Oct 3, 2011, midnight
Asia's factories downshift to crisis-era lows
(Reuters) - September factory activity in some of Asia's biggest economies slumped to levels last seen during the depths of the financial crisis as export demand dropped, reinforcing fears that fading U.S. and European growth will spare no one. Similar figures for Europe and the United States later on Monday are expected to underscore the gloomy outlook for the global economy.
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.
Oracle's Ellison shows off new tech hardware
SAN FRANCISCO (Reuters) - Oracle
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.
Clear Channel promotes Pittman to CEO
(Reuters) - U.S. radio and advertising company Clear Channel Media Holdings
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.
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