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• Wall Street falls on worrisome German data, energy slides
• Apple sells out iPhone 5, investors worry about supply
• Wells Fargo should buy lender CIT Group, analyst says
• Exclusive: LA billionaire Soon-Shiong, Guggenheim plot AEG bid
• European lawmakers to question regulators over Libor
• Fiat to make U.S. cars in Italy as government mulls incentives
• General Motors readies $10 billion credit
• U.S. says complied with WTO ruling on Boeing subsidies
• German business mood worsens for fifth straight month
• UK pledges $1.6 billion for state-backed business bank
• Apple supplier halts China factory after violence
• Apple says more than 5 million iPhone 5s sold
• Feds order Discover to refund $200M to cardholders
• In Europe crisis, connection culture stifles youth
• Economists say US needs more taxes, spending cuts
• UN: Agency didn't violate North Korea sanctions
• French vintners want US chateaux kept out of EU
• Toyota plans expanded range of hybrids
• Oil drops below $92 on gloomy economic outlook
• Eurozone considers boosting bailout fund firepower
• Apple supplier halts China factory after violence
• Court convicts in deadly 2001 French factory blast
• Global growth fears drag down financial markets
• Chinese electronics factory closed after 2,000 riot
• News Summary: CGGVeritas buying Fugro division
• General Motors readies $10 billion credit
• German business mood worsens for fifth straight month
• Feds order Discover to refund $200M to cardholders
• UN: Agency didn't violate North Korea sanctions
• Crisis shuts a third of shops in Athens city centre
• Tesco says UK recovery plan showing promise
• Wall Street falls on worrisome German data, energy slides
• Government pledges 1 billion pounds for state-backed business bank
• Oil drops below $92 on gloomy economic outlook
• Stocks lower; Apple falls after missing a target
• Cobalt's production test at Angola delayed; shares fall
• Libya targets oil output rise, no new deals for a year
• England keen to stage 2020 Euro finals
• New York Times closes on $300M sale of About Group
• Chrysler said worried by CAW deal costs as talks resume

Wall Street falls on worrisome German data, energy slides Posted: 24 Sep 2012 09:04 AM PDT NEW YORK (Reuters) - Stocks fell modestly on Monday after disappointing German data added to evidence about the weak prospects for the global economy's growth. German business sentiment slipped for a fifth consecutive month in September, showing Europe's strongest economy was moving closer toward recession as the euro zone continues to struggle with its debt crisis. Concerns about a stalling global economy were reflected in energy-related shares as the PHLX oil service sector index shed 1.4 percent to go with a 1.7 percent drop in U.S. crude oil. ...

Apple sells out iPhone 5, investors worry about supply Posted: 24 Sep 2012 07:58 AM PDT (Reuters) - Apple Inc sold out of its latest smartphone, with more than 5 million iPhone 5s sold in the three days since it hit stores, the company said on Monday. While sales were solid, analysts were concerned that Apple was unable to produce the new phone fast enough to meet demand. The early total for the iPhone 5 topped sales of the iPhone 4S, which sold more than 4 million units in its first weekend after Apple introduced it in October 2011. Expectations for new Apple products are so high that Wall Street appeared not to be wowed by the latest numbers. ...

Wells Fargo should buy lender CIT Group, analyst says Posted: 24 Sep 2012 05:56 AM PDT (Reuters) - Wells Fargo & Co, the fourth-largest U.S. bank, could boost its profits by buying CIT Group Inc even if it pays a 33 percent premium for the specialty lender, Stifel Nicolaus analyst Christopher Mutascio said on Monday. "CIT would make a financially attractive acquisition target" for Wells Fargo, Mutascio said in a report. A deal would combine Wells Fargo's "industry-low" cost of funds with CIT's $35 billion in higher-yielding assets. Wells Fargo would benefit, too, from acquiring CIT's tax-sheltering $4 billion of net operating loss carry forwards, he said. ...

Exclusive: LA billionaire Soon-Shiong, Guggenheim plot AEG bid Posted: 24 Sep 2012 08:39 AM PDT Los Angeles/New York (Reuters) - Los Angeles billionaire Patrick Soon-Shiong is putting together an investor group to make a bid for Anschutz Entertainment Group, the LA-based sports and real estate company, according to three sources with knowledge of the deal. Soon-Shiong, whose fortune is estimated at more than $7.2 billion, has joined forces for the AEG bid with private equity firm Guggenheim Partners, which recently led a local group in the purchase of the Los Angeles Dodgers baseball club. Soon-Shiong and Guggenheim are expected to bring in additional partners, two of the sources said. ...

European lawmakers to question regulators over Libor Posted: 24 Sep 2012 03:54 AM PDT BRUSSELS (Reuters) - Some of the world's top financial regulators will answer questions in the European Parliament on Monday about market manipulation such as the rigging of benchmark interest rate Libor. The scandal over fixing the rate used as a reference for financial transactions worth more than $350 trillion globally has led to a fine for Britain's Barclays and prompted an antitrust investigation by the European Commission as well as a pledge to criminalize the fixing of such indexes. ...

Fiat to make U.S. cars in Italy as government mulls incentives Posted: 24 Sep 2012 08:43 AM PDT MILAN/TURIN (Reuters) - Italian carmaker Fiat plans to start making cars at its idled Italian factories to sell in the United States, a source close to the matter said on Monday, as the government mulls fiscal and other incentives to help the group's exports. Chief executive Sergio Marchionne, who also runs majority-owned U.S. carmaker Chrysler, met Italian Prime Minister Mario Monti on Saturday to discuss how Fiat can keep its factories open at a time when car sales have plunged to their lowest level in 40 years. ...

General Motors readies $10 billion credit Posted: 24 Sep 2012 09:12 AM PDT NEW YORK (Reuters) - General Motors Co is in market with $10 billion in revolving credit facilities that will beef up liquidity and refinance existing debt, sources told Thomson Reuters LPC. JP Morgan is leading the deal that has launched to 10 senior lenders. The 10 senior lenders are understood to be part of the company's existing bank group. Calls to General Motors were not returned by press time. JP Morgan declined to comment. ...

U.S. says complied with WTO ruling on Boeing subsidies Posted: 24 Sep 2012 02:42 AM PDT GENEVA (Reuters) - The United States said on Monday it had complied with a ruling ordering it to withdraw unfair subsidies to Boeing as tit-for-tat exchanges flared up in the world's largest trade dispute. The World Trade Organization (WTO) found in March that the U.S. planemaker had received billions of dollars in unfair aid, following an earlier ruling against European support to Airbus. The United States and the European Union (EU) cannot agree on the severity of the ruling against subsidies to Airbus, which the United States says far outstrip any U.S. government support for Boeing . The U. ...

German business mood worsens for fifth straight month Posted: 24 Sep 2012 09:11 AM PDT BERLIN (Reuters) - German business sentiment dropped for a fifth straight month in September, raising fears of recession, as companies struggled with a bleaker economic outlook and the European Central Bank's bond buying plan failed to create much boardroom cheer. Germany's relative resilience to the euro zone debt crisis has been steadily fraying as its firms see falling demand for their products from European partners and signs of a slowdown in other markets. ...

UK pledges $1.6 billion for state-backed business bank Posted: 24 Sep 2012 08:17 AM PDT BRIGHTON, England (Reuters) - Britain said on Monday it would allocate 1 billion pounds ($1.6 billion) towards a new state-backed business bank designed to expand lending to smaller firms currently starved of loans from Britain's main lenders. The government hopes its backing will be matched by a similar amount from private capital and could support up to 10 billion pounds of new and additional lending, Business Secretary Vince Cable said. ...

Apple supplier halts China factory after violence Posted: 24 Sep 2012 09:26 AM PDT The company that makes Apple's iPhones suspended production at a factory in China on Monday after a brawl by as many as 2,000 employees at a dormitory injured 40 people.

Apple says more than 5 million iPhone 5s sold Posted: 24 Sep 2012 08:04 AM PDT Apple Inc. said Monday that it sold more than 5 million units of the iPhone 5 in the three days since its launch, less than analysts had expected.

Feds order Discover to refund $200M to cardholders Posted: 24 Sep 2012 09:11 AM PDT Discover Bank will pay millions in fees to settle accusations by regulators that it pressured credit card customers to buy costly add-on services like payment protection and credit monitoring.

In Europe crisis, connection culture stifles youth Posted: 24 Sep 2012 04:38 AM PDT Maria Adele Carrai has two master's degrees from Italian universities in economics and Asian languages and is now earning her Ph.D. in international law in Hong Kong. Her linguistic credentials are formidable: Besides native Italian, she has nearly flawless English, a rarity in Italy, as well as French, Arabic, Japanese and Mandarin.

Economists say US needs more taxes, spending cuts Posted: 24 Sep 2012 04:29 AM PDT The best way to reduce the federal deficit is through a combination of higher taxes and spending cuts, according to a group of economists.

