Business Today: Wall Street sells off late, succumbs to Europe fears

Click to View in Browser 06/13/2012 Wall Street sells off late, succumbs to Europe fears NEW YORK (Reuters) - Wall Street ended lower on Wednesday as fears ahead of the weekend elections in Greece finally drove down a market that had been treading water through most of the day. Dimon says losses indefensible, still reform skeptic WASHINGTON (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon told lawmakers that he could not defend how a hedging strategy in a London office morphed into a multibillion-dollar trading loss, but he still took swipes at regulatory reforms that he said fail to make sense. Italy's Monti seeks political unity amid market turmoil ROME (Reuters) - Italian Prime Minister Mario Monti on Wednesday sought to shore up his political support ahead of a series of crucial international meetings where stemming the spread of the euro zone crisis will be the main objective. GM's Opel, labor in talks to shut Bochum plant FRANKFURT/DETROIT (Reuters) - General Motors' European unit Opel is negotiating a deal with labor unions to close the Bochum plant after production of the Zafira Tourer van ends in exchange for guaranteeing German jobs through 2016. Dell to cut $2 billion costs, counts on acquisitions (Reuters) - Dell Inc plans to slash more than $2 billion in costs over the next three years, primarily from the supply chain and sales group, as it sharpens its focus on the technology needs of corporations. Barnes & Noble's Riggio settles shareholder suit (Reuters) - Leonard Riggio, the founder and chairman of Barnes & Noble Inc , agreed on Wednesday to forgo $29 million from a sale of one of his companies to the book retailer in order to settle a shareholder lawsuit, according to court documents. Weak sales, inflation data favor Fed action WASHINGTON (Reuters) - Retail sales fell for a second straight month in May and wholesale prices dropped by the most in three years, raising chances of further action by the Federal Reserve to shore up the flagging recovery. Gupta trial defense asks: "Where's the beef?" NEW YORK (Reuters) - Evidence of insider trading against businessman Rajat Gupta is "overwhelming," a prosecutor told jurors at the trial's close on Wednesday, while a defense lawyer countered that the government had a weak, circumstantial case without direct proof. Lazard elects Citi ex-chairman Parsons to board (Reuters) - Richard Parsons, the former chairman of Citigroup Inc , is back on the board of a financial services company. Banks fail to peg bonuses to performance: G20 body LONDON (Reuters) - Banks are failing to comply with global rules requiring them to peg bonuses to long-term company performance, the regulatory task force of the Group of 20 leading economies said on Wednesday. Related Video WPP shareholders reject Sorrell's $10.6 mln pay Humble but firm Dimon explains trading mistake Economic News Mortgage applications rose last week: MBA Like they did last summer: Fed may Twist again A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend