PRESS DIGEST - Wall Street Journal - May 25

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n">May 25 (Reuters) - The following were the top stories in The Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

* Banks are looking to hold onto their influence over consumers, who are increasingly shunning checks and cash, turning instead to new nonbank technologies to spend their money. The new service from Bank of America Corp , Wells Fargo & Co and J.P. Morgan Chase & Co takes aim at the popular PayPal offering.

* American International Group Inc and the United States Treasury sold $8.7 billion in shares Tuesday in a landmark stock offering that eked out a small profit for taxpayers and began the government's exit from the insurer 2 and a half years after its record bailout.

* Federal prosecutors are investigating several former Avon Products Inc employees, raising the prospect of criminal charges in an ongoing probe into allegations the company bribed foreign officials, people familiar with the matter said.

* Three years after launching a probe to determine whether the 2008 oil-market frenzy was fueled by excessive speculation, the United States alleged that two traders and their firms operated an international plot to manipulate prices.

* State attorneys general told five of the nation's largest banks on Tuesday they face a potential liability of at least $17 billion in civil lawsuits if a settlement isn't reached to address improper foreclosure practices, according to people familiar with the matter.

* Italian auto maker Fiat SpA is mulling a plan to quickly take a majority stake in Chrysler Group LLC by purchasing shares from the U.S. Treasury and a United Auto Workers health trust fund, people familiar with the matter said.

* Amazon.com Inc launched another version of its popular Kindle electronic reader that is cheaper, but that comes with on-screen ads.

* NASA designated a four-person space capsule built by Lockheed Martin Corp as its likely premier exploration vehicle to take future astronauts beyond earth orbit.

* Medtronic Inc's fiscal fourth-quarter earnings fell 19%, hit by restructuring costs linked to recent job cuts, while sales edged higher despite continued growth challenges in markets for implantable defibrillators and spinal devices.

* Barnes & Noble Inc , weighing an offer to be acquired by Liberty Media Corp , launched its latest salvo in the digital-book wars Tuesday with a new touch-screen version of its Nook e-reader.

* The head of Boeing Co said Tuesday that the keenly awaited replacement to its best-selling 737 aircraft family would be only "modestly bigger" than the existing jets if it opted to build an all-new plane this decade.

* Volkswagen AG will decide in the next 12 months whether it will build Audi luxury cars in the U.S. in addition to VWs it is churning out at a new factory here, the company's chief executive said on Tuesday.

* Google Inc and Citigroup Inc said they will each invest $55 million in an inland California wind farm they said will be the country's largest by the end of the year.

* Google Inc is expected to disclose details about how consumers will be able to make store purchases, redeem coupons, and get loyalty points by waving smartphones in front of a small reader at the checkout counter, said people familiar with the matter. (Compiled by Isheeta Sanghi; Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780)

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n">May 25 (Reuters) - The following were the top stories in The Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

* Banks are looking to hold onto their influence over consumers, who are increasingly shunning checks and cash, turning instead to new nonbank technologies to spend their money. The new service from Bank of America Corp , Wells Fargo & Co and J.P. Morgan Chase & Co takes aim at the popular PayPal offering.

* American International Group Inc and the United States Treasury sold $8.7 billion in shares Tuesday in a landmark stock offering that eked out a small profit for taxpayers and began the government's exit from the insurer 2 and a half years after its record bailout.

* Federal prosecutors are investigating several former Avon Products Inc employees, raising the prospect of criminal charges in an ongoing probe into allegations the company bribed foreign officials, people familiar with the matter said.

* Three years after launching a probe to determine whether the 2008 oil-market frenzy was fueled by excessive speculation, the United States alleged that two traders and their firms operated an international plot to manipulate prices.

* State attorneys general told five of the nation's largest banks on Tuesday they face a potential liability of at least $17 billion in civil lawsuits if a settlement isn't reached to address improper foreclosure practices, according to people familiar with the matter.

* Italian auto maker Fiat SpA is mulling a plan to quickly take a majority stake in Chrysler Group LLC by purchasing shares from the U.S. Treasury and a United Auto Workers health trust fund, people familiar with the matter said.

* Amazon.com Inc launched another version of its popular Kindle electronic reader that is cheaper, but that comes with on-screen ads.

* NASA designated a four-person space capsule built by Lockheed Martin Corp as its likely premier exploration vehicle to take future astronauts beyond earth orbit.

* Medtronic Inc's fiscal fourth-quarter earnings fell 19%, hit by restructuring costs linked to recent job cuts, while sales edged higher despite continued growth challenges in markets for implantable defibrillators and spinal devices.

* Barnes & Noble Inc , weighing an offer to be acquired by Liberty Media Corp , launched its latest salvo in the digital-book wars Tuesday with a new touch-screen version of its Nook e-reader.

* The head of Boeing Co said Tuesday that the keenly awaited replacement to its best-selling 737 aircraft family would be only "modestly bigger" than the existing jets if it opted to build an all-new plane this decade.

* Volkswagen AG will decide in the next 12 months whether it will build Audi luxury cars in the U.S. in addition to VWs it is churning out at a new factory here, the company's chief executive said on Tuesday.

* Google Inc and Citigroup Inc said they will each invest $55 million in an inland California wind farm they said will be the country's largest by the end of the year.

* Google Inc is expected to disclose details about how consumers will be able to make store purchases, redeem coupons, and get loyalty points by waving smartphones in front of a small reader at the checkout counter, said people familiar with the matter. (Compiled by Isheeta Sanghi; Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780)

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n">May 25 (Reuters) - The following were the top stories in The Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

* Banks are looking to hold onto their influence over consumers, who are increasingly shunning checks and cash, turning instead to new nonbank technologies to spend their money. The new service from Bank of America Corp , Wells Fargo & Co and J.P. Morgan Chase & Co takes aim at the popular PayPal offering.

* American International Group Inc and the United States Treasury sold $8.7 billion in shares Tuesday in a landmark stock offering that eked out a small profit for taxpayers and began the government's exit from the insurer 2 and a half years after its record bailout.