UN: Agency didn't violate North Korea sanctions Posted: 24 Sep 2012 09:10 AM PDT The U.N. patent agency says it has been cleared of breaking sanctions against North Korea by sending computers to the regime in Pyongyang.

French vintners want US chateaux kept out of EU Posted: 24 Sep 2012 07:37 AM PDT Drinking a Bordeaux wine from a "chateau" is as French as swigging Kentucky bourbon is American.

Toyota plans expanded range of hybrids Posted: 24 Sep 2012 01:46 AM PDT Toyota Motor Corp. is boosting its green vehicle lineup, with plans for 21 new hybrids in the next three years, a new electric car later this year and a fuel cell vehicle by 2015 in response to growing demand for fuel efficient and environmentally friendly driving.

Oil drops below $92 on gloomy economic outlook Posted: 24 Sep 2012 09:02 AM PDT Oil prices fell Monday, dragged down by worries about weaker economic growth around the world.

Eurozone considers boosting bailout fund firepower Posted: 24 Sep 2012 06:38 AM PDT Germany says eurozone officials are discussing the possibility of boosting the firepower of their new, permanent €500 billion ($650 billion) rescue fund by involving private investors.

Apple supplier halts China factory after violence Posted: 24 Sep 2012 09:26 AM PDT The company that makes Apple's iPhones suspended production at a factory in China on Monday after a brawl by as many as 2,000 employees at a dormitory injured 40 people.

Court convicts in deadly 2001 French factory blast Posted: 24 Sep 2012 09:25 AM PDT A court in southwestern France on Monday convicted a factory chief and a subsidiary of oil giant Total of manslaughter for an explosion at a chemical plant in 2001 that killed 31 people.

Global growth fears drag down financial markets Posted: 24 Sep 2012 09:23 AM PDT Global financial markets drifted lower Monday as growing concerns about the state of the world economy offset any remaining optimism over central banks' stimulus efforts.

Chinese electronics factory closed after 2,000 riot Posted: 24 Sep 2012 09:16 AM PDT TAIYUAN, China/TAIPEI (Reuters) - About 2,000 Chinese employees of an iPhone assembly company fought a pitched battle into the early hours of Monday, forcing the huge electronics plant where they work to be shut down. Authorities in the northern city of Taiyuan sent 5,000 police to restore order after what the plant's Taiwanese owners Foxconn Technology Group said was a personal dispute in a dormitory that erupted into a mass brawl. ...

News Summary: CGGVeritas buying Fugro division Posted: 24 Sep 2012 09:15 AM PDT THE TRANSACTION: CGGVeritas, a provider of equipment and services to oil and gas companies, is buying Fugro's geoscience unit for 1.2 billion euros ($1.55 billion).

General Motors readies $10 billion credit Posted: 24 Sep 2012 09:12 AM PDT NEW YORK (Reuters) - General Motors Co is in market with $10 billion in revolving credit facilities that will beef up liquidity and refinance existing debt, sources told Thomson Reuters LPC. JP Morgan is leading the deal that has launched to 10 senior lenders. The 10 senior lenders are understood to be part of the company's existing bank group. Calls to General Motors were not returned by press time. JP Morgan declined to comment. ...

German business mood worsens for fifth straight month Posted: 24 Sep 2012 09:11 AM PDT BERLIN (Reuters) - German business sentiment dropped for a fifth straight month in September, raising fears of recession, as companies struggled with a bleaker economic outlook and the European Central Bank's bond buying plan failed to create much boardroom cheer. Germany's relative resilience to the euro zone debt crisis has been steadily fraying as its firms see falling demand for their products from European partners and signs of a slowdown in other markets. ...

Feds order Discover to refund $200M to cardholders Posted: 24 Sep 2012 09:11 AM PDT Discover Bank will pay millions in fees to settle accusations by regulators that it pressured credit card customers to buy costly add-on services like payment protection and credit monitoring.

UN: Agency didn't violate North Korea sanctions Posted: 24 Sep 2012 09:10 AM PDT The U.N. patent agency says it has been cleared of breaking sanctions against North Korea by sending computers to the regime in Pyongyang.

Crisis shuts a third of shops in Athens city centre Posted: 24 Sep 2012 09:07 AM PDT ATHENS (Reuters) - Greece's deep recession has forced almost a third of businesses in the capital's commercial district to close down as shrinking incomes and frequent strikes drive Athenians away. Tens of thousands of small businesses, which make up a big chunk of the struggling economy, have shut since Greece secured a 110-billion-euro bailout package in 2010 in exchange for promises of painful austerity measures. On the capital's cobbled pedestrian shopping streets, long lines of shops are boarded shut while others have "Everything must go" signs plastered across their windows. ...

