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• Wall Street edges up after data
• Factory orders rise more than expected in May
• Intel fights $1.3 billion EU antitrust fine in court
• Microsoft takes $6.2 billion charge, slows Internet hopes
• Barclays CEO Diamond quits over rate rigging
• Apple says disagrees with Italy antitrust complaint
• ECB expected to cut, may take more to sustain markets
• JPMorgan probed over possible power market manipulation
• Detroit automakers show strong June sales
• Analysis: Opel brand identity crisis a self-inflicted wound
• Samsung loses bid to lift ban on U.S. tablet sales
• Insight: As banks deepen commodity deals, Volcker test likely
• Boeing hikes 20-year market forecast to $4.5 trillion
• In a surprise move, Duke Energy CEO to run united company
• E.ON ups 2012 outlook after Gazprom gas deal
• Exclusive: U.S. probes Chesapeake, rival over possible collusion
• Greece must pay suppliers' arrears: EU taskforce head
• Analysis: UK pound on solid ground, even if more printed
• U.S. consumers better at debt repayment for now
• Nomura dumped as Development Bank of Japan bond underwriter
• Analysis: Sharing a vision may be Europe's biggest challenge
• Global shares rise as hopes of policy easing grow
• Airbus to open factory on rival Boeing's U.S. turf
• Barclays boss under pressure as bank inquiry launched
• Manufacturing shrinks, first time in nearly three years
• Japan tells 12 securities firms to check control systems
• China June official services PMI rises to three-month high
• Barclays exec blamed for order to misreport rates
• Stocks rise thanks to oil prices, factory orders
• Oil prices at highest since May on Iran concerns
• ECB to trim interest rates, but no more
• EU court OKs resale of software licenses
• Ex-President Sarkozy's home, offices searched
• Diamond in the rough; Banker Bob falls on sword
• Chrysler's US sales rise 20 percent in June
• Euro edges up as Spanish bond yields fall
• Duke, Progress complete merger; Progress CEO out

Wall Street edges up after data Posted: 03 Jul 2012 08:14 AM PDT NEW YORK (Reuters) - Stocks were slightly higher on Tuesday after better-than-expected data on factory orders. The Commerce Department said new orders for manufactured goods rose 0.7 percent during May. Economists had forecast orders rising 0.2 percent. Trading is expected to remain volatile on low volume as U.S. stock markets close at 1 p.m. ET. (1700 GMT) ahead of the Independence Day holiday on Wednesday. Volume is likely to start building up from early Thursday, ahead of Friday's non-farm payrolls data. "Investors have to be prepped for one of two outcomes on Friday. ...

Factory orders rise more than expected in May Posted: 03 Jul 2012 07:12 AM PDT WASHINGTON (Reuters)- New orders for U.S. factory goods rose more than expected in May, a hopeful sign for U.S. manufacturers who have appeared more vulnerable to Europe's festering debt crisis. The Commerce Department said on Tuesday new orders for manufactured goods rose 0.7 percent during the month. Economists had forecast orders rising 0.2 percent. The report showed broad gains across industries making everything from machinery and appliances to cars and planes. Still, the trend in U.S. manufacturing has appeared softer and has added to concerns the economic recovery is losing steam. ...

Intel fights $1.3 billion EU antitrust fine in court Posted: 03 Jul 2012 07:23 AM PDT LUXEMBOURG (Reuters) - EU antitrust regulators relied on "profoundly inadequate" evidence in their case against Intel, the U.S. chipmaker said in court on Tuesday in a bid to quash a record 1.06 billion euro ($1.33 billion) fine. The European Commission penalised the world's No.1 chipmaker three years ago for hindering arch-rival Advanced Micro Devices, after an eight-year investigation. The fine, which represented 4.15 percent of Intel's 2008 turnover versus a possible maximum of 10 percent, was the biggest ever levied on a company. ...

Microsoft takes $6.2 billion charge, slows Internet hopes Posted: 03 Jul 2012 03:25 AM PDT SEATTLE (Reuters) - Microsoft Corp admitted its largest acquisition in the Internet sector was effectively worthless and wiped out any profit for the last quarter, as it announced a $6.2 billion charge to write down the value of an online advertising agency it bought five years ago. The announcement came as a surprise, but did not shock investors, who had largely forgotten Microsoft's purchase of aQuantive in 2007, which was initially expected to boost Microsoft's online advertising revenue and counter rival Google Inc's purchase of digital ad firm DoubleClick. ...

Barclays CEO Diamond quits over rate rigging Posted: 03 Jul 2012 08:51 AM PDT LONDON (Reuters) - Barclays chief executive Bob Diamond quit on Tuesday under fire from politicians and regulators as the bank defended its actions in an interest rate-rigging scandal involving a dozen banks and which threatens to drag in government and the Bank of England. "The external pressure placed on Barclays has reached a level that risks damaging the franchise - I cannot let that happen," said Diamond, 61. ...