* Federal prosecutors are investigating several former Avon Products Inc employees, raising the prospect of criminal charges in an ongoing probe into allegations the company bribed foreign officials, people familiar with the matter said.

* Three years after launching a probe to determine whether the 2008 oil-market frenzy was fueled by excessive speculation, the United States alleged that two traders and their firms operated an international plot to manipulate prices.

* State attorneys general told five of the nation's largest banks on Tuesday they face a potential liability of at least $17 billion in civil lawsuits if a settlement isn't reached to address improper foreclosure practices, according to people familiar with the matter.

* Italian auto maker Fiat SpA is mulling a plan to quickly take a majority stake in Chrysler Group LLC by purchasing shares from the U.S. Treasury and a United Auto Workers health trust fund, people familiar with the matter said.

* Amazon.com Inc launched another version of its popular Kindle electronic reader that is cheaper, but that comes with on-screen ads.

* NASA designated a four-person space capsule built by Lockheed Martin Corp as its likely premier exploration vehicle to take future astronauts beyond earth orbit.

* Medtronic Inc's fiscal fourth-quarter earnings fell 19%, hit by restructuring costs linked to recent job cuts, while sales edged higher despite continued growth challenges in markets for implantable defibrillators and spinal devices.

* Barnes & Noble Inc , weighing an offer to be acquired by Liberty Media Corp , launched its latest salvo in the digital-book wars Tuesday with a new touch-screen version of its Nook e-reader.

* The head of Boeing Co said Tuesday that the keenly awaited replacement to its best-selling 737 aircraft family would be only "modestly bigger" than the existing jets if it opted to build an all-new plane this decade.

* Volkswagen AG will decide in the next 12 months whether it will build Audi luxury cars in the U.S. in addition to VWs it is churning out at a new factory here, the company's chief executive said on Tuesday.

* Google Inc and Citigroup Inc said they will each invest $55 million in an inland California wind farm they said will be the country's largest by the end of the year.

* Google Inc is expected to disclose details about how consumers will be able to make store purchases, redeem coupons, and get loyalty points by waving smartphones in front of a small reader at the checkout counter, said people familiar with the matter. (Compiled by Isheeta Sanghi; Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780)

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Asia to become key part of Samsonite's business -exec

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HONG KONG | Tue May 24, 2011 4:11am EDT

Samsonite last week received Hong Kong stock exchange approval for an initial public offering, which could raise about $1.5 billion. [ID:nL3E7GD1W7] (Reporting by Elzio Barreto; Editing by Ken Wills)

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HONG KONG | Tue May 24, 2011 4:11am EDT

Samsonite last week received Hong Kong stock exchange approval for an initial public offering, which could raise about $1.5 billion. [ID:nL3E7GD1W7] (Reporting by Elzio Barreto; Editing by Ken Wills)

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HONG KONG | Tue May 24, 2011 4:11am EDT

Samsonite last week received Hong Kong stock exchange approval for an initial public offering, which could raise about $1.5 billion. [ID:nL3E7GD1W7] (Reporting by Elzio Barreto; Editing by Ken Wills)

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UPDATE 1-Nestle buys US firm as part of food pharma drive

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* Nestle might have paid over $1 bln for buy - analyst

* Move will help Nestle expand pharma nutrition business

* Nestle Health Science unit launched in January

(Adds details, background)

ZURICH, May 24 (Reuters) - Nestle (NESN.VX), the world's biggest food group, has agreed to buy U.S. gastrointestinal diagnostics firm Prometheus Laboratories for an undisclosed sum as part of its drive into foods with health benefits.

Nestle said in a statement that Prometheus, which is expected to have annualised 2012 sales of around $250 million, focuses on conditions such as inflammatory bowel diseases, including Crohn's disease and ulcerative colitis.

Luis Cantarell, head of the health science unit created at the beginning of the year, said the acquisition would help Nestle accelerate its current and future healthcare business.

"It will enable new personalised healthcare solutions based on diagnostics, pharma and nutrition," he said in a statement.

While Nestle declined to give financial details, Vontobel analyst Jean-Philippe Bertschy estimated Nestle might have paid more than 1 billion Swiss francs ($1.13 billion) for the firm.

"The combined entity will be able to leverage the products and geographic presence in gastrointestinal diagnostics. We see that acquisition as a decisive step for Nestle," he said.

The Vevey-based maker of Nescafe coffee, KitKat chocolate bars and Maggi soup has said it plans to invest about 500 million Swiss francs into the new health science division over the next decade.[ID:nLDE68N187]

In February, it bought UK-based CM&D Pharma Ltd., which makes a chewing gum to help people suffering from kidney disease as well as other products for patients with inflammatory bowel disease, and colon cancer. [ID:nLDE71105R].

Nestle shares were up 0.4 percent at 54.70 francs at 0732 GMT, compared to a near flat European food and beverage index .SX3P. (Reporting by Emma Thomasson; Editing by Louise Heavens) ($1=.8856 Swiss Franc)

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* Nestle might have paid over $1 bln for buy - analyst

* Move will help Nestle expand pharma nutrition business

* Nestle Health Science unit launched in January

(Adds details, background)

ZURICH, May 24 (Reuters) - Nestle (NESN.VX), the world's biggest food group, has agreed to buy U.S. gastrointestinal diagnostics firm Prometheus Laboratories for an undisclosed sum as part of its drive into foods with health benefits.

Nestle said in a statement that Prometheus, which is expected to have annualised 2012 sales of around $250 million, focuses on conditions such as inflammatory bowel diseases, including Crohn's disease and ulcerative colitis.

Luis Cantarell, head of the health science unit created at the beginning of the year, said the acquisition would help Nestle accelerate its current and future healthcare business.

"It will enable new personalised healthcare solutions based on diagnostics, pharma and nutrition," he said in a statement.

While Nestle declined to give financial details, Vontobel analyst Jean-Philippe Bertschy estimated Nestle might have paid more than 1 billion Swiss francs ($1.13 billion) for the firm.

"The combined entity will be able to leverage the products and geographic presence in gastrointestinal diagnostics. We see that acquisition as a decisive step for Nestle," he said.

The Vevey-based maker of Nescafe coffee, KitKat chocolate bars and Maggi soup has said it plans to invest about 500 million Swiss francs into the new health science division over the next decade.[ID:nLDE68N187]

In February, it bought UK-based CM&D Pharma Ltd., which makes a chewing gum to help people suffering from kidney disease as well as other products for patients with inflammatory bowel disease, and colon cancer. [ID:nLDE71105R].

Nestle shares were up 0.4 percent at 54.70 francs at 0732 GMT, compared to a near flat European food and beverage index .SX3P. (Reporting by Emma Thomasson; Editing by Louise Heavens) ($1=.8856 Swiss Franc)

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* Nestle might have paid over $1 bln for buy - analyst

* Move will help Nestle expand pharma nutrition business

* Nestle Health Science unit launched in January

(Adds details, background)

ZURICH, May 24 (Reuters) - Nestle (NESN.VX), the world's biggest food group, has agreed to buy U.S. gastrointestinal diagnostics firm Prometheus Laboratories for an undisclosed sum as part of its drive into foods with health benefits.

Nestle said in a statement that Prometheus, which is expected to have annualised 2012 sales of around $250 million, focuses on conditions such as inflammatory bowel diseases, including Crohn's disease and ulcerative colitis.

Luis Cantarell, head of the health science unit created at the beginning of the year, said the acquisition would help Nestle accelerate its current and future healthcare business.

"It will enable new personalised healthcare solutions based on diagnostics, pharma and nutrition," he said in a statement.

While Nestle declined to give financial details, Vontobel analyst Jean-Philippe Bertschy estimated Nestle might have paid more than 1 billion Swiss francs ($1.13 billion) for the firm.

"The combined entity will be able to leverage the products and geographic presence in gastrointestinal diagnostics. We see that acquisition as a decisive step for Nestle," he said.

The Vevey-based maker of Nescafe coffee, KitKat chocolate bars and Maggi soup has said it plans to invest about 500 million Swiss francs into the new health science division over the next decade.[ID:nLDE68N187]

In February, it bought UK-based CM&D Pharma Ltd., which makes a chewing gum to help people suffering from kidney disease as well as other products for patients with inflammatory bowel disease, and colon cancer. [ID:nLDE71105R].

Nestle shares were up 0.4 percent at 54.70 francs at 0732 GMT, compared to a near flat European food and beverage index .SX3P. (Reporting by Emma Thomasson; Editing by Louise Heavens) ($1=.8856 Swiss Franc)

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REFILE-European shares edge higher; miners support

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(Refiles to correct spelling of 'European' in headline)

LONDON May 24 (Reuters) - European shares drifted higher in early trade on Tuesday, with firmer metals prices supporting miners, although investor sentiment remained fragile on persistent concerns about the euro zone sovereign debt crisis.

That caution was compounded after Moody's gave a bearish assessment of the impact of a Greek debt restructuring. At 0714 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.2 percent at 1,118.72 points after falling 1.7 percent on Monday on mounting concerns about the euro zone debt crisis.

Analysts said longer-term outlook stayed positive, but short-term events could make equities volatile.

"The global economy is still doing well. Companies are very healthy and have a lot of cash in their balance sheets. As long as they continue to deliver profits, that's going to be helpful for the market," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels.

"But I would caution people to be careful and take some money off the table and make sure they have some cash in hands."

Miners got strength from higher metals prices. The STOXX Europe 600 Basic Materials index .SXPP rose 1.5 percent. (Reporting by Atul Prakash)

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(Refiles to correct spelling of 'European' in headline)

LONDON May 24 (Reuters) - European shares drifted higher in early trade on Tuesday, with firmer metals prices supporting miners, although investor sentiment remained fragile on persistent concerns about the euro zone sovereign debt crisis.

That caution was compounded after Moody's gave a bearish assessment of the impact of a Greek debt restructuring. At 0714 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.2 percent at 1,118.72 points after falling 1.7 percent on Monday on mounting concerns about the euro zone debt crisis.

Analysts said longer-term outlook stayed positive, but short-term events could make equities volatile.

"The global economy is still doing well. Companies are very healthy and have a lot of cash in their balance sheets. As long as they continue to deliver profits, that's going to be helpful for the market," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels.

"But I would caution people to be careful and take some money off the table and make sure they have some cash in hands."

Miners got strength from higher metals prices. The STOXX Europe 600 Basic Materials index .SXPP rose 1.5 percent. (Reporting by Atul Prakash)

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(Refiles to correct spelling of 'European' in headline)

LONDON May 24 (Reuters) - European shares drifted higher in early trade on Tuesday, with firmer metals prices supporting miners, although investor sentiment remained fragile on persistent concerns about the euro zone sovereign debt crisis.

That caution was compounded after Moody's gave a bearish assessment of the impact of a Greek debt restructuring. At 0714 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.2 percent at 1,118.72 points after falling 1.7 percent on Monday on mounting concerns about the euro zone debt crisis.

Analysts said longer-term outlook stayed positive, but short-term events could make equities volatile.

"The global economy is still doing well. Companies are very healthy and have a lot of cash in their balance sheets. As long as they continue to deliver profits, that's going to be helpful for the market," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels.

"But I would caution people to be careful and take some money off the table and make sure they have some cash in hands."

Miners got strength from higher metals prices. The STOXX Europe 600 Basic Materials index .SXPP rose 1.5 percent. (Reporting by Atul Prakash)

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GLOBAL MARKETS-European debt crisis fears keep markets on edge

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* Markets recover poise after Monday's hammering

* Euro zone debt crisis keeps lid on stocks, euro

* Moody's warns of contagion

By Jeremy Gaunt, European Investment Correspondent

LONDON, May 24 (Reuters) - Financial markets regained some poise on Tuesday but recouped only a little ground from the battering inflicted a day earlier by fears that the euro zone debt crisis is heading for a new, more dangerous phase.

European shares edged higher, but were still in the red for the year, and the euro sat just above two-month lows versus the dollar, against which it has lost as much as 6.5 percent over three weeks.

