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Aug 2, 2011

REUTERS News, Aug 02, 2011

Debt battle set to draw to close, for now
Mon,1 Aug 2011 10:57 PM PDT
Reuters -
photoWASHINGTON (Reuters) - The United States is poised to step back from the brink of economic disaster on Tuesday as a bitterly fought deal to cut the budget deficit is expected to clear the Senate and President Barack Obama's desk.

Japan primes markets for FX intervention
Mon,1 Aug 2011 11:51 PM PDT
Reuters -
photoTOKYO (Reuters) - Japan primed financial markets on Tuesday for currency intervention after the yen tested record highs overnight, signaling it may try to tame the unit with a combination of yen-selling and monetary easing.

Hama assault into second day as U.N. revives Syria debate
Mon,1 Aug 2011 07:36 PM PDT
Reuters -
photoAMMAN (Reuters) - A two-day assault by Syrian government forces on anti-government protesters in the city of Hama was widely condemned in the West and prompted European powers to relaunch a dormant U.N. resolution condemning Damascus for its crackdown.

Libyans start Ramadan fast amid conflict, divisions
Mon,1 Aug 2011 07:36 PM PDT
Reuters -
photoTRIPOLI/BENGHAZI (Reuters) - Libyans entered the Muslim holy month of Ramadan on Monday with no let-up in the five-month conflict after Muammar Gaddafi sought to divide a rebellion threatening him on several fronts.

Putin says U.S. is "parasite" on global economy
Mon,1 Aug 2011 02:45 PM PDT
Reuters -
photoLAKE SELIGER, Russia (Reuters) - Russian Prime Minister Vladimir Putin accused the United States Monday of living beyond its means "like a parasite" on the global economy and said dollar dominance was a threat to the financial markets.

ECB eyed for signs of growing rate hike caution
Mon,1 Aug 2011 11:09 PM PDT
Reuters -
photoFRANKFURT (Reuters) - Financial markets will be watching the European Central Bank on Thursday for any hints that recent signs of an economic slowdown and the unrelenting debt crisis have lowered the chances of another rate hike this year.

Government hankers for hackers
Mon,1 Aug 2011 10:03 PM PDT
Reuters -
photoWASHINGTON (Reuters) - The National Security Agency has a challenge for hackers who think they're hot stuff: prove it by working on the "hardest problems on Earth."

Factory growth slows, casts shadow on economy
Mon,1 Aug 2011 02:13 PM PDT
Reuters -
photoWASHINGTON (Reuters) - Manufacturing grew at its slowest pace in two years in July as new orders contracted, casting doubt on expectations the faltering recovery would quickly regain steam.

Analysis: Tea Party proves clout, but at what cost?
Mon,1 Aug 2011 10:07 PM PDT
Reuters -
photoWASHINGTON (Reuters) - Tea Party conservatives scored their biggest political triumph with a debt-ceiling deal that cuts federal spending, but their hardline tactics could risk a voter backlash in the 2012 elections.

Analysis: Storms ahead as debt deal sets up tax fight
Mon,1 Aug 2011 05:38 PM PDT
Reuters - WASHINGTON (Reuters) - If Congress passes the debt ceiling deal by Tuesday, as expected, it could trigger a battle over tax reform within weeks and turn Washington once again into a dateline for deadlock. Full Story

Israel PM ready to discuss border "package": official
Mon,1 Aug 2011 04:44 PM PDT
Reuters - JERUSALEM (Reuters) - Israel has told Middle East power brokers it was ready to discuss a proposed package on borders with Palestinians to help Western powers revive stalled peace talks, an Israeli official said Monday. Full Story

Rhode Island's Central Falls files for bankruptcy
Mon,1 Aug 2011 01:47 PM PDT
Reuters -
photoCENTRAL FALLS, Rhode Island (Reuters) - Central Falls, Rhode Island, one of a handful of U.S. cities and counties facing fiscal collapse in the wake of the economic recession, filed for a rare Chapter 9 bankruptcy on Monday.

