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• Wall Street edges lower as economy eyed
• Top Fed policymakers differ on QE3's effectiveness
• China's Alibaba buys back half of Yahoo's stake
• Motorola launches Intel-powered smartphone
• Doubts plague Europe's pledge for banking union
• Home lending hit 16-year low in 2011: regulators
• FedEx lowers 2013 profit view, plans air cost cuts
• Investors increase pressure on Spain to seek aid
• Calls for more time as Greece faces deficit squeeze
• Investors flock to Russia's $5 billion Sberbank stake sale
• FedEx says economy is stalling, cuts outlook
• Apple shares hit $700 for first time
• WHY IT MATTERS: China's auto parts industry
• Indexes mixed after FedEx gives a glum outlook
• US homebuilder confidence surges to 6-year high
• Broadest US trade deficit fell in Q2 to $117.4B
• Alpha closing 8 mines, cutting 1,200 jobs in all
• Itochu to buy Dole businesses for $1.7 billion
• Oil dips below $96 a day after sharp drop
• Spain under pressure to seek aid as bad debt soars
• GE to supply $1.14 billion of equipment to Petrobras
• News Summary: Foreign holdings of US debt up
• News Summary: Alpha closing 8 mines, cutting jobs
• Airlines add service in North Dakota's oil patch
• Alpha closing 8 mines, cutting 1,200 jobs in all
• Oil falls on economic concerns after stimulus rally
• Home lending hit 16-year low in 2011: regulators
• News Summary: Panera franchisee settles lawsuit
• Indexes mixed after FedEx gives a glum outlook
• Beach resorts to stay in Islamist-led Egypt: minister
• Kohl's expects to hire 10 pct more for holidays
• Business making an anti-regulation pitch to voters
• Government plans narrow toolkit at first for financial risk watchdog
• Foreign holdings of US debt rise to record $5.35T
• Court allows Greenberg suit to proceed over AIG bailout
• Mason Capital allowed to launch quick appeal of Telus ruling
• Ford hopes its new Fusion will speed passed Camry
• Stocks slip after FedEx gives a glum outlook
• Investors flock to Russia's $5 billion Sberbank stake sale
• Fed likely to boost QE3 at year end, when Twist expires: Evans

Wall Street edges lower as economy eyed Posted: 18 Sep 2012 07:43 AM PDT New York (Reuters) - Wall Street retreated from multiyear highs for a second day on Tuesday as investors looked to upcoming economic data this week to help extend a rally that has been largely driven by central bank stimulus. Stocks have rallied 7 percent since early August, propelling the S&P 500 index to the highest in nearly five years as central banks in Europe and the United States acted to prop up flagging economies. But analysts say that for the rally to continue economic data needs to improve. ...

Top Fed policymakers differ on QE3's effectiveness Posted: 18 Sep 2012 08:06 AM PDT ANN ARBOR, Michigan (Reuters) - Just days after the Federal Reserve launched a third round of bond-buying to boost the lackluster recovery and bring down unemployment, top Fed policymakers on Tuesday disagreed sharply over whether it would work. The U.S. central bank last week said it plans to buy $40 billion every month in mortgage-backed securities until the labor market improves substantially. ...

China's Alibaba buys back half of Yahoo's stake Posted: 18 Sep 2012 09:11 AM PDT (Reuters) - China's Alibaba Group said it bought back half the stake Yahoo Inc owned in the company for about $7.6 billion, moving closer to an initial public offering. Alibaba received $1 billion in funding from eight international banks including Barclays Bank, Citi, Credit Suisse, Deutsche Bank and Morgan Stanley and another $1 billion from China Development Bank. The Chinese company had raised the remaining funds through an issue of preferred shares, bank loans and the sale of a stake to existing shareholders such as Singapore state investor Temasek Holdings Pvt Ltd and DST Global. ...

Motorola launches Intel-powered smartphone Posted: 18 Sep 2012 07:10 AM PDT LONDON (Reuters) - Google's Motorola Mobility unveiled its first smartphone handset to be powered by an Intel processor on Tuesday, featuring a wide screen and longer-life battery to better compete against Apple's iPhone and Samsung. The Razr i will launch in Argentina, Brazil, Britain, France, Germany and Mexico in October, as the first handset of a multi-device agreement between the two groups. With a 4.3-inch display and Google's Android platform, the Razr i is similar to the Razr M unveiled earlier in September for U.S. ...

