BUSINESS News, Jul 28 2011

Sanofi ups EPS but Genzyme seen missing milestone Wed,27 Jul 2011 11:47 PM PDT Reuters - PARIS (Reuters) - French drugmaker Sanofi raised its earnings forecast for 2011 now that Genzyme is part of its business, but said the U.S. biotech would likely miss its first milestone fee due to supply constraints of one of its key drugs. Full Story

Xstrata makes $153 million bid for Canada's First Coal Wed,27 Jul 2011 11:43 PM PDT Reuters - LONDON (Reuters) - Miner Xstrata has made an all-cash bid for privately held Canadian miner First Coal Corporation, it said on Thursday, with an offer valuing the firm at $153 million. Full Story

Hyundai beats forecasts with strong quarter Wed,27 Jul 2011 11:43 PM PDT Reuters - SEOUL (Reuters) - South Korea's Hyundai Motor outperformed its rivals as it reported a consensus-beating 37 percent rise in quarterly profit on Thursday, fueled by strong U.S. sales of popular new models. Full Story

Sony sticks with profit outlook despite TV squeeze Wed,27 Jul 2011 11:37 PM PDT Reuters - TOKYO (Reuters) - Sony Corp stuck with its full-year profit forecast after slashing its outlook for TV sales, confident that other units will perform better than earlier anticipated to offset additional losses in the unit. Full Story

Siemens results hit by weak healthcare unit Wed,27 Jul 2011 11:36 PM PDT Reuters - MUNICH (Reuters) - Siemens AG , Europe's largest engineering conglomerate, cautioned that global economic risks were increasing as its healthcare unit dragged quarterly results below expectations. Full Story

Stocks fall, Australia dollar up on debt deadlock Wed,27 Jul 2011 11:15 PM PDT Reuters - SINGAPORE (Reuters) - Asian stocks slid more than 1 percent in thin volume on Thursday as investors trimmed positions with just three trading days to go before a deadline to lift the U.S. debt ceiling, while the Australian dollar showed resilience in the face of global sovereign risks. Full Story

Sharp profit plunges on weak TV demand, keeps outlook Wed,27 Jul 2011 11:12 PM PDT Reuters - TOKYO (Reuters) - Japan's Sharp Corp reported an 84.4 percent drop in quarterly operating profit after the company was forced to suspend operations for weeks at its state-of-the-art LCD panel plant due to weak demand for TVs. Full Story

Husky sees 4-5 year payback on $6.5 billion Liwan plan Wed,27 Jul 2011 10:46 PM PDT Reuters - CALGARY, Alberta (Reuters) - Husky Energy Inc expects to recoup its investment in a $6.5 billion Asian offshore gas project in four to five years after agreeing on a rich gas sales deal, executives at Canada's No. 3 oil producer and refiner said on Wednesday. Full Story

Instant view: Hyundai Motor profit up 37 percent; beats Wed,27 Jul 2011 10:38 PM PDT Reuters - SEOUL (Reuters) - South Korea's Hyundai Motor posted a 37 percent rise in quarterly net profit, outstripping the consensus forecast, after it logged record global vehicle sales and gained market share from Japanese rivals reeling from the March 11 earthquake.Full Story

HSBC may cut more than 10,000 jobs: report Wed,27 Jul 2011 10:11 PM PDT Reuters - HONG KONG (Reuters) - HSBC Plc may cut more than 10,000 jobs as it embarks on a cost-cutting drive, Sky News reported, citing people close to Europe's biggest bank. Full Story

Hyundai Motor profit soars 37 percent; beats forecasts Wed,27 Jul 2011 10:05 PM PDT Reuters - SEOUL (Reuters) - South Korea's Hyundai Motor posted a 37 percent rise in quarterly net profit, outstripping the consensus forecast, after it logged record global vehicle sales and gained market share from Japanese rivals reeling from the March 11 earthquake. Full Story

Ford to build billion dollar plant in India Wed,27 Jul 2011 10:00 PM PDT Reuters - MUMBAI (Reuters) - Ford Motor Co said on Thursday said it plans to invest $1 billion to build a factory in western India, doubling its investment in the country as the U.S. carmaker seeks to gain a greater share in the second-fastest growing auto market in the world. Full Story

Analysis: Asia's small exporters at risk in U.S. slump Wed,27 Jul 2011 09:56 PM PDT Reuters - SINGAPORE (Reuters) - Asia's small, export-driven economies look most vulnerable to the threat of a deeper U.S. economic slump, which could materialize even if Washington manages to avert a debt default. Full Story

