China and Japan show hints of healing, rest of Asia still struggling

Growth in China's services sector picked up in June while big Japanese companies planned to ramp up spending at the fastest pace in a decade, offering hope that prospects are improving for Asia's largest economies despite sluggish factory growth. Wednesday's data fueled expectations that the wobbly global economy may start leveling out in the second half of the year, but the outlook remains murky, with fears that Greece's debt crisis could splinter the euro zone and worries about whether China can avoid a stock market crash keeping investors on edge. Activity in China's factory sector expanded slightly in June though not as much as expected, official surveys showed, suggesting the economy may be starting to slowly level out after a raft of support measures including interest rate cuts and more infrastructure spending.

China and Japan show hints of healing, rest of Asia still struggling source: http://finance.yahoo.com/news/china-japan-show-hints-healing-061606221.html

JPMorgan builds up apartment-loan leader from WaMu rubble

In September 2008, JPMorgan Chase & Co executives sifted through the rubble of Washington Mutual, the failed home loan bank that they had just won in a U.S. government auction. "It was an unexpected bonus," JPMorgan Chief Executive Jamie Dimon told Reuters in an interview, adding that the apartment lending business is the single most valuable asset that JPMorgan acquired in the auction. Washington Mutual's apartment lending business was the biggest of its kind in the United States and Dimon has made it even bigger.

JPMorgan builds up apartment-loan leader from WaMu rubble source: http://finance.yahoo.com/news/jpmorgan-builds-apartment-loan-leader-050419378.html

Petrobras history of failed plans raises doubt over new promises

Brazilian state-run oil company Petroleo Brasileiro SA's long history of failed spending and output plans may be the biggest obstacle to its efforts to convince investors it will reduce its massive debt. The company's $90 billion cut on Monday from planned investment over five years and 30 percent reduction to its 2020 oil and natural gas output forecast mark the first major retrenchment by Petrobras, as it is known, since the discovery of giant offshore oil reserves south of Rio de Janeiro was announced in late 2007. Petrobras, though, has not met an annual production target since 2003 when the Workers' Party government of Brazilian President Dilma Rousseff and her predecessor Luiz Inacio Lula da Silva took power.

Petrobras history of failed plans raises doubt over new promises source: http://finance.yahoo.com/news/petrobras-history-failed-plans-raises-050908717.html

Greece defaults on IMF payment despite last-minute overtures to creditors

Greece's last-minute overtures to international creditors for financial aid on Tuesday were not enough to save the country from becoming the first developed economy to default on a loan with the International Monetary Fund.

Greece defaults on IMF payment despite last-minute overtures to creditors source: http://finance.yahoo.com/news/greece-defaults-imf-payment-despite-013243561.html

Asia steadies, euro bears Greek burden

Calming after two days of wild swings, MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.1 percent. Japan's Nikkei (.N225) firmed 0.2 percent, a second day of small gains as it stabilizes after Monday's steep fall. There was unexpectedly upbeat news from the Bank of Japan's latest survey of manufacturers which improved in the three months to June, supporting the bank's view that growth is gathering momentum.

Asia steadies, euro bears Greek burden source: http://finance.yahoo.com/news/asia-steadies-euro-bears-greek-010242891.html

Cramer: Vicious IPOs poisonous to your portfolio

Jim Cramer has seen a massive number of IPOs this month. Could these stocks be toxic to your portfolio?

Cramer: Vicious IPOs poisonous to your portfolio source: http://finance.yahoo.com/news/cramer-vicious-ipos-poisonous-portfolio-224258400.html

Euro burdened by Greece, uncertainty high

The euro remained on the defensive in Asia on Wednesday as Greece became the first developed economy to default on a loan with the IMF, setting the scene for another day of uneasy action in markets. Still, ...

Euro burdened by Greece, uncertainty high source: http://finance.yahoo.com/news/euro-burdened-greece-uncertainty-high-234216009.html

Greece misses $1.7 billion IMF loan repayment as crisis intensifies

Greece late Tuesday officially missed a roughly $1.7 billion loan repayment due to the International Monetary Fund -- a first for an advanced economy.

Greece misses $1.7 billion IMF loan repayment as crisis intensifies source: http://finance.yahoo.com/news/anti-austerity-protests-greece-bank-054624449.html

Greece misses $1.7 billion IMF loan repayment as crisis intensifies

Greece late Tuesday officially missed a roughly $1.7 billion loan repayment due to the International Monetary Fund -- a first for an advanced economy.

Greece misses $1.7 billion IMF loan repayment as crisis intensifies source: http://finance.yahoo.com/news/greece-becomes-first-advanced-economy-221834654.html

Nike Chairman Phil Knight to step down in 2016

(Reuters) - Nike Inc (NKE.N), the world's largest sports shoe company, said Chairman and co-founder Phil Knight would step down next year. Knight recommended that Chief Executive Mark Parker succeeds him ...

