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US-BUSINESS Summary

Sep 4, 2011, 11:47 p.m.

Europe set to fall again as growth gloom hits stocks

SINGAPORE (Reuters) - European shares were set for sharp losses on Monday after Asian stocks slid and the euro hit a three-week low against the dollar, as fears of a renewed U.S. recession and sustained worries about the euro zone debt crisis prompted investors to sell riskier assets. U.S. employment data on Friday showed the world's biggest economy failed to create any jobs last month for the first time in nearly a year.

Europe faces week of challenges in debt crisis

LONDON (Reuters) - Europe faces a string of political and legal tests this week that could hurt efforts to resolve its sovereign debt crisis and increase pressure for governments to try more radical solutions. A court ruling may reduce the freedom of the German government, the biggest contributor to the euro zone's bailout fund, to finance rescues of crisis-hit countries such as Greece.

Tech IPOs could lead the way post-Labor Day

NEW YORK (Reuters) - It's been a rough summer for U.S. initial public offerings after the stock market nosedived, but tech issues could see strong demand after bankers and fund managers return from vacation in September. The growth promised by tech companies is dramatic and such growth is hard to come by as fears about a European debt crisis and a faltering U.S. recovery persist.

Honda to recall nearly 1 mln Fit, other models

TOKYO (Reuters) - Honda Motor Co <7267.T> said on Monday it would recall about 960,000 Fit subcompacts and other models globally to repair defects including malfunctioning power window switches. No accidents have been reported due to the defects, a Honda spokesman in Tokyo said.

China needs to rebalance economy: World Bank chief

BEIJING (Reuters) - China needs to rebalance its economy by boosting consumption since the country cannot rely on exports and investment alone to drive growth over the longer term, World Bank President Robert Zoellick said on Monday. The United States, Europe and Japan face structural growth problems, and any failure by European governments to ward off a debt crisis could put pressures on European banks, Zoellick told reporters in Beijing where he is ending a five-day visit to China.

German court bans sales of Samsung's new 7.7-inch tablet

SEOUL (Reuters) - Samsung Electronics Co <005930.KS> has stopped promoting its new tablet computer at Europe's biggest consumer electronics fair after a court-ordered sales injunction in Germany, the latest setback in its global patent battle with Apple Inc . A Dusseldorf court ordered the South Korean company to stop selling Galaxy Tab 7.7 on Friday when the annual IFA electronics show started in Berlin. The move follows an earlier ban on German sales of Samsung's Galaxy Tab 10.1 by the court in late August until its final ruling on September 9.

Italy pledges to meet debt goal as worries grow

CERNOBBIO, Italy (Reuters) - Economy Minister Giulio Tremonti promised on Sunday to meet Italy's budget commitments after the European Central Bank stepped up pressure for action by the struggling center-right government. Tremonti, under mounting pressure to present a credible plan to fulfill a pledge of balancing the budget by 2013 and cutting Italy's 1.9 trillion euro debt pile, told a business conference in the northern town of Cernobbio that the target would be met.

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