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Bleak payrolls report mauls Wall St; volume thin (Reuters) Reuters - Stocks tumbled on Thursday, driving the S&P 500 down to its third-straight weekly loss, as a steeper-than-expected slide in June non-farm payrolls revived caution about economic recovery prospects.   U.S. job losses spike in June, dampen recovery hopes (Reuters) Reuters - U.S. employers cut far more jobs than expected last month and the unemployment rate hit 9.5 percent, the highest in nearly 26 years, underscoring the likelihood of a long, slow recovery from recession. J&J buys $1 billion Elan stake, gains Alzheimer's R&D (Reuters) Reuters - Johnson & Johnson has agreed to pay $1 billion for an 18.4 percent stake in Irish drugmaker Elan Corp , and will acquire a major stake in Elan's portfolio of experimental drugs to treat Alzheimer's disease.   Fate of GM in hands of bankruptcy judge (Reuters) Reuters - A federal bankruptcy judge will decide the immediate fate of General Motors Corp's effort to quickly sell its best assets to a group funded by the U.S. government, after a three-day court hearing concluded on Thursday. Magna board set to approve Opel plans: sources (Reuters) Reuters - Magna's (MGa.TO) board of directors is scheduled to approve on Tuesday a business plan for the acquisition of German carmaker Opel, two sources familiar with the matter said on Thursday.   World stocks down ahead of key US jobs data (AP) AP - World stocks mostly fell Thursday as investors braced for a crucial U.S. jobs report that could set the tone in markets for the coming few days at least. Fannie, Freddie ease terms for mortgage refinance (Reuters) Reuters - The Obama administration on Wednesday expanded its foreclosure prevention efforts to help a greater number of underwater homeowners refinance their mortgages.   AIG to sell consumer finance unit in Colombia (AP) AP - American International Group Inc. on Wednesday said it agreed to sell all of its ownership interests in its consumer finance operations in Colombia, the latest in a recent string of asset sales by the embattled insurer to bolster its finances. Circuit City completes sale of Canadian assets (AP) AP - Electronics retailer Circuit City, which closed all its U.S. stores, has sold its Canadian stores to telecommunications company Bell Canada.

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U.S. job losses spike in June WASHINGTON (Reuters) - U.S. employers cut far more jobs than expected last month and the unemployment rate hit 9.5 percent, the highest in nearly 26 years, underscoring the likelihood of a long, slow recovery from recession.   Consumer credit crackdown plans set out LONDON (Reuters) - The government has set out its thinking on curbing the wilder excesses of the consumer credit industry, in a white paper published on Thursday. Rio Tinto wraps up rights issue SYDNEY (Reuters) - Global miner Rio Tinto wrapped up one of the world's biggest rights issues on Friday, saying its Australian shareholders had taken up 94.76 percent of their entitlements to the new shares.   Darling warns against complacency LONDON (Reuters) - Chancellor Alistair Darling warned bankers against complacency and returning to excessive risk-taking in an interview with the Independent, adding some needed to be "brought back to earth." Royal Mail workers to strike in London LONDON (Reuters) - Royal Mail workers pledged on Thursday to go ahead with three days of strikes in London next week despite condemnation from a minister who accused them of sticking their head in the sand.   Stocks, oil drop after U.S. jobs data NEW YORK (Reuters) - U.S. and European stocks fell more than 2 percent on Thursday after U.S. government data showed the U.S. economy shed more jobs than expected in June, dampening the outlook for an economic turnaround. J&J buys $1 billion Elan stake BOSTON (Reuters) - Johnson & Johnson has agreed to pay $1 billion (609 million pounds) for an 18.4 percent stake in Irish drugmaker Elan Corp , and will acquire a major stake in Elan's portfolio of experimental drugs to treat Alzheimer's disease.   Rogue PVM broker costs firm $10 million LONDON/SINGAPORE (Reuters) - A rogue trader has left a London-based oil brokerage with losses of almost $10 million (6.1 million pounds) following a series of unauthorised trades two days ago believed to have caused a spike in global crude prices. ECB holds rates at record low LUXEMBOURG (Reuters) - The European Central Bank kept euro zone interest rates at 1.0 percent on Thursday, bolstering expectations they will stay there well into next year, and said it would start buying bonds next week.   Oil falls nearly 4 percent on U.S. data NEW YORK (Reuters) - Swelling motor fuel stocks and a far-bigger-than-expected rise in U.S. unemployment drove oil down nearly four percent on Thursday to below $67 a barrel.