Tesco says UK recovery plan showing promise Posted: 24 Sep 2012 09:06 AM PDT BISHOP'S STORTFORD, England (Reuters) - Tesco, the world's third-biggest retailer, said a recovery plan to recapture home market share was making an impact after a shock profit warning, backing up industry data showing evidence of success in its fight-back against rivals. Once one of the most consistent British companies in terms of earnings growth, Tesco stunned investors in January with its first profit warning in over 20 years. In April it said it would invest 1 billion pounds ($1.63 billion) in its UK business to stem a steady decline in UK market share to Asda, Sainsbury and Morrisons. ...

Wall Street falls on worrisome German data, energy slides Posted: 24 Sep 2012 09:04 AM PDT NEW YORK (Reuters) - Stocks fell modestly on Monday after disappointing German data added to evidence about the weak prospects for the global economy's growth. German business sentiment slipped for a fifth consecutive month in September, showing Europe's strongest economy was moving closer toward recession as the euro zone continues to struggle with its debt crisis. Concerns about a stalling global economy were reflected in energy-related shares as the PHLX oil service sector index shed 1.4 percent to go with a 1.7 percent drop in U.S. crude oil. ...

Government pledges 1 billion pounds for state-backed business bank Posted: 24 Sep 2012 09:02 AM PDT BRIGHTON, England (Reuters) - The government said on Monday it would allocate 1 billion pounds towards a new state-backed business bank designed to expand lending to smaller firms currently starved of loans from Britain's main lenders. The government hopes its backing will be matched by a similar amount from private capital and could support up to 10 billion pounds of new and additional lending, Business Secretary Vince Cable said. ...

Oil drops below $92 on gloomy economic outlook Posted: 24 Sep 2012 09:02 AM PDT Oil prices fell Monday, dragged down by worries about weaker economic growth around the world.

Stocks lower; Apple falls after missing a target Posted: 24 Sep 2012 09:00 AM PDT Stocks are lower at midday on Wall Street.

Cobalt's production test at Angola delayed; shares fall Posted: 24 Sep 2012 08:55 AM PDT (Reuters) - Oil explorer Cobalt International Energy Inc said production test at a well off Angola would be delayed due to a rig malfunction, sending its shares down as much as 9 percent. The company, which counts Goldman Sachs Group Inc and private equity firms Riverstone Holdings and First Reserve Corp as investors, also said it may not be able to announce results of the test, originally scheduled for September, before the end of this year. Tudor, Pickering, Holt & Co analysts said they expect the production test to be delayed until 2013. ...

Libya targets oil output rise, no new deals for a year Posted: 24 Sep 2012 08:55 AM PDT TRIPOLI (Reuters) - Libya aims to raise its oil production to 1.8 million barrels per day (bpd) next year, overtaking the output before last year's war, as it banks on the return of foreign companies even though security in the country remains precarious. But no new exploration and production contracts are expected for at least a year before a clearer landscape emerges in the North African producer's democratic transition after the war that ousted ruler Muammar Gaddafi. Oil output has returned close to pre-war levels of around 1.6 million bpd from a virtual standstill during the fighting. ...

England keen to stage 2020 Euro finals Posted: 24 Sep 2012 08:53 AM PDT LONDON (Reuters) - England would be keen to stage the semi-finals and final of Euro 2020 if UEFA president Michel Platini's plan to hold the tournament across Europe became a reality, English FA chairman David Bernstein said on Monday. Platini's idea of having matches in 12 or 13 European countries with the final stages in one venue will be discussed by UEFA's executive board in December with a decision made early next year. Bernstein told a media briefing at Wembley: "Clearly Wembley is incredibly highly thought of by UEFA and it is something we will probably push for. ...

New York Times closes on $300M sale of About Group Posted: 24 Sep 2012 08:52 AM PDT The New York Times has completed its $300 million sale of The About Group to Barry Diller's IAC/InterActiveCorp.

Chrysler said worried by CAW deal costs as talks resume Posted: 24 Sep 2012 08:45 AM PDT TORONTO (Reuters) - The Canadian Auto Workers (CAW) union said on Monday it will try to resolve Chrysler Group LLC's concerns that contract deals reached by the other two Detroit automakers are too expensive, as formal talks resume. Fiat SpA's Chrysler, which held low-level talks with the union on Sunday, is the only Detroit Three automaker without a labor agreement in Canada after the CAW negotiated four-year deals with Ford Motor Co and General Motors Co last week. ...

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