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• Banks lead Wall Street's tepid rebound
• Moody's tilts playing field towards safe haven banks
• Euro's big four agree growth boost, split on bonds
• "Pretty high hurdle" to QE3: Fed's Bullard
• U.S. banking system strengthened by reform: White House
• Ritz Camera & Image lands in bankruptcy again
• ECB loosens lending rules to ease funding stress
• Whole EU backs bank oversight role for ECB: Welt
• U.S. regulators probe Chrysler 200, Ford Explorer
• Shell may replace Total in Shtokman: report
• Glencore protests at Bolivia mine nationalization
• VW, Porsche deepen production links despite stalled merger
• Bain to pay $1.3 billion for half Japan TV shopping channel: source
• Analysis: ECB reluctant to follow suit after Fed twists again
• Euro's big four seek way out of crisis in Rome
• At the Salo end of Nokia's deep crisis
• Carlyle in talks to refinance $1.9 billion Coates Hire debt: sources
• U.S. blacklist puts reverse takeover of Aussino in doubt: bankers
• Insight: Farmers hit paydirt with irrigation in arid spring
• Rosneft in talks to join Exxon in Iraq
• Former Murdoch executive Brooks faces British court
• European stocks fall, dollar up on data misery
• Adidas eyes Crossfit workout for lacklustre Reebok
• BHP looks to slice iron ore expansion plan
• Deutsche Bank mulls more cost cuts: paper
• Investors cast doubt on "end of world" hedge strategies
• Samsung probes burnt out Galaxy phone in Ireland
• IRS to review whistleblower program for speed, quality
• Shell may replace Total in Shtokman: report
• European, Asian stocks fall on growth worries
• Developments in British phone-hacking scandal
• US stocks bounce back, with banks leading the way
• Oil rises slightly after sharp drop-off
• News Summary: German business optimism fades
• First Solar shares soar on restart of LA project
• Spain aims to keep bank aid loans off govt books
• Feds probe engine stalling in Chrysler 200
• ECB eases lending to banks
• NYT adds tech heavyweights Ito, McAndrews to board

Banks lead Wall Street's tepid rebound Posted: 22 Jun 2012 08:45 AM PDT NEW YORK (Reuters) - Stocks rose on Friday as gains in banking shares helped the S&P 500 index rebound from its second-worst decline of the year. The index dropped 2.2 percent on Thursday, its biggest drop since a 2.5 percent fall on June 1, as evidence mounted of slowing manufacturing growth worldwide. "The market oversold yesterday so you're definitely getting a bounce off an overreaction," said Janna Sampson, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois. ...

Moody's tilts playing field towards safe haven banks Posted: 22 Jun 2012 08:49 AM PDT LONDON (Reuters) - Downgrades by ratings agency Moody's will make funding more expensive for banks that rely the most on capital markets, while reinforcing the competitive advantage of "safe haven" banks that can fund themselves from stable customer deposits. Stock markets took Moody's announcement that it had downgraded 15 of the world's biggest banks in their stride, as the rating agency's lowering by up to three notches had been widely anticipated. European bank shares were up by 0.2 percent by 1130 EDT on Friday, while the KBW index of U.S. banks was up by 1.0 percent. ...

Euro's big four agree growth boost, split on bonds Posted: 22 Jun 2012 08:38 AM PDT ROME (Reuters) - The leaders of Germany, France, Italy and Spain agreed on Friday on a 130 billion euros ($156 billion) package to try to revive economic growth in Europe but differed over whether and how to launch joint bonds to combat the euro zone's debt crisis. After a four-way summit in Rome's Renaissance Villa Madama, Italian Prime Minister Mario Monti said the European Union should adopt a series of growth measures worth about 1 percent of the region's gross domestic product at a summit next week. ...

"Pretty high hurdle" to QE3: Fed's Bullard Posted: 22 Jun 2012 06:43 AM PDT NEW YORK (Reuters) - Federal Reserve policymakers still see a "pretty high hurdle" before they would unleash a third round of quantitative easing, or QE3, a top Fed official said on Friday. Speaking two days after the U.S. central bank decided to take a more modest policy step to help the flailing economic recovery, St. Louis Fed Bank President James Bullard said the Fed has done "what it can do." "QE3 I think is viewed as still having a pretty high hurdle," Bullard said on Bloomberg TV. ...

