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• Wall Street Week Ahead: Apple, Facebook take the spotlight
• ECB's Draghi says euro not in danger
• Credit Suisse won't sell investment bank: chairman
• European Investment Bank agrees to fund Greek firms
• ECB's Coeure says negative bank deposit rate an option
• Exclusive: Labor Dept looking into JPMorgan stable value fund
• Nasdaq boosts Facebook compensation plan to $62 million
• U.S. SEC, CFTC seek Japan's help in Tibor probe: Nikkei
• Former bank employees sue over alleged discrimination
• AMR flight attendants to vote on labor contract
• AT&T, CWA reach agreements "in concept"
• No room for error in Facebook's debut quarter
• ING mutual fund vote marks first win for rights activists
• Exclusive: Labor Dept looking into JPMorgan stable value fund
• Nasdaq says filing $62 million Facebook compensation plan
• Duke director grew wary of "controlling" ex-Progress CEO
• Boeing sues US Air Force for rocket refund
• Former Sears interim CEO Johnson to head its spun-off unit
• Former Bank of America executive indicted in bid-rigging case
• Unusual price action in four stocks may be due to automated hedge
• Clock ticking for mortgage claims from private investors
• Duke director grew wary of "controlling" ex-Progress CEO
• In Dewey talks, a surprise $50 million insurance policy emerges
• Libor-type manipulation needs regulatory focus: Treasury
• Will Colo. economy turn purple state red or blue?
• Explosion shuts down oil pipeline in Turkey
• Report: Finland scales back Batman campaign
• ECB's Draghi: euro not in danger
• Security increased at movies following shootings
• Warner Bros. struggles with Colo. shooting
• Bank failures in 4 states bring 2012 total to 38
• Warner Bros. grapples with Colo. shooting
• DirecTV, Viacom fight to draw in channel punch-out
• Online news venture NewsRight names interim CEO

Wall Street Week Ahead: Apple, Facebook take the spotlight Posted: 20 Jul 2012 04:21 PM PDT NEW YORK (Reuters) - The trend of better-than-expected earnings will be put to the test in the coming week when investors hope Apple can exceed already high expectations for the tech giant and Facebook reports its first quarterly earnings. Apple accounts for a significant proportion of the overall earnings of Standard & Poor's 500 components. S&P 500 earnings are expected to show a rise of 5.7 percent in the second quarter from a year ago. Excluding the maker of the iPad, the rise is 4.8 percent, according to Thomson Reuters data. ...

ECB's Draghi says euro not in danger Posted: 21 Jul 2012 06:00 AM PDT PARIS (Reuters) - The euro zone is not in danger of breaking up despite some analysts' worse case scenarios, European Central Bank President Mario Draghi said, judging that the bloc was inevitably marching towards closer union among its members. Asked in an interview with French newspaper Le Monde if the euro were in danger, Draghi said: "No, absolutely not. We see analysts imagining the scenario of a euro zone blow-up." "They don't recognize the political capital that our leaders have invested in this union and Europeans' support. The euro is irreversible," he added. ...

Credit Suisse won't sell investment bank: chairman Posted: 21 Jul 2012 06:09 AM PDT ZURICH (Reuters) - Credit Suisse will not sell or spin off its investment bank but is seeking to improve its business model as tighter regulation makes the risky unit less profitable, the Swiss bank's chairman was quoted as saying on Saturday. "A separation or a sale of investment banking, as is sometimes demanded, would be senseless for our business and our customers," Chairman Urs Rohner told the Neue Zuercher Zeitung newspaper in an interview. "It's much more about optimizing the business model and better balancing it with regard to capital allocation. ...

European Investment Bank agrees to fund Greek firms Posted: 21 Jul 2012 06:11 AM PDT ATHENS (Reuters) - The European Investment Bank (EIB) will provide 1.44 billion euros ($1.75 billion) in loans to struggling Greek firms, providing a stimulus to the debt-laden country's ailing economy, Greece's finance ministry said on Saturday. With Greek banks dependent on ECB cash to survive and reluctant to finance any but the biggest companies, Athens and the European Union have been pushing the EIB, the EU's long-term investment arm, to step into the breach. ...

ECB's Coeure says negative bank deposit rate an option Posted: 20 Jul 2012 08:57 PM PDT MEXICO CITY (Reuters) - Cutting the deposit rate the European Central Bank offers lenders in the euro zone below zero is an option, ECB Executive Board Member Benoit Coeure said on Friday. The ECB cut its main interest rate early this month by a quarter percentage point to a record low of 0.75 percent and reduced the deposit rate it pays banks for parking money with it overnight to zero in an effort to boost the flagging euro zone economy. Speaking in Mexico, Coeure said the bank needed to take the rate down 25 basis points to zero to match its cut in the reference rate. ...

