Posted: 06 Jun 2012 08:31 AM PDT Business social network LinkedIn says it is investigating reports that more than six million passwords have been stolen and leaked onto the Internet.

Regulator: JPMorgan had 'inadequate' risk controls Posted: 06 Jun 2012 08:23 AM PDT A top federal regulator says JPMorgan Chase had weak controls in place to contain risk in its investment division that suffered a $2 billion-plus trading loss.

US Treasury prices fall as stocks rise strongly Posted: 06 Jun 2012 08:11 AM PDT Treasury prices are falling after stocks opened with their first strong rise in more than a week.

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