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• Wall Street skids lower on jobs gloom
• Dismal U.S. hiring shows economy stuck in low gear
• Stocks, euro slide on worries over U.S. jobs
• Exclusive: Germany pushes Libor probe of Deutsche Bank - sources
• Ex-Progress director slams Duke Energy CEO shuffle
• Dynegy Inc files for bankruptcy; will merge with unit
• Finance chiefs turn to EU's unfinished business
• Analysis: Scandal-hit Libor faces change but has no real rivals
• Analysis: Low on policy options, ECB may face stark choice
• IKEA hits snag with India venture
• UK fraudbuster agrees to probe Libor affair
• Oligarchs bring aluminum wars to British court
• BNY Mellon settles Sigma lawsuit for $280 million
• Judge orders JPMorgan to explain withholding emails
• Analysis: European banking superpower is no quick fix
• Limits to what ECB can do: Asmussen
• Japan's government could run out of cash by October
• Analysis: China's yuan experiment faces risks, legacy
• Euro zone won't decide on Spain banks Monday: Berlin
• Analysis: Carmakers dampen EU's free-trade drive
• Ratings agencies cut outlook for Barclays
• Analysis: Future unclear for Barclays investment bank arm
• China rate cut a gamble that banks will boost economy
• Euro zone price pressures at 26-month low in May: ECRI
• Dynegy Inc files for bankruptcy
• Japan regulator raps KPMG, Ernst & Young for Olympus work
• Countrywide used VIP program to sway Congress: report
• Samsung's Galaxy powers record $5.9 billion profit; euro a worry
• Microsoft stumbles into crucial financial year
• China may miss 2012 trade growth target: vice premier
• How bad is the job market? Depends on your state
• US stocks plunge after weak June jobs report
• US stocks drop after weak June jobs report
• Oil drops on more signs of economic trouble
• 5 million jobs still missing since recession ended
• U.S. employers add 80,000 jobs as economy struggles
• US natural gas supplies grew last week
• US jobs data add to markets' growth concerns
• Macau's Melco in $1B Philippine casino project
• UK agency opens criminal probe of bank rate fixing

Wall Street skids lower on jobs gloom Posted: 06 Jul 2012 09:09 AM PDT NEW YORK (Reuters) - U.S. stocks fell sharply on Friday after dismal jobs data heightened the impression the economy is stuck in a rut of slow growth. News that the world's largest economy created just 80,000 jobs in June - far fewer than needed to bring down the 8.2 percent unemployment rate - added to evidence that Europe's debt crisis is weighing on global growth. The report followed news this week that U.S. ...

Dismal U.S. hiring shows economy stuck in low gear Posted: 06 Jul 2012 08:01 AM PDT WASHINGTON (Reuters) - Employers hired at a dismal pace in June, raising pressure on the Federal Reserve to do more to boost the economy and dealing another setback to President Barack Obama's reelection bid. The Labor Department said on Friday non-farm payrolls expanded by just 80,000 jobs in June, falling short of forecasts and barely changed from May's revised reading of 77,000. Job creation during the month wasn't enough to bring down the country's lofty 8.2 percent unemployment rate, and the report fueled concerns that Europe's debt crisis was shifting the U.S. economy into low gear. ...

Stocks, euro slide on worries over U.S. jobs Posted: 06 Jul 2012 08:49 AM PDT NEW YORK (Reuters) - Stocks on major exchanges fell on Friday and the euro hit 5-week lows after U.S. jobs data for June came in weaker than expected, fueling concerns that Europe's debt crisis is deepening a slowdown in the U.S. economy. Expectations rose that the Federal Reserve would have to resort to more monetary easing to revive U.S. growth. But that did not stop the dollar from surging amid the flight from risk. Oil and copper prices fell, along with gold. U.S. and German government bond prices leapt, with investors seeking safe havens in U.S. Treasuries and German bunds. ...

