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• Wall Street awaits Fed decision, trading lackluster
• Wholesale inflation rises; labor market struggles
• Xstrata board expected to back Glencore bid next week
• Fed seen launching fresh stimulus, details in question
• Ex-Madoff employee's court hearing canceled due to illness
• Aggressive iPhone launch plan boosts Apple outlook
• Investors see obstacles, risks to BAE-EADS tie-up
• Greece denies report it will need third bailout
• BlackRock launches "frontier market" fund with global reach
• Alcoa workers stage protest to slow down plant closure
• As Fed ends meeting, many expect bold action
• NYC bans big, sugary drinks at eateries, theaters
• Hurricane Isaac sends US jobless claims up to 382K
• US stocks edging higher ahead of Fed decision
• More expensive gas pushes up US wholesale prices
• Average on 30-year US mortgage stays at 3.55 pct.
• US congressional panel probes China tech firms
• Ex-Stanford exec gets 3 years for $7B swindle
• Nintendo says Wii U will launch on Nov. 18
• Foreclosure starts fell on annual basis in August
• World stocks mixed ahead of expected US Fed action
• CAW offers Detroit 3 wage, pension changes for new hires
• US stocks edging higher ahead of Fed decision
• NYC bans big, sugary drinks at eateries, theaters
• Fed seen launching fresh stimulus, details in question
• Ontario budget deficit comes in lower than forecast
• Madagascar signs operating permit for Ambatovy mine: govt
• BlackRock launches "frontier market" fund with global reach
• News Summary: 'Pink slime' maker sues ABC News
• Alcoa workers stage protest to slow down plant closure
• South African stocks rise as Amplats recovers
• Wholesale inflation rises; labor market struggles
• Nissan recalls 51,000 cars after steering fault
• UK government "positive on BAE-EADS mega-merger"
• United Technologies to resume share buyback in '13
• Wall Street awaits Fed decision, trading lackluster
• Nordstrom to expand into Canada
• Ex-Madoff employee's court hearing canceled due to illness
• News Summary: Rate on 30-year mortgage: 3.55 pct.
• IMF mission expected to visit Egypt by end of September

Wall Street awaits Fed decision, trading lackluster Posted: 13 Sep 2012 08:24 AM PDT NEW YORK (Reuters) - Stocks were little changed on Thursday, as traders awaited an announcement by Federal Reserve policymakers that's widely expected to include further stimulus measures for the economy. Trading was light ahead of the Federal Reserve's announcement, with about 1.5 billion shares changing hands on the major U.S. exchanges by 11:00 a.m. EDT (1500 GMT). The Fed is expected to launch a third round of quantitative easing while signaling that a weak economy may warrant ultra-low interest rates for at least another three years. The FOMC announces its decision at about 12:30 p.m. ...

Wholesale inflation rises; labor market struggles Posted: 13 Sep 2012 08:30 AM PDT WASHINGTON (Reuters) - Producer prices rose by the most in three years in August as energy costs surged, but underlying inflation pressures remained contained, keeping the door open to a further easing of monetary policy. Other data on Thursday underscored the weakness in the labor market, a major concern for the Federal Reserve, with the number of Americans filing new claims for state unemployment benefits touching a two-month high, although some of the gain was attributed to Tropical Storm Isaac. ...

Xstrata board expected to back Glencore bid next week Posted: 13 Sep 2012 08:08 AM PDT LONDON (Reuters) - Xstrata's board is expected to recommend Glencore's revised $34 billion bid as early as next week, sources close to the deal say, although it may come with some qualification surrounding such issues as staff retention. Glencore, already Xstrata's biggest shareholder with a 34 percent stake, made its original recommended all-share offer in February but hit trouble in June when the company's second-biggest investor Qatar Holding demanded an improved deal. Detailing the new offer on Monday, Glencore said Xstrata shareholders would now get 3. ...

Fed seen launching fresh stimulus, details in question Posted: 13 Sep 2012 08:47 AM PDT WASHINGTON (Reuters) - The Federal Reserve appears set to launch a third round of unconventional monetary stimulus on Thursday while signaling that a weak economy may warrant ultra-low interest rates for at least another three years. Not everyone believes the Fed will embark on another bond- buying spree, and plenty of doubts remain about the likely efficacy of such a move. But Fed Chairman Ben Bernanke has made clear the central bank will not sit idly by while unemployment, currently at 8.1 percent, remains so far above levels consistent with a healthy economic recovery. ...

