BUSINESS News, Jul 19 2011

No consensus as Europe limps toward Greece summit Mon,18 Jul 2011 11:40 PM PDT Reuters - BRUSSELS/PARIS (Reuters) - European governments and banks struggled to reconcile competing proposals for a second bailout of Greece on Monday, three days before leaders meet to prevent the crisis from spreading through the region. Full Story

Gold hovers below record, extends gains to 12th day Mon,18 Jul 2011 11:33 PM PDT Reuters - SINGAPORE (Reuters) - Gold held steady below its record high on Tuesday, on course for a 12th straight day of gains, as growing sovereign debt worries on either side of the Atlantic continued to support sentiment. Full Story

Stocks stabilize but vulnerable to Europe Mon,18 Jul 2011 11:08 PM PDT Reuters - SINGAPORE (Reuters) - Equities stabilized on Tuesday, helped by technology shares ahead of Apple's earnings, though the euro sagged, suggesting investors may keep cutting their exposure to risks in the face of default threats in the United States and Europe. Full Story

Novartis expects to be able to fend off generics Mon,18 Jul 2011 10:45 PM PDT Reuters - ZURICH (Reuters) - Novartis expects volume growth at its pharma unit to more than offset the impact of generic competition, the Swiss drugmaker said after posting a 27 percent rise in second-quarter sales. Full Story

Amid local debt worries, China's tax revenue surges 30 percent Mon,18 Jul 2011 10:26 PM PDT Reuters - BEIJING (Reuters) - China's tax revenues in the first half of the year surged 29.6 percent from a year earlier to 5 trillion yuan ($773 billion), underscoring the government's ability to deal with any fallout from piles of local government debt. Full Story

Analysis: McConnell plan may be reckoning for Republicans Mon,18 Jul 2011 10:04 PM PDT Reuters - WASHINGTON (Reuters) - Senator Mitch McConnell's plan to avert an imminent U.S. debt default could lead to a day of reckoning for his Republicans as they weigh the prospect of fiscal disaster against the demands of Tea Party activists. Full Story

Apple set to wow investors, outlook eyed Mon,18 Jul 2011 09:51 PM PDT Reuters - Apple shares rose nearly 2.5 percent on Monday to close at a record high of $373.80 on expectations that the company will beat analysts' forecasts for the fiscal third-quarter, which saw an easing of the supply constraints surrounding the iPad 2. Full Story

Cisco to cut workforce by 15 percent, sell factory to Hon Hai Mon,18 Jul 2011 09:48 PM PDT Reuters - NEW YORK/SAN FRANCISCO (Reuters) - Cisco Systems plans to cut 15 percent of its staff and sell a set-top box factory as part of a plan to cut annual expenses by $1 billion as the network equipment maker tries to revive its fortunes. Full Story

Borders, unable to find white knight, to liquidate Mon,18 Jul 2011 06:05 PM PDT Reuters - NEW YORK (Reuters) - Borders Group Inc, the second-largest U.S. bookstore chain, said it has canceled an upcoming bankruptcy auction and will close its doors for good. Full Story

Microsoft seals record year, stock still stuck Mon,18 Jul 2011 05:45 PM PDT Reuters - SEATTLE (Reuters) - Microsoft Corp is set to post a 9 percent jump in fiscal fourth-quarter profit on Thursday, putting the cap on its best financial year ever, but investors are fidgety over flagging computer sales and a gnawing feeling that the tech pioneer will never recapture old growth rates. Full Story

Clorox rejects Icahn bid as too low Mon,18 Jul 2011 04:44 PM PDT Reuters - CHICAGO/LOS ANGELES (Reuters) - Clorox Co on Monday rejected as too low an offer from billionaire investor Carl Icahn that values it at more than $10 billion. Full Story

Well Go USA signs deal with Japan's Sushi Typhoon Mon,18 Jul 2011 04:40 PM PDT Reuters - LOS ANGELES (TheWrap) - Well Go USA has become the North American distributor for the Japanese genre label Sushi Typhoon. Full Story

Murdochs face questions in parliament Mon,18 Jul 2011 04:39 PM PDT Reuters - LONDON (Reuters) - News Corp Chief Executive Rupert Murdoch and his son James face questions from parliament on Tuesday in a phone-hacking scandal that has rocked Britain's establishment right up to Prime Minister David Cameron. Full Story