UBS sets up China asset management unit for PE business Wed,27 Jul 2011 09:16 PM PDT Reuters - SHANGHAI (Reuters) - Swish bank UBS said on Thursday it has set up an asset management unit in Beijing to tap China's rapidly-growing $650 billion private equity market.Full Story

China says to press ahead with FX reserves Wed,27 Jul 2011 08:56 PM PDT Reuters - BEIJING (Reuters) - China will press ahead with diversification of its $3.2 trillion in foreign exchange reserves, and does not pursue large-scale currency holdings, the State Administration of Foreign Exchange said on Thursday. Full Story

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BLOOMBERG News, Jun 28, 2011

Snapshot: What to expect Thursday in debt crisis Wed,27 Jul 2011 10:04 PM PDT Reuters - WASHINGTON (Reuters) - Here is what to expect on Thursday as lawmakers try to close in on a deal for Congress to raise the government's $14.3 trillion borrowing limit by an August 2 deadline and avoid a debt default: Full Story

Scenarios: Obama's options if no deal on debt ceiling hike Wed,27 Jul 2011 07:11 PM PDT Reuters - WASHINGTON (Reuters) - If the impasse over the U.S. debt limit is not broken soon, President Barack Obama will be forced to decide how he will manage the crisis. Full Story

Lawmaker vows look at China trade "abuses" Wed,27 Jul 2011 05:54 PM PDT Reuters - WASHINGTON (Reuters) - A top Republican lawmaker Wednesday said he planned to turn up the pressure on China over a long list of trade "abuses" after Congress returns from its upcoming August recess. Full Story

Romney vows tough stance on China trade Wed,27 Jul 2011 05:53 PM PDT Reuters - WASHINGTON (Reuters) - Republican presidential contender Mitt Romney said on Wednesday Chinese businesses were the "worst offenders" of global trade rules as his campaign vowed he would "get tough" with China if he wins in 2012. Full Story

Lawmakers weigh value of development aid Wed,27 Jul 2011 04:59 PM PDT Reuters - WASHINGTON (Reuters) - Trimming U.S. funding to the World Bank and other global lenders would reduce American influence in developing countries and give China a competitive edge, lawmakers were told on Wednesday. Full Story

Russia says will respond to U.S. steps on Sergei Magnitsky Wed,27 Jul 2011 04:48 PM PDT Reuters - MOSCOW (Reuters) - U.S. visa restrictions on Russian officials linked to the death of hedge fund lawyer Sergei Magnitsky could become a "serious irritant" in bilateral relations and provoke a response from Moscow, Russia's Foreign Ministry said on Wednesday. Full Story

Obama healthcare battle appealed to Supreme Court Wed,27 Jul 2011 03:56 PM PDT Reuters - WASHINGTON (Reuters) - A Michigan-based legal group on Wednesday asked the Supreme Court to review and overturn a decision that found President Barack Obama's signature healthcare law constitutional. Full Story

Analysis: Debt crisis a big test for Speaker Boehner Wed,27 Jul 2011 03:29 PM PDT Reuters - WASHINGTON (Reuters) - House of Representatives Speaker John Boehner looked over his restive Republican troops on Wednesday and told them: "Get your ass in line." Full Story

Boehner says revised debt plan yields greater cuts Wed,27 Jul 2011 03:24 PM PDT Reuters - WASHINGTON (Reuters) - House of Representatives Speaker John Boehner's office said on Wednesday that its revised plan to raise the U.S. debt ceiling would deliver about $65 billion more in cuts over a 10-year period than an earlier version. Full Story

Farm cuts may be smaller than expected: Lawmaker Wed,27 Jul 2011 01:28 PM PDT Reuters - WASHINGTON (Reuters) - U.S. agricultural programs face cuts of $10-$11 billion over the next decade as Congress slashes federal spending to reduce the budget deficit, said a senior farm-state Democrat on Wednesday. Full Story

U.S. Treasury reiterates August 2 debt limit warning Wed,27 Jul 2011 12:44 PM PDT Reuters - WASHINGTON (Reuters) - The Treasury on Wednesday reiterated its warning that it cannot guarantee payment of all the government's bills after August 2 without an increase in the federal borrowing limit. Full Story

U.S. lawmaker vows look at China trade "abuses" Wed,27 Jul 2011 12:39 PM PDT Reuters - WASHINGTON (Reuters) - A top Republican lawmaker Wednesday said he planned to turn up the pressure on China over a long list of trade "abuses" after Congress returns from its upcoming August recess. Full Story

CEOs say yes to Congress on removing tax breaks Wed,27 Jul 2011 12:25 PM PDT Reuters - WASHINGTON (Reuters) - The CEO of Wal-Mart Stores Inc. and other major U.S. employers told Congress on Wednesday they would be willing to give up tax breaks that benefit their companies in return for a steep drop in the country's 35 percent corporate tax rate. Full Story

White House: Time running out for debt compromise Wed,27 Jul 2011 11:40 AM PDT Reuters - WASHINGTON (Reuters) - The White House warned on Wednesday that time was running out to reach a compromise on the U.S. debt limit and said that Republicans and Democrats must come together now on an agreement. Full Story

Lawmaker presses Obama to back trade deals plan Wed,27 Jul 2011 11:09 AM PDT Reuters - WASHINGTON (Reuters) - A top Republican lawmaker on Wednesday outlined a plan for winning approval of three long-delayed trade agreements and a worker retraining program the White House has insisted Congress pass along with them. Full Story

Is default deadline truly August 2? Analysts say no Wed,27 Jul 2011 08:33 AM PDT Reuters - WASHINGTON (Reuters) - Will the sky fall on August 2 if Congress fails to raise the debt ceiling? Full Story

Senate confirms Gary Locke as U.S. envoy to China Wed,27 Jul 2011 07:54 AM PDT Reuters - WASHINGTON (Reuters) - The Senate on Wednesday confirmed former Commerce Secretary Gary Locke as ambassador to China, sending to Beijing an envoy who has said he would press for greater access to Chinese markets. Full Story

Senate Democrats debt plan saves $2.2 trillion: CBO Wed,27 Jul 2011 07:16 AM PDT Reuters - WASHINGTON (Reuters) - Senate Democrats' legislation to reduce the U.S. deficit and increase borrowing authority would cut $2.2 trillion from deficits, about $500 billion less than Democrats claimed, the Congressional Budget Office said Wednesday. Full Story

General Dempsey warns against deep defense cuts Tue,26 Jul 2011 09:09 PM PDT Reuters - WASHINGTON (Reuters) - The nominee to become the top U.S. military officer warned on Tuesday it would be "extraordinarily difficult and very high risk" to cut $800 billion from defense spending as part of efforts to reduce the nation's $14.3 trillion debt. Full Story

Two senators tell airlines not to "pocket" tax Tue,26 Jul 2011 05:32 PM PDT Reuters - WASHINGTON (Reuters) - Airlines should not "pocket" revenue from a passenger tax that has lapsed during a partial aviation shutdown, two U.S. Senate transportation leaders said in a letter sent to the industry association on Tuesday. Full Story

Kirk hopes for September approval of trade deals Tue,26 Jul 2011 05:07 PM PDT Reuters - WASHINGTON (Reuters) - Trade Representative Ron Kirk said on Tuesday he was optimistic a deal could be struck with Republicans clearing the way for Congress to pass free trade pacts with South Korea, Colombia and Panama after lawmakers return in September from a month-long recess. Full Story

Kirk hopes for September approval of U.S. trade deals Tue,26 Jul 2011 04:26 PM PDT Reuters - WASHINGTON (Reuters) - U.S. Trade Representative Ron Kirk said on Tuesday he was optimistic a deal could be struck with Republicans clearing the way for Congress to pass free trade pacts with South Korea, Colombia and Panama after lawmakers return in September from a month-long recess. Full Story

North Carolina lower house overrides abortion bill veto Tue,26 Jul 2011 04:25 PM PDT Reuters - RALEIGH, North Carolina (Reuters) - The North Carolina House of Representatives narrowly overrode a veto on Tuesday of a bill requiring women to wait 24 hours before getting an abortion and be presented with a ultrasound of the fetus. Full Story

Illinois Congressman arrested in front of White House Tue,26 Jul 2011 04:23 PM PDT Reuters - WASHINGTON (Reuters) - Democratic Congressman Luis Gutierrez was arrested in front of the White House on Tuesday afternoon while protesting deportation of illegal immigrants, a spokesman said. Full Story

House passes bill to speed up oil sands pipe review Tue,26 Jul 2011 04:12 PM PDT Reuters - WASHINGTON (Reuters) - The House of Representatives on Tuesday approved legislation that would set a firm deadline for the Obama administration to decide the fate of a proposed $7 billion pipeline that would transport Canadian oil sands crude to the U.S. Gulf Coast. Full Story

Boehner reworks plan after cuts fall short Tue,26 Jul 2011 04:00 PM PDT Reuters - WASHINGTON (Reuters) - House Speaker John Boehner is reworking his budget plan after an analysis found that its spending cuts fall short of what he promised, a spokesman said on Tuesday. Full Story

