08 Jun
Obama says it’s clear U.S. economy ‘not doing fine’
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Breaking News- End to Fed stimulus, China slowdown spark world sell-offBy Richard Hubbard LONDON (Reuters) - The clear signal from the U.S. Federal Reserve that it will soon stop pumping money into the global economy and data pointing to Chinese growth slowing sparked sharp falls in bonds, shares and commodities on Thursday. Emerging markets, many of which have been primed by the cheap Fed cash, saw some of the biggest selling as investors rushed to the exits. MSCI's benchmark index for emerging equities slumped by more than 3.3 percent and shares across the Asian Pacific region outside Japan recorded their biggest daily drop since late 2011. ...
- China, euro zone threaten U.S.-led economic recoveryBy Jonathan Cable LONDON (Reuters) - Factory output in China, the world's second largest economy, weakened to a nine-month low in June, combining with a continued recession in the euro zone to threaten a global recovery led by the United States. A day after the Federal Reserve suggested the U.S. economy was firmly on a recovery path - enough so to withdraw some monetary stimulus - data showed China's economy was stuttering. Faltering demand pushed the flash China HSBC Purchasing Managers Index (PMI) down to 48.3 in June from 49. ...
- UK's new watchdog tells banks to raise another $20.4 billionBy Matt Scuffham and Huw Jones LONDON (Reuters) - Britain's banks will have to raise 13 billion pounds ($20.4 billion) of extra capital and meet new a new cap on lending ahead of international peers as the Bank of England seeks to curb risk in the financial sector. The combined balance sheet of Britain's largest banks is five times the size of the economy, despite radical restructuring since the crash in 2008, and the country's central bank fears many are still too big to fail. ...
- Airbus bags firm orders worth $39 billion at showBy Maria Sheahan and Tim Hepher PARIS (Reuters) - European planemaker Airbus clinched deals for another 90 planes on Thursday, taking its total orders and commitments at the Paris Airshow to 466 aircraft worth $68.7 billion at list prices. The tally includes firm purchase orders for 241 planes worth $39.3 billion, Airbus told a news conference at the show. EADS-owned Airbus pushed back its traditional end-of-show round-up to enable it to squeeze out a final wave of orders from Hong Kong Aviation Capital, Spirit Airlines and United Airlines . ...
- French watchdog tells Google to change privacy policyBy Natalie Huet PARIS (Reuters) - France's data protection watchdog ordered Google on Thursday to change its privacy policy or face fines, leading a Europe-wide push to get the Internet giant to clarify its intentions and methods for collecting user data. France's regulator, the CNIL, said Google's privacy policy violated French laws and gave the U.S. company three months to make changes or risk a fine of up to 150,000 euros ($201,100) and a second of 300,000 euros if it still failed to act. ...
- Exclusive: British investors step back from executive pay battleBy Joel Dimmock LONDON (Reuters) - Investors in Britain's largest companies have rowed back on the protests over pay which most readily symbolized public distaste over perceived corporate greed during last year's 'shareholder spring'. Research by Reuters has found that the average vote against executive pay deals at FTSE 100 annual general meetings has fallen by 18 percent from two years ago, even though surveys suggest earnings have continued to rise. The decline in dissent comes shortly before shareholders acquire new powers to reject compensation policies. ...
- Rite Aid posts third straight quarterly profit(Reuters) - Rite Aid Corp , the No. 3 U.S. drugstore chain, posted its third consecutive quarterly profit on Thursday, helped by sales of higher-margin generic drugs. The company earned $89.7 million, or 9 cents per share, in the fiscal first quarter ended June 1, versus a loss of $28 million, or 3 cents per share, a year earlier. Revenue fell 2.7 percent to $6.29 billion, largely because it sold more generic drugs, which are less expensive but more profitable, and as it closed stores. Sales at stores open at least a year fell 2.5 percent in the quarter. ...
- Lehman Europe creditors to get further $5.5 billion payoutLONDON (Reuters) - More than 1,000 creditors of the European operations of failed U.S. investment bank Lehman Brothers will share a 3.5 billion pound ($5.5 billion) payout next week, its administrators said on Thursday. The payout means the recovery so far for creditors from one of the banking collapses at the heart of the 2008 financial crisis is 68.5 cents in the dollar. PricewaterhouseCoopers, joint administrators for Lehman Brothers International (Europe), said a dividend of 43.3 percent of what creditors were owed - the second so far - would be paid on June 28. ...
- Rebound in UK retail sales signals solid second quarterBy Olesya Dmitracova and David Milliken LONDON (Reuters) - British retail sales bounced back much more than expected in May, adding to evidence of accelerating economic growth in the second quarter and easing some of the pressure on the central bank to boost the economy. The Office for National Statistics said on Thursday sales volumes grew 2.1 percent on the month, after posting the sharpest fall in a year in April. May's rise was the biggest since February. Compared with a year earlier, sales rose 1.9 percent, again the fastest increase since February. ...
- China factory activity hits nine month low, policy action eyedBy Kevin Yao BEIJING (Reuters) - China's factory activity weakened to a nine-month low in June as demand faltered, a preliminary survey showed, heightening the risk of a sharper second quarter slowdown and increasing the heat on the central bank to loosen policy. China's economy grew at its slowest pace for 13 years in 2012 and so far this year data has been weaker than expected, bringing warnings the country could miss its growth target of 7.5 percent for this year, though possibly not by much. ...
- End to Fed stimulus, China slowdown spark world sell-off
