Business Today: Stock futures drop as Washington debt deadlines approach

		Click to View in Browser 09/27/2013 Stock futures drop as Washington debt deadlines approach NEW YORK (Reuters) - U.S. stock index futures fell on Friday as deadlines loomed for a political agreement in Washington that would keep the U.S. government running and avoid a debt default, with no clear solution in sight. U.S. consumer spending rises, incomes up most in six months WASHINGTON (Reuters) - U.S. household spending rose in August as incomes increased at their fastest pace in six months, signs that momentum could be growing in the U.S. economy despite months of harsh government austerity. BP battles for billions in new Gulf trial phase HOUSTON/LONDON (Reuters) - BP will battle to hold down fines that could hit $18 billion in a new phase of the Gulf of Mexico trial that will rule on how much oil it spilled in 2010 and judge its efforts to plug its well. How Jack Ma can keep a tight grip on Alibaba after an IPO NEW YORK/SAN FRANCISCO (Reuters) - Alibaba Group Holding Ltd founder Jack Ma wants to keep a tight grip on the Chinese e-commerce company he founded even after he takes it public, and U.S. law gives him several ways to do so. J.C. Penney says to raise up to $932 million in stock sale (Reuters) - Struggling department store operator J.C. Penney Co Inc expects to raise up to $932 million from a share sale, leaving it with about $2.2 billion in cash at the end of the year. BlackBerry reports deep loss, revenue drop, as warned TORONTO (Reuters) - BlackBerry Ltd reported a quarterly loss of nearly $1 billion on Friday, in line with last week's warning, days after accepting its largest shareholder's tentative $4.7 billion bid to take it out of the public eye. China to allow banks to sell $49 billion of asset-backed securities: sources BEIJING (Reuters) - China will allow selected banks to issue asset-back securities (ABS) worth 300 billion yuan ($49 billion) by the end of June next year, expanding a pilot program to support the economy, three industry sources said. Ousted boss Diamond says to buy more Barclays shares LONDON (Reuters) - Bob Diamond, who was ousted last year as the boss of British bank Barclays Plc , said the bank has grown stronger since he left and he plans to buy shares in its 6 billion pound ($9.6 billion) rights issue. Europe's plan to address weak banks risks unraveling BRUSSELS/FRANKFURT (Reuters) - The European Central Bank's (ECB) plan to test the health of the euro zone's largest lenders without the means to plug any holes it uncovers risks foiling what some see as the bloc's final chance to put its financial crisis behind it. Big reform plans for China's newest trade zone set high expectations SHANGHAI (Reuters) - China has formally announced detailed plans for a new free-trade zone (FTZ) in Shanghai, touted as the country's biggest potential economic reform since Deng Xiaoping used a similar zone in Shenzhen to pry open a closed economy to trade in 1978. Related Video Garment factory workers demand higher wages Volatility will last for decades - Shell Economic News U.S. consumer spending rises, incomes up most in six months Fed needs better way to signal policy, officials say A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend