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  July 2012

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• Breaking News

  • Durable goods orders rise, point to factory resilience
    By Jason Lange WASHINGTON (Reuters) - Orders for long-lasting manufactured goods rose more than expected in April, a hopeful sign that a contraction in factory output could soon run its course. New orders for durable goods, which range from toasters to aircraft, increased 3.3 percent last month, the Commerce Department said on Friday. The data was the latest to show the U.S. economy showing surprising resilience in the face of harsh fiscal austerity measures enacted this year. ...
  • Wall Street falls at open as Fed plans gauged
    NEW YORK (Reuters) -Stocks fell at the open on Friday, putting Wall Street on track for its first weekly decline since mid April, amid concern the central bank may scale back its support to the economy. The Dow Jones industrial average dropped 61.13 points, or 0.40 percent, to 15,233.37. The Standard & Poor's 500 Index lost 8.19 points, or 0.50 percent, to 1,642.32. The Nasdaq Composite Index fell 18.98 points, or 0.55 percent, to 3,440.44. (Reporting by Chuck Mikolajczak; Editing by Bernadette Baum)
  • Academics back BP's fight to cap oil spill payouts
    By Andrew Callus LONDON (Reuters) - A group of accountancy professors is backing BP's fight to cap the U.S. oil spill compensation payouts it has to fund as the cash outflow threatens to add billions of dollars to its bill for the disaster. The news comes after the payouts administrator, Patrick Juneau, predicted that over 200,000 claims may be made in total by businesses and individuals under a settlement BP agreed last year - a level that could result in a charge against the oil company's profits as early as next year. ...
  • HSBC Chairman urges acceleration of bank reform
    By Steve Slater and Matt Scuffham LONDON (Reuters) - HSBC's Chairman Douglas Flint called for an acceleration in the speed of reform within the industry as the bank was criticized by shareholders for compliance failings and accusations it aided tax avoidance. Flint told around 400 shareholders at the bank's annual meeting that the fallout from recent scandals had created a "once-in-a-generation" opportunity to reform banking and the broader financial industry. "As a first priority we need to speed up the reform process. ...
  • Analysis: German economy to pick up but fall short of traditional pace
    By Sarah Marsh BERLIN (Reuters) - Germany's economy will recover from a bout of winter weakness but fall well short of the dynamic growth rates of previous years as euro zone recession and global slowdown stunt exports and investment. There are homegrown problems too. What hue of government will result from September elections is injecting uncertainty and foreign investors cite worries about over-regulation and Germany's future energy mix after Chancellor Angela Merkel turned her back on nuclear power. ...
  • P&G CEO switch will not lead to big strategy change-CFO
    (Reuters) - Procter & Gamble Co said on Friday the surprise return of A.G. Lafley as chairman and chief executive was not an indication of any bigger problems at the world's largest consumer products maker. Lafley replaces Bob McDonald, effective immediately, at P&G, which is in the midst of a major restructuring. "This change very simply reflects Bob McDonald's decision to retire and the board's view that A.G. ...
  • EU risks "too big to cooperate" bank supervision
    By Martin Santa and Huw Jones BRUSSELS/LONDON (Reuters) - The role of the European Banking Authority must be beefed up beyond current plans to ensure that regulation of Europe's banks does not fragment into two competing systems, one of the architects of the reforms told a public hearing on Friday. Jacques de Larosiere, former head of the Bank of France and IMF, said the European Central Bank's role in a European Banking Union to supervise euro zone lenders risked creating a "duopoly" that would split the bloc's single market next year. ...
  • Exclusive: Malaysia tycoon plans IPO of football club Cardiff City - sources
    By Yantoultra Ngui KUALA LUMPUR (Reuters) - Malaysian billionaire Vincent Tan is exploring an IPO of British soccer team Cardiff City for as early as this year, people with knowledge of the matter told Reuters, in a deal that would follow the team's recent promotion to the Premier League. The process is in its early stages, the people said, with details on the timing, size and listing venue subject to change. A listing would come after Manchester United Plc's debut on the New York Stock Exchange last year, which raised $233.2 million in the largest sports team IPO ever. ...
  • Raiffeisen CEO quits over offshore deals
    By Georgina Prodhan and Michael Shields VIENNA (Reuters) - Raiffeisen Bank International Chief Executive Herbert Stepic resigned on Friday in what he called an effort to spare his bank from negative publicity over personal property deals that triggered scrutiny by the lender and regulators. Stepic, 66, again denied wrongdoing in using front companies in the Caribbean and Asia to buy flats in Singapore in 2006 and 2008 - deals exposed by the Offshore Leaks investigative journalism project - but said he decided to quit out of loyalty to Raiffeisen. ...
  • Market turbulence poses first serious test for Abenomics
    By William Mallard TOKYO (Reuters) - This week's turbulence in Tokyo markets exposes a key risk of Prime Minister Shinzo Abe's all-in strategy to revive Japan's economy - if investor confidence falters, the government and the Bank of Japan may be left with few options to turn the tide. On Friday, the Nikkei share average had another tumultuous session, traversing a 7.1 percent range between positive and negative territory before ending up 0.9 percent. The violent moves kept investors on edge after a 7. ...

Archive for July 12th, 2012

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