Borders, unable to find white knight, to liquidate Mon,18 Jul 2011 04:33 PM PDT Reuters - NEW YORK (Reuters) - Borders Group Inc, the second-largest U.S. bookstore chain, said it has canceled an upcoming bankruptcy auction and will close its doors for good. Full Story

IBM's services signings surge, stock rises Mon,18 Jul 2011 04:31 PM PDT Reuters - BOSTON (Reuters) - IBM's signings of new business at its services division surged 16 percent in the second quarter, trouncing expectations and raising hopes that 2011 will be a good year for the technology sector. Full Story

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BLOOMBERG News, Jul 19, 2011

Clinton pushes India on nuclear law, market access Reuters - NEW DELHI (Reuters) - Secretary of State Hillary Clinton urged India on Tuesday to open markets faster and resolve questions on a civilian nuclear accord that U.S. companies hope could mean billions of dollars in new business. Full Story

Snapshot: Developments in debt talks Mon,18 Jul 2011 10:07 PM PDT Reuters - WASHINGTON (Reuters) - Here is what is happening on Tuesday in negotiations to raise the government's $14.3 trillion debt limit and avoid a U.S. credit default. Full Story

U.S.-China row may take turn for worse at Asia security meet Mon,18 Jul 2011 07:47 PM PDT Reuters - NUSA DUA, Indonesia (Reuters) - Relations between the United States and China could hit another rough patch this week at Asia's biggest security forum, where some participants will be seeking U.S. help to thwart what they see as Beijing's expansionism in the South China Sea. Full Story

Perry signs bill allowing Texas healthcare "compact" Mon,18 Jul 2011 04:43 PM PDT Reuters - AUSTIN (Reuters) - Governor Rick Perry signed into law on Monday a Republican-backed measure that would eventually allow Texas to enter into a "health care compact" with other states to seek flexibility in operating Medicaid and Medicare. Full Story

U.S. pays a third more for defense as in 2001: analyst Mon,18 Jul 2011 04:27 PM PDT Reuters - WASHINGTON (Reuters) - The U.S. military has essentially the same size, force structure and capabilities as it did a decade ago but costs 35 percent more, an independent public policy think tank said on Monday in an analysis of the 2012 defense budget. Full Story

Advocacy group takes on NJ governor's policies Mon,18 Jul 2011 03:27 PM PDT Reuters - PHILADELPHIA (Reuters) - A Democrat-leaning advocacy group was launched in New Jersey on Monday, saying it would "fight back" for the interests of state residents and blaming Republican Governor Chris Christie for drastic budget cuts, high unemployment and tax breaks for the wealthy. Full Story

Liberals push Elizabeth Warren to run for Senate Mon,18 Jul 2011 02:35 PM PDT Reuters - BOSTON (Reuters) - Elizabeth Warren, who locked horns with Wall Street while creating a consumer protection agency during the U.S. bank bailout, is being urged to run for the Senate seat once held by another populist, Edward Kennedy. Full Story

Clinton wants to improve economic ties in India visit Mon,18 Jul 2011 02:28 PM PDT Reuters - NEW DELHI (Reuters) - Secretary of State Hillary Clinton hopes to cement gains in ties with emerging global power India during talks in New Delhi on Tuesday while heading off new frictions with fragile U.S. ally Pakistan. Full Story

U.S. officials meet Gaddafi envoys, urge him to go Mon,18 Jul 2011 02:19 PM PDT Reuters - NEW DELHI (Reuters) - U.S. officials have met representatives of Muammar Gaddafi to deliver a "clear and firm" message that the Libyan leader must go, a State Department official said on Tuesday. Full Story

Obama still seeking biggest possible debt deal Mon,18 Jul 2011 10:45 AM PDT Reuters - WASHINGTON (Reuters) - President Barack Obama is still pushing for the biggest possible deficit reduction package, White House spokesman Jay Carney said on Monday. Full Story

Geithner urges EU act forcefully to contain crisis Mon,18 Jul 2011 07:22 AM PDT Reuters - WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner on Monday called on European leaders to do more to contain the escalating debt crisis in Europe. Full Story

Debt stalemate invokes language of Armageddon Mon,18 Jul 2011 05:32 AM PDT Reuters - WASHINGTON (Reuters) - With time quickly running out to raise the debt ceiling, the Obama administration is turning to biblical rhetoric to underscore the disastrous consequences if the United States defaults. Full Story

