| Diamond admits "reprehensible" behavior at Barclays Posted: 04 Jul 2012 09:03 AM PDT  LONDON (Reuters) - The chastened former head of Barclays apologized for the "reprehensible" behavior of his traders who fixed interest rates, but told British lawmakers on Wednesday his bank had been unfairly singled out after coming forward to admit wrongdoing. Bob Diamond, 60, quit this week after Barclays agreed to pay nearly half a billion dollars in fines for manipulating the interest rates at the heart of the global financial system. British politicians have seized on the case as a symbol of a culture of greed that has poisoned the entire financial industry. ...
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| Shares, euro dragged lower by grim economic data Posted: 04 Jul 2012 09:20 AM PDT  LONDON (Reuters) - World shares, the euro and oil prices fell on Wednesday as evidence grew of the headwinds facing the global economy, though hopes of policy easing by major central banks limited the falls. Strong demand for safe-haven German debt at a bond auction also signaled that investors remain worried about the implementation of recently agreed measures to help ease the euro zone's debt crisis, with Spanish and Italian bond yields higher. However, activity was very subdued with U.S. ...
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| No let up in gloom for Europe's big economies Posted: 04 Jul 2012 06:57 AM PDT LONDON (Reuters) - All of Europe's biggest economies are in recession or heading there and there is little sign things will improve soon, surveys showed on Wednesday, backing a growing view the region's major central banks are poised to ease policy this week. Business surveys covering thousands of companies suggested the euro zone economy contracted again between March and June, and that Britain's mild recession extended into a third straight quarter. ... |
| Exclusive: Mexico's Slim not eyeing more Europe buys for now Posted: 03 Jul 2012 10:12 PM PDT  MEXICO CITY (Reuters) - Mexican tycoon Carlos Slim said on Tuesday he has no immediate plans for further telecommunications purchases in Europe after buying into Dutch firm KPN and Telekom Austria. Asked if he was looking to expand further in Europe after the two recent deals, Slim told Reuters: "No, no. We're not looking for nothing now. We are going to consolidate what we've got. ...
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| Fiat boosted by Chrysler buyout optimism Posted: 04 Jul 2012 07:44 AM PDT MILAN (Reuters) - Fiat shares rose 5 percent on Wednesday, bolstered by optimism about the Italian automaker's ability to buy out the remaining 38.2 percent in its U.S. unit Chrysler, which would give it a bigger benefit from a booming U.S. market. Remarks by Fiat Chief Executive Sergio Marchionne late on Tuesday indicated that he was ready to pay cash for the remaining stake in Chrysler "at any time". He also indicated he could do it in 2015, in advance of a 2016 deadline for Fiat to incrementally buy up 16.6 percent of Chrysler at a price tied to a market multiple. ... |
| Man United New York float could free up cash for players Posted: 04 Jul 2012 06:53 AM PDT  LONDON (Reuters) - Manchester United plans to cut its debt with a New York flotation that should free up cash for top players after a trophyless season in which it was replaced at the top of English soccer by rich rivals Manchester City. The American Glazer family, owner of the NFL team Tampa Bay Buccaneers, will keep its grip on the 19-times English champions after the planned U.S. float by using a dual share structure. The club wants to raise up to $100 million to reduce its debt pile of 423 million pounds. ($663. ...
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| Spain to unveil new austerity steps soon: sources Posted: 04 Jul 2012 05:41 AM PDT MADRID (Reuters) - Spain's government is putting finishing touches to an up to 30 billion euro ($38 billion) package of spending cuts and tax hikes to help it meet this year's deficit targets, sources with knowledge of the matter said. Running over several years, the program could involve raising Spain's main consumer tax, a new energy levy, reforms to the pension system, pay cuts for civil servants, new motorway tolls and another drastic reduction in ministry and regional spending, the sources said. ... |
| Goldman Sachs loses appeal of $20.6 million Bayou award Posted: 03 Jul 2012 03:49 PM PDT  NEW YORK (Reuters) - Goldman Sachs Group Inc lost an appeal on Tuesday against a $20.6 million arbitration award won by creditors of bankrupt hedge fund Bayou Group. Goldman had argued the arbitration panel disregarded the law in handing Bayou investors a win, an argument rejected by the 2nd U.S. Circuit Court of Appeals. "The manifest disregard standard is, by design, exceedingly difficult to satisfy, and Goldman has not satisfied it in this case," a three-judge panel of the appeals court said. ...