Doubts plague Europe's pledge for banking union Posted: 18 Sep 2012 05:52 AM PDT BRUSSELS (Reuters) - Concerns are growing among European investors and lawmakers that plans for a eurozone banking union will end up half-baked, with the financial backstops required to underpin the ambitious scheme unlikely to be in place for years. Differences of opinion over what precisely is needed to create a banking union among the eurozone's 17 countries and other EU states that decide to join were on display at a finance ministers' meeting in Cyprus last weekend. ...

Home lending hit 16-year low in 2011: regulators Posted: 18 Sep 2012 09:02 AM PDT WASHINGTON (Reuters) - The volume of home lending dropped 10 percent last year to the lowest level since 1995, highlighting the government's uphill battle to prop up the still-struggling housing sector. The Federal Financial Institutions Examination Council, a group of U.S. regulators, published data on Tuesday showing 7.1 million home loans were made in 2011, down from 7.9 million the previous year. The data, which includes mortgages, refinancing and home improvement loans, showed that loans to purchase a home, as well as refinancings, fell. ...

FedEx lowers 2013 profit view, plans air cost cuts Posted: 18 Sep 2012 07:30 AM PDT (Reuters) - FedEx Corp lowered its fiscal 2013 profit target on Tuesday, saying earnings could slide as much as 6 percent for the year, as a weakening world economy prompts customers to shift toward lower-priced and slower shipping options. The world's second-largest package delivery company said makers of electronics and mobile phones had begun to move more of their cargo on ships as pressure on their selling prices makes the cost of air freight harder to bear. ...

Investors increase pressure on Spain to seek aid Posted: 18 Sep 2012 05:18 AM PDT MADRID (Reuters) - Investors on Tuesday piled pressure on Spain to request aid and trigger a European Central Bank bond-buying program seen as inevitable to help the country finance its debts, with the benchmark 10-year bond rising to just over 6 percent. Short-term lending costs fell slightly from last month but remained high at auction on Tuesday, offering little hope the country can finance itself at reasonable levels without seeking assistance. The blue-chip Spanish index Ibex had lost 1.57 percent by 6:45 a.m. ...

Calls for more time as Greece faces deficit squeeze Posted: 18 Sep 2012 05:22 AM PDT BEIJING/ATHENS (Reuters) - Greece will meet its nominal 2012 deficit reduction targets but faces growing strain because of the deepening recession, Finance Minister Yiannis Stournaras said on Tuesday as pressure grew on international creditors to give Athens more time to catch up. Forecasting that by 2014, the Greek economy would have shrunk by 25 percent since the start of the crisis, Stournaras said Athens would broadly meet a target of cutting the 2012 primary deficit, excluding debt servicing costs, to 2 billion euros in nominal terms. But he said the primary deficit figure would reach 1. ...

Investors flock to Russia's $5 billion Sberbank stake sale Posted: 18 Sep 2012 08:12 AM PDT MOSCOW (Reuters) - Russia's sale of a $5 billion stake in Sberbank drew strong demand from investors around the world, attracted by the lender's dominant position in a growing domestic market and potential to expand across emerging European economies. Market sources said on Tuesday the banks in charge of selling the 7.6 percent stake in Europe's third-biggest lender by equity value were quoting a price of 92-94 roubles per share, and the offering was two times oversubscribed at that level. ...

FedEx says economy is stalling, cuts outlook Posted: 18 Sep 2012 08:09 AM PDT FedEx Corp. says the global economy is stalling, and it's going to get worse next year.

Apple shares hit $700 for first time Posted: 18 Sep 2012 07:58 AM PDT Apple's stock reached $700 for the first time on Tuesday, the day after it announced that orders for its iPhone 5 topped 2 million in the first 24 hours.

WHY IT MATTERS: China's auto parts industry Posted: 18 Sep 2012 01:48 AM PDT The issue:

Indexes mixed after FedEx gives a glum outlook Posted: 18 Sep 2012 08:56 AM PDT Glum economic news isn't moving stocks much. Major indexes are mixed.

US homebuilder confidence surges to 6-year high Posted: 18 Sep 2012 07:51 AM PDT Confidence among U.S. homebuilders rose this month to its highest level in six years and many expect the housing recovery will strengthen in the next six months.

Broadest US trade deficit fell in Q2 to $117.4B Posted: 18 Sep 2012 06:54 AM PDT The U.S. current account trade deficit narrowed in the April-June period, pushed lower by an increase in American exports and cheaper oil imports.

