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• Wall Street slides on Spain, Greece fears
• China's CNOOC to buy Canada's Nexen for $15.1 billion
• EU says mismanaged Greek banks face "revamp"
• McDonald's second-quarter profit falls, shares slide
• Halliburton Q2 tops Wall Street; sees better North America in '13
• What's up dock? Apple to shrink connector for iPhone 5
• Police to probe Mirror, Star papers in UK hacking probe
• Six found guilty in UK insider dealing ring
• Greece's EFG Eurobank to split from EFG Group
• Fairfax's Watsa raises RIM stake to nearly 10 percent
• Germany's Benckiser to buy Peet's Coffee for $1 billion
• NHTSA probes 2012 Jeep Grand Cherokee for fire risk
• DoJ probes Universal Technical's compensation practices
• Marathon Oil expands into Kenya with exploration deal
• China's Hunan Ava Dairy recalls tainted infant formula
• Peugeot-Toyota van deal ups pressure on unions
• More UK banks to review sale of hedging products
• Rake rules himself out of Barclays' chairman job
• Rolls-Royce to replace parts in some Boeing 787 Dreamliners
• Qatar Holding adds to Xstrata stake in weak market
• Blackstone names chairman for French business
• F&N hires Goldman to advise on Heineken's bid for beer maker
• Analysis: For brokers like Peregrine, from bad times to worse
• Exclusive: Prosecutors, regulators close to making Libor arrests
• Amplats cuts production and capex targets
• Nasdaq compensation plan may not be enough
• Euro, world stocks slide on Spanish bailout fears
• China's tight job market defies economic downturn
• Murcia next Spain region in spotlight for aid
• Business events scheduled for Tuesday
• Iran returns sanction fight to Gulf shipping lanes
• Spanish bailout fears stalk markets
• Italy bans stock short-selling as market plunges
• Spain's borrowing rates hit record as crisis grows
• Peet's Coffee & Tea going private for $977.6M
• Europe fear surges; Dow falls more than 150
• Spanish turmoil pushes the euro to a 25-month low
• UK hacking scandal spreads, 100-plus new claims
• Oil falls on renewed concerns about Europe

Wall Street slides on Spain, Greece fears Posted: 23 Jul 2012 06:50 AM PDT NEW YORK (Reuters) - Wall Street tracked a sharp selloff in global equity markets on Monday as Spain appeared closer to needing a bailout and fears grew that Greece may be approaching an exit from the euro zone. There were also worrying signs from U.S. earnings. McDonald's Corp fell 2.3 percent to $89.45 after posting lower-than-expected profit. Its chief executive officer said the results "reflected the slowing global economy (and) persistent economic headwinds. ...

China's CNOOC to buy Canada's Nexen for $15.1 billion Posted: 23 Jul 2012 08:10 AM PDT HONG KONG/CALGARY (Reuters) - State-controlled CNOOC Ltd launched one of China's richest takeover bids yet on Monday by agreeing to buy Canadian oil producer Nexen Inc for $15.1 billion, forcing Ottawa to decide whether national security concerns outweigh its desire for foreign investment in its energy resources. CNOOC, China's third-largest oil company, hopes to sell the deal to shareholders and the government by offering a hefty 61 percent premium to Nexen's Friday stock price, pledging to retain all employees and promising to make Canada home base for its Western Hemisphere operations. ...

EU says mismanaged Greek banks face "revamp" Posted: 23 Jul 2012 08:19 AM PDT BRUSSELS (Reuters) - Banks recapitalized as part of Greece's bailout may be forced to overhaul their management and governance, the European Commission said, in response to questions raised by Reuters about alleged malpractice at Greece's fourth-largest bank. In a statement, the European Union's executive arm said Greek banks would face due-diligence audits and possible management shake-ups in return for their share of billions of euros from the region's taxpayers and the International Monetary Fund. ...

McDonald's second-quarter profit falls, shares slide Posted: 23 Jul 2012 08:52 AM PDT (Reuters) - McDonald's Corp reported lower-than-expected quarterly profit on Monday, hurt by a slowing global economy and the impact of a stronger dollar, and said sales growth at established restaurants would slow this month. Results from the world's biggest hamburger chain showed that even the most resilient restaurant operators were being hurt by the weak U.S. economic recovery and persistent financial woes in Europe -- which are forcing diners to pull back on spending for meals away from home. ...