Exclusive: Germany pushes Libor probe of Deutsche Bank - sources Posted: 06 Jul 2012 08:55 AM PDT FRANKFURT (Reuters) - German markets regulator BaFin is conducting a special probe of Deutsche Bank as part of a wider investigation into possible manipulation of the London Inter Bank Offered Rate (Libor), two people familiar with the matter said on Friday. The German regulator declined to comment specifically on whether it was probing Deutsche Bank, but said it was in looking into suspected manipulation of Libor rates by banks. "We are making use of our entire spectrum of regulatory instruments, so far as this is necessary," a spokesman said. ...

Ex-Progress director slams Duke Energy CEO shuffle Posted: 06 Jul 2012 08:53 AM PDT NEW YORK (Reuters) - Duke Energy Corp acted in "bad faith" when it replaced former Progress Energy CEO Bill Johnson with Duke's Jim Rogers, the former lead director of Progress said in an open letter. Duke closed on its $18 billion buyout of Progress on Monday, and on Tuesday the Duke board announced that Johnson, who had been slated to run the combined company, was leaving by "mutual agreement." The decision came as a surprise to many Duke shareholders, Wall Street analysts, and utility commissions that had approved the deal. ...

Dynegy Inc files for bankruptcy; will merge with unit Posted: 06 Jul 2012 05:05 AM PDT (Reuters) - Power producer Dynegy Inc , the parent company of Dynegy Holdings, filed for bankruptcy protection on Friday morning as part of its settlement agreement with creditors and said it will merge with its unit. Last month, a bankruptcy court approved the company's settlement with creditors under which Dynegy and Dynegy Holdings would be combined, with creditors holding a 99 percent equity stake in the combined company. The settlement resolved a dispute among creditors over whether Dynegy had acted properly last September in taking $1. ...

Finance chiefs turn to EU's unfinished business Posted: 06 Jul 2012 08:06 AM PDT BRUSSELS (Reuters) - Euro zone officials are cautioning against expecting any quick action from the currency bloc's finance ministers when they meet on Monday to sort out the tangle of loose ends and disagreements left by last month's EU debt-crisis summit. Banking supervision, the use of European Union bailout money, aid to Spain and Cyprus and how to deal with Greece -- together it could take months to finalize, despite pressure from financial markets for clarity on the details. ...

Analysis: Scandal-hit Libor faces change but has no real rivals Posted: 06 Jul 2012 05:37 AM PDT LONDON (Reuters) - A scandal over the rigging of the Libor interest rate that underpins financial contracts worth hundreds of trillions of dollars is likely to force regulators to reform the way it is set. But any decision they take will, at best, be a compromise rather than a solution that will fully restore the reputation of what is often referred to as the world's most important financial instrument, many market participants believe. ...

Analysis: Low on policy options, ECB may face stark choice Posted: 06 Jul 2012 07:07 AM PDT FRANKFURT (Reuters) - The European Central Bank is almost out of conventional policy options and will have to turn to measures it finds deeply unpalatable if the euro zone crisis intensifies, or watch the bloc slide towards the abyss. By cutting its main interest rate by a 1/4 point to a record low 0.75 percent on Thursday and reducing the rate it pays on overnight deposits to zero, the ECB has almost exhausted its normal ammunition. Beyond that are only options it dislikes. Some economists expect another cut in the main interest rate to 0. ...

IKEA hits snag with India venture Posted: 06 Jul 2012 08:35 AM PDT NEW DELHI/STOCKHOLM (Reuters) - India has rebuffed a request by IKEA to relax rules on buying goods locally, a government source said on Friday, raising the prospect of a delay in the world's largest furniture maker entering the Indian retail market, IKEA, famous for its self-build flatpacks and huge stores, said last month it would invest 1.5 billion euros ($1.86 billion) and open 25 outlets, throwing a lifeline to the government in India where economic growth has slowed sharply. ...

UK fraudbuster agrees to probe Libor affair Posted: 06 Jul 2012 06:12 AM PDT LONDON (Reuters) - Britain's fraud-busting agency on Friday said it had agreed to investigate the Libor interest rate-rigging scandal, which on Tuesday led to the departure of Barclays chief executive Bob Diamond. "The SFO Director David Green QC has today decided formally to accept the Libor matter for investigation," the Serious Fraud Office said in a brief statement. ...