Alpha closing 8 mines, cutting 1,200 jobs in all Posted: 18 Sep 2012 09:08 AM PDT Coal producer Alpha Natural Resources said Tuesday it's cutting production by 16 million tons and eliminating 1,200 jobs companywide, including 400 with the immediate closing of mines in Virginia, West Virginia and Pennsylvania.

Itochu to buy Dole businesses for $1.7 billion Posted: 18 Sep 2012 04:35 AM PDT Japanese trading company Itochu Corp. said Tuesday it has agreed to buy Dole Food Co.'s worldwide packaged foods and Asia fresh produce businesses for $1.7 billion.

Oil dips below $96 a day after sharp drop Posted: 18 Sep 2012 06:03 AM PDT The price of oil slipped below $96 a barrel on Tuesday, adding to losses from the previous day, when prices took a sudden and unexplained plunge.

Spain under pressure to seek aid as bad debt soars Posted: 18 Sep 2012 07:57 AM PDT The amount of bad debt in Spain's banks rose to a record in July, according to data released Tuesday, as the country came under further pressure to take up the European Central Bank's offer to help governments struggling with too much debt by buying unlimited amounts of bonds.

GE to supply $1.14 billion of equipment to Petrobras Posted: 18 Sep 2012 09:21 AM PDT RIO DE JANEIRO (Reuters) - General Electric Co has signed a contract to supply 2.3 billion reais ($1.14 billion) in equipment to Brazil's state-led oil firm Petrobras according to a release distributed to reporters on Tuesday. U.S. conglomerate GE will supply Petrobras with 380 oil exploration systems, the report said, as the oil giant tries to boost output. The deal is the largest between the two companies, which signed a similar accord worth $250 million in 2009. ...

News Summary: Foreign holdings of US debt up Posted: 18 Sep 2012 09:19 AM PDT FOREIGN HOLDINGS: Foreign demand for U.S. Treasury securities rose to a record level of $5.35 trillion in July. That's up 0.7 percent from June.

News Summary: Alpha closing 8 mines, cutting jobs Posted: 18 Sep 2012 09:15 AM PDT COAL CUTS: Coal producer Alpha Natural Resources Is cutting production by 16 million tons and eliminating 1,200 jobs, including 400 with the immediate closing of eight mines in Virginia, West Virginia and Pennsylvania.

Airlines add service in North Dakota's oil patch Posted: 18 Sep 2012 09:10 AM PDT Airlines are boosting service to North Dakota to haul in workers drawn by the state's oil boom.

Alpha closing 8 mines, cutting 1,200 jobs in all Posted: 18 Sep 2012 09:08 AM PDT Coal producer Alpha Natural Resources said Tuesday it's cutting production by 16 million tons and eliminating 1,200 jobs companywide, including 400 with the immediate closing of mines in Virginia, West Virginia and Pennsylvania.

Oil falls on economic concerns after stimulus rally Posted: 18 Sep 2012 09:05 AM PDT NEW YORK (Reuters) - Oil prices slipped on Tuesday, extending the previous session's slide, as investor focus shifts from the likely economic benefit of central bank stimulus to concerns about sputtering global economic growth that prompted the U.S. Federal Reserve to launch its bond-buying program. Also pressuring oil, a senior Gulf source said Saudi Arabia is working to lower oil prices and is producing around 10 million barrels per day and that a majority of OPEC members want oil prices around $100 per barrel and would be increasing production over the next few months. ...

Home lending hit 16-year low in 2011: regulators Posted: 18 Sep 2012 09:02 AM PDT WASHINGTON (Reuters) - The volume of home lending dropped 10 percent last year to the lowest level since 1995, highlighting the government's uphill battle to prop up the still-struggling housing sector. The Federal Financial Institutions Examination Council, a group of U.S. regulators, published data on Tuesday showing 7.1 million home loans were made in 2011, down from 7.9 million the previous year. The data, which includes mortgages, refinancing and home improvement loans, showed that loans to purchase a home, as well as refinancings, fell. ...

News Summary: Panera franchisee settles lawsuit Posted: 18 Sep 2012 08:56 AM PDT SETTLED: An Ohio franchisee who runs several western Pennsylvania Panera Bread stores has agreed to pay more than $76,000 to settle discrimination claims by current and former black employees.

Indexes mixed after FedEx gives a glum outlook Posted: 18 Sep 2012 08:56 AM PDT Glum economic news isn't moving stocks much. Major indexes are mixed.