Halliburton Q2 tops Wall Street; sees better North America in '13 Posted: 23 Jul 2012 07:55 AM PDT (Reuters) - Halliburton Co posted a quarterly profit on Monday that topped Wall Street forecasts, helped by increased activity outside North America, where it expected margins would start recovering by early next year. Shares of Halliburton, the world's second-largest oilfield services company behind Schlumberger , rose 2.5 percent despite a decline in oil prices weighing down the sector . Halliburton had warned last month that a shortage of guar beans in India would depress margins at its pressure pumping operations in shale fields, a key profit driver for the company. ...

What's up dock? Apple to shrink connector for iPhone 5 Posted: 23 Jul 2012 12:42 AM PDT TAIPEI/HONG KONG (Reuters) - Apple Inc's new iPhone will drop the wide dock connector used in the company's gadgets for the best part of a decade in favor of a smaller one, a change likely to annoy the Apple faithful but which could be a boon for accessory makers. The iPhone 5, Apple's next generation iPhone expected to go on sale around October, will come with a 19-pin connector port at the bottom instead of the proprietary 30-pin port "to make room for the earphone moving to the bottom", two sources familiar with the matter told Reuters. ...

Police to probe Mirror, Star papers in UK hacking probe Posted: 23 Jul 2012 06:47 AM PDT LONDON (Reuters) - A police investigation into corrupt payments by journalists will be extended beyond Rupert Murdoch's British newspaper business to other publishers, the detective leading the probe into a phone-hacking scandal said on Monday Since January last year, police have been working with Murdoch's News International, part of News Corp, to uncover wrongdoing among its staff over allegations journalists illegally accessed mobile phone voicemail messages. That inquiry has since been expanded to look at corrupt payments to public officials and claims of computer hacking. ...

Six found guilty in UK insider dealing ring Posted: 23 Jul 2012 08:36 AM PDT LONDON (Reuters) - Six people were found guilty on Monday of taking part in an insider dealing ring that netted over 700,000 pounds ($1.09 million) after the longest and most complex prosecution brought by Britain's Financial Services Authority. The six obtained confidential and price-sensitive information from investment banks about proposed or forthcoming takeover bids between 2006 and 2008, including Reuters, Vega, Premier Oil, Thus and Enodis. "The defendants were involved in a long running, sophisticated and very profitable scheme. ...

Greece's EFG Eurobank to split from EFG Group Posted: 23 Jul 2012 02:43 AM PDT ATHENS (Reuters) - Greece's second-largest lender EFG Eurobank said on Monday it would split from EFG Group at the request of European regulatory authorities. EFG Group would transfer 43.55 percent of its 44.7 percent stake in the Greek lender to nine younger members of the Latsis family, a major shareholder in Eurobank which made its fortune in shipping, the bank said. "Eurobank is no longer going to be consolidated into the financial statements of the EFG Group," it said in a statement. ...

Fairfax's Watsa raises RIM stake to nearly 10 percent Posted: 23 Jul 2012 07:52 AM PDT TORONTO (Reuters) - Canadian investor Prem Watsa, dubbed the "Warren Buffett of the North," has nearly doubled his company's stake in embattled BlackBerry maker Research In Motion Ltd to just under 10 percent, according to a regulatory filing. The move makes Watsa, chief executive of insurer and investment company Fairfax Financial Holdings Ltd and a RIM board member since January, the largest known shareholder of the Canadian company whose market value has dropped nearly 80 percent over the past year as its share of the smartphone market has tumbled. Shares of RIM rose 8 Canadian cents to ...

Germany's Benckiser to buy Peet's Coffee for $1 billion Posted: 23 Jul 2012 07:41 AM PDT (Reuters) - Peet's Coffee & Tea Inc said on Monday it struck a deal to be acquired by Joh. A. Benckiser for about $1 billion, a move that will give Peet's a financial jolt as it competes against larger coffee and tea shops and will broaden the reach of Germany's Reimann family in the coffee business. The offer price of $73.50 per share in cash represents a premium of nearly 29 percent over Peet's July 20 closing stock price of $57.16. Shares of Peet's were trading at $73.70, above the offer price, after soaring to $74.25 in morning trading on Nasdaq. ...

