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November 16, 2012 / 9:56 AM / 5 years ago


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Banks seen shrinking for good as lay-offs near 160,000

LONDON - Major banks have announced some 160,000 job cuts since early last year and with more lay-offs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly two-to-one. (BANKS-JOBS/, moved, by Sarah White, 780 words)

IMF’s Lagarde: important for euro zone to forge Greek deal

MANILA - A crucial Eurogroup meeting next week on Greece should forge a deal that will put the insolvent country’s economy on a sustainable path, International Monetary Fund (IMF) Managing Director Christine Lagarde says. (IMF-LAGARDE/ (UPDATE 2, PIX), moving shortly, 450 words)

Positions harden on eve of U.S. ‘fiscal cliff’ talks

WASHINGTON - As President Barack Obama and congressional leaders prepare for budget and tax talks aimed at preventing the U.S. economy from falling back into recession, a top Republican vows to overhaul the U.S. tax code next year. (USA FISCAL/ (WRAPUP), moved, by Richard Cowan, 800 words)

Growth, U.S. fiscal worries cap shares, but Nikkei gains

LONDON - Japanese stocks rally as a tumbling yen boosts the prospect for its big exporters, but uncertainty over global growth, the U.S. fiscal cliff and the upsurge of violence in the Middle East limit moves in other markets. (MARKETS-GLOBAL/ (WRAPUP 5), expect by 1000 GMT/5 AM ET, by Richard Hubbard, 600 words)


French officials furious at Economist “time-bomb” taunt

PARIS - French officials reject a charge by Britain’s The Economist weekly that France is the “time-bomb at the heart of Europe”, accusing the magazine of sensationalist journalism. (EUROZONE-FRANCE/ECONOMIST, expect 1100 GMT/6 AM ET, by Mark John, 500 words)

China’s new leaders could have reform thrust upon them

BEIJING - However ploddingly China’s new leaders might like to reform the world’s second-largest economy and the way they govern, pressures set to build over the next decade will likely force great change upon them.(CHINA-CONGRESS/ (PIX), moved, by Jason Subler and John Ruwitch, 1,350 words)

+ See also:

- CHINA-ECONOMY/FX (UPDATE 1), moved, 650 words)

India’s deficit reduction plan in peril

NEW DELHI - India will struggle to meet its already swollen deficit target this year after a dismal response to this week’s auction of mobile phone licenses and a battle to sell stakes in state companies, Indian finance ministry officials privately concede. (INDIA-ECONOMY/DEFICIT, expect by 0830 GMT/3.30 AM ET, Rajesh Kumar Singh and Arup Roychoudhury, 600 words)

South Korea warns of rolling power blackouts

SEOUL - South Korea may have to bring in rolling power blackouts this winter after the closure of nuclear plants for safety checks means the electricity network will have less than a third of normal reserve capacity.(KOREA-POWER/ (UPDATE 1, TV), moved, by Meeyoung Cho, 650 words)


BP agrees to record criminal penalties for US oil spill

NEW ORLEANS/WASHINGTON - BP Plc will pay $4.5 billion in penalties and plead guilty to criminal misconduct in the Deepwater Horizon disaster, which caused the worst U.S. offshore oil spill ever. (BP-SPILL/ (UPDATE 8, PIX), moved, by Kathy Finn and David Ingram, 1,200 words)

Reckitt trumps Bayer with $1.4 bln bid for Schiff

NEW YORK/LONDON - Reckitt Benckiser Group Plc has trumped Bayer AG’s agreed deal to buy Schiff Nutrition International Inc with a higher offer of $1.4 billion for the U.S. vitamin maker.(SCHIFFNUTRITION-RECKITTBENCKISER/ (UPDATE 3), moved, by Michael Erman, Soyoung Kim and Ben Hirschler, 600 words)

China pushes exports, flags ambitions at arms fair

ZHUHAI - China is flexing its muscles as an arms exporter with a growing array of indigenous weaponry, offering something for most budgets in the global arms bazaar and revealing its wider ambitions to strategic rivals and watchful neighbours. (CHINA-AIRSHOW/ARMS, moved, PIX, TV, GRAPHIC, by Tim Hepher, 1,200 words)

Man Group sells Lehman estates exposure for $456 mln

LONDON - Hedge fund manager Man Group is selling off its legal claims to the estates of defunct U.S. investment bank Lehman Brothers in a $456 million deal that will boost its net cash position and capture attractive gains for investors. (MANGROUP/ (UPDATE 1), moved, by Sinead Cruise, 270 words)

ABN AMRO warns bad loans, bank tax to hurt Q4 earnings

AMSTERDAM - Dutch state-owned bank ABN AMRO warns that higher impairments on loans and a 112 million euro ($143.27 million) bank tax would hurt fourth-quarter results. (ABNAMRO-EARNINGS/ (UPDATE 1), moved, by Gilbert Kreijger, 270 words)

European car market shrinkage slows in October

MILAN - Europe’s new car market shrank at a slower pace in October than in recent months, but nearly all major groups still suffered double-digit declines, as consumers showed little inclination to make big-ticket purchases in a slow economy. (EUROPE-CARS/, moved, 265 words)

Henkel lifts bet on emerging markets as Europe slows

LONDON - German consumer goods group Henkel is ramping up investment in emerging markets in a bid to lift sales over a quarter by 2016 and counter deteriorating markets in Europe. (HENKEL-RESULTS/(UPDATE 2), moved, by Victoria Bryan, 560 words)

Overseas Union-led group, Thais battle for control of F&N

SINGAPORE - A consortium led by Overseas Union Enterprise Ltd launches a S$13.1 billion ($10.7 billion) bid for Fraser and Neave Ltd, challenging a takeover offer from Thailand’s third-richest man for the Singapore conglomerate. (OUE-FRASERANDNEAVE/ (UPDATE 3), moved, by Eveline Danubrata and Saeed Azhar, 900 words)


Banned at home, Pakistan brewery seizes Hollywood moment

RAWALPINDI, Pakistan - What have Demi Moore, Bruce Willis, underage drinking and Pakistan’s only beer maker got in common? (PAKISTAN-BREWERY/ (FEATURE, PIX), moved, by Randy Fabi, 900 words)

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