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Breaking News- Warning signs for China, Fed hints at curbing stimulusBy 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 dataBy 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 PMIBy 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.NBy 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. ...
- UK regulator fines JPMorgan 3 million poundsLONDON (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 shareholdersBy 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 billsBy 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. ...
- EU regulators accept Lufthansa, United antitrust offerBRUSSELS (Reuters) - EU antitrust regulators accepted on Thursday concessions from Lufthansa , United Airlines , Air Canada and Continental to ease competition concerns about their transatlantic revenue-sharing pact. The European Commission said the airlines would give up airport slots in Frankfurt and New York, and also allow rivals to sell tickets on this route, confirming a Reuters story in February. ...
- SoftBank would appoint "security director" to Sprint board(Reuters) - SoftBank Corp would appoint a "security director" to Sprint Nextel's board if its takeover bid succeeds, and would give the U.S. government the right to approve the nominee, an attempt to address security concerns raised by the proposed deal. Sprint said in a filing with the U.S. Securities and Exchange Commission on May 1 that the new director appointed by the Tokyo-based SoftBank would oversee public safety concerns related to Sprint's wireless and wireline operations. ...
- Average U.S. 401(k) balance tops $80,000, up 75 percent since 2009BOSTON (Reuters) - The average 401(k) retirement balance for U.S. workers hit a record high of $80,900 in the first quarter, a growth spurt of 75 percent since the stock market's nadir in March 2009, Fidelity Investments said on Thursday based on a survey of its accounts. Most of the recovery is linked to a stock market rally that has lifted the broad S&P 500 Index 145 percent since the close of trading on March 9, 2009. The 401(k) recovery looks even better for workers 55 and older, according to Boston-based Fidelity, the largest U.S. administrator of 401(k) retirement plans. ...
- Warning signs for China, Fed hints at curbing stimulus
