Saturday, June 30, 2012

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Saturday, June 30, 2012 12:02 AM PDT
Today's Reuters News Headlines - Yahoo! News:
EU deal for Spain, Italy buoys markets but details sketchy
Fri,29 Jun 2012 04:59 PM PDT
Reuters -

European Council President Van Rompuy addresses a news conference after a European Union leaders summit in BrusselsBRUSSELS (Reuters) - Under pressure to prevent a catastrophic breakup of their single currency, euro zone leaders agreed on Friday to let their rescue fund inject aid directly into stricken banks from next year and intervene on bond markets to support troubled member states. They also pledged to create a single banking supervisor for euro zone banks based around the European Central Bank in a landmark first step towards a European banking union that could help shore up struggling member Spain. ...


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Bernard Madoff brother pleads guilty in Ponzi case
Fri,29 Jun 2012 12:37 PM PDT
Reuters -

Peter Madoff departs the Jacob K. Javits federal building in New YorkNEW YORK (Reuters) - Bernard Madoff's younger brother pleaded guilty to criminal charges that he helped advance the multibillion-dollar Ponzi scheme, but denied knowing about the epic, decades-long fraud. With his guilty plea in Manhattan federal court on Friday, Peter Madoff is the first of Bernard Madoff's family members to admit criminal wrongdoing at the investment advisory firm. "I truly believed that my brother was a brilliant securities trader," Peter Madoff told U.S. District Judge Laura Taylor Swain in a courtroom filled to capacity. ...


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Second death confirmed in Colorado Springs wildfire
Fri,29 Jun 2012 03:40 PM PDT
Reuters -

Smoke rises around Rampart Reservoir from Waldo canyon wildfire in this aerial photograph taken in Colorado Springs ColoradoCOLORADO SPRINGS, Colo. (Reuters) - Authorities have found a second body in the debris of a burned-out home in Colorado Springs, marking the second fatality from a fierce wildfire that ranks as Colorado's most destructive on record after incinerating 347 homes, police said. Police Chief Peter Carey released no further details about the victim, who becomes the sixth person killed this year in a Colorado wildfire season described by the governor as the worst in the state's history. The discovery came on the same day that President Barack Obama visited the affected area. ...


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Strong quake hits remote western China: USGS
Fri,29 Jun 2012 06:34 PM PDT
Reuters -

A graphic locates the site of an earthquake in western ChinaBEIJING (Reuters) - A magnitude 6.3 quake struck a remote region of western China, close to the Kazakhstan border early on Saturday, the U.S. Geological Survey (USGS) said, injuring around 10 people. The quake, initially reported as a magnitude 6.5, struck at 5:07 a.m. local time on Saturday (2107 GMT on Friday), and was centered 87 miles southwest of the town of Shihezi in Xinjiang, home to the mainly Muslim Uighur people. ...


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As Syria writhes, divided powers meet in Geneva
Fri,29 Jun 2012 08:48 PM PDT
Reuters -

A security person inspects a wrecked car at the site of an explosion outside Syria's highest court in central DamascusGENEVA (Reuters) - Foreign ministers of world powers gather in Geneva on Saturday to try and forge a common strategy to end the bloodshed in Syria, but differences between Russia and the West may thwart them. Kofi Annan, the former U.N. chief who is special international envoy on Syria, has been hoping for consensus on a plan for a unity government that, by excluding from the leadership figures deemed too divisive, would effectively mean President Bashar al-Assad stepping down. ...


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Bristol-Myers to buy Amylin for about $5.3 billion
Fri,29 Jun 2012 08:56 PM PDT
Reuters - NEW YORK (Reuters) - Bristol-Myers Squibb Co will buy biotechnology company Amylin Pharmaceuticals Inc for about $5.3 billion in cash, helping Bristol-Myers extend its portfolio of diabetes treatments with the addition of drugs Byetta and Bydureon. Bristol-Myers said late on Friday it had also reached a follow-on deal with UK-based AstraZeneca Plc to collaborate on developing Amylin's products once the buyout is completed, expanding upon an existing partnership between the two pharmaceutical makers in diabetes treatments. AstraZeneca will pay $3.4 billion in cash for these rights. ... Full Story
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Obama pledges federal aid on Colorado wildfire visit
Fri,29 Jun 2012 08:46 PM PDT
Reuters -

U.S. President Barack Obama speaks to the media during his visit to fire damaged homes in the Mountain Shadow neighborhood in ColoradoCOLORADO SPRINGS, Colo. (Reuters) - President Barack Obama on Friday promised federal assistance for Colorado's worst-ever wildfire as he toured damage caused by the blaze, which has killed two people, destroyed hundreds of homes and forced the evacuation of 35,000 residents in and around the state's second-largest city. ...