Nike Chairman Phil Knight to step down in 2016 source: http://finance.yahoo.com/news/nike-outlines-chairman-knights-succession-211944107.html

Here's why the Fed needs to hike rates: Gross

Bill Gross believes the Federal Reserve will raise interest rates once this year-but only because it needs to prove that it can.

Here's why the Fed needs to hike rates: Gross source: http://finance.yahoo.com/news/heres-why-fed-needs-hike-190210395.html

GE Capital CEO sees asset sale pace speeding up in third quarter

"We’re going to pick up the pace in the third quarter," GE Capital Chief Executive Keith Sherin told Reuters in an interview. GE, which is shedding $200 billion in finance assets to focus on industrial manufacturing, earlier on Tuesday announced the $2.2 billion sale of its European private equity financing business to Japan's Sumitomo Mitsui Banking Corp. A day earlier, GE said it had agreements to shed its fleet management arm. Analysts have said the finance asset sales have garnered high deal prices so far, but it remains to be seen if future sales will realize the same value and allow GE to reap more than the $35 billion in proceeds it has targeted for share buybacks.

GE Capital CEO sees asset sale pace speeding up in third quarter source: http://finance.yahoo.com/news/ge-capital-ceo-sees-asset-162954911.html

Virgin Atlantic to cut 500 jobs: WSJ report

Virgin Atlantic Airways Ltd , owned by its British billionaire founder Richard Branson, is cutting about 500 jobs as it seeks to reduce costs and improve its financial resilience, the Wall Street ...

Virgin Atlantic to cut 500 jobs: WSJ report source: http://finance.yahoo.com/news/virgin-atlantic-cut-500-jobs-205444454.html

Ex-BP engineer deserves new Gulf spill trial: U.S. appeals court

The 5th U.S. Circuit Court of Appeals in New Orleans agreed with a lower court judge's decision last June to throw out the defendant Kurt Mix's December 2013 conviction. U.S. District Judge Stanwood Duval acted after learning that the jury forewoman admitted to having heard in a courthouse elevator that other BP employees were being prosecuted over the spill, and told her deadlocked fellow jurors that this made her more confident that Mix was guilty. Tuesday's decision is a setback for the U.S. Department of Justice's effort to hold individuals criminally liable for the April 20, 2010 explosion of the Deepwater Horizon drilling rig and its aftermath.

Ex-BP engineer deserves new Gulf spill trial: U.S. appeals court source: http://finance.yahoo.com/news/ex-bp-engineer-deserves-gulf-201844459.html

S&P 500 barely budged in worst first half since 2010

The S&P 500 capped the first six months of the year up just 0.2%, the worst first-half performance for the broad-market indicator since 2010.

S&P 500 barely budged in worst first half since 2010 source: http://finance.yahoo.com/news/u-index-futures-signal-equities-091839232.html

Stocks rise in choppy action as Greece fears cool

U.S. stocks held in a narrow range, attempting recovery from the worst trading day of the year, as the deadline for Greece repayment approached.

Stocks rise in choppy action as Greece fears cool source: http://finance.yahoo.com/news/stocks-higher-amid-greece-talks-174100268.html

Greece says euro zone finance ministers to reconvene Wednesday

ATHENS (Reuters) - Euro zone finance ministers are expected to reconvene on Wednesday morning to discuss the Greek government's latest proposals to creditors on reforms, Greek officials said on Tuesday. ...

Greece says euro zone finance ministers to reconvene Wednesday source: http://finance.yahoo.com/news/greece-says-euro-zone-finance-184253268.html

Economy nearing full employment, bounced back in second quarter: Fed's Fischer

The U.S. economy probably bounced back to an annual growth rate of around 2.5 percent in the second quarter, and the labor market is approaching full employment, Federal Reserve vice chairman Stanley Fischer said on Tuesday.

Economy nearing full employment, bounced back in second quarter: Fed's Fischer source: http://finance.yahoo.com/news/u-economy-nearing-full-employment-181500276.html

Major Puerto Rico investor warns it stands ready to defend bonds

U.S. fund manager OppenheimerFunds, the largest holder of Puerto Rico debt among U.S. municipal bond funds, warned the island it stands ready to defend the terms of bonds it holds, a day after the governor said he wanted to restructure debt and postpone bond payments. Puerto Rico's Governor Alejandro Garcia Padilla could be heading toward a fight with creditors unwilling to take reduced payouts as he tries to restructure the island's $73 billion debt to relieve its fiscal problems. OppenheimerFunds, with about $4.5 billion exposure to Puerto Rico according to Morningstar, said it believed the island could repay bondholders while providing essential services to citizens and growing the economy.

Major Puerto Rico investor warns it stands ready to defend bonds source: http://finance.yahoo.com/news/major-puerto-rico-investor-warns-180801477.html

Goldman settles SEC charges over 2013 trading incident

The SEC said Goldman mistakenly sent about 16,000 mispriced options orders to various exchanges. The SEC said the problem was compounded when an employee in Goldman's "Mission Control" unit, which monitored the bank's trading systems, manually lifted circuit breakers designed to block errant orders, believing he had authority and because no one objected. Goldman was charged with violating the SEC's "market access" rule, which requires brokerages that provide customers with direct market access to have reasonable risk and supervisory controls designed to prevent disruptions.