Apple says disagrees with Italy antitrust complaint Posted: 03 Jul 2012 08:55 AM PDT MILAN (Reuters) - Tech giant Apple disputed on Tuesday a request by the Italian competition authority that it must offer a free two-year warranty on its goods or face fines of 300,000 euros ($378,200) and even temporary closure of its Italian operations. Italy's antitrust watchdog, AGCM, has already fined divisions of Apple 900,000 euros for failing to offer the free guarantee, which is obligatory under Italian law. The regulator said on Monday Apple had not fully complied with the initial request and was threatening the U.S. giant with new fines. ...

ECB expected to cut, may take more to sustain markets Posted: 03 Jul 2012 02:50 AM PDT FRANKFURT (Reuters) - The European Central Bank is expected to cut interest rates to a record low on Thursday but may need to do more to satisfy financial markets already starting to wonder about the solidity of last week's summit measures to tackle the euro zone crisis. Steady inflation and a dire batch of economic performance indicators, including signs of weakness in euro zone powerhouse Germany, give the ECB cover to back up the EU summit deal with a quarter-point cut in its benchmark rate to 0.75 percent. ...

JPMorgan probed over possible power market manipulation Posted: 03 Jul 2012 08:52 AM PDT NEW YORK (Reuters) - U.S. energy regulators have subpoenaed JPMorgan Chase & Co twice in the past three months as part of an investigation into whether the bank manipulated power markets in California and the Midwest. The Federal Energy Regulatory Commission (FERC) on Monday filed a petition in U.S. federal court to require JPMorgan to produce emails from 2010 and 2011 as part of a formal probe into JPMorgan power market bidding practices in those areas. ...

Detroit automakers show strong June sales Posted: 03 Jul 2012 07:33 AM PDT (Reuters) - Major automakers showed stronger-than-expected sales gains, as June U.S. auto sales rebounded from a disappointing May. Auto sales are an early sign of consumer spending each month. The auto industry has been one of the bright spots in the U.S. economy this year, but deteriorating European markets have led industry executives to worry about possible contagion spreading to North America. Last week, General Motors Co Chief Executive Dan Akerson said he expected sales for June would be "surprisingly strong" at an annualized sales rate of between 14 million and 14.2 million. ...

Analysis: Opel brand identity crisis a self-inflicted wound Posted: 03 Jul 2012 08:18 AM PDT FRANKFURT (Reuters) - Carmaker Opel, General Motors' ailing European brand, could use a little ancient wisdom if it wants to reverse the $3.5 billion losses of the last three years: know thyself. Specifically, know whether your customers really do want to pay extra for the latest driver assistance features or whether dreams of being an upscale marque will chase away your dwindling band of loyal buyers. ...

Samsung loses bid to lift ban on U.S. tablet sales Posted: 03 Jul 2012 03:46 AM PDT (Reuters) - A U.S. judge on Monday rejected a request by Samsung Electronics Co. to lift a ban on U.S. sales of its Galaxy Tab 10.1, dealing a third legal setback to the South Korean firm in just a week, as it braces for a make-or-break patent trial later this month with Apple Inc. Apple and Samsung, the world's largest consumer electronics corporations, are waging legal war in around 10 countries, accusing each other of patent violations as they vie for supremacy in a fast-growing market for mobile devices. U.S. ...

Insight: As banks deepen commodity deals, Volcker test likely Posted: 03 Jul 2012 07:36 AM PDT NEW YORK/WASHINGTON (Reuters) - The subtext of JPMorgan's landmark deal to buy crude and sell gasoline for the largest oil refinery on the U.S. East Coast was barely disguised. In joining private equity firm Carlyle Group to help rescue Sunoco Inc's Philadelphia plant from likely closure, the Wall Street titan cast its multibillion-dollar physical commodity business as an essential client service, financing inventory and trading on behalf of the new owners. ...

Boeing hikes 20-year market forecast to $4.5 trillion Posted: 03 Jul 2012 05:17 AM PDT LONDON (Reuters) - Planemaker Boeing Co hiked its 20-year market forecast, predicting demand for 34,000 new aircraft worth $4.5 trillion, on growth in emerging regions and as airlines seek efficient new planes to counter high fuel costs. Many airlines are facing tough conditions as consumers and businesses in austerity-hit regions cut back on travel, while high fuel prices are taking their toll on profit. ...

In a surprise move, Duke Energy CEO to run united company Posted: 03 Jul 2012 06:25 AM PDT (Reuters) - Duke Energy Corp closed its $18 billion buyout of Progress Energy Inc on Tuesday and said Progress Chief Executive Bill Johnson has resigned and will not be taking the top job at the combined company as had been previously planned. Duke CEO Jim Rogers, 64, will become CEO of the combined company, while remaining chairman, the company said. Duke said the resignation of Johnson, 58, was by "mutual agreement." The deal, first announced in January 2011, creates the largest U.S. power company with 7. ...