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| Euro zone sales regain ground in May, trend still weak Posted: 04 Jul 2012 02:12 AM PDT BRUSSELS (Reuters) - Shoppers in the euro zone spent a little more freely in May, but not enough to make up for big falls in retail trade the month before and sales were down sharply on a yearly basis as households struggle through the bloc's debt crisis. Sales at shops in the 17 countries sharing the euro rose 0.6 percent in May after falling 1.4 percent in April, the European Union's statistics office Eurostat said on Wednesday. That was better than the 0.3 percent rise forecast by economists in a Reuters poll, but still at levels not seen since the 2009 global financial crisis. ... |
| June auto sales point to best year since 2007 Posted: 03 Jul 2012 02:00 PM PDT  (Reuters) - New auto sales in June raced past expectations on lower gas prices and still-generous incentives, and are on track to score their best year since 2007. The surprisingly strong June in which sales rose 22 percent from a year ago helped ease fears that weaker-than-expected results in May would suggest a slowdown in demand. June's annualized sales rate of 14.1 million vehicles, according to Autodata Corp, beat analysts' average estimate of 13.9 million. Before the economy sank into recession, annual auto sales tallied 16.1 million in 2007. They plunged to 13. ...
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| Analysis: Investors may shun big Libor lawsuit and go it alone Posted: 03 Jul 2012 01:28 PM PDT  (Reuters) - The stakes are rising in lawsuits against big banks over allegations they rigged benchmark interest rates, as some large investors may opt out of a massive class action and strike out on their own. Competing lawsuits could drive up the legal costs for the banks, which are accused of colluding to manipulate the global benchmark Libor rate that sets prices on $350 trillion of derivatives and other financial products. Barclays PLC agreed on June 27 to pay $453 million to U.S. ...
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| H&F presses on with $4 billion Getty Images sale: sources Posted: 03 Jul 2012 06:06 PM PDT  (Reuters) - Private equity firm Hellman & Friedman LLC is pushing ahead with a $4 billion sale of Getty Images Inc, the largest supplier of stock photos, video and other digital content, to private equity, two people familiar with the matter said on Tuesday. While several private equity firms, such as Bain Capital LLC, have balked at Hellman's $3.5 billion to $4 billion price expectations, other buyout groups, including KKR & Co LP and TPG Capital LP, are still in the process, which is now in the second round, the sources said. Hellman, which bought a majority stake in Getty in 2008 in a $2. ...
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| Top banks say they not too big to fail Posted: 03 Jul 2012 04:09 PM PDT  (Reuters) - Nine of the largest global banks on Tuesday expressed confidence they can be salvaged or dismantled without taxpayer bailouts if they became insolvent, as U.S. regulators released public portions of these banks' "living wills". The documents, required by the 2010 Dodd-Frank financial reform law, aim to end too-big-to-fail bailouts by mapping out ways that, in theory, mortally-wounded banks could go out of business without wrecking the financial system. ...
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| GM talking with Facebook about advertising again: sources Posted: 03 Jul 2012 01:46 PM PDT  DETROIT/SAN FRANCISO (Reuters) - General Motors Co and Facebook Inc are discussing the return of the U.S. automaker as a paid advertiser almost two months after GM said it would stop running ads on the social networking website, sources close to the situation said on Tuesday. Although the two companies remain far from reaching an agreement, Facebook executives have assiduously courted the world's largest carmaker. One source said Facebook was not pushing for GM's immediate return, but offered to provide data showing the effectiveness of the website's paid ads. ...
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| Wall Street gains for third day as stimulus hopes rise Posted: 03 Jul 2012 11:01 AM PDT  NEW YORK (Reuters) - U.S. stocks extended a rally for a third day on Tuesday as sharp gains in oil prices lifted energy shares and traders factored in increased expectations for central bank stimulus. A raft of weak economic data has raised hopes that the European Central Bank will cut interest rates to a record low on Thursday in a move that could drive stock markets higher and further lift commodities like oil and copper. Tuesday's gains came on a shortened trading day before the July 4 Independence Day holiday when U.S. markets are closed. Trading volume was the lowest of the year at 3. ...