NHTSA probes 2012 Jeep Grand Cherokee for fire risk Posted: 23 Jul 2012 07:59 AM PDT (Reuters) - U.S. safety regulators have opened defect investigations into Chrysler Group LLC's 2012 Jeep Grand Cherokee and 2009-2010 Dodge Ram 1500. The National Highway Traffic Safey Administration said it is investigating potential power steering hose failures that could lead to under-hood fires in about 106,800 2012 Grand Cherokees. NHTSA also is investing potential rear differential failures that could lead to rear wheel lock-up and loss of vehicle control in about 230,000 2009-2010 Dodge Ram 1500 pickups. A NHTSA defect investigation is often a prelude to a vehicle safety recall. ...

DoJ probes Universal Technical's compensation practices Posted: 23 Jul 2012 07:19 AM PDT (Reuters) - For-profit college Universal Technical Institute Inc said it is being investigated by the U.S. Department of Justice after a former employee alleged the company had violated compensation laws. The company said a former employee alleged that Universal Technical Institute's compensation of its enrollment counselors violated the incentive compensation ban of the Higher Education Act. A federal law prohibits colleges from compensating employees based on the number of students they enroll. ...

Marathon Oil expands into Kenya with exploration deal Posted: 23 Jul 2012 07:20 AM PDT (Reuters) - Oil and natural gas company Marathon Oil Corp said it will expand into Kenya by acquiring an interest in two onshore exploration blocks licensed to Africa Oil Corp . Marathon will pay $35 million to buy a 50 percent working interest in Block 9 and a 15 percent stake in Block 12A in northwest Kenya. Marathon Oil said it could operate Block 9, which covers 7.5 million gross acres, if any commercial discovery is made. Block 12A is about 3.8 million gross acres. Tullow Oil Plc , which owns a 65 percent interest, operates the block. Africa Oil holds a 20 percent interest. ...

China's Hunan Ava Dairy recalls tainted infant formula Posted: 23 Jul 2012 03:57 AM PDT SHANGHAI (Reuters) - China's Hunan Ava Dairy Co Ltd said on Monday it will recall baby formula sold under its Nanshan Bywise brand after a cancer-causing agent was found in test samples, the latest blow to the country's scandal-ridden milk industry struggling to restore consumer confidence. Five batches of Nanshan Bywise infant milk powder produced between July and December last year failed sample tests for aflatoxin, a toxin produced by a fungus that is widespread in nature, the Guangzhou Industrial and Commercial Administration Bureau said in a statement issued last Friday. ...

Peugeot-Toyota van deal ups pressure on unions Posted: 23 Jul 2012 02:01 AM PDT PARIS/TOKYO (Reuters) - PSA Peugeot Citroen announced a van production deal with Japan's Toyota , raising pressure on unions to make concessions on pay and conditions or face a second closure of a French factory. Peugeot, which this month said it planned to shut the Aulnay factory near Paris, will start building commercial vans for Toyota next year at Sevelnord, another threatened facility in northern France, both automakers said on Monday. ...

More UK banks to review sale of hedging products Posted: 23 Jul 2012 04:13 AM PDT LONDON (Reuters) - Seven more British banks have agreed to review past sales of interest-rate hedging products to small businesses and to compensate customers for any misselling which may have occurred, Britain's financial regulator said on Monday. Allied Irish Bank (UK) , Bank of Ireland , Clydesdale and Yorkshire banks , the Co-operative Bank , Northern Bank and Santander UK have now also agreed to participate in the FSA's review. A string of misselling cases has beset Britain's financial services industry for more than two decades. ...

Rake rules himself out of Barclays' chairman job Posted: 23 Jul 2012 01:27 AM PDT LONDON (Reuters) - Michael Rake has ruled himself out of the running for the chairmanship of Barclays Plc , a role he had been favorite to assume, raising fresh questions on the leadership of the bank as it struggles to recover from the Libor scandal. The decision by Rake, which was announced by airline easyJet Plc where he is chairman, helped send shares in Barclays down 3.8 percent at 03.20 a.m. EDT, the biggest losers in the FTSE 100 index , having touched their lowest since November. ...

