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June 2012
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Jobless claims data suggests labor market strength

By Lucia Mutikani WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to resilience in the labor market despite belt-tightening by Washington. Initial claims for state unemployment benefits dropped 23,000 to a seasonally adjusted 340,000, the Labor Department said on Thursday, pushing back below the 350,000 mark that economists normally associate with a firming job market. Economists polled by Reuters had expected first-time applications to fall to 345,000 last week. ...

Factory activity slips to seven-month low in May: Markit

NEW YORK (Reuters) - Manufacturing slowed for a second straight month in May as weak overseas demand and government belt-tightening at home led to the sector's most sluggish rate of growth since October, a survey showed on Thursday. Financial data firm Markit said its "flash," or preliminary, U.S. Manufacturing Purchasing Managers Index fell to a seven-month low of 51.9 in May from 52.1 the previous month. A reading above 50 indicates expansion. The output subindex slipped to 52.8 from 53.7. The pace of hiring slipped to 52.2 from 53.2, the slowest since October. ...

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. ...

Fed not "that close" to winding down stimulus: Bullard

By Marc Jones LONDON (Reuters) - A senior central banker sought to give reassurance on Thursday that the Fed is in no hurry to start winding down its economic stimulus after comments by chairman Ben Bernanke sent stock markets tumbling. James Bullard, president of the Federal Reserve Bank of St. Louis, said on Thursday he did not think the Fed was "that close" to starting the process of winding down its support although it was the likely next step if the economy continued to improve and inflation picks up. ...

Wall St. to drop at open on stimulus plan worry, China data

By Chuck Mikolajczak NEW YORK (Reuters) - Stocks were set for a lower open on Thursday, with the S&P 500 on track for its first back-to-back daily drop in a month, amid investor concerns the Federal Reserve's stimulus may be scaled back sooner than hoped 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. ...

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. ...

Apax Partners to take rue21 private in $1.1 billion deal

(Reuters) - Private equity firm Apax Partners will acquire teen-apparel retailer rue21 Inc in a deal valued at about $1.1 billion, adding to a retail portfolio that includes Cole Haan and Takko Fashion. Rue21 said Apax, which already owns a 30 percent stake in the company, will pay $42.00 per share in cash, representing a premium of 23 percent to its Wednesday close. Shares of the company were up 23.2 percent before the bell, indicating that investors may be expecting a higher bid. ...

Ally to contribute $2.1 billion to settle ResCap litigation

(Reuters) - Ally Financial Inc agreed to contribute $2.1 billion to Residential Capital LLC to settle claims that it stripped the bankrupt mortgage subsidiary of choice assets, paving the way for ResCap to pay back its creditors. Under the deal, which was detailed in a court filing on Thursday, Ally will contribute $1.95 billion in cash and Ally anticipates $150 million will come from its insurers. Ally said in a statement it expects to record a charge of $1.55 billion in the second quarter of 2013 related to the deal. ...

Dover to spin off some communication technologies businesses

(Reuters) - Industrial conglomerate Dover Corp said it plans to spin off some of its communication technologies businesses into a publicly traded company with annual revenue of about $1.3 billion. The businesses, to be folded into the company's Knowles Corp subsidiary, will make microphones, speakers, receivers and transducers, among other communication products. The company said that the transaction would be in the form of a 100 percent distribution of the stock of Knowles, which will be tax-free for Dover and U.S. shareholders. Dover said its annual revenue for 2013 would be $7. ...

Archive for June 18th, 2012

18 Jun

Japanese authorities sat on data showing radiation spread

TOKYO (Reuters) - Japanese authorities failed to disclose U.S. data about the spread of radiation spewing from a crippled nuclear plant last year, a cabinet minister said on Tuesday, leaving some evacuees fleeing in the same direction as the radioactive emissions. News that Japan's nuclear watchdog and the science and technology ministry sat on the [...]

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Archive for June 18th, 2012

Japanese authorities sat on data showing radiation spread