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US-BUSINESS Summary

Oct 2, 2011, 11:31 p.m.

Oracle's Ellison shows off new tech hardware

SAN FRANCISCO (Reuters) - Oracle chief executive Larry Ellison unveiled new all-in-one data center products as the world's No.3 software maker steps up its move into the hardware market. Speaking on Sunday at the start of Oracle's annual technology and user conference in San Francisco, Ellison touted the benefits of parallel computing and showed off the latest version of the company's SPARC Solaris computer.

Greece to miss deficit targets despite austerity

ATHENS (Reuters) - Greece will miss a deficit target set just months ago in a massive bailout package, according to government draft budget figures released on Sunday, showing that drastic steps taken to avert bankruptcy may not be enough. The dire forecasts came while inspectors from the International Monetary Fund, EU and European Central Bank, known as the troika, were in Athens scouring the country's books to decide whether to approve a loan tranche. Without that installment, Greece would run out of cash as soon as this month.

Clear Channel promotes Pittman to CEO

(Reuters) - U.S. radio and advertising company Clear Channel Media Holdings said on Sunday it had promoted Bob Pittman to the position of chief executive officer. Pittman, a well-known media executive and investor, has been Clear Channel's chairman of media and entertainment platforms since November 2010, the company said in a statement.

Analysis: Chrysler labor talks test Detroit's new reality

DETROIT/MILAN (Reuters) - When contract talks between Chrysler Group LLC and the United Auto Workers union opened in late July, expectations were high for a swift deal. Representatives of both sides even wore matching maroon jackets in a show of unity for the cameras. But by September, when negotiators had moved behind closed doors at Chrysler's headquarters north of Detroit, the talks bumped into issues of economics and ego. The lack of progress forced a contract extension into the middle of October, prolonging the uncertainty for 26,000 Chrysler workers.

Chinese city takes big step toward regulating private loans

SHANGHAI (Reuters) - The Chinese city of Wenzhou, an entrepreneurial city in the eastern province of Zhejiang, has set a legal threshold for interest rates on private loans, taking its first step to regulate the rampant underground loan market. Any private loans with rates exceeding four times China's benchmark interest rate would not be entitled to legal protection, the government of Wenzhou said in a statement seen on Monday.

Insight: Brokers point fingers over "naked access" rule

NEW YORK (Reuters) - Broker-dealers are taking very different approaches to a new rule that requires them to scrutinize customers' credit positions and block reckless orders before trades are executed, setting off finger-pointing and new challenges for regulators. Some firms are accusing rivals of casually interpreting a Securities and Exchange Commission rule that bans giving clients "naked" access to the marketplace, according to interviews with more than a dozen Wall Street officials and regulators.

Tim Cook's time to shine with new Apple iPhone

SAN FRANCISCO (Reuters) - Tim Cook finally gets his chance to stride out from under Steve Jobs' shadow, and he could not have picked a better time or device to mark his unofficial debut as Apple Inc's CEO. The latest generation of the iPhone -- still the smartphone industry's gold standard after four years -- is expected to see the light of day this Tuesday, just in time for the holidays.

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