Darling warns against complacency  LONDON (Reuters) - Chancellor Alistair Darling warned bankers against complacency and returning to excessive risk-taking in an interview with the Independent, adding some needed to be "brought back to earth."   Stocks, oil drop after U.S. jobs data  NEW YORK (Reuters) - U.S. and European stocks fell more than 2 percent on Thursday after U.S. government data showed the U.S. economy shed more jobs than expected in June, dampening the outlook for an economic turnaround. U.S. job losses spike in June  WASHINGTON (Reuters) - U.S. employers cut far more jobs than expected last month and the unemployment rate hit 9.5 percent, the highest in nearly 26 years, underscoring the likelihood of a long, slow recovery from recession.   Dollar gains as US jobs report rattles markets NEW YORK (AFP) - The dollar found fresh momentum Thursday after a disappointing US unemployment report sent shockwaves through financial markets, pushing investors to safe havens. GM bankruptcy exit hearing closes NEW YORK (AFP) - The fate of General Motors was placed in the hands of a New York judge Thursday who must decide whether the largest US automaker can execute a swift exit from bankruptcy protection by selling its best assets to a new company.   J&J buys $1 billion Elan stake  BOSTON (Reuters) - Johnson & Johnson has agreed to pay $1 billion (609 million pounds) for an 18.4 percent stake in Irish drugmaker Elan Corp , and will acquire a major stake in Elan's portfolio of experimental drugs to treat Alzheimer's disease. Oil falls nearly 4 percent on U.S. data  NEW YORK (Reuters) - Swelling motor fuel stocks and a far-bigger-than-expected rise in U.S. unemployment drove oil down nearly four percent on Thursday to below $67 a barrel.   Oil prices slide on weak US jobs report NEW YORK (AFP) - Oil prices sank under 67 dollars a barrel Thursday after weak jobs data quashed hopes of a speedy economic recovery in the United States, which is the world's top energy consumer. Siemens to pay $100 million to fight graft: World Bank WASHINGTON (AFP) - German industrial giant Siemens will pay 100 million dollars over 15 years into a fund to fight corruption after probes revealed fraud at its subsidiaries, the World Bank said Thursday.   Weak US jobs data dashes quick recovery hopes WASHINGTON (AFP) - Dampening hopes of an early recovery from recession, official figures Thursday showed US job losses surged to 467,000 in June, pushing the unemployment rate to a new 26-year high of 9.5 percent.