Ex-Madoff employee's court hearing canceled due to illness Posted: 13 Sep 2012 08:20 AM PDT NEW YORK (Reuters) - A plea hearing in federal court for one of Ponzi scheme operator Bernard Madoff's longest-serving employees was canceled on Thursday because he has been admitted to the hospital, the man's lawyer said. Irwin Lipkin, 74, a former controller of Bernard L. Madoff Investment Securities LLC, had been scheduled to plead guilty to charges of conspiracy to commit securities fraud and falsifying documents, prosecutors said in court documents this week. Lipkin's lawyer, David Richman, said in a letter filed in U.S. ...

Aggressive iPhone launch plan boosts Apple outlook Posted: 13 Sep 2012 07:55 AM PDT (Reuters) - Sales of the new iPhone 5 could be double those of the previous model in its first week on the market, thanks to Apple Inc's most aggressive smartphone launch plan yet, and up to 33 million iPhones may be sold this quarter, analysts said. Many expressed surprise at how quickly Apple planned to roll out the new model around the world, saying this showed supply constraints that afflicted past releases would not be a problem this time for the bigger, faster and slimmer iPhone 5. ...

Investors see obstacles, risks to BAE-EADS tie-up Posted: 13 Sep 2012 07:36 AM PDT PARIS/BERLIN (Reuters) - Shares in EADS and Britain's BAE Systems tumbled on Thursday as investors feared that a planned tie-up aimed at creating the world's biggest defense and aerospace group could run up against political and regulatory obstacles. If talks unveiled late on Wednesday culminate in a deal, BAE shareholders would hold 40 percent and EADS investors 60 percent in a giant with products ranging from Airbus commercial planes to Typhoon warplanes and BAE's Astute-class nuclear-powered submarines. ...

Greece denies report it will need third bailout Posted: 13 Sep 2012 08:12 AM PDT ATHENS (Reuters) - Greece's Finance Minister on Thursday denied a report citing the country's representative to the IMF as saying Athens would need a third bailout package. "The country's positions are formulated by the Prime Minister and the Finance Minister," Yannis Stournaras told Reuters. (Reporting by Dina Kyriakidou)

BlackRock launches "frontier market" fund with global reach Posted: 13 Sep 2012 08:36 AM PDT NEW YORK (Reuters) - BlackRock Inc has introduced an exchange-traded fund that invests in "frontier markets", or small countries that do not qualify yet as emerging markets. Similar funds already exist but BlackRock's iShares MSCI Frontier 100 Index Fund may be the first to offer a truly global portfolio, according to one analyst. The iShares fund invests in frontier market securities that are screened for liquidity and tracks the MSCI Frontier Markets 100 Index, according to a company statement issued on Thursday. ...

Alcoa workers stage protest to slow down plant closure Posted: 13 Sep 2012 08:33 AM PDT PORTOVESME, Italy (Reuters) - Two trade union leaders braved wind and rain atop a 60-meter high tower at Alcoa's smelter in Sardinia in a protest aimed at slowing down the U.S. aluminum producer's closure of the troubled plant. "We believe Alcoa does not intend to stick to this week's agreement regarding the slowing down of closure procedures," Alcoa worker and union member Stefano Ansaldi told Reuters outside the factory gates. ...

As Fed ends meeting, many expect bold action Posted: 13 Sep 2012 06:13 AM PDT The Federal Reserve ends a two-day meeting Thursday with expectations high for some new action to jolt the lackluster U.S. economy.

NYC bans big, sugary drinks at eateries, theaters Posted: 13 Sep 2012 08:48 AM PDT New York City's Board of Health opened up a new, experimental front in the war on obesity Thursday, passing a rule banning sales of big sodas and other sugary drinks at restaurants, concession stands and other eateries.

Hurricane Isaac sends US jobless claims up to 382K Posted: 13 Sep 2012 06:32 AM PDT The number of Americans seeking unemployment benefits jumped to the highest level in two months, although the figures were skewed in part by Hurricane Isaac.

US stocks edging higher ahead of Fed decision Posted: 13 Sep 2012 08:49 AM PDT U.S. stocks are edging higher before a key decision by the Federal Reserve on the economy.

More expensive gas pushes up US wholesale prices Posted: 13 Sep 2012 06:55 AM PDT A sharp rise in gasoline costs drove up wholesale prices last month by the most in more than three years. But outside energy and food, price gains were mild.

Average on 30-year US mortgage stays at 3.55 pct. Posted: 13 Sep 2012 07:23 AM PDT The average rate on the 30-year fixed mortgage held steady this week, staying slightly above the lowest level on record. Low mortgage rates have aided a modest housing recovery.

US congressional panel probes China tech firms Posted: 13 Sep 2012 07:25 AM PDT The chairman of a U.S. House intelligence panel says two major Chinese technology companies have so far failed to address its concerns that they could be used to spy against America.