Oligarchs bring aluminum wars to British court Posted: 06 Jul 2012 07:01 AM PDT LONDON (Reuters) - A battle over a $1 billion stake in RUSAL, the world's top aluminum producer, comes to London next week, as two billionaire magnates go head-to-head in one of the largest ever commercial disputes to be fought in a British court. The trial begins in the High Court on Monday, offering a window into the chaotic, sometimes lawless and frequently violent privatization and consolidation of Russia's aluminum sector after the collapse of the Soviet Union, a period known as the "aluminum wars". ...

BNY Mellon settles Sigma lawsuit for $280 million Posted: 06 Jul 2012 06:51 AM PDT (Reuters) - BNY Mellon Corp said it settled a lawsuit by investors that accused the bank of imprudently investing their cash in a risky debt vehicle that collapsed in 2008, and the bank recorded a $350 million pre-tax charge partly related to the settlement. The settlement is connected to the collapse of Sigma Finance Corp, a $27 billion investment fund created by London-based Gordian Knot Ltd. The structured investment vehicle (SIV) failed in October 2008 at the height of the global financial crisis. ...

Judge orders JPMorgan to explain withholding emails Posted: 06 Jul 2012 04:31 AM PDT (Reuters) - A U.S. judge has ordered JPMorgan Chase & Co to explain why the court should not force the bank to turn over 25 internal emails demanded as part of an investigation into whether it manipulated electricity markets in California and the Midwest. The Federal Energy Regulatory Commission (FERC) filed a petition in federal court in Washington on Monday asking the court to order the bank to show cause as to why it would not comply with a subpoena issued by the commission as part of its investigation into the bank's power trading. On Thursday, U.S. ...

Analysis: European banking superpower is no quick fix Posted: 06 Jul 2012 05:10 AM PDT FRANKFURT (Reuters) - The euro zone's plan to let the European Central Bank supervise its biggest banks requires governments to give it unambiguous powers, sets a highly ambitious timetable and poses potentially dangerous conflicts of interest. On paper, the idea of creating an uber-watchdog with knowledge about the risks in banks' balance sheets and information on how much they depend on central bank funding, appears a perfect recipe for an effective supervisor. ...

Limits to what ECB can do: Asmussen Posted: 06 Jul 2012 08:06 AM PDT FRANKFURT (Reuters) - There are limits to what the European Central Bank can do and it is up to euro zone governments to make structural changes to their economies to fix them for the longer-term, ECB Executive Board member Joerg Asmussen said on Friday. "The people and the markets look to the ECB for solutions," Asmussen said, according to the text of a speech for delivery at a conference in Brussels. "But there should be no illusion that the ECB can single-handedly ensure a plain sailing for our economies and the markets. There are limits of what we can do, and what we know. ...

Japan's government could run out of cash by October Posted: 06 Jul 2012 01:00 AM PDT TOKYO (Reuters) - Japan's government could run out of money by the end of October, halting all state spending including salaries, pensions and unemployment benefits, because of a standoff in parliament that has blocked a bill to finance the deficit. The deficit financing bill, which would allow the government to sell bonds needed to fund almost half of the budget, has languished in parliament as the ruling Democratic Party tussles with opposition parties that can use their control of the upper house to reject legislation. ...

Analysis: China's yuan experiment faces risks, legacy Posted: 06 Jul 2012 03:46 AM PDT BEIJING (Reuters) - China's plan to test yuan convertibility in a new services hub being built near Hong Kong fanned excitement Beijing may be dismantling its rigid capital controls sooner than expected. A reality check paints a different picture and suggests that China's latest test bed carries risks that will make the country's policymakers move slowly. The experimental zone of Qianhai - dubbed a $45 billion "mini Hong Kong" - will be a pioneer of the gradual opening up of China's capital account. ...

Euro zone won't decide on Spain banks Monday: Berlin Posted: 06 Jul 2012 03:43 AM PDT BERLIN (Reuters) - Euro zone finance ministers will not make a decision at their meeting next Monday on aid for the Spanish banking sector, as there is no report yet available from the "troika" inspectors, Germany's finance ministry said on Friday. "So far we have no report on the table, so there won't be any decision on Monday," said finance ministry spokesman Martin Kotthaus. ...

