Financial news on June 09, 2012

Business and Financial news
Europe Preparing to File Charges in Universal-E.M.I. Deal

European Commission intends to file an antitrust complaint against Universal Music Group's proposed $1.9 billion acquisition of the EMI music recording business, citing concerns that the deal would reduce competition. Read more..

By ERIC PFANNER - The New York Times

For Labor, a Fight to Lead Heats Up

American Federation of State, County and Municipal Employees will hold elections to replace its longtime president Gerald W McEntee; candidates Lee Saunders and Danny Donohue are competing to helm an massive organization that faces falling membership and has been humbled by its failure to oust Wisconsin's anti-union governor, Scott Walker. Read more..

By STEVEN GREENHOUSE - The New York Times

Genentech Wins Approval for New Breast Cancer Drug

Genentech wins federal approval for Perjeta, a new drug to treat advanced breast cancer; company announces that it is expecting manufacturing problems that could lead to a shortage of the drug. Read more..

By ANDREW POLLACK - The New York Times

In Era of Cheap Money, Consumers Are Shut Out

As interest rates have been dropping to new lows, American companies have been taking advantage of the cheap borrowing costs, but consumers have been largely left on the sidelines. Read more..

By NATHANIEL POPPER and TARA SIEGEL BERNARD - The New York Times

Olympus to Pay $15.4. Million to Its Former Chief

Olympus Corporation announces that it will pay former chief executive Michael C Woodford $15.4 million in a settlement over his dismissal from the company; Olympus also announces that it will cut 2,700 jobs. Read more..

By THE ASSOCIATED PRESS - The New York Times

Planning a Financial Tuneup

Ron Lieber Your Money column extolls the virtues of a 'financial tuneup day' as an opportunity to resolve long-deferred fiscal tasks like budget balancing; notes that if neglected, personal finances can produce significant anxiety. Read more..

By RON LIEBER - The New York Times

Pressure Mounts for Spain to Request a Banking Bailout

Euro zone leaders want to resolve a Spanish crisis before Greek elections pose new challenges to region. Read more..

By DAVID JOLLY and PAUL GEITNER - International Herald Tribune

Shareholders Rebuke Chesapeake Leadership

Shareholders send an angry message to the board and management of Chesapeake Energy, withholding support for the two directors up for election, rejecting the pay plan for top executives and urging the company to allow major shareholders to nominate their own board candidates. Read more..

By CLIFFORD KRAUSS - The New York Times

Swiss Court Orders Modifications to Google Street View

Switzerland's highest court upholds Google's basic right to document residential street fronts with its Street View technology, but imposes some limitations on the kinds of images the company can take; ruling leaves the service legally intact in Switzerland, which has some of the strictest privacy safeguards in the world. Read more..

By KEVIN J. O'BRIEN and DAVID STREITFELD - The New York Times

See what else happened on June 09, 2012