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Justice Department will not prosecute Holder over gun scandal
Fri,29 Jun 2012 04:06 PM PDT
Reuters -

File photo of Holder testifying before the Senate Judiciary Committee on Capitol Hill in Washington(Reuters) - The U.S. Justice Department said on Friday it would not prosecute Attorney General Eric Holder for refusing to turn over to Congress documents about a gun-running scandal to Mexico. Holder, who heads the Justice Department, was cited on Thursday for contempt of Congress by the Republican-led House of Representatives. The mostly partisan vote of 255-67 marked the first time a sitting attorney general and presidential cabinet member was cited for contempt by the full House. More than 100 Democrats walked out in protest and refused to vote. ...


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After health ruling, will U.S. be ready for the law?
Fri,29 Jun 2012 05:43 PM PDT
Reuters - WASHINGTON (Reuters) - Now that the Supreme Court has removed the main legal challenge to President Barack Obama's healthcare overhaul, policy experts question whether enough U.S. states will be ready to implement the law when it takes full effect in 2014. Up to now, most states have avoided decisive action to build the private insurance exchanges that would extend health coverage to an additional 16 million Americans. Governors in largely Republican states who oppose the entire law may still refuse to act on the exchanges, requiring the federal government to step in to operate them. ... Full Story
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WTO rules against U.S. in meat labeling case
Fri,29 Jun 2012 02:39 PM PDT
Reuters -

WTO Director General Lamy addresses a news conference on annual trade forecast and statistics in GenevaGENEVA/WINNIPEG, Manitoba (Reuters) - The World Trade Organization on Friday ruled a U.S. meat labeling program unfairly discriminated against Mexico and Canada, putting pressure on the United States to bring the scheme in line with global trade rules. The WTO Appellate Body said the U.S. country-of-origin labeling rules, commonly known as COOL, were wrong because they gave less favorable treatment to beef and pork imported from Mexico and Canada, the countries that brought the case, than to U.S. meat. ...


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As Syria writhes, divided powers meet in Geneva
Fri,29 Jun 2012 03:59 PM PDT
Reuters -

A security person inspects a wrecked car at the site of an explosion outside Syria's highest court in central DamascusGENEVA (Reuters) - Foreign ministers of world powers gather in Geneva on Saturday to try and forge a common strategy to end the bloodshed in Syria, but differences between Russia and the West may thwart them. Kofi Annan, the former U.N. chief who is special international envoy on Syria, has been hoping for consensus on a plan for a unity government that, by excluding from the leadership figures deemed too divisive, would effectively mean President Bashar al-Assad stepping down. ...


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Greek militant group claims Microsoft attack
Fri,29 Jun 2012 01:01 PM PDT
Reuters -

A security guard stands near a damaged van outside the burnt entrance of Microsoft's Greek headquarters at Marousi suburb, north of AthensATHENS (Reuters) - A little-known leftist militant group claimed responsibility on Friday for an attack on Microsoft's Greek headquarters earlier this week. Hooded attackers rammed a van packed with gas canisters into the Microsoft building in Athens on Wednesday and then set the vehicle on fire, causing damage but no injuries. At least two people wielding pistols and a machinegun kept security guards away as they carried out the attack, police said. In a statement published on the Internet, the International Revolutionary Front said it singled out Microsoft to strike a blow at capitalism. ...


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Consumer spending stalls, morale at 6-month low
Fri,29 Jun 2012 11:08 AM PDT
Reuters -

A woman walks through a shopping mall in San FranciscoWASHINGTON (Reuters) - Consumer spending growth ground to a halt in May as auto purchases flagged, while confidence ebbed to a six-month low in June, the latest signs of trouble for the economy. Although manufacturing activity in the Midwest picked up this month, it offered little cheer for an economic recovery that has been hit by turbulence from the debt crisis in Europe and a lack of clarity on the course of fiscal policy at home. "We are at a stall speed expansion here," said Tim Quinlan, an economist at Wells Fargo in Charlotte, North Carolina. ...


