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  June 2012

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  • EU wants big companies to reveal national tax bills
    By John O'Donnell BRUSSELS (Reuters) - Europe's top regulatory official is seeking to force large companies to disclose how much tax they pay in each country where they operate, a measure some politicians say could curb tax avoidance. Michel Barnier, the European commissioner in charge of drafting business regulation, said in a speech in Amsterdam that rules which will force banks to report their profits, taxes and subsidies by country from 2015 should be extended to cover other companies. "We will expand these reporting obligations to large companies and groups," he said on Thursday. ...
  • ECB seeks new tools while Fed toys with exit
    By Leigh Thomas and Jason Lange PARIS/WASHINGTON (Reuters) - The European Central Bank is looking into expanding its range of policy tools, while the U.S. central bank is mulling scaling back its support measures, highlighting the contrasting fortunes between the world's two biggest economic blocs. ECB Executive Board member Peter Praet said late on Wednesday that the central bank could try new policies if needed to battle deflation risks, adding that the central bank was also weighing measures to encourage more lending in the euro zone. ...
  • Warning signs for China, Fed hints at curbing stimulus
    By Andy Bruce LONDON (Reuters) - Chinese factory activity shrank in May for the first time in seven months, overshadowing signs that the euro zone's downturn tempered slightly in May, business surveys showed on Thursday. World stock markets tumbled after the Chinese data and also in response to U.S. Federal Reserve Chairman Ben Bernanke, who hinted on Wednesday the Fed could soon pare back its bond-buying with new money if the economy maintains momentum. China's flash HSBC Purchasing Managers' Index (PMI) entrenched fears recovery in the world's No. ...
  • Stock futures fall on stimulus plan concerns, China data
    By Chuck Mikolajczak NEW YORK (Reuters) - Stock index futures fell on Thursday, putting the S&P 500 on track for its first daily back-to-back declines in a month, amid investor concerns the U.S. Federal Reserve may begin to taper its stimulus measures and over weak data in China. The S&P 500 posted its biggest decline in three weeks on Wednesday, after minutes from the latest U.S. Federal Reserve meeting showed some officials were open to tapering large-scale asset purchases as early as at the June meeting. ...
  • China factory activity shrinks for first time in seven months: flash PMI
    By Aileen Wang and Koh Gui Qing BEIJING (Reuters) - China's factory activity shrank for the first time in seven months in May as new orders fell, a preliminary manufacturing survey showed, entrenching fears that its economic recovery has stalled and that a sharper cooldown may be imminent. The flash HSBC Purchasing Managers' Index (PMI) for May fell to 49.6, slipping under the 50-point level demarcating expansion from contraction for the first since October and sending Asian financial markets sharply lower. The final HSBC PMI stood at 50.4 in April. ...
  • Exclusive: Glencore, Trafigura deals with Iran may have skirted sanctions - U.N
    By Louis Charbonneau and Michelle Nichols UNITED NATIONS (Reuters) - Metals swap deals with Iran by Switzerland-based commodities giants Glencore Xstrata and Trafigura could have been a way of skirting international sanctions against Tehran over its nuclear program, according to a confidential U.N. Panel of Experts report seen by Reuters on Wednesday. Reuters reported on March 1 that Glencore had supplied thousands of tons of alumina to an Iranian firm that has provided aluminum to Iran's nuclear program, an allegation Glencore confirmed as accurate. ...
  • Dover to spin off some communication technologies businesses
    (Reuters) - U.S. industrial conglomerate Dover Corp said it will spin off some of its communication technologies businesses into a publicly traded company named Knowles Corp. The businesses make microphones, speakers, receivers and transducers, among other communication products. "Given the evolution of their unique business model, these businesses can now pursue a more aggressive growth strategy together as a standalone company," Chief Executive Robert A. Livingston said in a statement. Dover's other products include industrial pumps, oil and mining drilling tools and food packaging ...
  • UK regulator fines JPMorgan 3 million pounds
    LONDON (Reuters) - Britain's Financial Conduct Authority (FCA) said it has fined a wealth management unit of U.S. bank JPMorgan Chase 3.08 million pounds ($4.6 million) for being unable to show it was giving clients the right advice. The FCA said on Thursday the failings were not corrected until the watchdog brought them to the bank's attention in the course of its wider review of wealth management firms in Britain. ...
  • Deutsche bosses seek to win over skeptical shareholders
    By Edward Taylor FRANKFURT (Reuters) - Deutsche Bank's bosses tried to convince skeptical shareholders at a lively annual meeting on Thursday that the bank was on the right track again after facing a host of legal problems. Co-chief Executives Anshu Jain and Juergen Fitschen, who took charge nearly a year ago, are trying to steer Germany's largest bank through a major restructuring and resolve its many legal issues. They are also trying to reshape the bank in the wake of the financial crisis for an industry with lower profit margins and higher regulatory costs. ...
  • EU's Barnier wants big companies to reveal national tax bills
    By John O'Donnell BRUSSELS (Reuters) - Large companies should disclose how much tax they pay in each country where they operate, the European Commission's top regulatory official said, in the text of a speech to be delivered on Thursday. Michel Barnier, the European commissioner in charge of drafting business regulation, said large banks will already be obliged to disclose their profits, taxes and subsidies in each member state and in the non-EU countries where they operate. ...

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