U.S. banking system strengthened by reform: White House Posted: 22 Jun 2012 08:58 AM PDT ABOARD AIR FORCE ONE (Reuters) - U.S. banks are in better shape due to reforms and steps to boost capital levels since the 2008 financial crisis, the White House said on Friday, but it declined comment on a credit rating downgrade of some of the country's top financial firms. "What I can say is that the American banking system today is stronger and more stable as a result of the president's efforts to push for strong reforms in the Dodd-Frank legislation," White House spokesman Josh Earnest told reporters traveling with President Barack Obama to Florida. ...

Ritz Camera & Image lands in bankruptcy again Posted: 22 Jun 2012 08:33 AM PDT (Reuters) - Photography retail chain Ritz Camera & Image LLC filed for bankruptcy protection in a U.S. court early on Friday, less than three years after it emerged from its first bankruptcy. The company, which was founded in 1918, was bought in a bankruptcy auction in 2009 by a group led by its top executive. RCI, the group that included Ritz Camera President David Ritz, had entered a winning bid worth about $33.1 million for the chain's 375 stores. David Ritz is the second generation of his family to run the company and had expanded the business with a series of acquisitions. ...

ECB loosens lending rules to ease funding stress Posted: 22 Jun 2012 07:26 AM PDT FRANKFURT (Reuters) - The European Central Bank is to start accepting a wider range of collateral in its lending operations and assets of a lower quality, it said on Friday, its second such move in six months to neutralize growing funding pressures on struggling banks. "The Governing Council has reduced the rating threshold and amended the eligibility requirements for certain asset-backed securities (ABS)," the ECB said in a statement after its mid-month meeting, usually reserved for non-monetary policy issues. ...

Whole EU backs bank oversight role for ECB: Welt Posted: 22 Jun 2012 03:40 AM PDT BERLIN (Reuters) - All 27 countries in the European Union will support giving the European Central Bank a bigger supervisory role for the bloc's banking system at next week's summit, German newspaper Die Welt reported on Friday, citing EU diplomats. European Council President Herman Van Rompuy has mustered the support of all member states to ask the European Commission to draw up concrete plans for making the Frankfurt-based ECB the new central oversight body as soon as possible, it said. "Van Rompuy has the backing of all 27," the newspaper quoted one diplomat as saying. ...

U.S. regulators probe Chrysler 200, Ford Explorer Posted: 22 Jun 2012 07:57 AM PDT DETROIT (Reuters) - U.S. safety regulators opened two separate safety investigations into Chrysler Group LLC's 200 sedan due to complaints of engine stalling and Ford Motor Co's Explorer SUV for steering problems. Both vehicles are for the model year 2011. The two probes potentially affect more than 170,000 vehicles. The National Highway Traffic Safety Administration said in a posting on its website that it received 15 complaints about 2011 Chrysler 200 equipped 3.6-liter engines. ...

Shell may replace Total in Shtokman: report Posted: 22 Jun 2012 05:19 AM PDT LONDON (Reuters) - Russia will change the composition of a consortium to develop the giant Shtokman gas field, bringing in oil major Royal Dutch Shell in place of France's Total and keeping Norway's Statoil , a report said on Friday. International Oil Daily newsletter quoted sources close to the project leader, Russia's gas export monopoly Gazprom , as saying the changes are understood to have been approved by President Vladimir Putin. Shell and Statoil declined to comment. "There are far too many rumors," a Total spokesman said. ...

Glencore protests at Bolivia mine nationalization Posted: 22 Jun 2012 05:04 AM PDT LONDON (Reuters) - Angered by the nationalization of a tin and zinc mine in Bolivia, global commodities firm Glencore said on Friday it may seek compensation domestically or abroad. Bolivia's leftist government, headed by Evo Morales, took over operations at the Colquiri mine on Wednesday after weeks of violent protests. ...

VW, Porsche deepen production links despite stalled merger Posted: 22 Jun 2012 04:30 AM PDT BERLIN (Reuters) - Facing a drawn out battle to complete their long-planned integration, Volkswagen and Porsche will forge ahead with tighter manufacturing links that could deliver hundreds of millions of euros in annual savings. Unresolved tax and legal issues since the companies pledged to merge almost three years ago shifted the focus to operational integration. Porsche will start building its revamped Boxster roadster at a VW factory in Osnabrueck, Germany, in September and add a new version of the hardtop Cayman to the plant next year - the first Porsche models to be fully assembled at ...

Bain to pay $1.3 billion for half Japan TV shopping channel: source Posted: 22 Jun 2012 03:32 AM PDT TOKYO (Reuters) - Private equity firm Bain Capital will buy a 50 percent stake in Jupiter Shop Channel, a television shopping company, for about 100 billion yen ($1.3 billion) in Japan's largest private equity transaction this year, according to a person with direct knowledge of the firm. Bain said it would buy Jupiter Shop Channel, a market leader, from trading firm Sumitomo Corp , but it did not disclose the price. Bain is seen one of the most active foreign investment firms based in Tokyo. Last year it bought restaurant chain Skylark from an investment arm of Nomura Holdings . ...

Analysis: ECB reluctant to follow suit after Fed twists again Posted: 22 Jun 2012 05:44 AM PDT FRANKFURT (Reuters) - Investors are clamoring for a "shock and awe" crisis response from the European Central Bank akin to the massive money printing in the United States and Britain, but the ECB seems far from following suit despite the euro zone's spreading turmoil. Pressure is building for something to give. The policies euro zone governments are working on - a drive towards fiscal integration with an overarching banking union - will take months or years to put in place, and financial markets appear in no mood to give them that long. ...

Euro's big four seek way out of crisis in Rome Posted: 22 Jun 2012 06:28 AM PDT ROME (Reuters) - The leaders of Germany, France, Italy and Spain met in Rome on Friday seeking ways to restore confidence in the euro zone ahead of a full EU summit next week, which Italy's prime minister called a defining moment. Dangerously high Spanish borrowing costs have eased a little on market hopes for policy initiatives at the Brussels summit on June 28/29. If it falls short, Madrid may be pushed closer to eventually needing a sovereign bailout. ...

At the Salo end of Nokia's deep crisis Posted: 22 Jun 2012 05:34 AM PDT SALO, Finland (Reuters) - Nokia workers in Salo thought chief executive Stephen Elop signaled that their plant, Europe's last major mobile phone factory, would survive when he visited in February, but last week he announced its closure anyway. This final chapter in Nokia's long goodbye to manufacturing in Finland will claim about 850 jobs, on top of 1,000 announced earlier in the year, and rob the town of 90 percent of its tax revenue. Once the world's dominant mobile phone provider, Nokia has been bested in a smartphone war by Apple and Samsung and other phones running Google software. ...

Carlyle in talks to refinance $1.9 billion Coates Hire debt: sources Posted: 22 Jun 2012 03:19 AM PDT HONG KONG (Reuters) - Private equity fund Carlyle Group is in talks with banks to refinance A$1.9 billion ($1.9 billion) in loans used to buy out Australian equipment hire company Coates Hire Ltd, two sources familiar with the matter told Reuters. Carlyle borrowed the money in 2008 to fund its A$1.7 billion buyout of Coates, its first leveraged acquisition in Australia, said the sources, who declined to be named as they were not authorized to speak to the media. ...

U.S. blacklist puts reverse takeover of Aussino in doubt: bankers Posted: 22 Jun 2012 04:19 AM PDT SINGAPORE (Reuters) - A planned S$60 million ($47 million) reverse takeover of Singapore bed linen maker Aussino Group may not materialize as the firm planning to inject assets into Aussino is linked to a Myanmar businessman on a U.S. blacklist, bankers and lawyers said on Friday. While Singapore does not impose sanctions on Myanmar, the experts Reuters spoke to said authorities would be cautious about letting a firm list if there are question marks about the owners and managers. "Bankers are supposed to do due diligence to ensure integrity of management. Appearing on a U.S. ...

