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Jun 27 2011

Monday Business Edition

Due to playing in the mud (don’t ask, trust me it’s messy), the Monday Business Edition will brought to you by c’est moi.

Consumer spending set to restrain second-quarter growth

(Reuters) – Consumer spending was flat in May, breaking a string of 10 straight months of gains, as households struggled with rising prices and automakers failed to deliver the models Americans wanted.

When adjusted for inflation, spending slipped 0.1 percent, the Commerce Department said on Monday, falling for a second straight month.

Los Angeles Dodgers file for bankruptcy

(Reuters) – The Los Angeles Dodgers filed for bankruptcy protection, blaming Major League Baseball Commissioner Bud Selig for rejecting a television deal that would have given the financially strapped baseball team a quick injection of cash.

Monday’s filing marks a dramatic attempt by Dodgers owner Frank McCourt to keep the league from seizing the storied team, which he has owned since 2004.

Bank capital surcharge, CoCo blow may force cash calls

(Reuters) – Europe’s banks may need to raise tens of billions of euros after regulators slapped an extra capital surcharge on big lenders to make them safer, and told them they could not use contingent capital for the extra cushion.

China securities regulator says looking into accounting issues

(Reuters) – China is looking into accounting issues involving Chinese companies listed in North America, an official at the country’s securities regulator said in the watchdog’s first public remarks since a series of accounting scandals.

Siemens to Add 350 Megawatts to Syrian Power Plant, Thawra Says

Siemens AG plans to add 350 megawatts of generating capacity to a power station in Syria, Thawra reported, citing Hisham Mashfej, the country’s deputy electricity minister.

(Reuters) – China is looking into accounting issues involving Chinese companies listed in North America, an official at the country’s securities regulator said in the watchdog’s first public remarks since a series of accounting scandals.

French banks agree Greek debt deal, blueprint for others

(Reuters) – French banks, among the most exposed to the Greek debt crisis, have reached an outline agreement to roll over holdings of maturing Greek bonds, part of a wider European plan to avoid sovereign default.

France’s Lagarde poised to become next IMF chief

(Reuters) – French Finance Minister Christine Lagarde appeared poised to become the head of the International Monetary Fund this week despite a strong challenge to Europe’s traditional hold on the job.

An informal survey by Reuters of voting countries indicated Lagarde would easily get the majority consensus needed over Mexico’s central bank governor Agustin Carstens to become the next managing director of the global lender.

Goldman Boosts Brazil Hiring on Growth

Goldman Sachs Group Inc. (GS) is increasing its Brazil workforce by about 20 percent this year to expand in an economy that’s growing more than twice as fast as the company’s home market.

Obama Targets $72 Billion Business Tax Break

Barack Obama’s proposal to end a business tax break worth $72 billion is among the tensions the president may confront as he meets today with Senate Minority Leader Mitch McConnell in an effort to revive bipartisan talks over reducing the debt, three persons familiar with the issue say.

Pound Touches Five-Month Low as House-Price Decline Fuels Economy Concern

The U.K. pound touched a five-month low against the dollar as a report showing house prices fell for a second month in June added to signs that the economic recovery is stalling.

Emerging Stocks Fall as Index Heads for Quarterly Drop on Greek Concerns

Emerging-market stocks pared declines even as they headed for the biggest monthly drop in a year as currencies weakened and Greek lawmakers prepared to debate austerity measures.

Euro Gains Versus Most Major Peers on Optimism Greece to Pass Budget Cuts

The euro strengthened against most of its major peers amid optimism Greece’s parliament will approve austerity measures required to help avert the currency bloc’s first sovereign default.

U.S. Two-Year Yields Rise From Almost Record Low on Greece Before Auction

Treasury two-year note yields rose from almost a record low before today’s $35 billion auction of the securities on bets Greece’s lawmakers will approve austerity measures needed to secure a bailout.

Google Probe, Hedge Funds Register, Rothesay Typo, Lee Farkas: Compliance

New York and California are in the early stages of an antitrust investigation of Google Inc. (GOOG), along with Texas and Ohio, said a person with knowledge of the matter who didn’t want to be identified because the probe isn’t public.

JPMorgan, Facebook, Deutsche Telekom, Galleon, Taylor Bean in Court News

JPMorgan Chase & Co. (JPM) should pay a minimum of $19 billion in damages for its role in Bernard Madoff’s fraud, Irving Picard, the trustee liquidating the con man’s firm, said in a revised lawsuit.

New Jersey Democrats Offer Christie Budget Alternative as Deadline Nears

New Jersey Governor Chris Christie and lawmakers clashed over whether Democrats’ alternative budget is balanced as debate was to begin today on the plan and on reviving a “millionaire tax.”

NYC Plans ‘I Do’ Campaign to Woo Gay Weddings

New York City Mayor Michael Bloomberg plans to unveil a campaign to sell the most populous U.S. city as a gay-wedding destination after thousands marched to celebrate the state’s legalization of such marriages.

Pelosi Says U.S. Debt-Ceiling Deal Must Reduce Tax Subsidies for Companies

House Minority Leader Nancy Pelosi said reductions in “tax subsidies” for companies must be part of any deal to cut the U.S. budget deficit and increase the federal debt ceiling.

Japan’s Ricoh Taps Wind, Solar Power to Fuel London Highway Billboard

Ricoh Co., the Japanese office- equipment maker, said it erected the world’s first billboard fueled by wind and solar power.

Iberdrola Orders $993 Million of Siemens Turbines for Offshore Project

Iberdrola Renovables SA (IBR), the world’s biggest operator of land-based wind parks, agreed to buy 700 million euros ($993 million) of turbines from Siemens AG (SIE) for its first offshore project.

Meyer Burger Closes In on Roth & Rau Takeover With 75% Stake in Rival

Meyer Burger Technology AG (MBTN), a Swiss solar equipment maker, is nearing a formal takeover of Roth & Rau AG (R8R) after acquiring at least 75 percent of its rival’s shares since a 357 million-euro ($506 million) bid on April 11.

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