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Strong quake hits remote western China: USGS
Fri,29 Jun 2012 04:38 PM PDT
Reuters -

A graphic locates the site of an earthquake in western ChinaBEIJING (Reuters) - A magnitude 6.3 quake struck a remote region of western China, close to the Kazakhstan border, early on Saturday, the U.S. Geological Survey (USGS) said. The quake, initially reported as a magnitude 6.5, struck at 5:07 a.m. on Saturday (2107 GMT on Friday), and was centered 94 miles southwest of the town of Shihezi in Xinjiang region. The official Xinhua news agency said there was strong shaking felt in regional capital Urumqi which lasted for about 10 seconds, causing some people to rush out of their houses and into the street. ...


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After health ruling, will U.S. be ready for the law?
Fri,29 Jun 2012 03:47 PM PDT
Reuters - WASHINGTON (Reuters) - Now that the Supreme Court has removed the main legal challenge to President Barack Obama's healthcare overhaul, policy experts question whether enough U.S. states will be ready to implement the law when it takes full effect in 2014. Up to now, most states have avoided decisive action to build the private insurance exchanges that would extend health coverage to an additional 16 million Americans. Governors in largely Republican states who oppose the entire law may still refuse to act on the exchanges, requiring the federal government to step in to operate them. ... Full Story
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Congress passes bill for transport jobs, student loans
Fri,29 Jun 2012 12:10 PM PDT
Reuters - WASHINGTON (Reuters) - Congress gave final approval on Friday to a massive job-creating U.S. transportation bill that under a bipartisan deal will also keep interest rates low for millions of federal student loans and maintain federal flood insurance. The Republican-led House of Representatives and Democratic-led Senate passed the measure on back-to-back votes, clearing the way for President Barack Obama to sign it into law. ... Full Story
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Obama pledges federal aid on Colorado wildfire visit
Fri,29 Jun 2012 04:43 PM PDT
Reuters -

U.S. President Barack Obama speaks to the media during his visit to fire damaged homes in the Mountain Shadow neighborhood in ColoradoCOLORADO SPRINGS, Colo. (Reuters) - President Barack Obama on Friday promised federal assistance for Colorado's worst-ever wildfire as he toured damage caused by the blaze, which has killed at least two people, destroyed hundreds of homes and forced the evacuation of 35,000 residents in and around the state's second-largest city. Obama began his three-hour visit to the area devastated by a still largely uncontrolled fire with a fly-over in Air Force One, surveying part of the Rocky Mountains where smoke could be seen rising from what officials say is the most destructive blaze in state ...


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Mexican election watchdog under pressure in Sunday's vote
Fri,29 Jun 2012 04:40 PM PDT
Reuters - MEXICO CITY (Reuters) - Mexico, a country long synonymous with vote-rigging, is better equipped than ever to prevent fraud in Sunday's national elections, according to experts, but voters still have grave doubts. The Federal Electoral Institute (IFE) will oversee the presidential vote that polls suggest will be won by the Institutional Revolutionary Party (PRI), whose frequently tainted elections helped it maintain power from 1929 to 2000. ... Full Story
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Egypt's first Islamist president to be sworn in
Fri,29 Jun 2012 04:41 PM PDT
Reuters -

A boy stands near t-shirts with images of elected president Mursi during a sit-in in CairoCAIRO (Reuters) - Egypt's President-elect Mohamed Mursi takes his oath on Saturday, a day after the Islamist leader pre-empted the formal ceremony by swearing himself in before ecstatic crowds in Tahrir Square and warning off generals trying to curb his powers. They have already clipped the prerogatives of the bearded leader now in the palace once occupied by Hosni Mubarak, who is serving a life sentence 16 months after Egyptians toppled him. ...


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Bomb explodes in Mexican city days before election
Fri,29 Jun 2012 12:49 PM PDT
Reuters - MEXICO CITY (Reuters) - An explosive device blew up inside a truck parked outside the town hall of Mexico's northern city of Nuevo Laredo on Friday, injuring seven people but causing no casualties, officials said. The blast comes two days before Mexico votes for a new president to replace Felipe Calderon, who has waged a 5-1/2-year battle against drug traffickers. Police did not immediately confirm whether the attack was drug-related but Mexican cartels have been increasingly using improvised explosive devices in cars. ... Full Story
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Bombs kill at least 7 in Iraq, many wounded
Fri,29 Jun 2012 12:05 PM PDT
Reuters - BAGHDAD (Reuters) - Three bombings in the Shi'ite town of Balad, north of Baghdad, killed seven people on Friday, a hospital doctor said, in the latest in a series of attacks this month. Officials said the attacks occurred in quick succession after Friday prayers. Police colonel Hassan al-Baldawy said at least six people were killed and 45 wounded when a suicide bomber detonated an explosives vest in a market near a shrine in the center of the town and two motorcycle bombers struck near a post office and a police station. ... Full Story
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AB InBev buys out Corona maker Modelo for $20 billion
Fri,29 Jun 2012 11:09 AM PDT
Reuters -

Logo of Anheuser-Busch InBev is seen on the facade of its headquarters in LeuvenBRUSSELS (Reuters) - Anheuser-Busch InBev, the world's biggest brewer, agreed to buy the half of Corona-maker Grupo Modelo it does not already own for $20.1 billion, a big, but necessary price tag to expand in Mexico, one of the world's most lucrative beer markets. The owner of Budweiser and Stella Artois beers said on Friday it had reached an agreement with Modelo's controlling families to secure a leading position in a growing domestic beer market and capture best-selling Mexican beer Corona Extra. ...


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Supreme Court upholds Obama's healthcare law
Fri,29 Jun 2012 07:18 AM PDT
Reuters -

Religious leaders pray over a copy of the verdict on Obama's healthcare overhaul law in WashingtonWASHINGTON (Reuters) - The Supreme Court upheld President Barack Obama's healthcare law on Thursday in an election-year triumph for him and fellow Democrats who championed the most sweeping overhaul since the 1960s of the unwieldy U.S. healthcare system. In a 5-4 ruling based on the power of Congress to impose taxes, the nation's highest court preserved the law's "individual mandate" requiring that most Americans obtain health insurance by 2014 or pay a tax. The justices also preserved, with some changes, a provision of the law expanding the Medicaid health insurance program for the poor. ...


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Analysis: Why Roberts saved Obama's healthcare law
Fri,29 Jun 2012 05:39 AM PDT
Reuters -

Justice Kagan talks to Chief Justice of the United States Roberts outside the Supreme Court following her formal investiture ceremony in WashingtonWASHINGTON (Reuters) - In the end, it all came down to Chief Justice John Roberts, the sphinx in the center chair, who in a stunning decision wove together competing rationales to uphold President Barack Obama's healthcare plan. Roberts' action instantly upended the conventional wisdom that he would vote with his four fellow conservative justices on the U.S. Supreme Court and undercut the agenda of a Democratic president, who as a senator in 2005 had opposed Roberts' appointment to the bench. ...


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June consumer sentiment drops to six-month low
Fri,29 Jun 2012 07:36 AM PDT
Reuters -

File photo of shopper walking down aisle in newly opened Walmart Neighborhood Market in ChicagoNEW YORK (Reuters) - Consumer sentiment dropped to a six-month low in June as Americans' view of the economy soured, a survey released on Friday showed. The Thomson Reuters/University of Michigan's final reading on the overall index on consumer sentiment fell to 73.2 in June from 79.3 in May. It was the lowest level since December and fell short of economists' expectations for the index to hold at the same level as June's preliminary reading of 74.1. ...


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Iran expects to equip Gulf ships with missiles soon
Fri,29 Jun 2012 07:03 AM PDT
Reuters - DUBAI (Reuters) - Iran expects to equip its ships in the Strait of Hormuz soon with shorter-range missiles, a Revolutionary Guards commander was quoted as saying, in the latest apparent warning to the West not to attack it over its disputed nuclear program. The Islamic Republic has threatened to shut the Strait, the conduit out of the Gulf for 40 percent of the world's seaborne oil trade, if Western sanctions aimed at curbing its nuclear works block its own crude exports. ... Full Story
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RBS set for fine as Barclays boss remains defiant
Fri,29 Jun 2012 12:55 AM PDT
Reuters -

A man walks past a branch of Barclays Bank in the City of LondonLONDON (Reuters) - Royal Bank of Scotland could face a hefty fine from the same interest rate rigging scandal that has hammered Barclays this week and left its boss Bob Diamond fighting for his job. Taxpayer-backed RBS is set to be fined about 150 million pounds ($233 million) for participating in market manipulation offences similar to those engaged in by Barclays, the Times newspaper said. RBS said it, like many others, is continuing to co-operate with regulators on the ongoing investigation. Any resolution of its case is months away, a person familiar with the matter said. ...


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Insight: Turkish generals look to life beyond prison bars
Fri,29 Jun 2012 12:02 AM PDT
Reuters -

File photo of Turkey's PM Erdogan and Chief of Staff General Basbug praying during a funeral in AnkaraISTANBUL (Reuters) - They once bestrode Turkey the masters of all they surveyed. Governments were swept aside, a prime minister dispatched to the gallows. Even in quiet times, from their staff headquarters opposite parliament, they commanded obedience. Now around 20 percent of serving generals are in prison accused of plots against Prime Minister Tayyip Erdogan, imaginatively codenamed Sledgehammer, Ergenekon, Blonde Girl, Moonlight. So sudden has been this reversal the generals appear robbed of their voice. ...


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House finds Attorney General Holder in contempt
Thu,28 Jun 2012 03:11 PM PDT
Reuters -

U.S. Attorney General Eric Holder reacts while delivering remarks to the Boys and Girls Club of America in WashingtonWASHINGTON (Reuters) - Attorney General Eric Holder was found in contempt of Congress on Thursday as the Republican-controlled House of Representatives sanctioned the nation's top law enforcement official for withholding some documents related to a failed gun-running probe. The mostly partisan vote of 255-67 marked the first time a sitting attorney general and presidential Cabinet member was cited for contempt by the full House. No Senate vote is necessary in this House contempt citation. ...


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Stockton, California files for bankruptcy
Thu,28 Jun 2012 08:49 PM PDT
Reuters -

A local newspaper headline announces bankruptcy in Stockton, CaliforniaSAN FRANCISCO (Reuters) - Stockton, California, became the largest city to file for bankruptcy in U.S. history on Thursday after years of fiscal mismanagement and a housing market crash left it unable to pay its workers, pensioners and bondholders. The filing by the city of 300,000 people followed three months of confidential talks with its creditors aimed at averting bankruptcy. "We are now a Chapter 9 debtor," Marc Levinson, the lawyer who filed the city's voluntary petition in the Eastern District of California, in Sacramento (Case 12-32118) told Reuters. ...


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Blast hits Damascus, Turkey sends troops to border
Thu,28 Jun 2012 04:14 PM PDT
Reuters -

Wrecked cars are seen at the site of an explosion outside Syria's highest court in central DamascusBEIRUT/ISKENDERUN, Turkey (Reuters) - Rebel forces attacked Syria's main court in central Damascus on Thursday, state television said, while Turkey deployed troops and anti-aircraft rocket launchers to the Syrian border, building pressure on President Bashar al-Assad. A loud explosion echoed through the streets and a column of black smoke rose over Damascus, an Assad stronghold that until the last few days had seemed largely beyond the reach of rebels. State television described it as a "terrorist" blast. Dozens of wrecked and burning cars were strewn over a car park used by lawyers and ...


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China main money rate up, market awaits next bank reserve cut
Fri,29 Jun 2012 04:05 AM PDT
Reuters -

Bank clerk counts Chinese yuan banknotes at a branch of Industrial and Commercial Bank of China in HuaibeiSHANGHAI (Reuters) - China's main short-term lending rate rose 14 basis points on Friday as banks hoarded money to prepare for extra bank reserve payments due early next month while the market awaited a cut in bank reserve requirements. The benchmark seven-day weighted-average bond repurchase rate rose to 4.1240 percent at midday from Thursday's close of 3.9832 percent. The shortest overnight repo rate rose to 3.6038 percent from 3.5666 percent but tenors above 14-days fell on expectations that liquidity conditions may improve after July 5, traders said. ...


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Weak first quarter growth bodes ill for economic outlook
Thu,28 Jun 2012 09:55 AM PDT
Reuters -

A customer looks over produce at the Phoenix Public Market in PhoenixWASHINGTON (Reuters) - The U.S. economy grew only modestly in the first quarter, the government confirmed on Thursday in a report that underscored the economy's vulnerability as global growth slows. Gross domestic product rose at a 1.9 percent annual rate, with motor vehicle output accounting for more than half the gain, the Commerce Department said. The growth pace, which was unchanged from a prior reading, marked a sharp step down from the fourth quarter's 3 percent advance. Auto production contributed 1.16 percentage points to GDP growth, reflecting pent-up demand that has since waned. ...