Insight: Farmers hit paydirt with irrigation in arid spring Posted: 22 Jun 2012 04:01 AM PDT MILL CREEK, Indiana (Reuters) - Bouncing down a county back road, squinting as a blazing sun intensifies one of the hottest, driest Midwest springs ever, farmer Dale Tuholski steers his pick-up truck between fortune and failure. To his left, new irrigation machinery sprays a fine mist across his corn field in northern Indiana, where emerald green plants sway in the breeze. To his right is a neighbor's land: the soil dry and dusty, the corn leaves curled. Amid the warmest first five months of the year since 1894 in the U.S. ...

Rosneft in talks to join Exxon in Iraq Posted: 22 Jun 2012 12:33 AM PDT MOSCOW (Reuters) - Russia's top crude oil producer, Rosneft , has been in talks with ExxonMobil about teaming up with the U.S. group to tap Iraq's huge West Qurna-1 oilfield, Kommersant daily reported on Friday. The daily, citing sources familiar with the situation, said Rosneft may secure 20 percent in the project operated by Exxon in southern Iraq, adding the talks could be wrapped up within a month. West Qurna-1, an 8. ...

Former Murdoch executive Brooks faces British court Posted: 22 Jun 2012 03:34 AM PDT LONDON (Reuters) - Former newspaper executive Rebekah Brooks, the woman at the heart of a scandal shaking Rupert Murdoch's media empire and the British government, appeared in court on Friday at the opening of her prosecution on charges of hiding evidence from police. Brooks, who is close to Murdoch and was friends with successive British prime ministers, resigned as chief executive of Murdoch's British newspaper group in July 2011 over revelations of phone-hacking by reporters at one of her papers. ...

European stocks fall, dollar up on data misery Posted: 22 Jun 2012 01:54 AM PDT LONDON (Reuters) - Oil briefly traded at its lowest in 18 months and European stocks fell on Friday, while the safe-haven dollar rose as weak German and U.S. data and a downgrade to some of the world's major banks unnerved investors. European stocks dropped nearly 1 percent after data showing German business sentiment fell for a second straight month in June to its lowest level in over two years, according to the Ifo think tank. The survey added to gloom from data on Thursday showing U.S. factory growth at its slowest in 11 months in June. ...

Adidas eyes Crossfit workout for lacklustre Reebok Posted: 22 Jun 2012 03:22 AM PDT WARSAW (Reuters) - Adidas will use a tough keep-fit trend and retro products to grow sales at Reebok to 3 billion euros ($3.8 billion) by 2015, after the unit was hit by a fraud scandal in India and the loss of its NFL American football contract, its CEO said. With Reebok's sales down 7 percent in the first quarter and annual sales expected to fall from 2011's 1.96 billion euros, its performance contrasts sharply with the rest of the Adidas group, which expects overall sales to rise nearly 10 percent in 2012. "We want to increase Reebok sales in 2013. ...

BHP looks to slice iron ore expansion plan Posted: 22 Jun 2012 01:56 AM PDT MELBOURNE (Reuters) - BHP Billiton is likely to cut the first stage of its estimated $10 billion iron ore port expansion in half, analysts and investors said, as it looks to slash capital spending due to rising costs and an uncertain market outlook. The Outer Harbour project in Western Australia is one of three mega projects in an $80 billion pipeline that BHP has slowed, under pressure from shareholders who want bigger dividends and buybacks rather than expensive projects with no short-term returns. ...

Deutsche Bank mulls more cost cuts: paper Posted: 22 Jun 2012 01:28 AM PDT FRANKFURT (Reuters) - Deutsche Bank is considering additional cost cutting measures, co-chief executives Anshu Jain and Juergen Fitschen told Frankfurter Allgemeine Zeitung in a joint interview published on Friday. "We need to once again speak about growth, but also about measures to raise efficiency, after all we have been tasked by the supervisory board with raising the value of our bank in the long run," Jain told the paper. Jain did not specify whether this would translate into job cuts. "Information technology is an area which looks promising in terms of potential efficiency gains. ...

Investors cast doubt on "end of world" hedge strategies Posted: 22 Jun 2012 01:10 AM PDT LONDON (Reuters) - Hedge fund investors have voiced their concerns about complex funds designed to protect against major market meltdowns, just as fears of a break-up of the euro zone have spurred huge interest in these products. So-called "tail risk" funds, also known as "black swan" strategies after the popular book by Nassim Nicholas Taleb, are supposed to hedge against rare but dangerous events, such as the market sell-off following Lehman Brothers' demise. ...

