S&P cuts rating on 18 medium-sized Italian banks
MILAN (Reuters) – Ratings agency Standard & Poor’s cut its long-term counterparty credit ratings by one notch on 18 medium-sized Italian banks, including Unione di Banche Italiane and Credito Emiliano , citing a worsening economic outlook.
Boeing profit up 13 percent as commercial plane sales soar
By Bijoy Anandoth Koyitty, Mridhula Raghavan and Alwyn Scott
New home sales hit five-year high, prices soar
WASHINGTON (Reuters) – New U.S. home sales vaulted to a five-year high in June, showing no signs of slowing in the face of higher mortgage rates.
Caterpillar slashes outlook, plans more cost cuts
(Reuters) – Caterpillar Inc reported a 43.5 percent drop in quarterly profit and cut its outlook for the year on Wednesday, blaming steeper-than-expected inventory reductions by dealers and continued weak demand from the mining industry.
EU-China solar deal hinges on price as deadline nears: sources
BRUSSELS (Reuters) – Beijing’s envoys have agreed central elements of a deal with the European Union that may yet avert punitive duties on Chinese solar panels that the bloc plans to impose next month, Chinese and European sources said on Wednesday.
GM to recall 114,000 Tavera SUVs in India
(Reuters) – General Motors said it was voluntarily recalling 114,000 Chevrolet Tavera sport-utility vehicles, manufactured between 2005 and 2013, in India to address issues relating to emission standards and other regulatory specifications.
Glaxo appoints law firm Ropes & Gray for China review
LONDON (Reuters) – GlaxoSmithKline has appointed international law firm Ropes & Gray to carry out an independent review into alleged corruption by senior executives in its Chinese business, a spokesman for the drugmaker said.
Euro zone, U.S. bounce back but China stalls
LONDON/NEW YORK (Reuters) – Private industry in the euro zone expanded for the first time in more than a year in July, which was also a good month for U.S. factories, but the massive manufacturing engine that powers China continued to lose steam, surve…
OfficeMax CFO departs to take same post at Supervalu
(Reuters) – OfficeMax Inc said Wednesday that Chief Financial Officer Bruce Besanko would leave the third-largest U.S. office supply chain next month to take up the same post at supermarket operator Supervalu Inc .
BlackRock says executive rejected RBS approach
(Reuters) – BlackRock Inc said its head of Asia Pacific operations, Mark McCombe, spurned an approach regarding the role of chief executive at Royal Bank of Scotland and will remain with the world’s largest fund manager.
