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Wednesday, August 3, 2011 12:08 AM PDT

Today's Reuters Business News Headlines - Yahoo! News: Analysis: Asia decoupling? Not without more help from China StanChart pretax profit up 17 percent, beats forecasts Asia stocks slide as economy fears rattle markets Japan Noda: no comment on timing of fx intervention Exclusive: China mulls new regulator for state financial sector Factbox: China's state-owned sector U.S. rating maintained by Moody's, Fitch U.S. crude falls to near 5-wk low on U.S. deficit SocGen warns on 2012 profits as earnings fall Analysis: Decades-old auditor ties under scrutiny in U.S. China warns of choppy Treasury market S&P says markets have discounted possible U.S. downgrade Default avoided but fears on economy remain Japan keeps up warnings on yen after U.S. debt deal China warns of choppy Treasury market Analysis: Asia decoupling? Not without more help from China Tue,2 Aug 2011 11:45 PM PDT Reuters - SINGAPORE (Reuters) - Asia's best hope for insulation against a worsening economic outlook in the United States and Europe rests on China, and it may not be willing or able to do the job. Full Story Top StanChart pretax profit up 17 percent, beats forecasts Tue,2 Aug 2011 11:29 PM PDT Reuters - HONG KONG (Reuters) - Asia-focused Standard Chartered Bank Plc reported a market-beating 17 percent rise in first-half pretax profit on Wednesday, helped by strong growth in some key markets such as Hong Kong, keeping it on track for another year of record profits. Full Story Top Asia stocks slide as economy fears rattle markets Tue,2 Aug 2011 11:09 PM PDT Reuters - SINGAPORE (Reuters) - Asian stocks fell more than 2 percent and gold sat near a record above $1,660 an ounce on Wednesday, with fears increasing that Washington's efforts to cut spending will slow growth at a time when global factory output is already stagnating. Full Story Top Japan Noda: no comment on timing of fx intervention Tue,2 Aug 2011 10:58 PM PDT Reuters - TOKYO (Reuters) - Japanese Finance Minister Yoshihiko Noda on Wednesday declined to comment on whether or not Japan will intervene in currency markets and on the timing of any such possible action. Full Story Top Exclusive: China mulls new regulator for state financial sector Tue,2 Aug 2011 10:57 PM PDT Reuters - BEIJING (Reuters) - China is considering a proposal to create a ministerial-level body to manage its state-owned banks and non-bank financial enterprises, two sources with knowledge of the plan said, a move that would strengthen Beijing's grip on its lenders. Full Story Top Factbox: China's state-owned sector Tue,2 Aug 2011 10:56 PM PDT Reuters - BEIJING (Reuters) - China is considering a proposal to create a ministerial-level body to help tighten supervision of major financial state-owned enterprises (SOEs). Full Story Top U.S. rating maintained by Moody's, Fitch Tue,2 Aug 2011 10:45 PM PDT Reuters - NEW YORK (Reuters) - The United States had its triple-A rating confirmed by two key ratings agencies on Tuesday after Washington struck a last-minute deal to avoid a debt default, but threats of future downgrades remain. Full Story Top U.S. crude falls to near 5-wk low on U.S. deficit Tue,2 Aug 2011 10:43 PM PDT Reuters - SINGAPORE (Reuters) - U.S. crude fell to near a five-week low on Wednesday after ratings agency Moody's assigned a negative outlook to the United States, stoking concern that demand may fall as the world's top oil user faces longer-term fiscal and economic challenges. Full Story Top SocGen warns on 2012 profits as earnings fall Tue,2 Aug 2011 10:31 PM PDT Reuters - PARIS (Reuters) - Societe Generale warned it would struggle to reach its 2012 profit target as its exposure to Greece and a tougher economic backdrop took its toll on second-quarter earnings. Full Story Top Analysis: Decades-old auditor ties under scrutiny in U.S. Tue,2 Aug 2011 10:03 PM PDT Reuters - NEW YORK (Reuters) - Goldman Sachs has stuck with the same auditing firm since 1926, Coca Cola since 1921, General Electric since 1909 and Procter & Gamble since 1890. That's going back 85, 90, 102 and 121 years. Full Story Top China warns of choppy Treasury market Tue,2 Aug 2011 09:14 PM PDT Reuters - SHANGHAI (Reuters) - China's central bank governor urged Washington Wednesday to act responsibly to deal with its debt issues, saying uncertainty in the U.S. Treasuries market will undermine the international monetary system and hamper global growth. Full Story Top S&P says markets have discounted possible U.S. downgrade Tue,2 Aug 2011 08:53 PM PDT Reuters - SINGAPORE (Reuters) - A senior official at rating agency Standard & Poor's said on Wednesday that global markets have already discounted a possible U.S. ratings downgrade, and that Asian nations' ratings were generally on an uptrend despite global economic woes. Full Story Top Default avoided but fears on economy remain Tue,2 Aug 2011 08:30 PM PDT Reuters - WASHINGTON (Reuters) - The United States stepped back from the brink of default on Tuesday but congressional approval of a last-ditch deficit-cutting plan failed to dispel fears of a credit downgrade and future tax and spending feuds. Full Story Top Japan keeps up warnings on yen after U.S. debt deal Tue,2 Aug 2011 08:10 PM PDT Reuters - TOKYO (Reuters) - Japan tried to keep yen bulls on guard on Wednesday, with finance minister repeating his warning that he was closely watching markets after the currency shot near record highs early this week. Full Story Top China warns of choppy Treasury market Tue,2 Aug 2011 07:41 PM PDT Reuters - SHANGHAI (Reuters) - China's central bank governor urged Washington Wednesday to act responsibly to deal with its debt issues, saying uncertainty in the Treasuries market will undermine the international monetary system and hamper global growth. Full Story Top

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