Analysis: Ratings agencies rattle cages in U.S. Mon,18 Jul 2011 05:26 AM PDT Reuters - NEW YORK (Reuters) - The credit ratings agencies are again angering governments, but this time they are taking on the big fish of the world economy. Full Story

Analysis: Latest House debt plan may lead to compromise Mon,18 Jul 2011 05:25 AM PDT Reuters - WASHINGTON (Reuters) - The latest Republican plan to avert a looming default is a fierce statement of conservative principles that pushes the party's negotiating position farther to the right. Full Story

Obama to discuss progress on U.S. financial reform Sun,17 Jul 2011 03:39 PM PDT Reuters - WASHINGTON (Reuters) - President Barack Obama will meet on Monday with top U.S. regulators to discuss progress on implementing the legislation he signed a year ago overhauling the country's financial regulatory system. Full Story

Clinton backs Greek strategy on debt crisis Sun,17 Jul 2011 11:52 AM PDT Reuters - ATHENS (Reuters) - Secretary of State Hillary Clinton on Sunday voiced strong U.S. support for Greece's battle to overcome its debt crisis, saying it was taking the difficult steps required for future growth. Full Story

Iowa congressman helps fight off home invasion Sun,17 Jul 2011 09:33 AM PDT Reuters - DES MOINES, Iowa (Reuters) - An eight-term congressman from Iowa helped fight off an armed man who invaded his farm house in Decatur County and attacked his daughter on Saturday night, according to a statement from his office. Full Story

White House's Lew sees progress in debt talks Sun,17 Jul 2011 05:51 AM PDT Reuters - WASHINGTON (Reuters) - White House budget director Jack Lew told CNN on Sunday "there has been activity and progress" in talks to reach a deal to raise the U.S. debt ceiling. Full Story

Governors urge debt deal to avoid "embarrassment" Sat,16 Jul 2011 05:16 PM PDT Reuters - SALT LAKE CITY (Reuters) - State governors meeting in Utah on Saturday urged a speedy resolution to the deadlock in Washington over lifting the U.S. debt ceiling to avoid what they called an embarrassing default on U.S. obligations. Full Story

Wisconsin's Walker concedes mistakes, defends policies Sat,16 Jul 2011 03:20 PM PDT Reuters - SALT LAKE CITY (Reuters) - Wisconsin Governor Scott Walker, whose moves to curb state workers' bargaining power brought massive protests, said this weekend he made mistakes but defended the policy steps of his rocky first term. Full Story

Governors urge debt deal, discuss jobs Sat,16 Jul 2011 03:09 PM PDT Reuters - SALT LAKE CITY (Reuters) - U.S. governors meeting in Salt Lake City this weekend called for a quick resolution to the current impasse over raising the U.S. borrowing limit, saying they worried about impacts to their own credit scores. Full Story

35-year Michigan Congressman Kildee announces retirement Sat,16 Jul 2011 10:55 AM PDT Reuters - WASHINGTON (Reuters) - President Barack Obama has wished retiring Michigan Representative Dale Kildee well after Kildee announced he would not seek re-election to a 19th term. Full Story

Two-thirds of Obama campaign cash from small donors Sat,16 Jul 2011 10:31 AM PDT Reuters - CHICAGO/WASHINGTON (Reuters) - Nearly two-thirds of the $86 million cash haul raised by President Barack Obama for his re-election effort in recent months came from small donations of under $200 or less, according to filings released on Friday. Full Story

Germany confident on successful U.S. deficit talks Fri,15 Jul 2011 10:41 PM PDT Reuters - BERLIN (Reuters) - Germany is confident that agreement will be reached in budget deficit talks in the United States, government spokesman Steffen Seibert said on Friday. Full Story

China calls on U.S. to cancel Dalai Lama meeting Fri,15 Jul 2011 06:44 PM PDT Reuters - SHANGHAI (Reuters) - China urged the United States on Saturday to cancel a planned meeting between President Barack Obama and Tibetan spiritual leader the Dalai Lama, saying such a meeting would be harmful to U.S.-China relations. Full Story

Obama to nominate consumer agency chief next week: report Fri,15 Jul 2011 06:05 PM PDT Reuters - WASHINGTON (Reuters) - The White House plans to nominate a new director to the Consumer Financial Protection Bureau next week but is unlikely to name Elizabeth Warren, who has helped to set it up, the Wall Street Journal reported on Friday, citing people familiar with the matter. Full Story