Beach resorts to stay in Islamist-led Egypt: minister Posted: 18 Sep 2012 08:48 AM PDT CAIRO (Reuters) - Egyptian beach tourism is here to stay, the tourism minister in the Islamist-led administration said on Tuesday, saying any Islamic investment in the sector would complement but not replace resorts that are part of an industry vital to Egypt. Tourism Minister Hisham Zaazou is tasked with reviving an industry that accounted for 10 percent of economic activity before an uprising toppled Hosni Mubarak 19 months ago, sending both investors and tourists packing. ...

Kohl's expects to hire 10 pct more for holidays Posted: 18 Sep 2012 08:47 AM PDT Kohl's Corp. said Tuesday that it expects to hire more than 52,700 people this holiday season, up more than 10 percent from last year.

Business making an anti-regulation pitch to voters Posted: 18 Sep 2012 08:35 AM PDT The National Association of Manufacturers, U.S. Chamber of Commerce and National Federation of Independent Business are working to make the anti-regulatory fervor their members share an issue in the last weeks of the campaign.

Government plans narrow toolkit at first for financial risk watchdog Posted: 18 Sep 2012 08:34 AM PDT LONDON (Reuters) - Britain's financial risk watchdog will at first have a narrow set of powers to force banks to hold more capital and rein in their balance sheets under draft rules released by the government on Tuesday as part of a consultation. The Financial Policy Committee (FPC) was set up at the Bank of England to spot and tackle system-wide risks such as property bubbles or banks taking on too much debt. Such supervision plugs a regulatory gap highlighted by the financial crisis and is part of efforts to avoid taxpayers having to bail out banks again. ...

Foreign holdings of US debt rise to record $5.35T Posted: 18 Sep 2012 08:33 AM PDT Foreign demand for U.S. Treasury securities rose to a record level in July and China increased its holdings after two months of declines.

Court allows Greenberg suit to proceed over AIG bailout Posted: 18 Sep 2012 08:30 AM PDT (Reuters) - A U.S. judge has ruled that former American International Group Inc Chief Executive Officer Hank Greenberg can pursue a case involving the insurer's bailout, citing questions about the Federal Reserve Bank of New York's authority to take equity in the company in exchange for a loan. The U.S. Court of Federal Claims late Monday denied a government motion to reconsider a July ruling allowing Greenberg's Starr International Co to pursue its case. The Court of Federal Claims case is separate from another Greenberg lawsuit pending in New York. Starr once held a 12 percent stake in AIG. ...

Mason Capital allowed to launch quick appeal of Telus ruling Posted: 18 Sep 2012 08:23 AM PDT TORONTO (Reuters) - Mason Capital Management LLC, the largest shareholder in Telus Corp , said on Tuesday it has been granted permission to launch an expedited appeal of a court ruling that blocked it from calling a meeting of the telecom company's shareholders. The U.S. hedge fund has been locked in a bitter dispute with Telus for months over the Vancouver-based company's plan to consolidate its voting and non-voting stock on a one-for-one basis. Telus, which backed down on the plan in May, recently revived the proposal. ...

Ford hopes its new Fusion will speed passed Camry Posted: 18 Sep 2012 08:21 AM PDT Ford hopes the redesigned Fusion will finally trounce the Camry.

Stocks slip after FedEx gives a glum outlook Posted: 18 Sep 2012 08:12 AM PDT Stocks were off to a slow start on Wall Street Tuesday after FedEx said it's seeing more weakness in the global economy. Markets in Europe fell, and so did oil prices.

Investors flock to Russia's $5 billion Sberbank stake sale Posted: 18 Sep 2012 08:12 AM PDT MOSCOW (Reuters) - Russia's sale of a $5 billion stake in Sberbank drew strong demand from investors around the world, attracted by the lender's dominant position in a growing domestic market and potential to expand across emerging European economies. Market sources said on Tuesday the banks in charge of selling the 7.6 percent stake in Europe's third-biggest lender by equity value were quoting a price of 92-94 roubles per share, and the offering was two times oversubscribed at that level. ...

Fed likely to boost QE3 at year end, when Twist expires: Evans Posted: 18 Sep 2012 08:10 AM PDT ANN ARBOR, Mich (Reuters) - The U.S. Federal Reserve will probably need to maintain its current monthly pace of $85 billion in long-term securities purchases beyond the year's end, when a program accounting for about half the total expires, Chicago Fed President Charles Evans said on Tuesday. The Fed last week said it would make monthly purchases of $40 billion in mortgage-backed securities to boost the economy, on top of the current $45 billion it buys monthly in long-term Treasuries even as it sells a like amount of short-term Treasuries. ...

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