Goldman settles SEC charges over 2013 trading incident source: http://finance.yahoo.com/news/goldman-settles-sec-charges-over-182809835.html

New Volkswagen brand boss faces challenge of taming Wolfsburg's high costs

BERLIN/FRANKFURT (Reuters) - When Herbert Diess takes over on Wednesday as head of Volkswagen's (VOWG_p.DE) namesake car brand, he will inherit one of the group's biggest problems: how to slash costs at the sprawling Wolfsburg complex. Diess summarized his views on Wolfsburg in a scathing internal report, telling superiors the plant's workforce of 50,000 is bloated with staff whose services are no longer needed but who haven't been fired, a BMW source said. The report was used by former VW Chairman Ferdinand Piech in his attack on the company's Chief Executive Martin Winterkorn this spring, the source added.

New Volkswagen brand boss faces challenge of taming Wolfsburg's high costs source: http://finance.yahoo.com/news/volkswagen-brand-boss-faces-challenge-174453854.html

Here’s where Chris Christie gets his campaign money

If his rich friends stick with him, Christie could be a powerful candidate.

Here’s where Chris Christie gets his campaign money source: http://finance.yahoo.com/news/here-s-where-chris-christie-gets-his-campaign-money-151317799.html

Uber's probably losing lots of money and that's fine

A leaked fundraising document hints that Uber's losses exceed its revenue, a perfectly okay state of affairs for a start-up trying to conquer a huge, new market.

Uber's probably losing lots of money and that's fine source: http://finance.yahoo.com/news/uber-s-probably-losing-lots-of-money-and-that-s-fine-152509813.html

China orders dozens of Airbus A3330 jets

China placed an order on Tuesday for dozens of Airbus (AIR.PA) A330 jets during a visit by Chinese Prime Minister Li Keqiang to France. Sources familiar with the discussions had told Reuters last week that China may purchase between 50-70 of the wide-body jets as part of a deal under which Airbus is expected to open a new industrial plant in the world's fastest-growing aviation market.

China orders dozens of Airbus A3330 jets source: http://finance.yahoo.com/news/china-orders-dozens-airbus-a3330-165123758.html

Greece in last-minute rescue appeal as default looms

The zero-hour appeal came amid a flurry of actions aimed at preventing a chaotic eurozone exit which could have untold repercussions on international markets and the European Union. The Greek premier's office said Athens has requested an agreement with the European Stability Mechanism "to fully cover its financing needs and the simultaneous restructuring of debt". Athens's proposal followed European Commission chief Jean-Claude Juncker's attempt to clinch a "last-minute" solution before the referendum.

Greece in last-minute rescue appeal as default looms source: http://finance.yahoo.com/news/greece-proposes-two-rescue-deal-eu-135337521.html

Emerson Electric to spin off network power business

The network power business, which makes power systems that help keep telecommunication systems, data networks and other critical business applications operating continuously, accounted for about 20 percent of total sales in 2014. Sales at the network power unit fell 18 percent in 2014 and 9 percent in the second quarter ended March 31, as global telecommunications companies cut spending.

Emerson Electric to spin off network power business source: http://finance.yahoo.com/news/emerson-electric-spin-off-network-160122812.html

Apple Music arrives, Obama's new overtime rules, Greek debt crowdsourcing

Yahoo Finance's Midday Movers is live each weekday at 12pm ET, covering all the latest news on the markets, the economy and the biggest stories of the day.

Apple Music arrives, Obama's new overtime rules, Greek debt crowdsourcing source: http://finance.yahoo.com/news/apple-music-arrives--obama-s-new-overtime-rules--greek-debt-crowdsourcing-145323393.html

Apple conspired to fix e-book prices - U.S. appeals court

A divided federal appeals court on Tuesday said Apple Inc orchestrated a conspiracy with five publishers to increase e-book prices, in a victory for the U.S. Justice Department. By a 2-1 vote, the 2nd U.S. Circuit Court of Appeals agreed with a lower court judge that the conspiracy violated federal antitrust law, and that the judge acted properly in imposing an injunction to prevent a recurrence. Writing for the majority, Circuit Judge Debra Ann Livingston said that by organizing the conspiracy, "Apple found an easy path to opening its iBookstore," while ensuring that marketwide prices rose to a level that Apple and the publishers wanted.

Apple conspired to fix e-book prices - U.S. appeals court source: http://finance.yahoo.com/news/apple-conspired-fix-e-book-144033147.html

Online retailer Amazon opens in Mexico

Online retail giant Amazon has opened its Mexico site for business, offering free delivery on orders of over 599 pesos ($38.25). A statement posted on the Amazon.com.mx site Tuesday said "we are launching ...