Exclusive: Labor Dept looking into JPMorgan stable value fund Posted: 20 Jul 2012 09:44 PM PDT NEW YORK (Reuters) - The U.S. Department of Labor is looking into whether JPMorgan Chase & Co violated its fiduciary duty under the Employee Retirement Income Security Act in connection with one of its stable value funds. Stable value funds are used in 80 percent of 401(k) self-directed retirement plans and are meant to be the most conservative choice for employees - liquid and backed by insurance. But, the $1.8 billion JPMorgan Stable Asset Income Fund has had as much as 13 percent of its assets invested in private mortgage debt underwritten and rated by the bank itself. ...

Nasdaq boosts Facebook compensation plan to $62 million Posted: 20 Jul 2012 09:31 PM PDT WASHINGTON/NEW YORK (Reuters) - Nasdaq OMX Group Inc plans to pay out $62 million in cash to firms that lost money in Facebook Inc's bungled initial public offering in May, modifying an earlier plan that drew intense criticism from market makers and other exchanges. The plan, which Nasdaq filed with regulators late Friday, is $22 million larger than originally proposed in June. All accommodations will be paid in cash, a departure from the prior proposal, in which Nasdaq would have mostly compensated firms through trading credits or rebates. ...

U.S. SEC, CFTC seek Japan's help in Tibor probe: Nikkei Posted: 20 Jul 2012 07:47 PM PDT TOKYO (Reuters) - The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission have asked Japanese banks and regulators for help in checking whether the Tokyo interbank offered rate, known as Tibor, was manipulated by U.S. banks and others, the Nikkei business daily said. The U.S. regulators are requesting an archive of sensitive information over the years, including how the banks calculated Tibor and their e-mails on reporting the rate, the report said on Saturday, citing several unnamed international financial sources. The U.S. ...

Former bank employees sue over alleged discrimination Posted: 20 Jul 2012 05:59 PM PDT NEW YORK (Reuters) - Two separate lawsuits alleging racial discrimination were filed in federal court in New York on Friday, against Bank of America and investment bank Cantor Fitzgerald . Jack Mitchell, who is black and worked as a manager at Bank of America from February 2007 to July 2008, alleges the bank maintained an "apartheid" system of business allocation, believing white clients would not want to be served by African American employees. ...

AMR flight attendants to vote on labor contract Posted: 20 Jul 2012 01:20 PM PDT NEW YORK (Reuters) - Leaders of American Airlines' flight attendants' union will let its members vote on the company's latest contract offer, possibly heading off a threat by the carrier to abandon current labor deals and impose stricter terms unilaterally. The Association of Professional Flight Attendants' eight-member executive committee voted unanimously late on Thursday to send the plan to members for a vote, union spokesman Anthony DeMaio said on Friday. ...

AT&T, CWA reach agreements "in concept" Posted: 20 Jul 2012 05:29 PM PDT (Reuters) - The second largest U.S. mobile operator AT&T Inc reached agreements "in concept" with the Communications Workers of America in AT&T Midwest and AT&T Corp core wireline contract negotiations. The Midwest contract covers more than 13,000 employees in Illinois, Indiana, Ohio, Michigan, and Wisconsin, while the AT&T Corp contract covers about 5,700 employees located throughout the country, the company said on Friday. The company and the CWA will work through the weekend to finalize terms that could be presented to the labor union members for ratification, AT&T said. ...

No room for error in Facebook's debut quarter Posted: 20 Jul 2012 02:31 PM PDT SAN FRANCISCO (Reuters) - Facebook Inc faces immense pressure to beat Wall Street's financial targets when its delivers its inaugural quarterly earnings report next week, hoping to wash away the bad taste left with investors from a soured IPO. The No. 1 social networking company's second-quarter report on July 26 will be scrutinized by investors looking for clues on the health of its business, which is experiencing a sharp slowdown in revenue growth and mounting questions about its advertising sales. With a rich multiple that gave Facebook the distinction of being the first U.S. ...

ING mutual fund vote marks first win for rights activists Posted: 20 Jul 2012 03:36 PM PDT BOSTON (Reuters) - A shareholder group scored its first voting victory after five years of urging mutual funds to sell stocks tied to Sudan, but the win underscores the challenges human rights activists often face. On June 28 investors in ING Emerging Countries Fund voted 59 percent in favor of a nonbinding resolution barring the Sudan-related holdings and only 11 percent opposed. The vote came after the ING fund's board took no position on the resolution; fund managers usually oppose such resolutions. ...

Exclusive: Labor Dept looking into JPMorgan stable value fund Posted: 20 Jul 2012 01:28 PM PDT NEW YORK (Reuters) - The U.S. Department of Labor is looking into whether JPMorgan Chase & Co violated its fiduciary duty under the Employee Retirement Income Security Act in connection with one of its stable value funds. Stable value funds are used in 80 percent of 401(k) self-directed retirement plans and are meant to be the most conservative choice for employees - liquid and backed by insurance. But, the $1.8 billion JPMorgan Stable Asset Income Fund has had as much as 13 percent of its assets invested in private mortgage debt underwritten and rated by the bank itself. ...

Nasdaq says filing $62 million Facebook compensation plan Posted: 20 Jul 2012 04:07 PM PDT WASHINGTON (Reuters) - Nasdaq OMX Group Inc said on Friday it will file a $62 million compensation plan for firms that lost money in the bungled Facebook Inc initial public offering in May. The fund is $22 million larger than the original fund proposed in June, Nasdaq said. All accommodations will be paid in cash, a departure from the prior plan in which Nasdaq would have partially compensated firms through trading credits or rebates. The compensation plan will be filed with the Securities and Exchange Commission, Nasdaq said, adding that it expects all payouts to occur within six months. ...

Duke director grew wary of "controlling" ex-Progress CEO Posted: 20 Jul 2012 02:38 PM PDT RALEIGH, North Carolina (Reuters) - Duke Energy's board grew frustrated with then-Progress Energy Chief Executive William Johnson's lack of transparency about a troubled nuclear power plant in the months before their merger closed, Duke's lead director said on Friday. Ann Maynard Gray, the Duke director, told the North Carolina Utilities Commission that lack of disclosure about the plant and Johnson's "controlling" management style prompted Duke's board to seek his resignation shortly after Duke completed the $18 billion deal that put him in the CEO job. ...

Boeing sues US Air Force for rocket refund Posted: 20 Jul 2012 03:15 PM PDT WASHINGTON (Reuters) - Boeing Co is suing the U.S. Air Force, its biggest client, for $385 million it says it is owed for Delta IV rocket launch services. Boeing and the United Launch Alliance, a joint venture with Lockheed Martin Corp , filed a joint complaint on June 14 "to preserve their rights to recover these costs," Boeing said in a statement made available Friday. At issue are "legitimate, allowable costs of the Delta IV program that Boeing incurred prior to the creation of ULA in 2006," said Jenna McMullin, a company spokeswoman. ...

Former Sears interim CEO Johnson to head its spun-off unit Posted: 20 Jul 2012 03:03 PM PDT NEW YORK (Reuters) - Sears Holdings said its former interim CEO Bruce Johnson has agreed to serve as chief executive and president of Sears Hometown and Outlet Stores Inc once the business is spun off from the retailer. Johnson, who had served as interim CEO of the parent company from 2008 to early 2011, was most recently the executive vice president of the company's off-mall businesses. In February, the operator of Sears department stores and the Kmart discount chain said that it would spin off its Sears Hometown and Outlet businesses and certain hardware stores through a rights offering. ...

Former Bank of America executive indicted in bid-rigging case Posted: 20 Jul 2012 01:00 PM PDT CHARLOTTE, North Carolina (Reuters) - A former Bank of America Corp executive was indicted for his role in a wide-ranging scheme to fraudulently rig the bidding on contracts that state and local governments use to invest municipal bond proceeds, the U.S. Justice Department announced on Friday. The indictment filed on Thursday in U.S. District Court in Charlotte, North Carolina, charged Phillip D. Murphy with two counts of conspiracy and one count of wire fraud for activities that stretched from as early as 1998 until 2006. The Justice Department did not identify Murphy's former employer. ...

Unusual price action in four stocks may be due to automated hedge Posted: 20 Jul 2012 01:15 PM PDT (Reuters) - A mysterious trading pattern noticed on Thursday in the shares of four blue-chip stocks was likely an experiment in the automated hedging of large options positions, an analyst at JPMorgan said. Many investors on Thursday were puzzled by the price action of Coca Cola , International Business Machines , McDonald's Corp and Apple Inc , said JPMorgan Securities derivatives strategist Marko Kolanovic. The prices of the four stocks oscillated in an almost perfect pattern, going up and down at almost exactly the half-hour and full-hour marks, he said. ...

Clock ticking for mortgage claims from private investors Posted: 20 Jul 2012 02:15 PM PDT (Reuters) - For one group of investors looking to get banks to pay for their mortgage misdeeds, the clock is ticking. Investors that bought mortgage bonds during the housing boom are putting increasing pressure on banks to buy back loans that have since gone sour. For some investors, time is running out because of a statute of limitations. That statute does not apply to mortgage bonds guaranteed by government-sponsored entities like Fannie Mae and Freddie Mac . But the statute does apply to investors in "private label" mortgage bonds, which have no government guarantee. ...