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| Manchester United picks NYSE for IPO Posted: 03 Jul 2012 04:15 PM PDT  (Reuters) - Manchester United Ltd picked the New York Stock Exchange to make its market debut, ending months of speculation over where the world's best-supported soccer club would list. The former English soccer champions pulled a planned $1 billion listing in Singapore because of market turmoil. It had earlier eyed a Hong Kong IPO. Thomson Reuters publication IFR reported last month that the football club had dropped its plans for an Asian listing in favor of a U.S. listing. ...
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| H&F presses on with $4 billion Getty Images sale: sources Posted: 03 Jul 2012 04:32 PM PDT (Reuters) - Private equity firm Hellman & Friedman LLC is pushing ahead with a $4 billion sale of Getty Images Inc, the largest supplier of stock photos, video and other digital content, to private equity, two people familiar with the matter said on Tuesday. While several private equity firms, such as Bain Capital LLC, have balked at Hellman's $3.5 billion to $4 billion price expectations, other buyout groups, including KKR & Co LP and TPG Capital LP, are still in the process, which is now in the second round, the sources said. Hellman, which bought a majority stake in Getty in 2008 in a $2. ... |
| Loeb's Third Point fund moves into Chesapeake Posted: 03 Jul 2012 12:48 PM PDT  NEW YORK/BOSTON (Reuters) - Activist investor Daniel Loeb may be gearing up for another boardroom battle after having amassed a big position in embattled natural gas producer Chesapeake Energy Corp , Loeb's $8.7 billion hedge fund Third Point listed the embattled natural gas producer as its fourth largest position, according to emails the New York-based firm sent to several investors. Reuters reviewed a copy of the email. The fund did not explicitly say whether Loeb has a net long position or a short position on Chesapeake. ...
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| Ex-fund manager sues BlackRock for contract breach Posted: 03 Jul 2012 12:44 PM PDT  (Reuters) - A former fund manager at BlackRock Inc sued the company on Tuesday, alleging it did not provide him with investment results for his funds as his employment contract required, according to court documents. Michael Lipsky, who resigned from BlackRock, the world's largest asset manager, in December, 2010, alleged that he repeatedly asked BlackRock for his fund performance record for the period in which he worked there, but the company "deliberately refused to comply," according to a complaint filed in New York State Supreme Court in Manhattan. ...
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| S&P analysts in Italy lamented lack of senior staff: wiretap Posted: 03 Jul 2012 12:30 PM PDT  TRANI, Italy (Reuters) - Standard & Poor's analysts in Italy felt the agency lacked enough senior staff to handle the country's sovereign rating downgrade as the euro zone debt crisis deepened, according a transcript of a phone conversation wiretapped by magistrates and obtained by Reuters on Tuesday. Prosecutors in southern Italy are investigating S&P's over its credit downgrades of Italy for alleged market manipulation and abuse of privileged information. ...
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| Jobs growth seen picking up in June Posted: 03 Jul 2012 11:52 AM PDT  WASHINGTON (Reuters) - Employers likely increased hiring in June, but not by enough to dispel concerns that the economy is losing steam. Employers are expected to have added 90,000 new workers to their payrolls, according to a Reuters survey of economists. That would be tepid but still better than 69,000 jobs created in May, which was the fewest in a year. The data could give a better read on the labor market than reports from the last six months because a mild winter may have led companies to boost hiring then at spring's expense. ...
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| Deal on Spain's bank aid may be delayed until July 20: sources Posted: 03 Jul 2012 11:34 AM PDT  MADRID (Reuters) - A final agreement for European aid of up to 100 billion euros ($126.06 billion) for Spanish banks may be delayed by a few days, until July 20, to allow more time for negotiations, two sources close to the talks said on Tuesday. The signature of the Memorandum of Understanding (MoU) was initially scheduled for July 9, when euro zone finance ministers hold their monthly meeting in Brussels. "The document will be looked at on Monday. ...
