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US-BUSINESS Summary

Sep 13, 2011, 11:54 p.m.

BOJ Miyao warns of Europe woes, risks to Japan recovery

HAKODATE, Japan (Reuters) - Japan's economy may get less support than expected from overseas demand as Europe's debt woes escalate and U.S. growth slows sharply, a Bank of Japan policymaker said, painting a bleak picture for the prospects of recovery from the March earthquake and tsunami. There are already signs Europe's debt woes are hurting that region's banking sector and economy, BOJ board member Ryuzo Miyao said on Wednesday, warning that fast-growing Asian and emerging markets may begin to feel the pinch as the recovery in advanced economies loses steam.

BNY Mellon forex trades cost pensions: report

(Reuters) - Bank of New York Mellon Corp executed some currency transactions for two large public pension funds in a way that could trigger higher costs and boost its profit, the Wall Street Journal showed in an analysis. The Journal examined currency trades conducted by BNY Mellon between January 2007 and May 2011 for the Massachusetts Pension Reserves Investment Management fund.

TCW/Gundlach court drama turned over to jury

LOS ANGELES (Reuters) - Lawyers for Trust Company of the West and its former chief investment officer, star bond fund manager Jeffrey Gundlach, presented their closing arguments Tuesday to a 12-person jury that is to decide their fate. They are pitted against each other in a high-stakes trial that has transfixed the financial services industry with an insider's view into investment firms and the big personalities that run them. Hundreds of millions of dollars are ultimately on the line in the case.

Oil falls as market seen capped by Europe crisis

SINGAPORE (Reuters) - Oil fell on Wednesday, pulling U.S. crude off six-week highs, as the dollar strengthened and investors saw little upside from declining inventories in an environment where anxiety over the euro zone debacle is overshadowing tightening supply. U.S. crude shed $1.56 to $88.65 a barrel by 0630 GMT (2:30 a.m. ET) after touching $90.52 on Tuesday, the highest intraday price since August 4, while Brent fell 62 cents to $111.27. The dollar climbed about 0.6 percent against a basket of currencies. <.DXY>

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