Business Today: Wall Street withstands jobs disappointment; focus on Fed

	Click to View in Browser 09/7/2012 Wall Street withstands jobs disappointment; focus on Fed NEW YORK (Reuters) - Stocks held steady at four-year highs on Friday, closing out their best week since June as a sharply disappointing jobs report only fueled expectations that the Federal Reserve would act to stimulate the economy next week. Job growth cools, posing challenge for Obama, Fed WASHINGTON (Reuters) - Jobs growth slowed sharply in August, setting the stage for the Federal Reserve to pump additional money into the sluggish economy next week and dealing a blow to President Barack Obama as he seeks re-election. Glencore raises offer for Xstrata to salvage deal LONDON/ZUG, Switzerland (Reuters) - Trader Glencore has raised its offer for miner Xstrata in a last-ditch attempt to rescue one of the sector's largest ever deals, after months of opposition from Qatar's sovereign wealth fund and other shareholders. Intel cuts outlook on weak PC demand; shares drop SAN FRANCISCO/NEW YORK (Reuters) - Intel Corp cut its third-quarter revenue estimate more than expected on Friday due to a decline in demand for its chips as customers reduce inventories and businesses buy fewer personal computers. U.S. may fight Solyndra tax breaks in bankruptcy plan WILMINGTON, Delaware (Reuters) - The U.S. government is gearing up for a politically charged fight over Solyndra's bankruptcy plan, as the former solar panel maker supported by President Barack Obama revealed a further $23 million in potential tax breaks for its venture capital backers. Ex-Im Bank approves $2 billion loan for UAE nuclear plant WASHINGTON (Reuters) - The U.S. Export-Import Bank said on Friday it authorized a $2 billion direct loan to the Barakah One Company of the United Arab Emirates to purchase U.S. equipment and construction services to build one of the world's largest nuclear power plants. Honda needs new Accord to be a hit in U.S. market YPSILANTI, Michigan (Reuters) - Honda Motor Co needs the next generation of its bread-and-butter mid-sized car, the Accord, to be a hit in the United States. Rajaratnam's insider-trading appeal set for October 25 NEW YORK (Reuters) - A federal appeals court will hear oral arguments on October 25 in hedge fund founder Raj Rajaratnam's bid to overturn his insider trading conviction on grounds that the U.S. government improperly won permission to record his phone conversations. Dow Chemical loses U.S. court test of R&D tax credits WASHINGTON/NEW YORK (Reuters) - In a tax decision with broad impact for manufacturing companies, a U.S. appeals court ruled on Friday that Dow Chemical Co could not retroactively claim research and development tax credits for improving how it made an existing product. Merkel defends ECB after German outcry BERLIN (Reuters) - Chancellor Angela Merkel defended the European Central Bank on Friday after its plan to buy the debt of troubled euro zone states stirred outrage in Germany and threats from some in her own party to try and block the scheme. Related Video Job growth underwhelms; Fed in play Bumpy ride for European flag carriers Economic News Job growth cools, posing challenge for Obama, Fed U.S. online job demand rises in August 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