Online retailer Amazon opens in Mexico source: http://finance.yahoo.com/news/online-retailer-amazon-opens-mexico-144724035.html

"Huge uncertainties" over Greece, dollar will delay Fed rate hikes: Kotok

Fed officials keep talking about raising rates but the Greek debt drama is another mitigating factor likely to delay any move, possibly into 2016.

"Huge uncertainties" over Greece, dollar will delay Fed rate hikes: Kotok source: http://finance.yahoo.com/news/fed-greece-dollar-145800391.html

Europe lower as hopes of last-minute Greece deal raised

Greece looks set to default on a 1.6-billion-euro ($1.7 billion) debt payment due to the International Monetary Fund (IMF) later in the day.

Europe lower as hopes of last-minute Greece deal raised source: http://finance.yahoo.com/news/europe-trades-lower-hopes-last-102940589.html

U.S. seeks up to $3.35 billion in Novartis kickback lawsuit

The United States says Novartis AG (NOVN.VX) should pay as much as $3.35 billion in damages and civil fines because the Swiss drugmaker used kickbacks to boost sales of two drugs covered by Medicare and Medicaid. In papers filed Monday night in Manhattan federal court, the government said it deserves that sum under the federal False Claims Act over alleged improper reimbursements for Exjade, used by patients who receive blood transfusions, and Myfortic, for patients with kidney transplants. The government is seeking up to $1.52 billion in damages, representing triple the sums allegedly reimbursed and tainted by kickbacks between 2004 and 2013.

U.S. seeks up to $3.35 billion in Novartis kickback lawsuit source: http://finance.yahoo.com/news/u-seeks-3-35-billion-151343920.html

Analysis: New oil bull market in sight as Brazil, Iraq cut output targets

Massive downward revisions to oil output in Brazil and Iraq have increased the risks for oil markets of going from the current feast to famine within just a few years, leading to a price spike that would give a new boost to the U.S. shale industry. Brazil and Iraq had been expected to add over 2 million barrels per day to global supply by 2020 and another 2.5 million by 2025, becoming the two biggest contributors to help meet rising global demand, according to the long-term forecast of the International Energy Agency. With Brazil's Petrobras cutting this week its five-year production outlook by 1.4 million bpd in response to low oil prices and the ongoing corruption probe and Iraq renegotiating deals with oil majors to reflect "more realistic" output targets, the current glut in the oil markets is poised to end sooner than expected.

Analysis: New oil bull market in sight as Brazil, Iraq cut output targets source: http://finance.yahoo.com/news/oil-bull-market-sight-brazil-151038870.html

Why Greece is just a sideshow for the Fed

Greece is engulfed in a crisis that could end with its exit from the euro zone, but analysts say this does little to change the U.S. rate outlook.

Why Greece is just a sideshow for the Fed source: http://finance.yahoo.com/news/why-greece-just-sideshow-fed-125143264.html

U.S. consumer confidence improves in June

The Conference Board, an industry group, said its index ofconsumer attitudes rose to 101.4, matching the level set in March and higher than a downwardly revised 94.3 in May. Economists had forecast a June reading of 97.3,according to a Reuters poll.

U.S. consumer confidence improves in June source: http://finance.yahoo.com/news/u-consumer-confidence-improves-june-141334937.html

Apple conspired to fix e-book prices: U.S. appeals court

A divided federal appeals court on Tuesday said Apple Inc (AAPL.O) orchestrated a conspiracy with five publishers to increase e-book prices. By a 2-1 vote, the 2nd U.S. Circuit Court of Appeals agreed with a lower court judge that the conspiracy violated federal antitrust law, and that the judge acted properly in imposing an injunction to prevent a recurrence. Writing for the majority, Circuit Judge Debra Ann Livingston said that by organizing the conspiracy, "Apple found an easy path to opening its iBookstore," while ensuring that marketwide prices rose to a level that Apple and the publishers wanted.

Apple conspired to fix e-book prices: U.S. appeals court source: http://finance.yahoo.com/news/apple-conspired-fix-e-book-140455076.html

The Latest: Greece lists banks to open for pensioners

The latest news on Greece's financial woes on a day a big repayment to the International Monetary Fund is due and the country's bailout program with European creditors ends (all times local): ___ 4.30 ...

The Latest: Greece lists banks to open for pensioners source: http://finance.yahoo.com/news/latest-greece-lists-banks-open-133116062.html

Traders looking to pounce on panic won't find much yet

Monday’s market action did not qualify as a chaotic, indiscriminate selling purge - for better or worse.

Traders looking to pounce on panic won't find much yet source: http://finance.yahoo.com/news/now-things-get-interesting-for-the-markets-115233642.html

The world's richest people lost $70 billion yesterday

Nigerian billionaire Aliko Dangote, Africa's richest person and the world's 59th-richest, was one of only 12 billionaires among the 400 to increase their fortunes on the day, rising $180 million to $15.3 billion. The collective decline for the billionaires amounted to a fall of more than 1.5 percent.  The combined loss is more than the market capitalization of Ford Motor Co. or Twenty-First Century Fox Inc. The S&P fell 2.1 percent on the day and the NASDAQ dropped 2.4 percent. Among the world's richest people, Spain's Amancio Ortega had the biggest fall, losing $2.2 billion on the day, a 3.2 percent decline.