Ex-Stanford exec gets 3 years for $7B swindle Posted: 13 Sep 2012 08:38 AM PDT A once top executive in the now defunct empire of disgraced Texas financier R. Allen Stanford was sentenced to three years in prison on Thursday for her role in helping the once jet-setting businessman bilk investors out of more than $7 billion.

Nintendo says Wii U will launch on Nov. 18 Posted: 13 Sep 2012 07:54 AM PDT Nintendo's upcoming Wii U gaming console will start at $300 and go on sale in the U.S. on Nov. 18, in time for the holidays, the company said Thursday.

Foreclosure starts fell on annual basis in August Posted: 13 Sep 2012 06:07 AM PDT The evolution of the U.S. foreclosure crisis is increasingly diverging along state lines.

World stocks mixed ahead of expected US Fed action Posted: 13 Sep 2012 08:50 AM PDT Stocks in Europe and Asia were mixed on Thursday as markets waited to see if the U.S. Federal Reserve would stimulate the U.S. economy.

CAW offers Detroit 3 wage, pension changes for new hires Posted: 13 Sep 2012 08:50 AM PDT TORONTO (Reuters) - The Canadian Auto Workers union has offered the Detroit 3 automakers concessions on wages and pensions for new hires, a senior union official said on Thursday, as pressure builds to reach a contract deal ahead of a strike deadline early next week. CAW National Secretary-Treasurer Peter Kennedy said the union has proposed a lower starting wage for new hires, and a longer "earn-in," the time it takes to reach the top of the pay scale. But new workers would still eventually reach the same pay as existing employees. ...

US stocks edging higher ahead of Fed decision Posted: 13 Sep 2012 08:49 AM PDT U.S. stocks are edging higher before a key decision by the Federal Reserve on the economy.

NYC bans big, sugary drinks at eateries, theaters Posted: 13 Sep 2012 08:48 AM PDT New York City's Board of Health opened up a new, experimental front in the war on obesity Thursday, passing a rule banning sales of big sodas and other sugary drinks at restaurants, concession stands and other eateries.

Fed seen launching fresh stimulus, details in question Posted: 13 Sep 2012 08:47 AM PDT WASHINGTON (Reuters) - The Federal Reserve appears set to launch a third round of unconventional monetary stimulus on Thursday while signaling that a weak economy may warrant ultra-low interest rates for at least another three years. Not everyone believes the Fed will embark on another bond- buying spree, and plenty of doubts remain about the likely efficacy of such a move. But Fed Chairman Ben Bernanke has made clear the central bank will not sit idly by while unemployment, currently at 8.1 percent, remains so far above levels consistent with a healthy economic recovery. ...

Ontario budget deficit comes in lower than forecast Posted: 13 Sep 2012 08:37 AM PDT TORONTO (Reuters) - Ontario's Liberal government said on Thursday it is reducing its budget deficit faster than projected, crediting spending restraint as it continues to move to freeze wages and benefits for public sector workers. The province's deficit for the 2011-12 fiscal year, ended March 31, was C$13 billion ($13.3 billion), the finance ministry of Canada's most populous province said. That's down from the C$15.3 billion shortfall the government forecast in its March budget, and well below the nearly C$25 billion deficit it forecast in the fall of 2009 during the global recession. ...

Madagascar signs operating permit for Ambatovy mine: govt Posted: 13 Sep 2012 08:36 AM PDT ANTANANARIVO (Reuters) - Madagascar has signed an operating permit allowing Canada's Sherritt International Corp and partners to begin production at the Ambatovy nickel mine, its government said on Thursday. "The government has signed the permit. Mining can begin. The rest depends on their planning," Mines Minister Daniella Rajo Randriafeno told Reuters. The $5.5 billion joint venture project is set to be one of the largest nickel mines in the world, producing 60,000 tonnes of refined nickel annually for the next three decades.

BlackRock launches "frontier market" fund with global reach Posted: 13 Sep 2012 08:36 AM PDT NEW YORK (Reuters) - BlackRock Inc has introduced an exchange-traded fund that invests in "frontier markets", or small countries that do not qualify yet as emerging markets. Similar funds already exist but BlackRock's iShares MSCI Frontier 100 Index Fund may be the first to offer a truly global portfolio, according to one analyst. The iShares fund invests in frontier market securities that are screened for liquidity and tracks the MSCI Frontier Markets 100 Index, according to a company statement issued on Thursday. ...

News Summary: 'Pink slime' maker sues ABC News Posted: 13 Sep 2012 08:35 AM PDT THE LAWSUIT: Beef Products Inc. filed a defamation lawsuit against ABC News for its coverage of a meat product that critics have dubbed "pink slime," alleging that the network misled consumers into believing that the product is unhealthy and unsafe.