World stocks as measured by MSCI .MIWD00000PUS were up 0.2 percent, but only after hitting two-month lows during Monday's sell off, wiping out a good portion of their spring rally.

The main driver behind Monday's shake-out was concern that a Greek default could put a new range of countries -- including Group of Eight member Italy -- into trouble.

It was triggered by another downgrading of Greece, a ratings outlook warning about Italy and a Spanish voter revolt against austerity. [ID:nLDE74M0V7]

Rating agency Moody's underlined the issue again on Tuesday, saying that a Greek debt default would have wide implication for others. [ID:nLDE74N0AQ]

"Moody's believes that a default is likely to have adverse credit rating implications for Greece, possibly some other stressed European sovereigns, and the Greek banks, regardless of the efforts made to achieve an 'orderly' outcome," it said in a statement.

Euro zone governments and central bankers are at loggerheads over what is needed to stave of default or restructuring in Greece, primarily over the precedent it would set for the currency bloc and the other highly indebted countries. "The huge storm of risk reduction will rip through markets if the focus turns to Spain and Italy. It's clear they don't have money to bail out these countries," said Ayako Sera, a market economist at Sumitomo Trust and Banking.

"What we are seeing now could just be the beginning of it," she added.

EYE OF STORM?

As is often the case after a heavy market day, investors took something of a breather on Tuesday, but without any sign that the underlying issue has been dealt with.

The euro hovered above its two-month low against the dollar, capped by the contagion worries. It was up less than 0.1 percent on the day at $1.4060 EUR=.

"The amount of euro selling in the past few days has been huge. So I suspect a lot of euro long positions have been cleared. Some may probably be caught in short positions," said a trader at a U.S. bank.

European shares drifted higher, with the FTEurofirst 300 .FTEU3 up 0.3 percent. The index fell 1.7 percent on Monday.

Analysts said longer-term outlook was positive, but short-term events could make equities volatile.

"The global economy is still doing well. Companies are very healthy and have a lot of cash in their balance sheets. As long as they continue to deliver profits, that's going to be helpful for the market," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels.

"But I would caution people to be careful and take some money off the table and make sure they have some cash in hands."

German bonds opened slightly lower as investors cashed in on the previous day's rally of core euro zone debt. (Additional reporting by Hideyuki Sano and Atul Prakash, editing by Mike Peacock)

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* Markets recover poise after Monday's hammering

* Euro zone debt crisis keeps lid on stocks, euro

* Moody's warns of contagion

By Jeremy Gaunt, European Investment Correspondent

LONDON, May 24 (Reuters) - Financial markets regained some poise on Tuesday but recouped only a little ground from the battering inflicted a day earlier by fears that the euro zone debt crisis is heading for a new, more dangerous phase.

European shares edged higher, but were still in the red for the year, and the euro sat just above two-month lows versus the dollar, against which it has lost as much as 6.5 percent over three weeks.

World stocks as measured by MSCI .MIWD00000PUS were up 0.2 percent, but only after hitting two-month lows during Monday's sell off, wiping out a good portion of their spring rally.

The main driver behind Monday's shake-out was concern that a Greek default could put a new range of countries -- including Group of Eight member Italy -- into trouble.

It was triggered by another downgrading of Greece, a ratings outlook warning about Italy and a Spanish voter revolt against austerity. [ID:nLDE74M0V7]

Rating agency Moody's underlined the issue again on Tuesday, saying that a Greek debt default would have wide implication for others. [ID:nLDE74N0AQ]

"Moody's believes that a default is likely to have adverse credit rating implications for Greece, possibly some other stressed European sovereigns, and the Greek banks, regardless of the efforts made to achieve an 'orderly' outcome," it said in a statement.

Euro zone governments and central bankers are at loggerheads over what is needed to stave of default or restructuring in Greece, primarily over the precedent it would set for the currency bloc and the other highly indebted countries. "The huge storm of risk reduction will rip through markets if the focus turns to Spain and Italy. It's clear they don't have money to bail out these countries," said Ayako Sera, a market economist at Sumitomo Trust and Banking.

"What we are seeing now could just be the beginning of it," she added.

EYE OF STORM?

As is often the case after a heavy market day, investors took something of a breather on Tuesday, but without any sign that the underlying issue has been dealt with.

The euro hovered above its two-month low against the dollar, capped by the contagion worries. It was up less than 0.1 percent on the day at $1.4060 EUR=.

"The amount of euro selling in the past few days has been huge. So I suspect a lot of euro long positions have been cleared. Some may probably be caught in short positions," said a trader at a U.S. bank.

European shares drifted higher, with the FTEurofirst 300 .FTEU3 up 0.3 percent. The index fell 1.7 percent on Monday.

Analysts said longer-term outlook was positive, but short-term events could make equities volatile.

"The global economy is still doing well. Companies are very healthy and have a lot of cash in their balance sheets. As long as they continue to deliver profits, that's going to be helpful for the market," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels.

"But I would caution people to be careful and take some money off the table and make sure they have some cash in hands."

German bonds opened slightly lower as investors cashed in on the previous day's rally of core euro zone debt. (Additional reporting by Hideyuki Sano and Atul Prakash, editing by Mike Peacock)

Baloane

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* Markets recover poise after Monday's hammering

* Euro zone debt crisis keeps lid on stocks, euro

* Moody's warns of contagion

By Jeremy Gaunt, European Investment Correspondent

LONDON, May 24 (Reuters) - Financial markets regained some poise on Tuesday but recouped only a little ground from the battering inflicted a day earlier by fears that the euro zone debt crisis is heading for a new, more dangerous phase.

European shares edged higher, but were still in the red for the year, and the euro sat just above two-month lows versus the dollar, against which it has lost as much as 6.5 percent over three weeks.

World stocks as measured by MSCI .MIWD00000PUS were up 0.2 percent, but only after hitting two-month lows during Monday's sell off, wiping out a good portion of their spring rally.

The main driver behind Monday's shake-out was concern that a Greek default could put a new range of countries -- including Group of Eight member Italy -- into trouble.

It was triggered by another downgrading of Greece, a ratings outlook warning about Italy and a Spanish voter revolt against austerity. [ID:nLDE74M0V7]

Rating agency Moody's underlined the issue again on Tuesday, saying that a Greek debt default would have wide implication for others. [ID:nLDE74N0AQ]

"Moody's believes that a default is likely to have adverse credit rating implications for Greece, possibly some other stressed European sovereigns, and the Greek banks, regardless of the efforts made to achieve an 'orderly' outcome," it said in a statement.

Euro zone governments and central bankers are at loggerheads over what is needed to stave of default or restructuring in Greece, primarily over the precedent it would set for the currency bloc and the other highly indebted countries. "The huge storm of risk reduction will rip through markets if the focus turns to Spain and Italy. It's clear they don't have money to bail out these countries," said Ayako Sera, a market economist at Sumitomo Trust and Banking.

"What we are seeing now could just be the beginning of it," she added.

EYE OF STORM?

As is often the case after a heavy market day, investors took something of a breather on Tuesday, but without any sign that the underlying issue has been dealt with.

The euro hovered above its two-month low against the dollar, capped by the contagion worries. It was up less than 0.1 percent on the day at $1.4060 EUR=.

"The amount of euro selling in the past few days has been huge. So I suspect a lot of euro long positions have been cleared. Some may probably be caught in short positions," said a trader at a U.S. bank.

European shares drifted higher, with the FTEurofirst 300 .FTEU3 up 0.3 percent. The index fell 1.7 percent on Monday.

Analysts said longer-term outlook was positive, but short-term events could make equities volatile.

"The global economy is still doing well. Companies are very healthy and have a lot of cash in their balance sheets. As long as they continue to deliver profits, that's going to be helpful for the market," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels.

"But I would caution people to be careful and take some money off the table and make sure they have some cash in hands."

German bonds opened slightly lower as investors cashed in on the previous day's rally of core euro zone debt. (Additional reporting by Hideyuki Sano and Atul Prakash, editing by Mike Peacock)

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UPDATE 1-Fuji Heavy, Chery agree on China Subaru deal -sources

birou notarial

* Agrees in principle to make Subaru in China

* Partners communicating with Chinese regulators on deal

* Fuji's recovery at home cited for postponed announcement of deal

* Chery tie gives Fuji a foothold in China (Adds details, background)

By Fang Yan and Ken Wills

BEIJING, May 24 (Reuters) - Fuji Heavy Industries has agreed in principle to make Subaru vehicles in northeastern China with Chery Automobile, the country's largest independent automaker, two people with knowledge of deal said on Tuesday, marking the latest foreign manufacturing tie-up in the world's biggest auto market.

The Chery deal, if it goes ahead, would give the Japanese automaker a foothold in China, joining the ranks of General Motors and Volkswagen , which had already carved up a major chunk of market where vehicle sales had topped 18 million in 2010.

"Chery and Fuji have agreed on the major terms and conditions of making Subarus in the city of Dalian and are now communicating with Chinese regulators to seek their endorsement," one person briefed on the matter told Reuters.

The terms and conditions were similar with what had been previously reported, the person said, declining to elaborate.

The Nikkei business daily reported in late 2010 that the two companies were in advanced talks to build a 30 billion yen ($366 million) China plant, with initial annual capacity of 50,000 units, rising to 150,000 eventually.[ID:nSGE6BJ0CE]

New auto manufacturing ventures in China need to be approved by government bodies, including the top economic planner, the National Development and Reform Commission, and the Ministry of Industry and Information Technology, which oversees major industry policies.

Another person close to the companies told Reuters that Fuji Heavy was still occupied with recovery efforts after the devastating March 11 earthquake and tsunami, contributing to a postponement of the announcement of its China tie.

Like all the other Japanese automakers, Fuji Heavy suffered from the disaster. Disruption to the supply chain had snapped its sales momentum, causing a loss of some 15,000 units in car sales in the few weeks remaining in the business year that ended on March 31. [ID:nL3E7GA0IH]

A Fuji Heavy spokesman said the company had no further comment after admitting late last year that Chery was among its potential partners in China.

Chery spokesman Jin Yibo said he had no information on the deal.

A formal announcement of the deal is expected in the coming months. It will make Chery the latest Chinese car maker to have a foreign partner, joining bigger auto groups SAIC Motor Corp , Dongfeng Motor Group , Chongqing Changan Automobile among others.

CHINA TIES

China, which eclipsed the United States as the world's top auto seller in 2009, is too important to miss for most industry players, including top Japanese brands Toyota Motor , Nissan Motor and Honda Motor which formed their local alliances years ago.

Fuji Heavy, has been seeking a tie in China, where only imported Subaru models, such as Legacy, Forester, Impreza and Tribeca are offered via select agents, including Pangda Automobile Trade Co , China's largest publicly traded auto dealer.

The smallest Japanese automaker had previously approached a number of Chinese automakers for a possible tie, including SAIC, a long-time partner of GM and Volkswagen, industry sources said.

Chery Auto, best known for its hot-selling compact car QQ, had explored opportunities to export Chinese-made small cars to developed markets under the Chrysler badge.

But the deal was called off after Chrysler, now controlled by Fiat , reached a similar pact with Nissan Motor . Chrysler's bankruptcy amid of a steep industry downturn in North America was also cited as a reason.

In 2010, Chery sold 682,058 vehicles, up 36.3 percent year-on-year, outpacing a 33.2 percent gain in China's car market as well as Warren Buffett-backed BYD , which sold 519,806 cars, up 15.5 percent. [ID:nTOE70B06A].

Geely Automobile , whose parent owns Volvo Cars, sold 415,286 cars last year, up 27.1 percent.

Chery, which started selling cars overseas in 2002, is now China's biggest auto exporter with year-to-date shipments exceeding 500,000 units. It operates 16 assembly plants overseas, including a $400 million facility in Brazil that will eventually be capable of making 150,000 cars per year.

In 2011, Chery aims to ship 120,000 cars overseas, mostly to developing markets in Southeast Asia, the Middle East and South America, up over 30 percent from 2010. [ID:nL3E7GN0FT] ($1 = 81.955 Yen) (Additional reporting by Chang-Ran Kim in Tokyo)

Birou Notarial Bucuresti

Baloane

* Agrees in principle to make Subaru in China

* Partners communicating with Chinese regulators on deal

* Fuji's recovery at home cited for postponed announcement of deal

* Chery tie gives Fuji a foothold in China (Adds details, background)

By Fang Yan and Ken Wills

BEIJING, May 24 (Reuters) - Fuji Heavy Industries has agreed in principle to make Subaru vehicles in northeastern China with Chery Automobile, the country's largest independent automaker, two people with knowledge of deal said on Tuesday, marking the latest foreign manufacturing tie-up in the world's biggest auto market.

The Chery deal, if it goes ahead, would give the Japanese automaker a foothold in China, joining the ranks of General Motors and Volkswagen , which had already carved up a major chunk of market where vehicle sales had topped 18 million in 2010.

"Chery and Fuji have agreed on the major terms and conditions of making Subarus in the city of Dalian and are now communicating with Chinese regulators to seek their endorsement," one person briefed on the matter told Reuters.

The terms and conditions were similar with what had been previously reported, the person said, declining to elaborate.

The Nikkei business daily reported in late 2010 that the two companies were in advanced talks to build a 30 billion yen ($366 million) China plant, with initial annual capacity of 50,000 units, rising to 150,000 eventually.[ID:nSGE6BJ0CE]

New auto manufacturing ventures in China need to be approved by government bodies, including the top economic planner, the National Development and Reform Commission, and the Ministry of Industry and Information Technology, which oversees major industry policies.

Another person close to the companies told Reuters that Fuji Heavy was still occupied with recovery efforts after the devastating March 11 earthquake and tsunami, contributing to a postponement of the announcement of its China tie.

Like all the other Japanese automakers, Fuji Heavy suffered from the disaster. Disruption to the supply chain had snapped its sales momentum, causing a loss of some 15,000 units in car sales in the few weeks remaining in the business year that ended on March 31. [ID:nL3E7GA0IH]

A Fuji Heavy spokesman said the company had no further comment after admitting late last year that Chery was among its potential partners in China.

Chery spokesman Jin Yibo said he had no information on the deal.

A formal announcement of the deal is expected in the coming months. It will make Chery the latest Chinese car maker to have a foreign partner, joining bigger auto groups SAIC Motor Corp , Dongfeng Motor Group , Chongqing Changan Automobile among others.

CHINA TIES

China, which eclipsed the United States as the world's top auto seller in 2009, is too important to miss for most industry players, including top Japanese brands Toyota Motor , Nissan Motor and Honda Motor which formed their local alliances years ago.

Fuji Heavy, has been seeking a tie in China, where only imported Subaru models, such as Legacy, Forester, Impreza and Tribeca are offered via select agents, including Pangda Automobile Trade Co , China's largest publicly traded auto dealer.

The smallest Japanese automaker had previously approached a number of Chinese automakers for a possible tie, including SAIC, a long-time partner of GM and Volkswagen, industry sources said.

Chery Auto, best known for its hot-selling compact car QQ, had explored opportunities to export Chinese-made small cars to developed markets under the Chrysler badge.

But the deal was called off after Chrysler, now controlled by Fiat , reached a similar pact with Nissan Motor . Chrysler's bankruptcy amid of a steep industry downturn in North America was also cited as a reason.

In 2010, Chery sold 682,058 vehicles, up 36.3 percent year-on-year, outpacing a 33.2 percent gain in China's car market as well as Warren Buffett-backed BYD , which sold 519,806 cars, up 15.5 percent. [ID:nTOE70B06A].

Geely Automobile , whose parent owns Volvo Cars, sold 415,286 cars last year, up 27.1 percent.

Chery, which started selling cars overseas in 2002, is now China's biggest auto exporter with year-to-date shipments exceeding 500,000 units. It operates 16 assembly plants overseas, including a $400 million facility in Brazil that will eventually be capable of making 150,000 cars per year.

In 2011, Chery aims to ship 120,000 cars overseas, mostly to developing markets in Southeast Asia, the Middle East and South America, up over 30 percent from 2010. [ID:nL3E7GN0FT] ($1 = 81.955 Yen) (Additional reporting by Chang-Ran Kim in Tokyo)

Baloane

Cost aparat dentar

* Agrees in principle to make Subaru in China

* Partners communicating with Chinese regulators on deal

* Fuji's recovery at home cited for postponed announcement of deal

* Chery tie gives Fuji a foothold in China (Adds details, background)

By Fang Yan and Ken Wills

BEIJING, May 24 (Reuters) - Fuji Heavy Industries has agreed in principle to make Subaru vehicles in northeastern China with Chery Automobile, the country's largest independent automaker, two people with knowledge of deal said on Tuesday, marking the latest foreign manufacturing tie-up in the world's biggest auto market.

The Chery deal, if it goes ahead, would give the Japanese automaker a foothold in China, joining the ranks of General Motors and Volkswagen , which had already carved up a major chunk of market where vehicle sales had topped 18 million in 2010.

"Chery and Fuji have agreed on the major terms and conditions of making Subarus in the city of Dalian and are now communicating with Chinese regulators to seek their endorsement," one person briefed on the matter told Reuters.

The terms and conditions were similar with what had been previously reported, the person said, declining to elaborate.

The Nikkei business daily reported in late 2010 that the two companies were in advanced talks to build a 30 billion yen ($366 million) China plant, with initial annual capacity of 50,000 units, rising to 150,000 eventually.[ID:nSGE6BJ0CE]

New auto manufacturing ventures in China need to be approved by government bodies, including the top economic planner, the National Development and Reform Commission, and the Ministry of Industry and Information Technology, which oversees major industry policies.

Another person close to the companies told Reuters that Fuji Heavy was still occupied with recovery efforts after the devastating March 11 earthquake and tsunami, contributing to a postponement of the announcement of its China tie.