The world's richest people lost $70 billion yesterday source: http://finance.yahoo.com/news/worlds-richest-people-lost-70-121917606.html

US home prices climbing steadily amid stronger demand

U.S. home prices increased at a solid clip in April, led by double-digit jumps in Denver and San Francisco. The Standard & Poor's/Case-Shiller 20-city home price index rose 4.9 percent in April from 12 ...

US home prices climbing steadily amid stronger demand source: http://finance.yahoo.com/news/us-home-prices-climbing-steadily-130041149.html

GE to sell European private equity financing unit to SMBC

General Electric Co (GE.N) said it would sell its European private equity financing business to a unit of Japan's Sumitomo Mitsui Banking Corp (SMBC) for about $2.2 billion as the U.S. conglomerate sheds financial assets amid a restructuring. This makes the deal attractive to the core banking unit of Japan's third largest bank, Sumitomo Mitsui Financial Group (SMFG) , which is trying to diversify away from the fiercely competitive corporate lending sector. In 2012, SMFG acquired an aircraft leasing company from Royal Bank of Scotland Group (RBS.L) for $7.3 billion and this year, Mizuho Financial Group Inc (8411.T) agreed to buy the U.S. and Canadian loan portfolio of RBS for $3 billion.

GE to sell European private equity financing unit to SMBC source: http://finance.yahoo.com/news/ge-sell-european-private-equity-114144980.html

The Latest: Greece's Varoufakis says IMF won't be paid

The latest news on Greece's financial woes on a day a big repayment to the International Monetary Fund is due and the country's bailout program with European creditors ends (all times local): ___ 2.10 ...

The Latest: Greece's Varoufakis says IMF won't be paid source: http://finance.yahoo.com/news/latest-greeces-varoufakis-says-imf-111525146.html

U.S. futures rise on hopes of last-minute Greece deal

U.S. stock index futures rose on Tuesday, a day after the Dow and the S&P 500 registered their worst session since October, as investors hoped for a last-minute deal on Greece. * The European Commission ...

U.S. futures rise on hopes of last-minute Greece deal source: http://finance.yahoo.com/news/u-futures-rise-hopes-last-113210740.html

After worst losses, stocks at make-or-break point

Monday's losses wiped out slight quarterly gains for the S&P 500 and Dow, sending them into negative territory for the year.

After worst losses, stocks at make-or-break point source: http://finance.yahoo.com/news/worst-losses-stocks-break-point-100255655.html

Obama to expand overtime eligibility for millions of workers

The Obama administration plans to raise the wages of millions of Americans who work more than 40 hours a week by requiring employers to pay them overtime. Workers who earn as much as $970 a week would have to be paid overtime even if they’re classified as a manager or professional, according to a plan outlined on the Department of Labor website Tuesday. The White House issued a fact sheet Tuesday that said 4.7 million workers nationwide would be affected within the first year.

Obama to expand overtime eligibility for millions of workers source: http://finance.yahoo.com/news/obama-expand-overtime-eligibility-millions-104703937.html

Greece lifelines run out as IMF payment looms

Greece is widely expected to miss a crucial payment to the IMF on Tuesday - hours before its bailout officially ends at midnight.

Greece lifelines run out as IMF payment looms source: http://finance.yahoo.com/news/greece-lifelines-run-imf-payment-083309547.html

Willis Group buying Towers Watson in $18B deal

The insurer Willis Group Holdings PLC is buying Towers Watson in an all-stock deal valued at about $18 billion. The combined company will be called Willis Towers Watson and will have about $8.2 billion ...

Willis Group buying Towers Watson in $18B deal source: http://finance.yahoo.com/news/willis-group-buying-towers-watson-102531918.html

Microsoft hands display ads to AOL, maps to Uber

Microsoft Corp (MSFT.O) said on Monday it will hand over its display advertising business to AOL Inc and sell some map-generating technology to ride-hailing app company Uber, as it slims down its money-losing online operations. The moves mean Microsoft will focus on its growing search advertising business based on its Bing search engine, and displaying maps on its Windows devices rather than generating the maps themselves. Microsoft, which employs hundreds of people in its display ad business around the world, said those employees would be offered the chance to transfer to AOL and that it was not making any layoffs.

Microsoft hands display ads to AOL, maps to Uber source: http://finance.yahoo.com/news/microsoft-hands-display-ads-aol-065304935.html

GE to sell Europe private equity unit to Japan's SMBC for $2.2 billion

General Electric Co said it would sell its European private equity financing business to a unit of Japan's Sumitomo Mitsui Banking Corp for $2.2 billion. GE Capital will retain its $1 billion investment ...