Rolls-Royce to replace parts in some Boeing 787 Dreamliners Posted: 23 Jul 2012 04:00 AM PDT LONDON (Reuters) - British aerospace firm Rolls-Royce said it was replacing a component on a number of its Trent 1000 engines which power Boeing's new 787 Dreamliner aeroplane. "We have identified that a component on Trent 1000 engines fitted to Boeing 787 Dreamliners has a reduced service life. As a proactive measure, this component is being replaced in a number of engines," a Rolls-Royce spokesman said on Monday. ...

Qatar Holding adds to Xstrata stake in weak market Posted: 23 Jul 2012 02:38 AM PDT LONDON (Reuters) - Qatar Holding, the second-largest shareholder in takeover target Xstrata , has added to its stake in the miner, in its first purchase since it made an unexpected demand for better terms from suitor Glencore last month. Qatar spent just under 5 million pounds ($7.8 million) to buy an extra 590,390 shares on Friday at 8.47 pounds each, according to a regulatory filing on Monday, taking its stake to 10.997 percent of the miner and building what is already the largest holding after commodities trader Glencore's 34 percent. Xstrata shares were trading at 8. ...

Blackstone names chairman for French business Posted: 23 Jul 2012 03:41 AM PDT (Reuters) - Blackstone Group LP named Gerard Errera, who held the position of special adviser, as chairman of Blackstone France. Before joining the alternative asset manager, Errera was secretary general of the French Ministry of Foreign Affairs and French ambassador to the United Kingdom. "France has many world-class companies with leading positions in their industries and Gerard's advice will continue to be invaluable both in advising French companies and helping us find opportunities to invest," Chief Executive Stephen Schwarzman said in a statement. ...

F&N hires Goldman to advise on Heineken's bid for beer maker Posted: 22 Jul 2012 11:51 PM PDT SINGAPORE (Reuters) - Singapore conglomerate Fraser and Neave (F&N) has hired Goldman Sachs to weigh Heineken NV's $6 billion bid for Asia Pacific Breweries (APB) as the takeover battle for the maker of Tiger Beer intensifies, sources said. The tussle for Southeast Asia's biggest beer maker comes amid a wave of industry consolidation and expanding beer sales in emerging markets, although APB's ownership structure makes this among the most complicated assets to buy. ...

Analysis: For brokers like Peregrine, from bad times to worse Posted: 22 Jul 2012 10:10 PM PDT CHICAGO/NEW YORK (Reuters) - Long before Peregrine Financial Group's dramatic collapse last week, months before MF Global's meltdown triggered an industry-wide crisis of confidence, the world of the independently owned futures broker was not a happy one. Even as trading volumes handled by these relatively small futures commission merchants (FCM) boomed over the past decade, profits were dwindling: electronic trading, the rise of the hedge fund and rapid-fire algorithmic trader, and the slump in interest rates had upended their century-old business model. ...

Exclusive: Prosecutors, regulators close to making Libor arrests Posted: 23 Jul 2012 09:10 AM PDT (Reuters) - U.S. prosecutors and European regulators are close to arresting individual traders and charging them with colluding to manipulate global benchmark interest rates, according to people familiar with a sweeping investigation into the rigging scandal. Federal prosecutors in Washington, D.C., have recently contacted lawyers representing some of the suspects to notify them that criminal charges and arrests could be imminent, said two of those sources, who asked not to be identified because the investigation is ongoing. ...

Amplats cuts production and capex targets Posted: 22 Jul 2012 11:34 PM PDT JOHANNESBURG (Reuters) - Anglo American Platinum , the world's top platinum producer, said on Monday it was reducing its full-year production and project spending targets, hit by chronic weakness in prices and demand for the precious metal. The miner also reported an expected 78 percent drop in interim profit. The miner further cut its refined production target for 2012 to between 2.4 and 2.5 million platinum ounces, compared to an initial target of 2.5 to 2.6 million ounces. Citing further market deterioration, it also slashed its project spending for a second time this year. ...

Nasdaq compensation plan may not be enough Posted: 22 Jul 2012 04:50 PM PDT NEW YORK (Reuters) - Nasdaq OMX Group's plan to pay a total of $62 million to firms that lost money due to Facebook Inc's botched market debut may fall short of appeasing Wall Street market makers, which would have to sign off on their right to take legal action against the exchange in order to collect. "I have a hard time believing that they will just settle for that," said consultant Chris Nagy, who thinks "that it's not going to be enough at this point in time. ...