E.ON ups 2012 outlook after Gazprom gas deal Posted: 03 Jul 2012 03:24 AM PDT FRANKFURT (Reuters) - E.ON , Germany's biggest utility, raised its earnings forecasts for 2012 after the group reached a deal with Russia's Gazprom over long-term gas supply contracts. E.ON said on Tuesday it now expected earnings before interest, tax, depreciation and amortization (EBITDA) of 10.4-11.0 billion euros ($13.1-13.8 billion), compared with a previous target corridor of 9.6-10.2 billion. Underlying net income for the year is expected to reach 4.1-4.5 billion euros, up from a previous forecast of 2.3-2.7 billion. ...

Exclusive: U.S. probes Chesapeake, rival over possible collusion Posted: 03 Jul 2012 03:40 AM PDT WASHINGTON (Reuters) - The U.S. Justice Department is probing Chesapeake Energy Corp and Encana Corp for possible collusion after a Reuters report showed that top executives of the two rivals plotted in 2010 to avoid bidding against each other in Michigan land deals, a source close to the probe said. The report uncovered emails showing that the two natural gas companies repeatedly discussed how to avoid bidding against each other in a public land auction in Michigan and in nine prospective deals with private land owners in the state. ...

Greece must pay suppliers' arrears: EU taskforce head Posted: 03 Jul 2012 01:35 AM PDT ATHENS (Reuters) - Greece must prioritize paying out arrears it has racked up with suppliers to get funds flowing again to cash-strapped businesses, the head of the EU taskforce that is helping rebuild the country's economy said on Tuesday. "The first step (in improving access to financing) is to pay the arrears that have accumulated," Horst Reichenbach told a conference in Athens. ...

Analysis: UK pound on solid ground, even if more printed Posted: 03 Jul 2012 02:44 AM PDT LONDON (Reuters) - Britain's pound looks set to climb against the euro even if the Bank of England turns on its printing presses this week and buys more bonds in an attempt to pump money into the struggling economy. The safe-haven status of sterling is expected to outweigh concerns that such loose monetary policy weakens a currency. Worries about the euro zone will see to that. ...

U.S. consumers better at debt repayment for now Posted: 03 Jul 2012 02:49 AM PDT WASHINGTON (Reuters) - U.S. consumers continued to make improvements in paying back their debts during the first quarter of this year but the trend may slow in the coming quarters, the American Bankers Association said on Tuesday. The ABA said consumer delinquencies fell in 10 of 11 categories it tracks, including personal loans, bank cards and direct auto loans. The only category in which delinquencies rose was in home equity lines of credit. That rate of delinquency rose to 1.78 percent of all accounts from 1. ...

Nomura dumped as Development Bank of Japan bond underwriter Posted: 02 Jul 2012 11:17 PM PDT TOKYO (Reuters) - Japan's leading brokerage Nomura Securities has been dropped as an underwriter for planned bond offerings by the Development Bank of Japan because of its involvement in insider trading scandals. It is the latest sign that an investigation by Japan's Securities and Exchange Surveillance Commission (SESC) into insider trading is hitting Nomura's business, and is likely to increase the pressure on the broker's CEO Kenichi Watanabe to move quickly to take action to limit further damage. ...

Analysis: Sharing a vision may be Europe's biggest challenge Posted: 03 Jul 2012 03:16 AM PDT LONDON (Reuters) - It's 2025 and Angela Merkel, Europe's first democratically elected president, is reviewing a crowded agenda for the new session of the increasingly powerful European Parliament. The head of the European Monetary Fund is recommending a big increase in the by now well-established financial transactions and carbon taxes to fund emergency transfers from Brussels to the European Union's new Balkan members. ...

Global shares rise as hopes of policy easing grow Posted: 03 Jul 2012 05:04 AM PDT LONDON (Reuters) - Global shares rose on Tuesday as expectations rose that major central banks will take more action to support the world economy, after factory data highlighted the drag on growth from the euro zone debt crisis. With European and Asian shares higher, U.S. stocks were also poised to extend their recent gains, and oil hit $100 a barrel for the first time in three weeks as tension over Iran added to the talk of policy easing. However, the euro steadied near $1. ...

Airbus to open factory on rival Boeing's U.S. turf Posted: 02 Jul 2012 09:11 PM PDT MOBILE, Alabama (Reuters) - Flanked by U.S. Gulf Coast politicians, top executives from Airbus unveiled plans to build their first U.S. factory and said it will help the European planemaker win market share from Boeing Co in the world's busiest aviation market. The plant in Mobile, Alabama, is due to open in 2016 and will assemble narrow-body A320 aircraft, said Airbus, a unit of EADS . The facility is expected to create some 1,000 jobs and help the company take "more than a few percentage points" of market share from its prime rival, Airbus sales chief John Leahy said. ...