GE to sell Europe private equity unit to Japan's SMBC for $2.2 billion source: http://finance.yahoo.com/news/ge-sell-europe-private-equity-104315042.html

German watchdog says Deutsche Bank has catching up to do

Deutsche Bank (DBKGn.DE) has some "catching up" to do under its new leadership to ensure its systems and processes are up to the requirements of international financial rules, the head of Germany's financial watchdog Bafin said. "It's not enough to have a good strategy," Bafin president Felix Hufeld told the Frankfurt business journalists' club. Deutsche Bank under its new chief executive John Cryan needs to ensure that reliable processes and controls are in place that fit the international regulatory environment, including the training of thousands of employees and investing billions in IT.

German watchdog says Deutsche Bank has catching up to do source: http://finance.yahoo.com/news/german-watchdog-says-deutsche-bank-100318844.html

Oil hits three-week lows as Greek crisis worsens; eyes on Iran

Crude futures hit three-week lows on Monday as Greece shut its banks and imposed capital controls, causing widespread risk aversion, while Iran looked likely to extend nuclear negotiations with the West to export more of its oil into an oversupplied market. While the trading week will be shortened by Friday's U.S. Independence Day holiday, a host of data is scheduled over the next three days, including Chinese, eurozone and U.S. manufacturing statistics and U.S. employment numbers for June.

Oil hits three-week lows as Greek crisis worsens; eyes on Iran source: http://finance.yahoo.com/news/oil-holds-near-three-week-024720981.html

GE set to sell Europe private equity unit to SMBC for over $2 bln -source

General Electric Co is close to selling its European private equity financing unit to Japan's Sumitomo Mitsui Banking Corp (SMBC) for more than $2 billion, a person with direct knowledge of the matter said, as the U.S. industrial conglomerate sheds its financial assets amid a restructuring. SMBC will be buying a unit that has some 2 billion euros worth of loans that carry a wider spread margin than most corporate loans, the source said. This makes the deal attractive to the core banking unit of Japan's third largest bank, Sumitomo Mitsui Financial Group, which is trying to diversify away from the fiercely competitive corporate lending sector.

GE set to sell Europe private equity unit to SMBC for over $2 bln -source source: http://finance.yahoo.com/news/ge-set-sell-europe-private-052714764.html

The Latest: Russia dismisses talk of lending money to Greece

The latest news on Greece's financial woes on a day a big repayment to the International Monetary Fund is due and the country's bailout program with European creditors ends (all times local): 12.32 p.m. ...

The Latest: Russia dismisses talk of lending money to Greece source: http://finance.yahoo.com/news/latest-russia-dismisses-talk-lending-093907549.html

Anti-austerity protests in Greece as bank shutdown bites

With a popular referendum on the bailout planned for Sunday, Prime Minister Alexis Tsipras put his own position on the line, saying he would respect the result of the vote but would not lead a government to administer "austerity in perpetuity". It won't be me," he said in an interview on Greek state television as one of the biggest rallies seen in Athens in years was taking place. European leaders and policymakers, wrong-footed by Tsipras's shock announcement of the referendum in the early hours of Saturday morning, warned that it would be a plebiscite on Greece's future as a member of the single currency.

Anti-austerity protests in Greece as bank shutdown bites source: http://finance.yahoo.com/news/anti-austerity-protests-greece-bank-054743186.html

Asian shares tentative, euro sags as markets eye Greece

Asian shares edged up and the euro sagged in early Asian trading on Tuesday as Greece lurched toward defaulting on a looming debt payment, raising the likelihood of the cash-strapped nation's exit from the euro zone. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent, while Japan's Nikkei stock index (.N225) added 0.2 percent. What is worrying is the volatility in the risk asset markets, which could impact currencies," said Kyosuke Suzuki, director of forex at Societe Generale in Tokyo.

Asian shares tentative, euro sags as markets eye Greece source: http://finance.yahoo.com/news/asian-shares-tentative-euro-sags-005329257.html

Delaware judge dismisses shareholder lawsuit over GM recall

The judge's ruling on Monday said that the shareholders have not shown any proof that the company's directors acted in bad faith and dismissed the case. The shareholders alleged that the directors breached their duties by failing to oversee the operations of the company. There are three other shareholder derivative actions, one in Wayne County, Michigan and two in Federal District Court for the Eastern District of Michigan that have been put on hold pending the outcome in Delaware.

Delaware judge dismisses shareholder lawsuit over GM recall source: http://finance.yahoo.com/news/delaware-judge-dismisses-shareholder-lawsuit-020538781.html

Asia shares tick higher after global rout

The MSCI Asia Pacific Index added 0.3 percent by 10:48 a.m. in Tokyo, and the MSCI All Country World Index was little changed after dropping 2.2 percent Monday. There were also reports German Finance Minister Wolfgang Schaeuble told lawmakers he doesn’t view Greece as a contagion risk for the rest of the euro area.

Asia shares tick higher after global rout source: http://finance.yahoo.com/news/equity-futures-mixed-following-greece-231339124.html

Cramer: Don't buy on the market dip

Jim Cramer knows the dip on Monday was bad. But he sees a bigger dip coming, and that will be the time to buy.