Euro, world stocks slide on Spanish bailout fears Posted: 23 Jul 2012 08:08 AM PDT NEW YORK (Reuters) - The euro hit its lowest level in more than two years and world equity markets fell sharply on Monday after reports that Spain's indebted regions need help fueled fears the country will become the fourth euro-zone member to ask for a major bailout. Investors sold off assets viewed as riskier and fled to the perceived safety of U.S., British and German government debt and the U.S. dollar as the concerns about economic growth and the plight of Spain drove investment decisions. Crude oil tumbled more than 3 percent, and yields on U.S. ...

China's tight job market defies economic downturn Posted: 22 Jul 2012 02:16 PM PDT BEIJING (Reuters) - Workers living through the slowest run of global economic growth in more than three years are in fear for their jobs everywhere except in the very place investors are most concerned about - China. Despite six straight quarters of slowing growth, there are more job vacancies in China than there have been for around a decade, giving workers the unlikely luxury of job-hopping during a downturn. ...

Murcia next Spain region in spotlight for aid Posted: 22 Jul 2012 09:08 AM PDT MADRID (Reuters) - Tiny Murcia was on course on Sunday to be the second Spanish region to request help from the central government to keep it afloat, as media reported half a dozen local authorities were ready to follow in the footsteps of Valencia. How Spain's 17 indebted autonomous regions, locked out of international debt markets, refinance 36 billion euros in debt this year has been a major source of concern for investors ever since they missed deficit targets last year. Spain's central government set up an 18 billion euro ($22 billion) fund earlier this month to ease their funding pain. ...

Business events scheduled for Tuesday Posted: 23 Jul 2012 09:15 AM PDT Major business events and economic events scheduled for Tuesday:

Iran returns sanction fight to Gulf shipping lanes Posted: 23 Jul 2012 09:15 AM PDT When Pentagon officials announced plans to send U.S. Navy minesweepers and warships into the Gulf for exercises, they carefully tried to avoid framing it as a direct show of force against Iran. Tehran took care of that.

Spanish bailout fears stalk markets Posted: 23 Jul 2012 09:17 AM PDT Stocks took a battering while the euro slid to a two-year low against the dollar on Monday as fears over Europe's debt crisis returned to haunt markets.

Italy bans stock short-selling as market plunges Posted: 23 Jul 2012 09:07 AM PDT Italy's market watchdog on Monday imposed a week-long ban on the short-selling of shares in banks and insurance companies as the Milan stock index plunged amid fears over the country's financial stability.

Spain's borrowing rates hit record as crisis grows Posted: 23 Jul 2012 09:07 AM PDT Financial pressure is mounting on Spain as its economy shrinks and the cost of bailing out banks and regional governments grows. Investors pushed the country's borrowing rates to alarming heights Monday amid concern the government could be overwhelmed by debt and forced to seek an international bailout.

Peet's Coffee & Tea going private for $977.6M Posted: 23 Jul 2012 09:22 AM PDT Peet's Coffee & Tea is being taken private by a German conglomerate for approximately $977.6 million.

Europe fear surges; Dow falls more than 150 Posted: 23 Jul 2012 08:58 AM PDT Fear that Spain may need a government bailout is sending stocks around the world sharply lower. The Dow Jones industrial average is down 155 points to 12,668.

Spanish turmoil pushes the euro to a 25-month low Posted: 23 Jul 2012 08:56 AM PDT Fears that Spain's government may need a bailout are pushing the euro to its lowest point against the dollar in more than two years.

UK hacking scandal spreads, 100-plus new claims Posted: 23 Jul 2012 08:47 AM PDT British police are investigating new tabloids in the country's growing phone hacking scandal, including the Trinity Mirror PLC newspaper group as well as the U.K.'s Express Newspapers, a senior Scotland Yard official said Monday. More than 100 new allegations of "data intrusion" also are being probed.

Oil falls on renewed concerns about Europe Posted: 23 Jul 2012 08:41 AM PDT The price of oil is falling on heightened concerns about Europe's debt-ridden economy.

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