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• Dow, S&P flat, Nasdaq slips after hitting 12-year highs
• AIG shares fall after U.S. says it plans $18 billion sale
• With Gulf oil deal, PXP jumps into energy big leagues
• Glencore tells Xstrata investors its bid is final
• Eastman Kodak to cut more jobs
• ECB won't cut deposit rate below zero this year: Reuters Poll
• Navistar fires back after Icahn criticizes CEO switch
• Barclays boss ready to pare down investment bank
• Weak China trade data raises Beijing spending stakes
• Greece digs in for tough talks with lenders
• Amazon to let Kindle Fire HD buyers turn off ads
• Wall Street wavers ahead of Fed meeting
• BP sells some Gulf of Mexico assets for $5.55 bn
• Kodak job cuts continue as it aims to exit Ch. 11
• HP expands job cuts by 2,000
• China's imports shrink in sign downturn worsening
• Transocean selling 38 shallow water drilling rigs
• J.C. Penney brings back free haircuts for kids
• US rum subsidies hammer Caribbean producers
• Toys R Us gets into the tablet computer game
• T-Mobile launches campaign to lure iPhone users
• Wall Street wavers ahead of Fed meeting
• Ford to add 1,200 workers at Detroit plant
• Canadian dollar climbs to highest in over 12 months
• HRT says Chariot Namibia dry well doesn't hurt its own prospects
• News Summary: Penney makes free haircuts permanent
• AIG shares fall after U.S. says it plans $18 billion sale
• ECB won't cut deposit rate below zero this year: Reuters Poll
• IMF tells Europe deliver on Irish bailout, cuts growth forecast
• Greece digs in for tough talks with lenders
• Brent oil up as stimulus hope counters weak China data
• Insight: GM's Volt - The ugly math of low sales, high costs
• Dow, S&P flat, Nasdaq slips after hitting 12-year highs
• S.African stocks fall, strike hits Gold Fields
• Barclays boss ready to pare down investment bank
• With Gulf oil deal, PXP jumps into energy big leagues
• Namibia: No more oil, gas exploration licenses
• Amazon to let Kindle Fire HD buyers turn off ads
• BlackRock to lower fees on some ETFS to better compete
• Ugandan coffee exports drop in August: state body

Dow, S&P flat, Nasdaq slips after hitting 12-year highs Posted: 10 Sep 2012 08:39 AM PDT NEW YORK (Reuters) - Wall Street was little changed on Monday as investors took a breather from recent gains in anticipation of policy action from the Federal Reserve later in the week. The benchmark S&P 500 index rose 2.2 percent last week to hit highs not seen in nearly five years, and the Nasdaq rose to a 12-year high, prompting investors to engage in a bit of selling of big-cap tech names that have done well all year. Technology shares were modestly lower after worse-than-expected data from China. ...

AIG shares fall after U.S. says it plans $18 billion sale Posted: 10 Sep 2012 08:54 AM PDT (Reuters) - American International Group shares fell 1.5 percent on Monday after the U.S. Treasury Department said it will sell $18 billion of the insurance company's shares. The offering represents the government's biggest sell-down of AIG since rescuing the insurer with a bailout in 2008, and will reduce its stake to roughly 20 percent from a current level of 53 percent. The Treasury Department and Federal Reserve extended a combined $182 billion lifeline to AIG at the peak of the financial crisis, after the insurer became entangled in subprime-mortgage derivatives. ...

With Gulf oil deal, PXP jumps into energy big leagues Posted: 10 Sep 2012 08:31 AM PDT (Reuters) - Plains Exploration & Production Co is paying $5.55 billion for BP Plc's stake in some deepwater Gulf of Mexico wells, a deal that boosts its power in the North American energy market and sharpens its focus on crude oil. Shares of Plains, commonly known by the stock exchange symbol "PXP," fell more than 8 percent, however, as investors were wary about the price of the deal and the $7 billion in debt that will fund it. ...