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United Technologies sent military copter tech to China
Thu,28 Jun 2012 09:07 PM PDT
Reuters - WASHINGTON (Reuters) - United Technologies Corp on Thursday admitted selling China software that helped Beijing develop its first modern military attack helicopter, one of hundreds of export control violations over nearly two decades. At a federal court hearing in Bridgeport, Connecticut, United Technologies and its two subsidiaries, Pratt & Whitney Canada and Hamilton Sundstrand Corp, agreed to pay more than $75 million to the U.S. government to settle criminal and administrative charges related to the violations. ... Full Story
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News Corp split sets stage for possible Lachlan return
Thu,28 Jun 2012 02:46 PM PDT
Reuters -

News Corp Chief Executive and Chairman Murdoch enters his vehicle as he leaves his home in New York(Reuters) - Rupert Murdoch's decision to become chief executive of a new, separate entertainment company split off from News Corp but not to head the new publishing business sparked speculation he was setting the stage for the return of his eldest son Lachlan as an executive at the company. News Corp said on Thursday that its board had approved a plan for the $60 billion media conglomerate to be split into two publicly traded companies, publishing and entertainment, with the Murdoch family retaining control of both. ...


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Analysis: After healthcare victory in court, new challenges for Obama
Thu,28 Jun 2012 04:25 PM PDT
Reuters -

U.S. President Obama smiles while walking towards Marine One at the White House in WashingtonWASHINGTON (Reuters) - As Democrats celebrated the U.S. Supreme Court's ruling on Thursday that saved President Barack Obama's sweeping healthcare overhaul, the mood inside the White House was a subdued satisfaction. There were hugs and handshakes after Obama learned of the ruling from White House counsel Kathy Ruemmler, but also a realization: Thursday's victory in court could energize Republicans who oppose the law and leave Obama with a tougher fight for a second four-year term in the White House. ...


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Top court upholds healthcare law in Obama triumph
Thu,28 Jun 2012 02:35 PM PDT
Reuters -

Religious leaders pray over a copy of the verdict on Obama's healthcare overhaul law in WashingtonWASHINGTON (Reuters) - The Supreme Court upheld President Barack Obama's healthcare law on Thursday in an election-year triumph for him and fellow Democrats who championed the most sweeping overhaul since the 1960s of the unwieldy U.S. healthcare system. In a 5-4 ruling based on the power of Congress to impose taxes, the nation's highest court preserved the law's "individual mandate" requiring that most Americans obtain health insurance by 2014 or pay a tax. The justices also preserved, with some changes, a provision of the law expanding the Medicaid health insurance program for the poor. ...


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U.S. grants Iran sanctions exceptions to China
Thu,28 Jun 2012 02:47 PM PDT
Reuters - WASHINGTON (Reuters) - The United States gave China a six-month reprieve from Iran financial sanctions on Thursday, avoiding a diplomatic spat with a country whose support it needs to try to quell violence in Syria and rein in Tehran's nuclear ambitions. With Thursday's decision to grant exceptions to China, which buys up to a fifth of Iran's oil exports, and Singapore, which buys Iranian fuel oil, the Obama administration has now spared all 20 of Iran's major oil buyers from its unilateral sanctions. ... Full Story
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Romney to campaign as only hope against "Obamacare"
Thu,28 Jun 2012 03:44 PM PDT
Reuters -

Romney pauses during his reaction to the Supreme Court's upholding of Obamacare in WashingtonWASHINGTON (Reuters) - The battle over President Barack Obama's landmark healthcare law shifted from the Supreme Court to the campaign trail on Thursday, as Republican challenger Mitt Romney asked voters to throw Obama out of office to get rid of the unpopular law. The high court's 5-4 decision to uphold the law was a setback for Romney and his fellow Republicans, who had hoped that Obama's central policy achievement would be struck down as unconstitutional. But the overhaul remains unpopular, and Romney cast the November 6 presidential election as the best chance for voters to overturn it. ...


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Battle over Spain, Italy rescue erupts at EU summit
Thu,28 Jun 2012 03:16 PM PDT
Reuters -

France's President Hollande and Italy's Prime Minister Monti attend a meeting during European Union leaders summit in BrusselsBRUSSELS (Reuters) - Italy and Spain, battling searing market pressure in the euro zone's widening debt crisis, held up agreement on measures to promote growth at a European Union summit on Thursday to demand urgent action to bring down their borrowing costs. Italian Prime Minister Mario Monti and his Spanish counterpart, Mariano Rajoy, refused to sign off on a 120 billion euro ($149 billion) growth package until EU paymaster Germany approved short-term measures to ease their cost of credit, officials said. ...


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