Like all the other Japanese automakers, Fuji Heavy suffered from the disaster. Disruption to the supply chain had snapped its sales momentum, causing a loss of some 15,000 units in car sales in the few weeks remaining in the business year that ended on March 31. [ID:nL3E7GA0IH]

A Fuji Heavy spokesman said the company had no further comment after admitting late last year that Chery was among its potential partners in China.

Chery spokesman Jin Yibo said he had no information on the deal.

A formal announcement of the deal is expected in the coming months. It will make Chery the latest Chinese car maker to have a foreign partner, joining bigger auto groups SAIC Motor Corp , Dongfeng Motor Group , Chongqing Changan Automobile among others.

CHINA TIES

China, which eclipsed the United States as the world's top auto seller in 2009, is too important to miss for most industry players, including top Japanese brands Toyota Motor , Nissan Motor and Honda Motor which formed their local alliances years ago.

Fuji Heavy, has been seeking a tie in China, where only imported Subaru models, such as Legacy, Forester, Impreza and Tribeca are offered via select agents, including Pangda Automobile Trade Co , China's largest publicly traded auto dealer.

The smallest Japanese automaker had previously approached a number of Chinese automakers for a possible tie, including SAIC, a long-time partner of GM and Volkswagen, industry sources said.

Chery Auto, best known for its hot-selling compact car QQ, had explored opportunities to export Chinese-made small cars to developed markets under the Chrysler badge.

But the deal was called off after Chrysler, now controlled by Fiat , reached a similar pact with Nissan Motor . Chrysler's bankruptcy amid of a steep industry downturn in North America was also cited as a reason.

In 2010, Chery sold 682,058 vehicles, up 36.3 percent year-on-year, outpacing a 33.2 percent gain in China's car market as well as Warren Buffett-backed BYD , which sold 519,806 cars, up 15.5 percent. [ID:nTOE70B06A].

Geely Automobile , whose parent owns Volvo Cars, sold 415,286 cars last year, up 27.1 percent.

Chery, which started selling cars overseas in 2002, is now China's biggest auto exporter with year-to-date shipments exceeding 500,000 units. It operates 16 assembly plants overseas, including a $400 million facility in Brazil that will eventually be capable of making 150,000 cars per year.

In 2011, Chery aims to ship 120,000 cars overseas, mostly to developing markets in Southeast Asia, the Middle East and South America, up over 30 percent from 2010. [ID:nL3E7GN0FT] ($1 = 81.955 Yen) (Additional reporting by Chang-Ran Kim in Tokyo)

Cost aparat dentar

UPDATE 1-EU lawmakers set to vote on derivatives crackdown

birou notarial

* Vote will open talks on final text to meet 2012 deadline

* UK still lobbying for scope to cover all derivatives

(Adds hedge fund industry comment, more detail)

By Huw Jones

LONDON, May 24 (Reuters) - The European Union will move closer to cracking down on derivatives on Tuesday while still leaving a regulatory gap with the United States which could be exploited by banks.

The near implosion of U.S. insurer AIG (AIG.N) and the collapse of U.S. bank Lehman Brothers during the financial crisis left regulators determined to shine a light on a $600 trillion sector where banks transact with each other.

Derivatives are used by companies and investors to guard themselves against unpredictable moves in interest rates, inflation or commodity prices.

The open-ended and opaque nature of derivatives made it hard for regulators to quickly assess who were exposed to Lehman Brothers and by how much, creating huge uncertainties for markets.

The European Parliament's economic affairs committee votes in Brussels on an EU law Tuesday from 1300 GMT to standardise derivatives so they can be centrally cleared to curb risk and improve transparency.

Reuters reported on Friday that the lawmakers had reached a deal on a draft law to cover mainly off-exchange or over-the-counter derivatives (OTC). [ID:nLDE74J1DB]

"The compromise on the scope is that it will cover only OTC for clearing, but all transactions will have to be reported so that the European Securities and Markets Authority will have a full picture," a source close to the parliamentary talks said last week.

AIMA, a hedge fund lobby, warned lawmakers not to create barriers such as effectively excluding the use of clearing houses not located in the 27-country bloc.

UK NOT GIVING UP

It will be a setback for Britain, Europe's top derivatives trading centre, which wants to cover all derivatives so that users of exchanges have a choice of clearing house.

"We must make sure that the obligation to clear and report trades must apply to all derivatives," UK financial services minister Mark Hoban told a legal association on Monday evening.

After Tuesday's vote, parliament and the EU states will meet to hammer out a final version of the new law.

But EU states have yet to agree on scope but some diplomats said the UK may win out in the final text if safeguards are added to ensure that clearing choice is not risky.

Germany is seen as among the few countries with strong feelings against widening the law's scope.

Lawmakers are expected to allow clearing houses for shares to link up with each other, parliamentary sources said.

The crackdown is part of globally agreed effort and the United States has already approved its own law, known as the Dodd-Frank Act. It goes further and includes regulating how derivatives are traded as well as cleared and reported.

The EU will address trading in a separate reform known as the markets in financial instruments directive (MiFID) but this may not be published until September, industry officials say.

This means the market, dominated by big transatlantic banks, will not have a clear regulatory picture for many months.

The battle over the scope of regulation became politically charged because of Deutsche Boerse's (DB1Gn.DE) planned takeover of NYSE Euronext (NYX.N).

If approved by competition authorities, the tie-up will combine Europe's two main derivatives exchanges LIFFE and Eurex, which account for over 90 percent of listed derivatives trading.

Eurex has its own clearing house, which would stand to gain extra volumes -- probably at the expense of Anglo-French LCH.Clearnet -- and banks want to be able to choose where they clear their trades. (Reporting by Huw Jones; Editing by Tim Dobbyn and Mike Nesbit)

Birou Notarial Bucuresti

Baloane

* Vote will open talks on final text to meet 2012 deadline

* UK still lobbying for scope to cover all derivatives

(Adds hedge fund industry comment, more detail)

By Huw Jones

LONDON, May 24 (Reuters) - The European Union will move closer to cracking down on derivatives on Tuesday while still leaving a regulatory gap with the United States which could be exploited by banks.