Cramer: Don't buy on the market dip source: http://finance.yahoo.com/news/cramer-danger-alert-dont-buy-221009420.html

Exclusive: Amazon looks to offer loans to sellers in China, seven other countries

Amazon.com Inc (AMZN.O) will start a business loan program for small sellers in the United Kingdom on Tuesday and is looking to launch it this year in seven more countries including China. Amazon Lending, founded in 2012, plans to offer short-term working capital loans in other countries where it operates a third-party, seller-run marketplace business, the head of Amazon Marketplace, Peter Faricy, told Reuters. The countries are Canada, France, Germany, India, Italy, Spain and China, where credit is becoming a key factor in competing for new vendors and grabbing market share.

Exclusive: Amazon looks to offer loans to sellers in China, seven other countries source: http://finance.yahoo.com/news/exclusive-amazon-looks-offer-loans-004348714.html

Puerto Rico governor calls for bankruptcy; adviser says island 'insolvent'

Puerto Rico's governor on Monday called for the commonwealth to be allowed to restructure its debts under U.S. bankruptcy code, while a newly appointed adviser to the U.S. territory said it is "insolvent" and will soon run out of cash. Governor Alejandro Garcia Padilla, in a televised address, said sacrifice must be shared by bondholders, as he called for Washington to allow a bankruptcy debt restructuring. Steven Rhodes, the retired U.S. bankruptcy judge who oversaw Detroit's historic bankruptcy and has now been retained by Puerto Rico to help solve its problems, gave a blunt assessment on Monday.

Puerto Rico governor calls for bankruptcy; adviser says island 'insolvent' source: http://finance.yahoo.com/news/puerto-rico-governor-calls-bankruptcy-000356627.html

Cramer: Greece can't beat this stock

"Mad Money" host Jim Cramer's calling out one stock that can still dominate after Monday's market beat down.

Cramer: Greece can't beat this stock source: http://finance.yahoo.com/video/cramer-greece-cant-beat-stock-220000188.html

U.S. stock futures up, euro sags as markets eye Greece

U.S. stock futures edged up and the euro sagged in early Asian trading on Tuesday as Greece lurched toward defaulting on a debt payment due later in the session, raising the likelihood of the cash-strapped nation's exit from the euro zone. Greece will not pay a 1.6 billon euro loan installment due the International Monetary Fund on Tuesday, a Greek government official told Reuters, after talks between Athens and its creditors broke down over the weekend when Prime Minister Alexis Tsipras called a surprise referendum on the austerity plan. "The Greek government's willingness to walk into the fire is a dangerous proposition for Europe and the global markets," Kathy Lien, managing director of FX strategy for BK Asset Management in New York, said in a note to clients.

U.S. stock futures up, euro sags as markets eye Greece source: http://finance.yahoo.com/news/u-stock-futures-euro-sags-234657679.html

Second-quarter M&A close to record amid mega deals

NEW YORK/LONDON (Reuters) - Mergers and acquisitions (M&A) worldwide in the second quarter of 2015 almost matched the record set in the second quarter of 2007, according to preliminary Thomson Reuters data, as big companies turned to deals to boost their market share. The second quarter of 2015, however, stands out for the number of mega deals that were clinched or attempted.

Second-quarter M&A close to record amid mega deals source: http://finance.yahoo.com/news/second-quarter-m-close-record-230820366.html

AT&T, DirecTv extend 'termination date' for second time

AT&T said in a regulatory filing on Monday that the extension is aimed at obtaining final regulatory approval for the merger. AT&T in May last year offered to buy DirecTV to create the largest U.S. pay TV company. The deal highlights AT&T's pressing need for fresh avenues of growth beyond the maturing U.S. cellular business, which has become increasingly competitive.

AT&T, DirecTv extend 'termination date' for second time source: http://finance.yahoo.com/news/t-directv-extend-termination-date-222706516.html

Heinz executives to dominate Kraft Heinz leadership

The leadership of Kraft Heinz Co will be dominated by former executives of H.J. Heinz Co after that company merges with Kraft Foods Group Inc , both companies said. Eight of the 10 executives named on ...

Heinz executives to dominate Kraft Heinz leadership source: http://finance.yahoo.com/news/heinz-executives-dominate-kraft-heinz-222328624.html

Long term, China's a place you want to be: Expert

John Mauldin wouldn't trade the Chinese stock market right now, but he's bullish on its long-term prospects. Here's why.

Long term, China's a place you want to be: Expert source: http://finance.yahoo.com/news/long-term-chinas-place-want-211418745.html

Microsoft to drop display ad business, cut 1200 jobs: Bloomberg

Microsoft Corp will close its web display advertising business, handing operations over to AOL Inc and AppNexus Inc and cutting about 1,200 jobs, Bloomberg reported. Some of the affected employees will ...

Microsoft to drop display ad business, cut 1200 jobs: Bloomberg source: http://finance.yahoo.com/news/microsoft-drop-display-ad-business-204541327.html

Wall Street tumbles 2.1% as Greek fears mount

U.S. stocks dropped sharply as traders bid-up safe-haven assets amid growing concerns Greece may default on its debt and exit the eurozone.