Gov. Brown nominates controversial judge for California court Tue,26 Jul 2011 03:39 PM PDT Reuters - NEW YORK (Reuters) - Goodwin Liu, a University of California law professor whose confirmation to a federal appeals court was blocked in the U.S. Senate, has been nominated to serve as a justice on the top court in California. Full Story

Americans answer Obama's call, contact lawmakers Tue,26 Jul 2011 02:32 PM PDT Reuters - WASHINGTON (Reuters) - Americans wasted little time on Tuesday answering President Barack Obama's request to make their voice heard on the looming debt crisis, crashing websites with e-mails and flooding the telephone lines of lawmakers in Washington with thousands of calls. Full Story

White House rules out Constitution debt option Tue,26 Jul 2011 12:55 PM PDT Reuters - WASHINGTON (Reuters) - President Barack Obama will not use a clause in the Constitution to bypass Congress and raise the federal government's debt limit on his own, the White House said Tuesday. Full Story

Alabama's Jefferson County hires bankruptcy lawyers Tue,26 Jul 2011 10:49 AM PDT Reuters - BIRMINGHAM, Alabama (Reuters) - Alabama's Jefferson County on Tuesday hired outside bankruptcy lawyers ahead of a critical decision on its debt that could result in what would be the largest municipal bankruptcy in U.S. history. Full Story

Factbox: Pawlenty clings to White House bid despite slow start Tue,26 Jul 2011 10:41 AM PDT Reuters - WASHINGTON (Reuters) - Former Minnesota Governor Tim Pawlenty, who was on Senator John McCain's short list for vice presidential running mate in 2008, is fighting low poll numbers and his vanilla image to remain in the 2012 Republican U.S. presidential field. Full Story

Top general warns against deep defense cuts Tue,26 Jul 2011 10:05 AM PDT Reuters - WASHINGTON (Reuters) - The nominee to become the top U.S. military officer warned on Tuesday it would be "extraordinarily difficult and very high risk" to cut $800 billion from defense spending as part of efforts to reduce the nation's $14.3 trillion debt. Full Story

Debt ceiling wiggle room runs out August 2: White House Tue,26 Jul 2011 10:00 AM PDT Reuters - WASHINGTON (Reuters) - The United States has no wiggle room on the debt after next week's default deadline, White House spokesman Jay Carney said on Tuesday, adding he expected a deal to be reached through compromise before then. Full Story

Analysis: Debt negotiators eye 2012 Tue,26 Jul 2011 09:48 AM PDT Reuters - WASHINGTON (Reuters) - U.S. lawmakers bogged down in talks on the debt limit need to reach a deal by an August 2 deadline but the politicians also have one eye another big date: Election Day on November 6, 2012. Full Story

Boehner short Republican votes for debt plan, conservative says Tue,26 Jul 2011 09:16 AM PDT Reuters - WASHINGTON (Reuters) - House Speaker John Boehner will not have enough Republican votes to pass his budget plan through the House of Representatives without Democratic support, a leader of the chamber's conservatives said on Tuesday. Full Story

A few Democrats may back Boehner debt plan: Hoyer Tue,26 Jul 2011 08:21 AM PDT Reuters - WASHINGTON (Reuters) - The chief Democratic vote counter in the House of Representatives said on Tuesday that a few members of his party may back a budget plan developed by House Speaker John Boehner. Full Story

Boehner says his debt plan can pass House and Senate Tue,26 Jul 2011 07:31 AM PDT Reuters - WASHINGTON (Reuters) - House Speaker John Boehner, the top Republican in Congress, said Tuesday his two-stage deficit reduction plan could pass through the House and the Senate. Full Story

Text: Obama address on debt ceiling impasse Mon,25 Jul 2011 06:30 PM PDT Reuters - WASHINGTON (Reuters) - Following is the full text of President Barack Obama's Monday evening address on the debt ceiling impasse in Washington, as prepared for delivery: Full Story

Analysis: The politics behind Boehner's two-step debt hike Mon,25 Jul 2011 04:58 PM PDT Reuters - WASHINGTON (Reuters) - So many Americans are so sick of political acrimony over raising the U.S. debt limit that it might seem unfathomable to have to do it all over again early next year. But that is exactly what the top U.S. Republican, John Boehner, is proposing for some practical political reasons. Full Story

Amid dueling debt plans, Obama to address nation Mon,25 Jul 2011 03:54 PM PDT Reuters - WASHINGTON (Reuters) - Top U.S. lawmakers dueled with diverging debt plans on Monday that offered little compromise and raised the threat of a ratings downgrade and national default as President Barack Obama prepared to address Americans on the impasse. Full Story

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