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| GSK lines up nominees for Human Genome board: source Posted: 03 Jul 2012 11:23 AM PDT  NEW YORK (Reuters) - GlaxoSmithKline Plc has lined up candidates to replace the entire board of Human Genome Sciences Inc as it weighs options after its hostile $2.6 billion bid for the U.S. biotech company was rejected, a source familiar with the situation said on Tuesday. The British pharmaceutical giant will wait to see the outcome of Human Genome's ongoing efforts to find a buyer in a separate auction process before deciding its next move, including whether to try to replace the U.S. company's board, the source said. The source asked not to be named because the matter is not public. ...
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| Olympus faces back taxes of $62.60 million: Nikkei Posted: 03 Jul 2012 11:38 AM PDT  (Reuters) - The Tokyo Regional Taxation Bureau is seeking 5 billion yen ($62.60 million) in back taxes and penalties from Olympus Corp stemming from its acquisition of British medical equipment maker Gyrus Group Plc in 2008, The Nikkei business daily said. Olympus 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. ...
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| Progress CEO quits, Duke chief to run combined company Posted: 03 Jul 2012 03:35 PM PDT  NEW YORK (Reuters) - Duke Energy Corp, which closed its $18 billion buyout of Progress Energy this week, said Progress Chief Executive Bill Johnson had resigned and would not be taking the top job at the combined company as had been planned. Duke CEO Jim Rogers, 64, has become president and CEO of the combined entity, while remaining chairman, the company said on Tuesday. Rogers said in an interview that he had been officially notified of his new role after board deliberations on Monday afternoon. "I have done two combinations before. ...
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| Kenya cancels oil deal with Iran after warnings Posted: 04 Jul 2012 09:08 AM PDT Kenya on Wednesday cancelled a deal to import Iranian oil hours after the U.S. warned the country that it risked being penalized if it sees through the deal which would breach U.S. and European union sanctions, a government official said. |
| Barclays' ex-boss tells of 2008 fears Posted: 04 Jul 2012 08:09 AM PDT  The former boss of Barclays said Wednesday that his bank illegally reported low borrowing rates in October 2008 because other banks were reporting even lower ones, making Barclays look bad and threatening efforts to attract investment from Qatar.
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| UK court: Detective must reveal phone hack names Posted: 04 Jul 2012 09:03 AM PDT  Britain's Supreme Court took a step toward exposing the names at the heart of Britain's phone hacking scandal Wednesday, ruling that a private investigator convicted of eavesdropping for a Rupert Murdoch-owned tabloid must reveal who ordered him to do it.
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| Etihad Airways sales jump in Q2, helped by tie-ups Posted: 04 Jul 2012 07:52 AM PDT Etihad Airways, the fast expanding Abu Dhabi carrier, said Wednesday its strategy of partnering with overseas airlines helped drive a sharp quarterly rise in passenger numbers and sales. |
| Tax hikes on the rich in new French budget Posted: 04 Jul 2012 07:27 AM PDT  France's Socialist government wants to raise €7.2 billion ($9 billion) in new revenue from higher taxes on estates, banks and oil companies to try to reduce the deficit.
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| European market rally runs out of steam Posted: 04 Jul 2012 09:24 AM PDT  European stocks gave up some of their recent gains Wednesday as investors remained cautious on a day Wall Street was closed for July 4 celebrations and ahead of key economic news in coming days.
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| US warns Kenya about deal with Iran Posted: 04 Jul 2012 06:59 AM PDT Kenya risks being penalized if it sees through an oil deal with Iran which would breach U.S. and European union sanctions to deprive funding for the Iranian government and what is believed to be an effort by Iran to build nuclear weapons. |
| UK court: Mulcaire must reveal phone hacking names Posted: 04 Jul 2012 06:34 AM PDT A private investigator convicted of hacking phones for a Rupert Murdoch-owned tabloid must reveal who at the newspaper ordered him to do it, Britain's Supreme Court ruled Wednesday. |
| Qatar plans line of hotels under its Harrods brand Posted: 04 Jul 2012 06:25 AM PDT The Qatari owners of Harrods department store are planning to launch a line of hotels branded with the name of the London landmark. |
| Irish unemployment hits 18-year high of 14.9 pct Posted: 04 Jul 2012 06:21 AM PDT  Ireland's unemployment rate rose to an 18-year high of 14.9 percent in June, underscoring the country's struggle to stimulate economic growth in the face of austerity measures, government statisticians reported Wednesday.
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