Alcoa workers stage protest to slow down plant closure Posted: 13 Sep 2012 08:33 AM PDT PORTOVESME, Italy (Reuters) - Two trade union leaders braved wind and rain atop a 60-meter high tower at Alcoa's smelter in Sardinia in a protest aimed at slowing down the U.S. aluminum producer's closure of the troubled plant. "We believe Alcoa does not intend to stick to this week's agreement regarding the slowing down of closure procedures," Alcoa worker and union member Stefano Ansaldi told Reuters outside the factory gates. ...

South African stocks rise as Amplats recovers Posted: 13 Sep 2012 08:31 AM PDT JOHANNESBURG (Reuters) - South African stocks rose for a second straight session on Thursday despite the labour troubles in the mining sector and as Anglo American Platinum recovered after the unrest hammered its shares the previous session. Bucking the trend were banks, led by FirstRand, which fell nearly 3 percent, hurt by concerns on its provisions for bad debts. The company said this week it was setting aside more money to cover bad loans as the economy deteriorates. "There is so much uncertainty and lack of leadership from everywhere. ...

Wholesale inflation rises; labor market struggles Posted: 13 Sep 2012 08:30 AM PDT WASHINGTON (Reuters) - Producer prices rose by the most in three years in August as energy costs surged, but underlying inflation pressures remained contained, keeping the door open to a further easing of monetary policy. Other data on Thursday underscored the weakness in the labor market, a major concern for the Federal Reserve, with the number of Americans filing new claims for state unemployment benefits touching a two-month high, although some of the gain was attributed to Tropical Storm Isaac. ...

Nissan recalls 51,000 cars after steering fault Posted: 13 Sep 2012 08:29 AM PDT Nissan Motor Co. says it is recalling 51,000 cars worldwide after a defect caused a steering wheel in one of its models sold in Finland to become detached.

UK government "positive on BAE-EADS mega-merger" Posted: 13 Sep 2012 08:27 AM PDT LONDON (Reuters) - British prime minister David Cameron supports the potential $64 billion merger between UK defense contractor BAE Systems and European aerospace group EADS , according to senior members of parliament. "I think he (Cameron) will be pretty pleased to see this deal happen," said former armed forces minister Nick Harvey, who last week lost his post at the Ministry of Defence as part of the prime minister's cabinet reshuffle. "I think the government will be pretty happy with it, because ... ...

United Technologies to resume share buyback in '13 Posted: 13 Sep 2012 08:26 AM PDT The chief executive of United Technologies Corp. says share buybacks of $1 billion will resume in 2013, more than a year after repurchases were suspended as the conglomerate bought Goodrich Corp. for $18.4 billion.

Wall Street awaits Fed decision, trading lackluster Posted: 13 Sep 2012 08:24 AM PDT NEW YORK (Reuters) - Stocks were little changed on Thursday, as traders awaited an announcement by Federal Reserve policymakers that's widely expected to include further stimulus measures for the economy. Trading was light ahead of the Federal Reserve's announcement, with about 1.5 billion shares changing hands on the major U.S. exchanges by 11:00 a.m. EDT (1500 GMT). The Fed is expected to launch a third round of quantitative easing while signaling that a weak economy may warrant ultra-low interest rates for at least another three years. The FOMC announces its decision at about 12:30 p.m. ...

Nordstrom to expand into Canada Posted: 13 Sep 2012 08:23 AM PDT Nordstrom Inc. says it is expanding into Canada, its first move outside the U.S.

Ex-Madoff employee's court hearing canceled due to illness Posted: 13 Sep 2012 08:20 AM PDT NEW YORK (Reuters) - A plea hearing in federal court for one of Ponzi scheme operator Bernard Madoff's longest-serving employees was canceled on Thursday because he has been admitted to the hospital, the man's lawyer said. Irwin Lipkin, 74, a former controller of Bernard L. Madoff Investment Securities LLC, had been scheduled to plead guilty to charges of conspiracy to commit securities fraud and falsifying documents, prosecutors said in court documents this week. Lipkin's lawyer, David Richman, said in a letter filed in U.S. ...

News Summary: Rate on 30-year mortgage: 3.55 pct. Posted: 13 Sep 2012 08:19 AM PDT 30-YEAR LOAN RATE STEADY: The average U.S. rate on the 30-year fixed mortgage held steady this week and remained slightly above the lowest level on record.

IMF mission expected to visit Egypt by end of September Posted: 13 Sep 2012 08:17 AM PDT WASHINGTON (Reuters) - An International Monetary Fund mission is expected to visit Egypt before the end of the month to discuss the country's request for a $4.8 billion loan program, an IMF spokesman said on Thursday. "It would be premature for me to discuss conditions or measures of the possible program" since talks have not begun, IMF spokesman Gerry Rice told reporters in response to a question about whether the IMF would pressure Egypt to devalue its currency in order to receive aid. ...

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