Crackdown on credit card cheques Unwanted credit card cheques will be banned and a new post created to help consumers get refunds, the government says.   Rogue trades cost oil broker $10m A rogue trader at a London-based oil brokerage causes his employer to lose $10m (£6m) after making unauthorised trades. Madoff's luxury penthouse seized US marshalls seize the $7m Manhattan penthouse of imprisoned fraudster Bernard Madoff, forcing his wife to move.   Latest news, explainers and advice on coping with a recession Vodafone in deal with Carphone Carphone Warehouse is to restart selling Vodafone mobile phone contracts, three years after Vodafone pulled the products.   US job losses worse than expected The number of jobs lost in the US last month came in at 467,000, which is much more than had been expected. IMF refuses new aid for Zimbabwe The International Monetary Fund tells Zimbabwe it will not provide more funds until it has settled its existing $1bn debts.   Pension view 'not radical enough' The author of an influential report into the future of pensions in the UK tells the BBC his proposals were not radical enough. RBS boss to delay selling shares Royal Bank of Scotland says chief executive Stephen Hester will not cash in shares worth up to £3.4m for a further two years.   California in 'fiscal emergency' Governor Arnold Schwarzenegger declares a fiscal emergency in California to deal with a $24.3bn (£14.5bn) deficit. Kitchen nightmare: Gordon Ramsay's restaurants struggle Chef Gordon Ramsay saw his UK restaurants struggle in 2008, forcing him to inject £3.5m of his own money into the business.   Nigerian gas firm Nigaz gets web all of a twitter about 'racist name' A new joint-venture energy firm between Nigeria and Russia has got online communities twittering, after the governments choose the name Nigaz. Man's world? Encouraging more women to work on building sites   Feed the poor Welfare costs to strain India's budget Consumer champ? Rip-off businesses will have to face a new foe   Lost tunes Rare music sleuths make a monkey of the major labels Burning out Budget busts mean damp squibs in the US on 4 July   Mexico's woes US downturn and swine flu batter Mexico's economy Pensions 'threat' to Royal Mail Failure to resolve the Royal Mail's huge pension deficit threatens the UK's universal postal service, it has been claimed.   More defaults expected on loans Defaults on loans have risen and are expected to increase in the coming months, a Bank of England survey finds. Euro interest rates kept on hold The European Central Bank keeps its key interest rate unchanged at 1% following its monthly meeting.   Game Group warns of profit fall Shares in computer games retailer Game Group fall 14% after it warns half-year profits may be 64% lower. Rio Tinto cash-raising supported Rio Tinto announces that there has been strong support from shareholders for its huge cash-raising exercise.   Twitter followers 'can be bought' Twitter users can now buy followers to boost the audience for the messages they send via the micro-blogging service. Hitachi to sell batteries to GM Hitachi says it will supply lithium-ion batteries to General Motors to power the company's hybrid cars from next year.   Warm weather helps Greene King Brewer Greene King sees its annual profits fall 62%, but says recent trading had been boosted by the hot weather. New sales falls for US car makers US vehicle sales dropped in June, but there were signs of stabilisation as Ford saw its smallest decline in a year.   Indian growth of 7% 'is possible' Economic growth of 7% in India is possible this year, according to a report from the country's finance ministry. EU blamed for German bank woes A German minister blames the European Union for problems in the state Landesbank banking system.   Eurozone jobless rate up again The unemployment rate in the 16 countries using the euro rose to 9.5% in May, according to official EU statistics. Costs hit low-income households Rising costs are hitting the incomes of those on minimum household budgets, the Joseph Rowntree Foundation says.   Private pension woes increase Problems with personal pensions drive a 10% increase in complaints to the Pensions Advisory Service. Machete sold to 15-year-old boy Trading standards officers call for a ban on online knife sales after a machete was sold to a 15-year-old for £1.50 over the internet.   Signs of recovery for UK industry UK manufacturing shrank at its slowest pace for a year in June, a survey says, adding to hopes the worst of the recession is over. Irish joblessness at 13-year high The Irish Republic's unemployment rate hit 11.9% in June, the highest since April 1996, official figures show.   Business mood improves in Japan Business confidence in Japan has improved for the first time in two-and-a-half years, says a key Bank of Japan survey. EADS wins giant Saudi border deal Defence and aerospace group EADS wins a contract worth an estimated $2.27bn (£1.4bn) to help Saudi Arabia improve its border security.   BA calls negotiators over pay row British Airways asks conciliation service Acas to intervene to help reach a deal with unions on jobs and pay. East Coast rail to be state-run The government says it intends to take the East Coast rail service, run by National Express, into public ownership.   Robert Peston's blog: Keep up-to-date with the latest business analysis For the latest business analysis Guidelines for financial journalists

The Softer Side of Hardware Home Depot is testing a warm-and-fuzzy approach to selling hammers, lighting and garage doors that targets female shoppers.   Electronic Arts Buying Game Studios From Elevation Pandemic, BioWare to change ownership, join 'Madden' team. Disney to Sell Mickey-Inspired Fruit, Veggie Products Disney plans to sell a line of products called Disney Garden.   Wikipedia Moving From Florida to San Francisco Online encyclopedia to move cross-country in January to hub of tech world. Gas, Car Sales Fuel Retail Sales Growth Retailers' sales rose 0.6 percent last month and gasoline stations turned in their biggest jump in sales since May.   Oracle Makes $6.66 Billion Bid to Buy BEA Systems The business software maker confirmed today it offered BEA Systems $17 per share, a 25 percent premium over Thursday's closing price of $13.62. AT&T CEO Stan Sigman To Retire AT&T Inc. said on Thursday that the head of its wireless unit, Stan Sigman, was retiring, and it appointed Ralph de la Vega as his successor.   State Treasurer Wants Probe of Countrywide CEO State Treasurer Richard Moore has asked the U.S. Securities and Exchange Commission to investigate the timing of stock sales made by the chief executive of mortgage lender Countrywide Financial Corp.

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