Glencore tells Xstrata investors its bid is final Posted: 10 Sep 2012 05:07 AM PDT LONDON (Reuters) - Commodities trader Glencore laid out what it said was a final $36 billion takeover offer for Xstrata on Monday, warning the miner's investors it would not improve the terms again after making concessions to woo recalcitrant shareholders. Glencore, which already owns just over a third of Xstrata, confirmed its bid was now at 3.05 new shares for every Xstrata share held. This is up from 2.8 and in line with proposals made on Friday, following an unexpected turnaround that ended months of stalemate with the miner's second-largest investor, Qatar. ...

Eastman Kodak to cut more jobs Posted: 10 Sep 2012 08:23 AM PDT (Reuters) - Bankrupt Eastman Kodak Co said it will cut 1,000 additional jobs by the end of this year and may cut more as it focuses on its commercial packaging and printing business. Kodak, which invented the digital camera but had trouble adjusting to the digital age, was betting on an auction of its 1,100 patents to raise funds to repay money borrowed to finance its bankruptcy. The company, which estimates its patents to be worth between $2.2 billion and $2.6 billion, received only sub-$500 million bids from investor groups, including Apple Inc and Google Inc, according to media reports. ...

ECB won't cut deposit rate below zero this year: Reuters Poll Posted: 10 Sep 2012 08:49 AM PDT BANGALORE (Reuters) - The European Central Bank will not cut its deposit rate below zero this year, according to a Reuters poll of euro money market traders taken on Monday. The ECB reduced the deposit rate, which acts as a floor to the cost of money in the open market, to zero in July to deter banks hoarding cash with the central bank instead of lending it. Twenty-one of 26 traders in the poll said the central bank would not cut it this year, a move that would in effect charge banks to park excess funds with it. Just five said it would. ...

Navistar fires back after Icahn criticizes CEO switch Posted: 10 Sep 2012 07:52 AM PDT (Reuters) - Navistar International Corp defended itself on Monday against activist investor Carl Icahn, who had said the U.S. truck and engine maker's August hiring of a new chief executive officer was ill-advised. The company, whose shares fell nearly 3 percent, accused Icahn of engaging in "threats, attacks and disruptions" after he made his criticisms public on Sunday. Icahn, Navistar's third-largest shareholder, said the truckmaker had not discussed the CEO switch with his firm, and he called the hiring of former Textron Inc CEO Lewis Campbell a "worse-than ill-advised move. ...

Barclays boss ready to pare down investment bank Posted: 10 Sep 2012 08:33 AM PDT LONDON (Reuters) - Barclays' new boss promised bold action to tackle big bonuses at its investment bank and to cut businesses that suck up too much capital, as he reforms a culture regulators have criticized as too aggressive. Chief Executive Antony Jenkins, appointed 11 days ago to restore the reputation of Britain's fourth-largest bank after a series of scandals, on Monday said investment banking has a central place within the group. But capital markets activities that consume a lot of capital or are too risky look likely to be in his line of fire. ...

Weak China trade data raises Beijing spending stakes Posted: 10 Sep 2012 03:58 AM PDT BEIJING (Reuters) - Weak Chinese trade data on Monday underlined the likelihood of more Beijing-backed spending to deal with the damage done to the domestic economy by firms cutting production, inventories and imports in the face of anemic global demand. Imports fell 2.6 percent on the year in August, confounding expectations of a 3.5 percent rise. Exports grew 2.7 percent, below forecasts for a 3 percent rise in a Reuters poll. ...

Greece digs in for tough talks with lenders Posted: 10 Sep 2012 08:45 AM PDT ATHENS (Reuters) - Greece acknowledged on Monday it was having trouble persuading its foreign lenders to accept a plan to save nearly 12 billion euros over the next two years, essential to unlocking the aid payments the country needs in order to avoid bankruptcy. Hopes that Greece, now in its fifth straight year of recession, might get a quick green light on the package were dashed when inspectors rejected part of it after bilateral talks resumed on Sunday. ...

