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Monday, May 23, 2011 12:01 AM PDT

Today's Business News: Debt worries hits euro and stocks; government debt, gold up Recovery takes a breather Nestle chairman wants to stay until 2017: paper Labelux buys Jimmy Choo for $812 million: sources Shell CEO: Deep-water drilling set to continue SEC taps Vanderbilt professor for economic post Once bullish, contrarian Jim Grant likes cash now Sony to brief on revised FY 2010/11 earnings estimate Spain's Socialists trounced amid economic woes The U.S. Debt Default Chaos Makes Banks Look Vulnerable New Zealand PM backs Lagarde as new IMF chief Walmart eyeing Europe with new London team: paper Service members grapple with housing market Oil falls to near $99 amid stronger US dollar Republicans suggest deal possible on taxes, health US gas prices down 9 cents over past 2 weeks Americans Dream of Bigger Homes but Reality Is More Cramped Debt worries hits euro and stocks; government debt, gold up Sun, 22 May 2011 11:48 pm PDT Reuters - Renewed worries in the euro-zone over the weekend pulled the euro down to a record low against the Swiss franc, weakened risky assets such as Asian stocks and boosted safe haven investments like U.S. government debt and gold on Monday. Full Story Top Recovery takes a breather Sun, 22 May 2011 12:05 pm PDT Reuters - It was fun while it lasted. Full Story Top Nestle chairman wants to stay until 2017: paper Sun, 22 May 2011 04:40 am PDT Reuters - Nestle's (NESN.VX) chairman hopes to stay on the board until 2017 and reiterated that the food producer has until 2014 to decide on its stake in French cosmetics company L'Oreal (OREP.PA), a paper reported on Sunday. Full Story Top Labelux buys Jimmy Choo for $812 million: sources Sun, 22 May 2011 02:45 pm PDT Reuters - Upscale British shoemaker and retailer Jimmy Choo was bought by luxury goods group Labelux from TowerBrook Capital Partners LP, the companies said on Sunday. Full Story Top Shell CEO: Deep-water drilling set to continue Sun, 22 May 2011 03:28 am PDT Reuters - Royal Dutch Shell (RDSa.L) sees deep-water oil drilling continuing in the future and as of next year will produce more gas than oil, its chief executive was quoted as saying by a Swiss newspaper on Sunday. Full Story Top SEC taps Vanderbilt professor for economic post Fri, 20 May 2011 10:16 am PDT Reuters - The Securities and Exchange Commission has tapped Vanderbilt University professor Craig Lewis as its new chief economist and head of the Risk, Strategy and Financial Innovation division. Full Story Top Once bullish, contrarian Jim Grant likes cash now Fri, 20 May 2011 02:05 pm PDT AP - Jim Grant quotes obscure dead economists at length. He pines for an earlier time of gas lights and top hats when the dollar was convertible to gold. He wears bowties. Full Story Top Sony to brief on revised FY 2010/11 earnings estimate Sun, 22 May 2011 11:51 pm PDT Reuters - Sony said on Monday it would hold a news conference at 4:30 a.m. EDT about revising its earnings estimate for the year to March 2011. Full Story Top Spain's Socialists trounced amid economic woes Sun, 22 May 2011 04:04 pm PDT AP - Spain's ruling Socialists suffered a crushing defeat to conservatives in local and regional elections Sunday, yielding power even in traditional strongholds against a backdrop of staggering unemployment and unprecedented sit-ins by Spaniards furious with what they see as politicians who don't care about their plight. Full Story Top The U.S. Debt Default Chaos Makes Banks Look Vulnerable Fri, 20 May 2011 03:32 pm PDT The Motley Fool - Just when the sluggish economy had started to show some encouraging signs, the news of the U.S. hitting the debt ceiling of $14.29 trillion reared its head. There have been several debates on whether to raise the ceiling. But now the only way out seems to be a hike in the debt limit, or else what would follow would be "catastrophic economic consequences," as Treasury Secretary Timothy Geithner has warned. Full Story Top New Zealand PM backs Lagarde as new IMF chief Sun, 22 May 2011 08:10 pm PDT AFP - New Zealand Prime Minister John Key on Monday backed French Finance Minister Christine Lagarde to head the IMF, describing her as "super impressive". Full Story Top Walmart eyeing Europe with new London team: paper Sun, 22 May 2011 07:50 am PDT Reuters - Retailer Wal-Mart Stores (WMT.N) is setting up a team in London to drive expansion into Europe, The Independent on Sunday newspaper reported. Full Story Top Service members grapple with housing market Sun, 22 May 2011 03:52 pm PDT AP - Air Force Lt. Col. Michael Ballek thought the four-bedroom house bordered by sage bushes and mountain roads on the edge of Las Vegas was a good deal when he purchased it for his growing family in 2007. Nevada's skyrocketing home prices had dipped slightly that year, and the so-called experts all assured him he was getting in at the bottom of the market. Full Story Top Oil falls to near $99 amid stronger US dollar Sun, 22 May 2011 10:37 pm PDT AP - Oil prices fell to near $99 a barrel Monday in Asia as a stronger U.S. dollar made commodities more expensive for investors with other currencies. Full Story Top Republicans suggest deal possible on taxes, health Sun, 22 May 2011 08:59 am PDT Reuters - Top congressional Republicans on Sunday suggested they could compromise on the two biggest issues -- healthcare and taxes -- that stand in the way of a deal to get the United States' debt under control. Full Story Top US gas prices down 9 cents over past 2 weeks Sun, 22 May 2011 01:14 pm PDT AP - The average U.S. price of a gallon of gasoline has dropped about 9 cents over the past two weeks. Full Story Top Americans Dream of Bigger Homes but Reality Is More Cramped Fri, 20 May 2011 05:08 am PDT BusinessWeek - Some might call it a simpler time. Others might say life was just less comfortable. In 1973, about three people lived in each household in the U.S. The average single-family home built that year was one story, 1,660 sq. ft., and had two or three bedrooms. It was very rare to have more than two bathrooms. Full Story Top

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