The near implosion of U.S. insurer AIG (AIG.N) and the collapse of U.S. bank Lehman Brothers during the financial crisis left regulators determined to shine a light on a $600 trillion sector where banks transact with each other.

Derivatives are used by companies and investors to guard themselves against unpredictable moves in interest rates, inflation or commodity prices.

The open-ended and opaque nature of derivatives made it hard for regulators to quickly assess who were exposed to Lehman Brothers and by how much, creating huge uncertainties for markets.

The European Parliament's economic affairs committee votes in Brussels on an EU law Tuesday from 1300 GMT to standardise derivatives so they can be centrally cleared to curb risk and improve transparency.

Reuters reported on Friday that the lawmakers had reached a deal on a draft law to cover mainly off-exchange or over-the-counter derivatives (OTC). [ID:nLDE74J1DB]

"The compromise on the scope is that it will cover only OTC for clearing, but all transactions will have to be reported so that the European Securities and Markets Authority will have a full picture," a source close to the parliamentary talks said last week.

AIMA, a hedge fund lobby, warned lawmakers not to create barriers such as effectively excluding the use of clearing houses not located in the 27-country bloc.

UK NOT GIVING UP

It will be a setback for Britain, Europe's top derivatives trading centre, which wants to cover all derivatives so that users of exchanges have a choice of clearing house.

"We must make sure that the obligation to clear and report trades must apply to all derivatives," UK financial services minister Mark Hoban told a legal association on Monday evening.

After Tuesday's vote, parliament and the EU states will meet to hammer out a final version of the new law.

But EU states have yet to agree on scope but some diplomats said the UK may win out in the final text if safeguards are added to ensure that clearing choice is not risky.

Germany is seen as among the few countries with strong feelings against widening the law's scope.

Lawmakers are expected to allow clearing houses for shares to link up with each other, parliamentary sources said.

The crackdown is part of globally agreed effort and the United States has already approved its own law, known as the Dodd-Frank Act. It goes further and includes regulating how derivatives are traded as well as cleared and reported.

The EU will address trading in a separate reform known as the markets in financial instruments directive (MiFID) but this may not be published until September, industry officials say.

This means the market, dominated by big transatlantic banks, will not have a clear regulatory picture for many months.

The battle over the scope of regulation became politically charged because of Deutsche Boerse's (DB1Gn.DE) planned takeover of NYSE Euronext (NYX.N).

If approved by competition authorities, the tie-up will combine Europe's two main derivatives exchanges LIFFE and Eurex, which account for over 90 percent of listed derivatives trading.

Eurex has its own clearing house, which would stand to gain extra volumes -- probably at the expense of Anglo-French LCH.Clearnet -- and banks want to be able to choose where they clear their trades. (Reporting by Huw Jones; Editing by Tim Dobbyn and Mike Nesbit)

Baloane

Cost aparat dentar

* Vote will open talks on final text to meet 2012 deadline

* UK still lobbying for scope to cover all derivatives

(Adds hedge fund industry comment, more detail)

By Huw Jones

LONDON, May 24 (Reuters) - The European Union will move closer to cracking down on derivatives on Tuesday while still leaving a regulatory gap with the United States which could be exploited by banks.

The near implosion of U.S. insurer AIG (AIG.N) and the collapse of U.S. bank Lehman Brothers during the financial crisis left regulators determined to shine a light on a $600 trillion sector where banks transact with each other.

Derivatives are used by companies and investors to guard themselves against unpredictable moves in interest rates, inflation or commodity prices.

The open-ended and opaque nature of derivatives made it hard for regulators to quickly assess who were exposed to Lehman Brothers and by how much, creating huge uncertainties for markets.

The European Parliament's economic affairs committee votes in Brussels on an EU law Tuesday from 1300 GMT to standardise derivatives so they can be centrally cleared to curb risk and improve transparency.

Reuters reported on Friday that the lawmakers had reached a deal on a draft law to cover mainly off-exchange or over-the-counter derivatives (OTC). [ID:nLDE74J1DB]

"The compromise on the scope is that it will cover only OTC for clearing, but all transactions will have to be reported so that the European Securities and Markets Authority will have a full picture," a source close to the parliamentary talks said last week.

AIMA, a hedge fund lobby, warned lawmakers not to create barriers such as effectively excluding the use of clearing houses not located in the 27-country bloc.

UK NOT GIVING UP

It will be a setback for Britain, Europe's top derivatives trading centre, which wants to cover all derivatives so that users of exchanges have a choice of clearing house.

"We must make sure that the obligation to clear and report trades must apply to all derivatives," UK financial services minister Mark Hoban told a legal association on Monday evening.

After Tuesday's vote, parliament and the EU states will meet to hammer out a final version of the new law.

But EU states have yet to agree on scope but some diplomats said the UK may win out in the final text if safeguards are added to ensure that clearing choice is not risky.

Germany is seen as among the few countries with strong feelings against widening the law's scope.

Lawmakers are expected to allow clearing houses for shares to link up with each other, parliamentary sources said.

The crackdown is part of globally agreed effort and the United States has already approved its own law, known as the Dodd-Frank Act. It goes further and includes regulating how derivatives are traded as well as cleared and reported.

The EU will address trading in a separate reform known as the markets in financial instruments directive (MiFID) but this may not be published until September, industry officials say.

This means the market, dominated by big transatlantic banks, will not have a clear regulatory picture for many months.

The battle over the scope of regulation became politically charged because of Deutsche Boerse's (DB1Gn.DE) planned takeover of NYSE Euronext (NYX.N).

If approved by competition authorities, the tie-up will combine Europe's two main derivatives exchanges LIFFE and Eurex, which account for over 90 percent of listed derivatives trading.

Eurex has its own clearing house, which would stand to gain extra volumes -- probably at the expense of Anglo-French LCH.Clearnet -- and banks want to be able to choose where they clear their trades. (Reporting by Huw Jones; Editing by Tim Dobbyn and Mike Nesbit)

Cost aparat dentar