The Other Side of Life 24/7: 08/30/13

Friday, August 30, 2013

Daily Investor Briefing: Wall Street falls, ends worst month...

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08/30/2013

Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between

Wall Street falls, ends worst month since May 2012

NEW YORK (Reuters) - U.S. stocks fell in a thinly traded session on Friday as the S&P 500 index recorded its steepest decline since May 2012 and investors avoided making large bets before a long weekend with the situation about Syria still uncertain.

Weak spending, inflation data point to soft U.S. economy

WASHINGTON (Reuters) - U.S. consumer spending barely rose and inflation was tame in July, offering a cautionary note on the economy as the Federal Reserve weighs cutting back its massive bond-buying program.

Apple rolls out iPhone trade-in program in U.S. stores

SAN FRANCISCO (Reuters) - Apple Inc has launched a trade-in program in its U.S. retail stores for older models of its iPhone as it gears up for the launch of a new version of the smartphone, it said on Friday.

Exclusive: America Movil says has no intention of raising KPN offer

MEXICO CITY (Reuters) - Mexican telecoms firm America Movil on Friday hit out at efforts to make it improve its offer for Dutch peer KPN, saying it had been shown a lack of respect, and had no intention of raising its 7.2 billion-euro ($9.49 billion) bid.

Perry ups ownership stake in J.C. Penney to 8.6 percent

(Reuters) - Hedge fund manager Richard Perry, already a big owner in J.C. Penney Co Inc , bought additional shares in the retailer on Friday, according to a regulatory filing made just days after the largest investor announced plans to sell his stake.

Regulators agree on global swap rules ahead of G20 summit

WASHINGTON (Reuters) - Finance watchdogs on Friday laid out joint rules for the $630 trillion derivatives industry that was at the core of the 2007-09 credit meltdown, in a report to the G20 most powerful economies of the world.

Vodafone investors split on best use of Verizon windfall

LONDON (Reuters) - Top investors in Vodafone Group are set to clash over what the company should do with perhaps as much as $130 billion in proceeds from the sale of its stake in Verizon Wireless, which is expected to be announced imminently.

Trial date of November 25 set for U.S. challenge to AMR-US Airways merger

WASHINGTON (Reuters) - A federal judge on Friday set a tentative November 25 trial date for the U.S. government's legal challenge to the merger of American Airlines and U.S. Airways Group Inc .

Italy's Banca Marche put under special administration

MILAN (Reuters) - Italian lender Banca Marche has been placed under special administration by the Bank of Italy, becoming the biggest casualty so far of an extended round of balance sheet inspections by the central bank.

America Movil threatens to abandon KPN takeover bid

BRUSSELS (Reuters) - America Movil threatened to abandon its 7.2 billion euro ($9.5 billion) bid for Dutch telecommunications group KPN on Friday after a company foundation told the Mexican firm to make a better offer or it would veto the bid.