Analysis: Carmakers dampen EU's free-trade drive Posted: 06 Jul 2012 03:34 AM PDT BRUSSELS (Reuters) - South Korea's biggest car maker, Hyundai Motor Co, decided to boost its European presence five years ago, adding a family sedan and a sporty-looking crossover SUV to its smaller hatchbacks. The models have been a hit. European sales jumped 15 percent in the first half of this year, even while overall vehicle sales in countries such as France and Italy showed double-digit falls. The company's market share has been growing for 41 consecutive months, said Allan Rushforth, chief operating officer at Hyundai Europe. ...

Ratings agencies cut outlook for Barclays Posted: 05 Jul 2012 09:35 PM PDT LONDON (Reuters) - Credit rating agencies turned up the heat on Barclays Plc, threatening to lower its credit ratings on concerns over who will run the bank following the departure of Chief Executive Bob Diamond and an uncertain strategy. Barclays is in turmoil following an interest rate-rigging scandal that led to the departures of Diamond and Chief Operating Officer Jerry del Missier on Tuesday and is under pressure from politicians and regulators to change its culture, possibly slimming down its investment banking operations. ...

Analysis: Future unclear for Barclays investment bank arm Posted: 05 Jul 2012 11:06 PM PDT LONDON (Reuters) - Barclays investment banking boss Rich Ricci was in tears when he addressed his traders after the sudden exit of CEO Bob Diamond this week, as a rate-rigging scandal puts the future of his business on uncertain ground. Ricci was shaken by the sudden exits of Diamond and his other good friend Jerry del Missier. But he also knows their departures herald big change for his investment bank. ...

China rate cut a gamble that banks will boost economy Posted: 06 Jul 2012 03:57 AM PDT BEIJING (Reuters) - China's second surprise rate cut and lending reform in the space of a month shows that Beijing wants borrowing to play a greater role in reviving an economy struggling with its weakest pace of growth since the global financial crisis. But the approach that policymakers have adopted also highlights the constraints they face in trying to steer credit to the parts of the economy that need it. The easiest way to create credit is simply to free the country's four biggest banks to lend up to the 75 percent loan-to-deposit ratio (LDR) regulatory ceiling. They all have lower ...

Euro zone price pressures at 26-month low in May: ECRI Posted: 06 Jul 2012 12:36 AM PDT BANGALORE (Reuters) - Inflationary pressures in the euro zone fell to a 26-month low in May, easing in each of its four biggest economies, according to an indicator designed to predict cyclical inflation trends. The future inflation gauge for Germany, France, Italy and Spain fell in May, pushing the Eurozone Future Inflation Gauge (EZFIG) to 94.9 from 95.4 in April, the Economic Cycle Research Institute (ECRI) said on Friday. ...

Dynegy Inc files for bankruptcy Posted: 06 Jul 2012 02:16 AM PDT (Reuters) - Dynegy Inc , the parent company of Dynegy Holdings, filed for bankruptcy protection on Friday morning as part of its settlement agreement with creditors. Last month, a bankruptcy court approved the company's settlement with creditors under which Dynegy and Dynegy Holdings would be combined, with creditors holding a 99 percent equity stake in the combined company. On Thursday, the court approved the reorganization plan of Dynegy Holdings which clears the way for it to seek approval from creditors. ...

Japan regulator raps KPMG, Ernst & Young for Olympus work Posted: 06 Jul 2012 12:48 AM PDT TOKYO (Reuters) - Japanese regulators criticized accounting groups KPMG and Ernst & Young on Friday for lacking proper operational management controls that allowed Olympus Corp to conceal $1.7 billion in investment losses and ordered the firms to improve their systems by August. The Olympus scandal, one of corporate Japan's worst, raised questions over the roles of the two audit firms, which signed off on the accounts of the maker of medical equipment and cameras before the 13-year fraud finally surfaced in October last year. ...