Wall Street ends down
Mon,1 Aug 2011 07:37 PM PDT
Reuters -
photoNEW YORK (Reuters) - The S&P 500 fell for a sixth day on Monday as time runs out for the government to pass a deal to avoid default and the economy showed further signs of stalling.

Wall St. cuts losses, ends down as debt vote looms
Mon,1 Aug 2011 01:52 PM PDT
Reuters -
photoNEW YORK (Reuters) - The S&P 500 fell for a sixth day on Monday as time runs out for the government to pass a deal to avoid default and the economy showed further signs of stalling.

Juncker says a U.S. downgrade would hit whole world
Mon,1 Aug 2011 11:28 AM PDT
Reuters -
photoPARIS (Reuters) - Euro group chairman Jean-Claude Juncker said on Monday it would be surprising if the rest of the world, and the euro zone in particular, avoided repercussions were the United States to lose its AAA credit rating.

Syrian forces press Hama assault into Ramadam
Mon,1 Aug 2011 04:04 PM PDT
Reuters -
photoAMMAN (Reuters) - Syrian government forces pressed their assault on anti-government protestors in the city of Hama on Monday oblivious to a wave of condemnation from Western powers.

Analysis: Storms ahead as debt deal sets up tax fight
Mon,1 Aug 2011 03:02 PM PDT
Reuters - WASHINGTON (Reuters) - If Congress passes the debt ceiling deal by Tuesday, as expected, it could trigger a battle over tax reform within weeks and turn Washington once again into a dateline for deadlock. Full Story

House approves debt deal a day before deadline
Mon,1 Aug 2011 04:32 PM PDT
Reuters -
photoWASHINGTON (Reuters) - The House of Representatives on Monday approved an 11th-hour deal to raise the borrowing limit, clearing the biggest hurdle to averting a potentially catastrophic debt default.

House to vote on debt bill after 6:30 p.m EDT
Mon,1 Aug 2011 02:43 PM PDT
Reuters - WASHINGTON (Reuters) - The House of Representatives will vote on a bill to raise the government's debt ceiling on Monday between 6 p.m. and 8 p.m. EDT, a congressional aide said. Full Story

Debt deal offers only small blessings for economy
Mon,1 Aug 2011 01:45 AM PDT
Reuters -
photoWASHINGTON (Reuters) - The tentative deal to avoid a crushing debt default is at best a mild relief for the U.S. economy that nearly stalled in the first half of the year and has yet to show signs of any realistic pickup.

Senate to vote Tuesday on debt bill: aides
Mon,1 Aug 2011 02:02 PM PDT
Reuters - WASHINGTON (Reuters) - The Senate likely will vote on Tuesday on a bill to raise the government's debt limit, leadership aides said on Monday. Full Story

Debt limit bill clearing key House hurdle
Mon,1 Aug 2011 01:50 PM PDT
Reuters - WASHINGTON (Reuters) - A bill that raises the debt limit by $2.1 trillion and cuts budget deficits by a similar amount over the next decade was on the verge of clearing an important procedural hurdle in the House of Representatives on Monday. Full Story

HSBC sheds 30,000 jobs, posts surprise profit rise
Mon,1 Aug 2011 07:58 AM PDT
Reuters -
photoLONDON (Reuters) - HSBC will shed 30,000 jobs as it retreats from countries where it is struggling to compete, Europe's biggest bank said on Monday after it reported a surprise rise in first-half profit.

Wall St. slips for 6th day; debt deadline near
Mon,1 Aug 2011 01:11 PM PDT
Reuters - NEW YORK (Reuters) - U.S. stocks fell for a sixth day on Monday as time runs out for the government to pass a deal to avoid default and the economy shows further signs of stalling. Full Story

NYSE-Deutsche Boerse to jump to top options spot
Mon,1 Aug 2011 12:10 PM PDT
Reuters -
photoCHICAGO (Reuters) - NYSE Euronext and Germany's Deutsche Boerse AG will lead the ultra-competitive U.S. options trading industry once their merger is complete, data from clearinghouse OCC showed on Monday.