Amazon to let Kindle Fire HD buyers turn off ads Posted: 10 Sep 2012 08:29 AM PDT Amazon says buyers of its new Kindle Fire HD tablet will get the option to turn off the advertisements that appear on its standby screen for $15.

Wall Street wavers ahead of Fed meeting Posted: 10 Sep 2012 09:04 AM PDT Stocks flitted between small gains and losses on Wall Street as troubling economic news from China outweighed optimism about more stimulus from the Federal Reserve.

BP sells some Gulf of Mexico assets for $5.55 bn Posted: 10 Sep 2012 06:10 AM PDT Oil company BP said Monday it is selling some deep-water assets in the Gulf Mexico to Plains Exploration & Production Co. for $5.55 billion, a big step in the BP's drive to cover the cost of its oil well blowout in the Gulf two years ago and concentrate investment elsewhere.

Kodak job cuts continue as it aims to exit Ch. 11 Posted: 10 Sep 2012 07:00 AM PDT Kodak is reshuffling some executives and continuing to cut jobs as the pioneering photography company tries to emerge from bankruptcy protection.

HP expands job cuts by 2,000 Posted: 10 Sep 2012 07:33 AM PDT Hewlett-Packard Co. is planning to cut about 2,000 more jobs than it had previously announced, as CEO Meg Whitman tries to turn the company around.

China's imports shrink in sign downturn worsening Posted: 10 Sep 2012 07:37 AM PDT China's imports shrank unexpectedly in August in a sign its economic slump is worsening, bad news for exporters elsewhere that count on the appetite of the world's second-largest economy for natural resources and industrial components to offset anemic Western markets.

Transocean selling 38 shallow water drilling rigs Posted: 10 Sep 2012 05:13 AM PDT Transocean, a major offshore drilling rig contractor, is selling 38 of its shallow water rigs to newly-formed Shelf Drilling International Holdings Ltd. for about $855 million in cash.

J.C. Penney brings back free haircuts for kids Posted: 10 Sep 2012 07:29 AM PDT Children who missed the opportunity to get a free haircut at J.C. Penney last month will get plenty more chances.

US rum subsidies hammer Caribbean producers Posted: 10 Sep 2012 08:22 AM PDT Rum, the sugar-based liquor that has fueled the development of the Caribbean for centuries, has become the focus of an increasingly bitter dispute with the U.S.

Toys R Us gets into the tablet computer game Posted: 10 Sep 2012 07:48 AM PDT Toys R Us plans to launch its own tablet computer aimed at children called Tabeo on Oct. 21, a low-priced entry into the increasingly crowded tablet business.

T-Mobile launches campaign to lure iPhone users Posted: 10 Sep 2012 09:06 AM PDT T-Mobile USA, the only "Big 4" phone company that doesn't sell the iPhone, now wants to snag used ones from AT&T.

Wall Street wavers ahead of Fed meeting Posted: 10 Sep 2012 09:04 AM PDT Stocks flitted between small gains and losses on Wall Street as troubling economic news from China outweighed optimism about more stimulus from the Federal Reserve.

Ford to add 1,200 workers at Detroit plant Posted: 10 Sep 2012 09:02 AM PDT Ford is adding 1,200 workers to a suburban Detroit factory to build the Fusion, a sign of confidence that the revamped sedan will be a big seller.

Canadian dollar climbs to highest in over 12 months Posted: 10 Sep 2012 09:01 AM PDT TORONTO (Reuters) - The Canadian dollar hit its loftiest level in more than one year against the greenback on Monday, outperforming other major currencies on last week's strong domestic employment report and hopes of more policy easing in the United States. The currency hit a session high of C$0.9755 to the U.S. dollar, or $1.0251, its strongest level since September 1, 2011. "The risk backdrop remains positive here. The weaker-than- expected U.S. ...

HRT says Chariot Namibia dry well doesn't hurt its own prospects Posted: 10 Sep 2012 08:58 AM PDT RIO DE JANEIRO (Reuters) - Brazil's HRT Participacoes em Petroleo SA said on Monday that a noncommercial well drilled by Chariot Oil & Gas Ltd and Petrobras in Namibia does not harm its own oil prospects in the offshore African area. HRT's main prospect in Namibia is 145 kilometers away from the Chariot-Petrobras dry hole, Marcio Mello, HRT's founder and chief executive said on a conference call with investors. Rio de Janerio-based HRT's stock fell as much as 19 percent after the Chariot announcement. Later it trimmed losses to 13 percent in early afternoon trading in Sao Paulo.

News Summary: Penney makes free haircuts permanent Posted: 10 Sep 2012 08:54 AM PDT J.C. PENNEY'S FREE HAIRCUTS: After an overwhelming response to its free haircut program for kids last month, J.C. Penney will be making the offer permanent every Sunday, starting Nov. 4.

AIG shares fall after U.S. says it plans $18 billion sale Posted: 10 Sep 2012 08:54 AM PDT (Reuters) - American International Group shares fell 1.5 percent on Monday after the U.S. Treasury Department said it will sell $18 billion of the insurance company's shares. The offering represents the government's biggest sell-down of AIG since rescuing the insurer with a bailout in 2008, and will reduce its stake to roughly 20 percent from a current level of 53 percent. The Treasury Department and Federal Reserve extended a combined $182 billion lifeline to AIG at the peak of the financial crisis, after the insurer became entangled in subprime-mortgage derivatives. ...

ECB won't cut deposit rate below zero this year: Reuters Poll Posted: 10 Sep 2012 08:49 AM PDT BANGALORE (Reuters) - The European Central Bank will not cut its deposit rate below zero this year, according to a Reuters poll of euro money market traders taken on Monday. The ECB reduced the deposit rate, which acts as a floor to the cost of money in the open market, to zero in July to deter banks hoarding cash with the central bank instead of lending it. Twenty-one of 26 traders in the poll said the central bank would not cut it this year, a move that would in effect charge banks to park excess funds with it. Just five said it would. ...

IMF tells Europe deliver on Irish bailout, cuts growth forecast Posted: 10 Sep 2012 08:45 AM PDT DUBLIN (Reuters) - The success of Ireland's international bailout hinges on it getting more European support and there being economic recovery externally, the International Monetary Fund (IMF) said on Monday as it cut its growth forecast for Ireland for next year. Euro zone leaders agreed at their summit in June to look at improving Ireland's bank rescue, a commitment that has pushed Irish bond yields down sharply and allowed Dublin to raise long-term debt for the first time since it secured the EU/IMF bailout almost two years ago. Ireland wants the terms tied to 31 billion euros ($39. ...

Greece digs in for tough talks with lenders Posted: 10 Sep 2012 08:45 AM PDT ATHENS (Reuters) - Greece acknowledged on Monday it was having trouble persuading its foreign lenders to accept a plan to save nearly 12 billion euros over the next two years, essential to unlocking the aid payments the country needs in order to avoid bankruptcy. Hopes that Greece, now in its fifth straight year of recession, might get a quick green light on the package were dashed when inspectors rejected part of it after bilateral talks resumed on Sunday. ...

Brent oil up as stimulus hope counters weak China data Posted: 10 Sep 2012 08:40 AM PDT NEW YORK (Reuters) - Brent crude rose while U.S. crude eased in choppy trade on Monday, as expectations the U.S. Federal Reserve will act to stimulate the economy countered weak data from China that fed concerns about demand for oil. Some investors are expecting that growing signs of economic slowdown in China and in the United States have increased the likelihood that the U.S. Federal Reserve's two-day policy meeting ending on Thursday will result in a third round of monetary stimulus, known as quantitative easing or QE3. ...

Insight: GM's Volt - The ugly math of low sales, high costs Posted: 10 Sep 2012 08:40 AM PDT (Reuters) - General Motors Co sold a record number of Chevrolet Volt sedans in August — but that probably isn't a good thing for the automaker's bottom line. Nearly two years after the introduction of the path-breaking plug-in hybrid, GM is still losing as much as $49,000 on each Volt it builds, according to estimates provided to Reuters by industry analysts and manufacturing experts. Cheap Volt lease offers meant to drive more customers to Chevy showrooms this summer may have pushed that loss even higher. ...