Countrywide used VIP program to sway Congress: report Posted: 05 Jul 2012 08:09 PM PDT WASHINGTON (Reuters) - A VIP mortgage program run by now-defunct Countrywide Financial Corp was used to influence lawmakers with the aim of killing legislation that could hurt the company's profits, a congressional report released on Thursday said. The report from the House of Representatives' Oversight and Government Reform Committee provided new details about the program, which offered discount loans to "VIPs," and it named dozens of congressional staffers that benefited. The company, which was once the biggest U.S. ...

Samsung's Galaxy powers record $5.9 billion profit; euro a worry Posted: 06 Jul 2012 04:37 AM PDT SEOUL (Reuters) - Soaring sales of the Galaxy smartphone drove record quarterly profit of $5.9 billion at Samsung Electronics, though the South Korean tech giant is sweating over how Europe's debt crisis is denting demand in its biggest market for televisions and home appliances. The flagship Galaxy smartphones are likely to have stretched their lead over rivals Apple and Nokia - despite a parts shortage that meant it struggled to keep up with stronger-than-expected demand for its latest S III model. ...

Microsoft stumbles into crucial financial year Posted: 05 Jul 2012 01:39 PM PDT SEATTLE (Reuters) - An ugly first week for Microsoft Corp's new financial year, probably its most important to date, has done little to inspire confidence that the software giant can jumpstart a stubbornly stagnant share price. The world's largest software company, whose stock remains mired around $30, had prepared a multi-pronged assault to try and break into the crucial mobile computing space this year and take Apple Inc and Google Inc down a peg. But on Monday, it announced a $6. ...

China may miss 2012 trade growth target: vice premier Posted: 05 Jul 2012 10:05 PM PDT BEIJING (Reuters) - China will have difficulty meeting its 10 percent trade growth target this year, Vice Premier Wang Qishan said in published comments, underlining challenges to supporting critical pillars for the world's second-biggest economy. Wang's comments were in line with remarks last month from Commerce Minister Chen Deming, who said "if lucky" China would be able to achieve its annual target of 10 percent growth in exports and imports combined this year. ...

How bad is the job market? Depends on your state Posted: 06 Jul 2012 09:11 AM PDT U.S. employers added only 80,000 jobs in June, a third straight month of weak hiring that shows the economy is still struggling three years after the recession ended.

US stocks plunge after weak June jobs report Posted: 06 Jul 2012 09:09 AM PDT Stocks retreated on Wall Street after the U.S. government reported that only 80,000 jobs were created in June, the third straight month of weak hiring.

US stocks drop after weak June jobs report Posted: 06 Jul 2012 08:51 AM PDT Stocks are falling sharply on Wall Street after the U.S. government reported that only 80,000 jobs were created in June, the third straight month of weak hiring.

Oil drops on more signs of economic trouble Posted: 06 Jul 2012 08:39 AM PDT The price of oil is falling on more signs of trouble for the global economy.

5 million jobs still missing since recession ended Posted: 06 Jul 2012 08:34 AM PDT U.S. employers added only 80,000 jobs in June, a third straight month of weak hiring that shows the economy is still struggling three years after the recession ended.

U.S. employers add 80,000 jobs as economy struggles Posted: 06 Jul 2012 07:59 AM PDT U.S. employers added only 80,000 jobs in June, a third straight month of weak hiring that shows the economy is struggling three years after the recession ended.

US natural gas supplies grew last week Posted: 06 Jul 2012 07:58 AM PDT The nation's natural gas supplies rose last week, the government said Friday.

US jobs data add to markets' growth concerns Posted: 06 Jul 2012 07:45 AM PDT Stocks and oil prices slid while the euro fell to a two year low on Friday as investors fretted about the global economy following worse than expected U.S. jobs figures.

Macau's Melco in $1B Philippine casino project Posted: 06 Jul 2012 07:24 AM PDT Macau gambling company Melco Crown Entertainment is teaming up with the Philippines' richest man to develop a $1 billion casino resort in Manila in a sign of the industry's plans for rapid expansion in Asia.

UK agency opens criminal probe of bank rate fixing Posted: 06 Jul 2012 07:22 AM PDT Britain's Serious Fraud Office said Friday that it has formally opened a criminal investigation of the manipulation of a key market interest rate that has shaken Barclays.

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