Wall Street tumbles 2.1% as Greek fears mount source: http://finance.yahoo.com/news/stocks-stumble-on-dual-debt-woes--greece-and-puetro-rico-193044779.html

Wall Street tumbles as Greek woes mount

U.S. stocks took a beating as the situation in Greece deteriorated after weekend talks between the country and its creditors broke down, and Greek PM Tsipras called for a referendum.

Wall Street tumbles as Greek woes mount source: http://finance.yahoo.com/news/stocks-off-lows-amid-greece-135145261.html

S&P cuts Greece rating after referendum called

Standard & Poor's downgraded Greece's credit rating deeper into junk territory on Monday, saying the government's decision to hold a referendum on creditor proposals brought it closer to default. "We interpret Greece's decision to hold a referendum on official creditors' loan proposals as a further indication that the Tsipras government will prioritize domestic politics over financial and economic stability, commercial debt payments, and eurozone membership," said S&P. S&P said that the inability of Prime Minister Alexis Tsipras's government to agree with its official creditors on a loan program was a sign that Athens would likely miss its payment obligations due on June 30, including the 1.5 billion euros ($1.7 billion) to the International Monetary Fund.

S&P cuts Greece rating after referendum called source: http://finance.yahoo.com/news/p-cuts-greece-rating-referendum-called-191035549.html

MetLife accuses U.S. risk panel of secrecy; demands access to records

MetLife asked a federal judge on Monday to force the U.S. government to hand over 500 pages of confidential records that relate to financial regulators' decision to designate the insurance giant as systemically important. MetLife is embroiled in a legal battle with the U.S. Financial Stability Oversight Council (FSOC), a panel of regulators chaired by Treasury Secretary Jack Lew that polices for emerging financial market risks and threats to stability. MetLife has argued it is not systemically risky to the broader marketplace, and it is asking the court to overturn the FSOC's determination.

MetLife accuses U.S. risk panel of secrecy; demands access to records source: http://finance.yahoo.com/news/metlife-accuses-u-risk-panel-191610569.html

Alstom chief confident GE deal will get EU approval

The chief executive of French engineering group Alstom SA (ALSO.PA) is confident the planned sale of the group's power business to General Electric Co (GE.N) will win European Union approval, he was quoted saying in a newspaper interview. GE's planned 12.4 billion euros ($14 billion) purchase of Alstom's power equipment business has sparked regulatory worries that it would harm competition. Kron said Alstom's shareholders meeting on June 30 will be an occasion to defend and explain a project he was "proud of".

Alstom chief confident GE deal will get EU approval source: http://finance.yahoo.com/news/alstom-chief-confident-ge-deal-190341001.html

DoubleLine's Gundlach says purchased 'lots' of Treasuries, Ginnie Maes on Friday

Jeffrey Gundlach, the widely followed investor who oversees DoubleLine Capital, told Reuters on Monday his firm had purchased "lots of Treasuries and Ginnie Maes" on Friday, ahead of the latest ...

DoubleLine's Gundlach says purchased 'lots' of Treasuries, Ginnie Maes on Friday source: http://finance.yahoo.com/news/doublelines-gundlach-says-purchased-lots-183233511.html

Greece in shock as banks shut after snap referendum call

With Greece's bailout expiring on June 30 and an IMF payment falling due at the same time, Prime Minister Alexis Tsipras pleaded in vain by phone with European officials to extend the programme until a referendum on July 5 on its future terms. It also pushed Greece towards defaulting on 1.6 billion euros ($1.77 billion) due to the International Monetary Fund on Tuesday, which would take it closer to an exit from the euro zone. Queues snaked outside ATMs and inside supermarkets while fears of disruptions to fuel and medicine supplies grew.

Greece in shock as banks shut after snap referendum call source: http://finance.yahoo.com/news/greece-shock-banks-shut-creditor-talks-break-down-100615371--sector.html

Talks to resolve Lufthansa pay dispute stalled, union says

Talks to resolve a pay dispute at German airline Lufthansa (LHAG.DE) have stalled and a resolution is still not in sight, German flight attendants' union UFO said on Monday. Union chief Nicoley Baublies said he had received a message from Lufthansa's chief executive Carsten Spohr late on Monday, urging him to get back in touch. "I am not very hopeful," Baublies said, adding that contact with Spohr was not equivalent to resuming full negotiations between the airline and the union.

Talks to resolve Lufthansa pay dispute stalled, union says source: http://finance.yahoo.com/news/lufthansa-cabin-crew-union-back-143007486.html

White House: No federal bailout for Puerto Rico

The White House says it has no plans to bail out Puerto Rico from its debt crisis. Puerto Rico's governor is warning the island can't pay its $72 billion public debt, raising serious concerns about Puerto ...

White House: No federal bailout for Puerto Rico source: http://finance.yahoo.com/news/white-house-no-federal-bailout-172916211.html