Dow, S&P flat, Nasdaq slips after hitting 12-year highs Posted: 10 Sep 2012 08:39 AM PDT NEW YORK (Reuters) - Wall Street was little changed on Monday as investors took a breather from recent gains in anticipation of policy action from the Federal Reserve later in the week. The benchmark S&P 500 index rose 2.2 percent last week to hit highs not seen in nearly five years, and the Nasdaq rose to a 12-year high, prompting investors to engage in a bit of selling of big-cap tech names that have done well all year. Technology shares were modestly lower after worse-than-expected data from China. ...

S.African stocks fall, strike hits Gold Fields Posted: 10 Sep 2012 08:35 AM PDT JOHANNESBURG (Reuters) - South African stocks fell for the first time in three sessions on Monday as investors cashed in Woolworths and other retailers after recent gains, while a second illegal strike in 10 days hit miner Gold Fields. Shares of Sasol climbed 2.6 percent to 383.66 rand after the petrochemicals group booked a 25 percent rise in full-year profit and gave an upbeat 2013 outlook. "We have seen a lot of the retail shares running into very high (price-to-earnings) ratios, perhaps people are rebalancing their portfolios," said Greg Davies, equities trader at Cratos Capital. ...

Barclays boss ready to pare down investment bank Posted: 10 Sep 2012 08:33 AM PDT LONDON (Reuters) - Barclays' new boss promised bold action to tackle big bonuses at its investment bank and to cut businesses that suck up too much capital, as he reforms a culture regulators have criticized as too aggressive. Chief Executive Antony Jenkins, appointed 11 days ago to restore the reputation of Britain's fourth-largest bank after a series of scandals, on Monday said investment banking has a central place within the group. But capital markets activities that consume a lot of capital or are too risky look likely to be in his line of fire. ...

With Gulf oil deal, PXP jumps into energy big leagues Posted: 10 Sep 2012 08:31 AM PDT (Reuters) - Plains Exploration & Production Co is paying $5.55 billion for BP Plc's stake in some deepwater Gulf of Mexico wells, a deal that boosts its power in the North American energy market and sharpens its focus on crude oil. Shares of Plains, commonly known by the stock exchange symbol "PXP," fell more than 8 percent, however, as investors were wary about the price of the deal and the $7 billion in debt that will fund it. ...

Namibia: No more oil, gas exploration licenses Posted: 10 Sep 2012 08:29 AM PDT Namibia's government says it will stop issuing licenses for companies to explore for oil and gas toward the end of this year.

Amazon to let Kindle Fire HD buyers turn off ads Posted: 10 Sep 2012 08:29 AM PDT Amazon says buyers of its new Kindle Fire HD tablet will get the option to turn off the advertisements that appear on its standby screen for $15.

BlackRock to lower fees on some ETFS to better compete Posted: 10 Sep 2012 08:26 AM PDT NEW YORK (Reuters) - BlackRock Inc will announce lower fees on some of its core iShares exchange-traded funds in the fourth quarter to better compete with lower-cost products, Chief Executive Officer Laurence Fink said on Monday. The changes will only apply to some ETFs with lower-fee competition and will not be a "wholesale fee change on everything," Fink told attendees at the Barclays' Global Financial Services Conference in New York. Exchange-traded funds are baskets of securities, like mutual funds, but they trade on exchanges, like individual securities. ...

Ugandan coffee exports drop in August: state body Posted: 10 Sep 2012 08:26 AM PDT KAMPALA (Reuters) - Uganda's coffee exports fell in August to 233,451 of the 60-kg bags, down 25 percent from the same month in 2011 and below the country's projections, due to slowing production in some regions, the state-run Uganda Coffee Development Authority said. Coffee is one of Uganda's main sources of hard currency and the country, which cultivates mainly the robusta variety, is Africa's biggest exporter of coffee. In August 2011, Uganda exported 309,303 bags of coffee. ...

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