Two-thirds of Obama campaign cash from small donors Fri,15 Jul 2011 04:53 PM PDT Reuters - CHICAGO/WASHINGTON (Reuters) - Nearly two-thirds of the $86 million raised by President Barack Obama for his re-election effort in recent months came from small donations of under $200 or less, according to filings released on Friday. Full Story

Chicago mayor to lay off workers to plug budget gap Fri,15 Jul 2011 03:59 PM PDT Reuters - CHICAGO (Reuters) - With Chicago still facing a lingering deficit in its current budget, Mayor Rahm Emanuel unveiled on Friday a series of steps that will lead to up to 625 layoffs. Full Story

Small donations fuel Bachmann campaign fund Fri,15 Jul 2011 02:52 PM PDT Reuters - WASHINGTON (Reuters) - Republican presidential hopeful Michele Bachmann's campaign said on Friday it had more than $4.2 million in contributions at the end of the second quarter, much of it from small donors. Full Story

Gingrich presidential campaign $1 million in debt Fri,15 Jul 2011 02:47 PM PDT Reuters - WASHINGTON (Reuters) - Presidential hopeful Newt Gingrich, whose campaign has been dogged by staff resignations and other woes, is nearly $1 million in debt, a filing with electoral regulators on Friday showed. Full Story

Romney skirts debt debate, defends health law again Fri,15 Jul 2011 02:43 PM PDT Reuters - BERLIN, New Hampshire (Reuters) - Former Massachusetts Gov. Mitt Romney tried to avoid wading into the debate within the Republican Party about raising the federal debt ceiling as he campaigned in northern New Hampshire on Friday. Full Story

Corporations press Republicans for debt deal Fri,15 Jul 2011 02:13 PM PDT Reuters - WASHINGTON (Reuters) - Wall Street, big corporations and business groups are mounting an increasingly frantic lobbying campaign to persuade Republicans to raise the debt limit as fears of a national default grow. Full Story

U.S. official reassures foreign investors over debt default Fri,15 Jul 2011 01:52 PM PDT Reuters - WASHINGTON (Reuters) - A top U.S. Treasury official has been privately fielding questions from foreign investors about the debt limit fight in Washington and has been reassuring them that the United States will not default. Full Story

Germany confident on successful U.S. deficit talks Fri,15 Jul 2011 01:52 PM PDT Reuters - BERLIN (Reuters) - Germany is confident that agreement will be reached in budget deficit talks in the United States, government spokesman Steffen Seibert said on Friday. Full Story

Analysis: Cantor upstages Boehner in debt talks Fri,15 Jul 2011 01:19 PM PDT Reuters - WASHINGTON (Reuters) - John Boehner, the top Republican, is being upstaged in the battle to raise the debt limit by his younger and more partisan deputy in Congress, Eric Cantor, who is widely seen as wanting his job. Full Story

Texas first state to enact hydrofracking rules Fri,15 Jul 2011 12:43 PM PDT Reuters - HOUSTON (Reuters) - Texas Gov. Rick Perry on Friday signed energy legislation to encourage more natural gas production and require energy companies to disclose chemicals used in hydraulic fracturing, a drilling method that has raised environmental concerns. Full Story

Treasury takes last-ditch measure to stay solvent Fri,15 Jul 2011 12:33 PM PDT Reuters - WASHINGTON (Reuters) - The Treasury said on Friday it would take the last step at its disposal to continue borrowing money in capital markets as Congress battles over raising the country's debt ceiling. Full Story

Senate bill would kill stock option tax break Fri,15 Jul 2011 12:24 PM PDT Reuters - WASHINGTON (Reuters) - A tax code loophole that gives corporations large deductions on executive stock options would be closed under legislation unveiled on Friday. Full Story

Obama urges compromise to ease way for trade deals Fri,15 Jul 2011 11:49 AM PDT Reuters - WASHINGTON (Reuters) - President Barack Obama on Friday urged Republicans to pave the way for quick approval of trade deals with Colombia, South Korea and Panama by cooperating with the White House to extend a program to help workers who have lost their job because of trade. Full Story

U.S. recognizes rebels as Libya's legitimate government Fri,15 Jul 2011 10:20 AM PDT Reuters - ISTANBUL (Reuters) - The United States Friday recognized Libya's rebel National Transitional Council (TNC) as a legitimate government, a diplomatic boost which could unlock billions of dollars in frozen assets. Full Story

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