Barclays boss under pressure as bank inquiry launched Posted: 02 Jul 2012 09:11 PM PDT LONDON (Reuters) - Pressure grew on Barclays Plc Chief Executive Bob Diamond to quit as Britain launched an inquiry on Monday into a market-rigging scandal, saying a "culture that flourished in the age of irresponsibility" among bankers had to end. Barclays Chairman Marcus Agius resigned on Monday, saying "the buck stops with me" as the scandal over manipulating Libor interest rates claimed its first major scalp. ...

Manufacturing shrinks, first time in nearly three years Posted: 02 Jul 2012 02:49 PM PDT NEW YORK (Reuters) - Manufacturing shrank in June for the first time in nearly three years as new orders plummeted, according to one measure of the sector that provided a stark sign of the economic recovery's slowdown. The Institute for Supply Management said on Monday its index of national factory activity fell to 49.7 from 53.5 the month before, missing expectations of 52.0, according to a Reuters poll of economists, and below even the lowest forecast. It was the first time since July 2009 that the index has fallen below the 50 mark that separates expansion from contraction. ...

Japan tells 12 securities firms to check control systems Posted: 02 Jul 2012 08:36 PM PDT TOKYO (Reuters) - Japan's Financial Services Minister Tadahiro Matsushita said on Tuesday he has asked 12 large securities houses involved in public offerings to check their information control systems and inform his ministry of the results. The request comes after scandals over insider trading in number of large public offerings in Japan, including one involving employees of Nomura Securities . Five Japanese and seven foreign firms were named by the ministry. Besides Nomura the Japanese firms are Daiwa, Nikko SMBC, Mizuho and Mitsubishi UFJ Morgan Stanley. ...

China June official services PMI rises to three-month high Posted: 02 Jul 2012 07:58 PM PDT BEIJING (Reuters) - China's services sector expanded at its fastest pace in three months in June, an official survey showed on Tuesday, but left intact market expectations that Beijing will deliver more policy measures to support growth in the near future. The latest survey by the National Bureau of Statistics and the China Federation of Logistics and Purchasing (CFLP) showed the purchasing managers' index for the country's non-manufacturing sector rose to 56.7 from 55.2 in May, the best reading since a 10-month high of 58.0 recorded in March. ...

Barclays exec blamed for order to misreport rates Posted: 03 Jul 2012 09:05 AM PDT Documents released by Barclays bank say that its departed chief operating officer, Jerry del Missier, was responsible for ordering others to report lower than actual borrowing rates.

Stocks rise thanks to oil prices, factory orders Posted: 03 Jul 2012 09:04 AM PDT Stocks are trading higher at midday, pushed up by a government report about higher factory orders for May. Energy stocks are up the most after the price of oil jumped to the highest level since May.

Oil prices at highest since May on Iran concerns Posted: 03 Jul 2012 09:01 AM PDT The price of oil jumped more than 4 percent Tuesday to the highest level since May on renewed fears of a military conflict with Iran.

ECB to trim interest rates, but no more Posted: 03 Jul 2012 08:58 AM PDT Europe's sinking economy and wobbly banks could get more help Thursday from an interest rate cut by the European Central Bank.

EU court OKs resale of software licenses Posted: 03 Jul 2012 08:53 AM PDT The EU's top court says software makers cannot prevent people who download programs from selling their licenses to other users as long as they disable their own copies.

Ex-President Sarkozy's home, offices searched Posted: 03 Jul 2012 08:38 AM PDT French investigators searched former President Nicolas Sarkozy's home and office on Tuesday as part of a probe into suspected illegal financing of his 2007 presidential campaign by the L'Oreal cosmetics heiress, an official said.

Diamond in the rough; Banker Bob falls on sword Posted: 03 Jul 2012 08:36 AM PDT He was a poster boy for corporate arrogance, telling Parliament last year that the time for bankers to apologize had passed.

Chrysler's US sales rise 20 percent in June Posted: 03 Jul 2012 08:35 AM PDT From mini cars to monster pickups, sales of vehicles charged higher in June despite concerns that Americans would be turned off by slower hiring and other scary headlines.

Euro edges up as Spanish bond yields fall Posted: 03 Jul 2012 08:34 AM PDT The euro is rising and the Japanese yen is falling against the dollar as trading slows in advance of the Independence Day holiday in the U.S.

Duke, Progress complete merger; Progress CEO out Posted: 03 Jul 2012 08:25 AM PDT Duke Energy Corp. and Progress Energy Inc. said Tuesday they had completed their merger now valued at about $32 billion to form the nation's largest electric company. But the normally routine event came with a twist.

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