Samsung probes burnt out Galaxy phone in Ireland Posted: 22 Jun 2012 01:55 AM PDT SEOUL (Reuters) - Samsung Electronics Co said it was investigating reports that one of its flagship Galaxy S III smartphones exploded in a user's car in Ireland. Samsung launched its latest Galaxy S, the strongest rival for Apple's iPhone, in Europe on May 29 and in the United States on Thursday. It plans to roll out the device in its lucrative home market in South Korea on Monday. A Dublin-based consumer posted comments and photos on a web site on Wednesday (http://www.boards.ie/vbulletin/showthread. ...

IRS to review whistleblower program for speed, quality Posted: 21 Jun 2012 07:10 PM PDT NEW YORK (Reuters) - The Internal Revenue Service is planning a "comprehensive review" of its embattled whistleblower program to improve the speed and quality of its decisions, an agency official said in a June 20 memorandum. The IRS will work with "internal and external shareholders" to produce a set of expectations to speed up the evaluation and payment of whistleblower claims, IRS Deputy Commissioner Steven Miller wrote in a memorandum posted on the agency's website, first reported by Bloomberg News. ...

Shell may replace Total in Shtokman: report Posted: 22 Jun 2012 01:21 AM PDT LONDON (Reuters) - Russia will change the composition of a consortium to develop the giant Shtokman gas field, bringing in oil major Royal Dutch Shell in place of France's Total and keeping Norway's Statoil , a report said on Friday. International Oil Daily newsletter quoted sources close to the project leader, Russia's gas export monopoly Gazprom , as saying the changes are understood to have been approved by President Vladimir Putin. Shell declined to comment. Gazprom, Total and Statoil were not immediately available for comments. ...

European, Asian stocks fall on growth worries Posted: 22 Jun 2012 08:59 AM PDT European and Asian stocks fell Friday after economic reports suggested growth will weaken in the world's major economies. Downbeat data on Germany, China and the U.S. came on top of uncertainty over whether European leaders will make progress in tackling their debt crisis at key meetings.

Developments in British phone-hacking scandal Posted: 22 Jun 2012 08:57 AM PDT Developments in a phone-hacking scandal involving British newspapers owned by Rupert Murdoch's News Corp.:

US stocks bounce back, with banks leading the way Posted: 22 Jun 2012 08:57 AM PDT Banks are leading the stock market up in midday trading, a day after stocks had their second-worst loss of the year.

Oil rises slightly after sharp drop-off Posted: 22 Jun 2012 08:54 AM PDT The price of oil is up slightly following a sharp, two-day drop to the lowest level since October.

News Summary: German business optimism fades Posted: 22 Jun 2012 08:52 AM PDT GATHERING CLOUDS: A key measure of German business optimism fell in June, another sign that the financial crisis could slow Europe's biggest economy in coming months

First Solar shares soar on restart of LA project Posted: 22 Jun 2012 08:52 AM PDT Shares of First Solar Inc. surged more than 10 percent Friday, after the company said it reached a deal with Los Angeles County officials to install solar modules at a power plant that's currently under construction.

Spain aims to keep bank aid loans off govt books Posted: 22 Jun 2012 08:46 AM PDT Spain is pushing to have European rescue funds go directly to its troubled banks, rather than through the government, so that they do not add to the country's already heavy sovereign debt load and push it closer toward financial collapse.

Feds probe engine stalling in Chrysler 200 Posted: 22 Jun 2012 08:41 AM PDT Federal safety regulators are investigating complaints about engine stalling in some Chrysler 200 midsize sedans.

ECB eases lending to banks Posted: 22 Jun 2012 08:30 AM PDT The European Central Bank is making it easier for banks to take out its loans by allowing more kinds of securities to be offered up as collateral, a crisis measure that could support Spain's hard-pressed lenders but means more risk for the central bank's own finances.

NYT adds tech heavyweights Ito, McAndrews to board Posted: 22 Jun 2012 08:17 AM PDT The New York Times Co. is adding two technology heavyweights to its board of directors: Joichi Ito, an early investor in Twitter, Flickr and Kickstarter, and Brian McAndrews, a venture capitalist who specializes in funding technology start-up companies.

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