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01 July 2009 @ 09:44 pm

(REUTERS, PERCENT, CENTS, ECONOMISTS, SURVEY, SALES)


(Reuters) - Stock futures pointed to a higher start on Wall Street on Wednesday, with futures for the S&P 500 up 0.7 percent, for Dow Jones up 0.5 percent and the Nasdaq 100 futures gaining 0.6 percent. In Europe, stocks were higher, led by oils and banks, with the FTSEurofirst 300 index up 1.1 percent at 859.84 points at 0900 GMT. Constellation Brands is reporting first quarter numbers, with analysts expecting the company to report earnings per share of 0.32 cents compared to 0.34 cents a year ago. General Mills is reporting fourth quarter results with analysts expecting earnings per shar... read more
 
 
enbusinesstyle

(MICROSOFT, MARKET, SHARE, FIRST, PERCENT, STATCOUNTER)


LONDON/SEATTLE (Reuters) - Microsoft Corp`s new Bing search engine gained U.S. market share in its first month in operation but still trails dominant rival Google Inc, according to data released on Wednesday. Bing, launched on June 3 but available to some users a few days earlier, took 8.23 percent of U.S. Web searches in June, up from 7.81 percent for Microsoft search just prior to its rollout and 7.21 percent in April, said Internet data firm StatCounter. Google lost share slightly, dipping to 78.48 percent from 78.72 percent before Bing. Yahoo Inc, the perennial No. 2 in the market, rose to... read more
 
 
enbusinesstyle
01 July 2009 @ 08:17 pm

(SALES, INDUSTRY, PERCENT, DECLINE, MOTOR, MILLION)


By David Bailey DETROIT (Reuters) - Major automakers are expected to report the highest sales rate of 2009 when they post results for June, as deep discounts limit industry-wide results to a 30-percent decline. In the context of the U.S. auto industry, where sales have been slumping for four years, that would constitute good news and support the view sales are near bottom after a punishing decline to nearly 30-year lows, analysts and executives said. All of the largest automakers are expected to post deep U.S. light vehicle sales declines for June to round out what has been the weakest market ... read more
 
 
enbusinesstyle

(CHRYSLER, COMPANY, EXECUTIVE, MARCHIONNE, ROMEO, DODGE)


MILAN (Reuters) - U.S. automaker Chrysler Group LLC has stemmed the pace at which it uses cash after emerging from bankruptcy last month as a slimmer company, Chief Executive Sergio Marchionne said in an interview with Bloomberg published on Wednesday. Chrysler went through $9.6 billion in cash in 2008. The Detroit car maker reorganized around what it considered its best assets and $6 billion in fresh financing from the U.S. and Canadian governments. "We are still burning cash, but it`s slowed down by far," the agency quoted Marchionne, also the chief executive of Italy`s Fiat SpA, as saying. ... read more
 
 
enbusinesstyle
01 July 2009 @ 07:54 pm

(BARREL, REPORT, CRUDE, RECOVERY, MILLION, ECONOMIC)


By Fayen Wong PERTH (Reuters) - Oil climbed back above $70 a barrel on Wednesday as an industry inventory report showing a larger-than-expected fall in U.S. crude stocks buoyed hopes of a demand recovery and encouraged buying. The American Petroleum Institute said that domestic crude stocks fell 6.8 million barrels to 349.7 million barrels last week, against analysts forecast for a much smaller drawdown of just 2 million barrels. This helped turn crude around from a 2 percent overnight loss, after a drop in U.S. consumer confidence added to concerns about a potential economic rebound. U.S. cru... read more
 
 
 
enbusinesstyle

(STOCK, AFTER, EXPECTED, INDEX, QUARTER, PERCENT)


By Charlotte Cooper TOKYO (Reuters) - Asian stock markets struggled to gain ground on Wednesday as economic data showed the process of turnaround to recovery was likely to be a slow grind, and the dollar capitalized on that more cautious sentiment. Oil held above $70 a barrel after industry inventory data showed a bigger-than-expected fall in crude stocks, which helped pare some of the previous day`s losses after data unsettled investors about a potential U.S. economic rebound. In Japan, business confidence pulled back from a record low hit three months ago, but the improvement was smaller tha... read more
 
 
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(YELLEN, INFLATION, SEVERAL, YEARS, ECONOMY, MARKET)


By Ros Krasny SAN FRANCISCO (Reuters) - The recession is likely to end later in 2009, ushering in a "frustratingly slow" recovery marked by continued high unemployment, a top Federal Reserve official said on Tuesday. Janet Yellen, president of the San Francisco Fed, looked for inflation to stay low for several years, and hinted that the central bank should be in no hurry to raise interest rates even once growth turns positive. "I am not optimistic that the economy will spring back to normal anytime soon," Yellen told the Commonwealth Club of California in San Francisco. The U.S. jobless rate i... read more
 
 
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(PUTNAM, HALDEMAN, COMPANY, PRESIDENT, BILLION, REYNOLDS)


NEW YORK (Reuters) - Putnam Investments said Charles "Ed" Haldeman Jr. will step down on Tuesday as chairman of the Boston investment company, ending a turbulent seven-year run at the firm. Haldeman, 60, who joined Putnam in 2002 and ran it as president and chief executive from 2003 until last year, is the prime candidate for the chief executive post at government-backed mortgage company Freddie Mac (FRE.N), the Wall Street Journal reported, citing people familiar with the situation. Officials at Freddie Mac could not be reached for comment. Haldeman was credited with restoring the firm`s stan... read more
 
 
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(BANKRUPTCY, COURT, ASSETS, AUTOMAKER, HENDERSON, BILLION)


By Emily Chasan and Caroline Humer NEW YORK (Reuters) - General Motors Corp`s chief executive told a U.S. bankruptcy court on Tuesday that the sale of GM`s main assets to government-backed "New GM" must win court approval in order for the automaker to survive. Fritz Henderson told the court that if the sale is not approved by July 10 and GM loses access to government funding, the company would be forced to liquidate. He testified on the first day of a hearing at which the automaker is seeking court approval for the sale just 30 days after filing for Chapter 11. "Business is doing better" at GM... read more
 
 
enbusinesstyle

(BULLARD, COULD, INDEPENDENCE, THINK, YIELDS, GOING)


By Alister Bull PHILADELPHIA (Reuters) - St. Louis Federal Reserve Bank President James Bullard said on Tuesday that public anger over the U.S. financial crisis and subsequent bailouts could cause big problems if this escalated into a political challenge to the independence of the U.S. central bank. "If that leads to some sort of erosion, or even the appearance of an erosion, of the independence of the Fed, I think that could be very counterproductive in this environment," he said after giving a talk about monetary policy to a Global Interdependence Center event. The atmosphere between the Fed... read more