Wall St. pares losses; Dow turns positive
Mon,1 Aug 2011 01:01 PM PDT
Reuters - NEW YORK (Reuters) - U.S. stocks pared losses in late afternoon trade on Monday, with the Dow briefly turning positive. Full Story

Norway soul-searches on crime after rampage
Mon,1 Aug 2011 10:35 AM PDT
Reuters -
photoOSLO (Reuters) - Prime Minister Jens Stoltenberg urged parliament Monday to preserve the democratic values of Norway as public pressure grew for stiffer sentences for serious crimes after an anti-immigration zealot's bloody rampage.

photoHONG KONG/TAIPEI (Reuters) - Taiwan's Foxconn Technology Group, known for assembling Apple's iPhones and iPads in China, plans to use more robots, with one report saying the company will use one million of them in the next three years, to cope with rising labor costs.

photoSINGAPORE (Reuters) - Averting a U.S. debt default solves only the immediate fiscal problem for the West and its big creditors in Asia.

Somali famine refugees begin Ramadan fast
Mon,1 Aug 2011 06:44 AM PDT
Reuters -
photoDADAAB, Kenya (Reuters) - Somalia's famine refugees, weakened by months of drought, on Monday began Islam's punishing Ramadan fast amid the tents and shacks of the world's largest refugee camp.

Norwegians call for tougher laws after mass killing
Mon,1 Aug 2011 07:26 AM PDT
Reuters -
photoOSLO (Reuters) - Norwegians believe penalties for serious crimes in their country should be tightened in the wake of a shooting and bomb attack that killed 77 people in July, an opinion poll showed Monday.

For Obama, Bush tax cuts shadow further debt talks
Sun,31 Jul 2011 10:39 PM PDT
Reuters -
photoWASHINGTON (Reuters) - The White House has one important tool in its arsenal to influence congressional talks over further deficit reduction measures in the coming months: the expiry of Bush-era tax cuts at the end of 2012.

Chinese retailers hijack the Ikea experience
Mon,1 Aug 2011 07:53 AM PDT
Reuters -
photoKUNMING, China (Reuters) - Nestled in a sleepy southern district of Kunming city in southwest China, is a 10,000 square meter, four-story building that could make Swedish furniture giant Ikea uneasy.

Lawmakers reach into the past on budget deal
Sun,31 Jul 2011 06:44 PM PDT
Reuters -
photoWASHINGTON (Reuters) - Lawmakers reached into the past to find a way to enforce future budget cuts called for in the deal to raise the nation's $14.3 trillion debt limit, but history shows these enforcement mechanisms do not always work.

China central bank says inflation fight a policy priority
Mon,1 Aug 2011 12:21 AM PDT
Reuters -
photoBEIJING (Reuters) - China pledged to keep to a "prudent" monetary policy for the rest of the year to combat inflation, which is stubbornly fixed near a three-year high.

U.S. holds off on post-August 2 plan for moment
Sun,31 Jul 2011 07:10 PM PDT
Reuters - WASHINGTON (Reuters) - The Treasury determined that it was not necessary on Sunday to unveil plans for how the government will pay its bills if Congress does not raise the debt cap by Tuesday. Full Story

White House: expiry of Bush tax cuts to spur reform
Sun,31 Jul 2011 07:14 PM PDT
Reuters - WASHINGTON (Reuters) - White House officials said on Sunday the spending cuts laid out under a new deficit deal would not take effect until 2013 and the expiry of Bush-era tax cuts for the wealthiest Americans would spur broad tax reform. Full Story

Markets to rally if debt deal reached, downgrade eyed
Sun,31 Jul 2011 01:01 PM PDT
Reuters -
photoNEW YORK (Reuters) - If debate in Washington over raising the U.S. debt ceiling finally ends with a deal on Sunday, the last-minute reprieve could spark a relief rally when global markets open.

HSBC sheds U.S. branches in $1 billion First Niagara pact
Sun,31 Jul 2011 07:20 PM PDT
Reuters -
photoNEW YORK (Reuters) - HSBC Holdings Plc said on Sunday it will shed nearly half of its underperforming U.S. branch network, selling 195 branches to First Niagara Financial Group Inc for about $1 billion, and closing 13 others.

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