Duke director grew wary of "controlling" ex-Progress CEO Posted: 20 Jul 2012 01:07 PM PDT RALEIGH, North Carolina (Reuters) - Duke Energy's board grew frustrated with then-Progress Energy Chief Executive William Johnson's lack of transparency about a troubled nuclear power plant in the months before their merger closed, Duke's lead director said on Friday. Ann Maynard Gray, the Duke director, told the North Carolina Utilities Commission that lack of disclosure about the plant and Johnson's "controlling" management style prompted Duke's board to seek his resignation shortly after Duke completed the $18 billion deal that put him in the CEO job. ...

In Dewey talks, a surprise $50 million insurance policy emerges Posted: 20 Jul 2012 12:13 PM PDT NEW YORK (Reuters) - A $50 million insurance policy is emerging as a key factor in efforts to resolve the bankruptcy of defunct law firm Dewey & LeBoeuf and avoid years of costly litigation. The policy, taken out by Dewey in October 2011, covers claims of misconduct against former chairman Steven Davis and a handful of other former top executives at the firm, according to three former Dewey partners, who spoke on condition of anonymity. As bankruptcy negotiations proceed, the estate, former partners and creditors are sorting out how the policy affects their different interests. ...

Libor-type manipulation needs regulatory focus: Treasury Posted: 20 Jul 2012 09:58 AM PDT WASHINGTON (Reuters) - Deliberate manipulation of market prices such as has taken place in bank-to-bank loan rates poses significant risks to financial stability and must be monitored by authorities, the Treasury's Office of Financial Research said on Friday. The newly minted department within the Treasury, headed by former Morgan Stanley chief economist Richard Berner, was created to address gaps in financial and economic data that might be useful to regulators and other policymakers. ...

Will Colo. economy turn purple state red or blue? Posted: 21 Jul 2012 08:48 AM PDT In this working-class city where steel was the economic muscle of the past and where harnessing the wind offers promise for the future, Cris Gillispie has seen jobs come and go. He's watched the ranks of unemployed grow and the anxiety index rise in the last few years, but he has some advice: Wait.

Explosion shuts down oil pipeline in Turkey Posted: 21 Jul 2012 07:48 AM PDT An explosion and fire have shut down a pipeline that carries oil from Iraq to world markets, an official said Saturday. No one was hurt in the blast.

Report: Finland scales back Batman campaign Posted: 21 Jul 2012 07:34 AM PDT A broadcaster says the Finnish film industry has canceled large parts of its marketing campaign for the new Batman movie because of the killing of 12 people at a showing of the film in Colorado.

ECB's Draghi: euro not in danger Posted: 21 Jul 2012 07:02 AM PDT The head of the European Central Bank said the euro is "absolutely not" in danger as the continent's financial crisis simmers, and insisted in an interview published Saturday that the multi-nation currency is "irrevocable."

Security increased at movies following shootings Posted: 20 Jul 2012 08:09 PM PDT New York police posted officers at dozens of theaters around the city. Ticket-takers at a multiplex in Washington searched moviegoers' bags and purses. And one of the nation's biggest theater chains barred patrons from wearing masks or costumes.

Warner Bros. struggles with Colo. shooting Posted: 20 Jul 2012 07:38 PM PDT The movie industry grappled Friday with the deadly Colorado shooting at a midnight screening of "The Dark Knight Rises," as one of the most anticipated films in years became enmeshed with a massacre.

Bank failures in 4 states bring 2012 total to 38 Posted: 20 Jul 2012 06:24 PM PDT Regulators closed two small banks in Georgia on Friday and one each in Florida, Kansas and Illinois, bringing to 38 the number of U.S. bank failures this year.

Warner Bros. grapples with Colo. shooting Posted: 20 Jul 2012 06:19 PM PDT Director Christopher Nolan expressed sorrow and devastation Friday as the movie industry struggled with the deadly Colorado shooting at a midnight screening of Nolan's "The Dark Knight Rises," one of the most anticipated films in years now enmeshed with a horrifying tragedy.

DirecTV, Viacom fight to draw in channel punch-out Posted: 20 Jul 2012 05:02 PM PDT Viacom and DirecTV fought a bruising bout over fees to a draw Friday and agreed to a long-term deal that ended a 10-day channel blackout.

Online news venture NewsRight names interim CEO Posted: 20 Jul 2012 04:16 PM PDT NewsRight, a company created by The Associated Press and newspaper publishers to track the unlicensed use of news stories on the Internet, said Friday that CEO David Westin is stepping down.

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