The world's richest people lost a combined $24.4 billion this week as concerns over Spain's rising borrowing costs and the sputtering American job market caused global markets to tumble.

World's richest lose $24 bn as global markets tumble

Business Standard

Warren Buffett's lunch auction, an annual fundraiser for the Glide Foundation in San Francisco, raised a record $3.46 million as online bidding nearly tripled the price in the last minute of the weeklong event.

Buffett charity lunch exceeds $500,000 in auction

The European Union is targeting July 9 as the start date for its permanent Euro-area rescue fund, the euro 500 billion ($620 billion) European Stability Mechanism, an EU official said.

EU rescue fund likely to start on July 9

Summa Group, owner of Russian ports and a Rotterdam oil terminal, is spending $1.4 billion to buy a stake in Fesco Group, a Pacific port and ship operator, to form a Eurasian freight network and challenge Suez Canal shipping.

Russian magnates set to battle over state port sales

Ousted Egyptian President Hosni Mubarak was sentenced to life in prison on charges of complicity in the deaths of some of the nearly 850 protesters who lost their lives in the uprising that swept him from power last year.

Former prez of Egypt gets life in prison 

Britain&rsquo;s deeper-than-forecast manufacturing slump, suggesting the economy remains mired in recession, may prompt the Bank of England to resume stimulus as soon as next week, Deutsche Bank AG and and Citigroup Inc. said.

UK manufacturing slump seen spurring BOE into stimulus revival

The European Central Bank left interest rates on hold as the debt crisis tightens its grip on the euro-area economy, increasing pressure on policy makers to deliver further stimulus.

ECB holds interest rates 

Google said it has filed an antitrust complaint with the European Commission against Microsoft and Nokia, saying the companies are using patents to thwart competition. The complaint focuses on a transfer Nokia, Microsoft made last year of some 2,000 patents and patent applications to Mosaid Technologies, a company known for its patent litigation, said a Google spokesman.

Google files antitrust complaint in Europe

India plans to sell 98,000 tonnes of wheat to Glencore International for export, as the country, the world&rsquo;s second-largest grower, seeks to cut record state inventories, said two government officials.

India may sell wheat to Glencore

Apple Inc introduced its iPhone in 2007 using Samsung Electronics Co technology that it didn&rsquo;t want to pay for, a lawyer representing the Korean electronics company told a US trade judge today.

Apple's iPhone copied Samsung inventions, US judge told

Spanish bonds rose for a third day as Prime Minister Mariano Rajoy&rsquo;s call to boost efforts to protect the region&rsquo;s banks gathered support among European leaders.

Spanish bonds rise as Rajoy bank plan garners support

An intensifying financial crisis in Spain or elsewhere in Europe has the potential to drive American stocks into a bear market, Goldman Sachs Group Inc&rsquo;s chief US equity strategist said.

Goldman Sachs sees potential for S&P 500 bear market on Europe

Facebook Inc, the world&rsquo;s biggest social-networking company, tumbled to a record intraday low after Sanford C Bernstein &amp; Co initiated coverage with an underperform rating and a $25 target price.

Facebook stocks hit record intra-day low

Hedge funds curbed bullish bets on commodities for a third consecutive month, the longest retreat since the global recession, as Europe&rsquo;s worsening debt crisis and slowing US job growth sent prices tumbling.

Hedge funds in longest rout since global recession

The Securities and Exchange Commission approved two proposals to alter trading curbs meant to curtail volatility in the US stock market.

SEC approves exchange proposal to adjust US trading curbs

Foreign investors bought a net Rs 169 crore ($31 million) of Indian stocks yesterday for the first time in five days, raising total investment in equities this year to Rs 40,700 crore, data from the regulator show.

Foreign investors buy net Rs 169 cr stocks 

Spain is preparing to become the fourth Euro-area nation to seek emergency assistance as the currency bloc&rsquo;s finance chiefs plan weekend talks on potential aid to shore up the nation&rsquo;s lenders.

Spain bailout plea likely today

Nasdaq OMX Group persuaded Kraft Foods to move its listing from the New York Stock Exchange, scoring the largest-ever company to switch markets three weeks after it botched Facebook&rsquo;s share sale. Kraft said it will shift to Nasdaq on June 26, in a statement on Friday. Kraft is the first Dow Jones Industrial Average company to switch exchanges, and the biggest by market capitalisation to leave the NYSE for its rival.

NYSE loses Kraft 

President Barack Obama said Europe&rsquo;s debt crisis is putting a serious drag on the US economy. He called on Congress to pass his jobs initiatives to cushion the blow. Obama pressed leaders of the 17-nation Euro zone to act quickly to resolve to bolster growth while dealing with debt. Obama spoke after a report stated only 69,000 new jobs were created by employers in May and the unemployment rate rose to 8.2 per cent.

'Congress must act' 

Trade deficit in the US narrowed in April as a drop in imports overshadowed the first decline in exports in five months. The gap shrank 4.9 per cent to $50.1 billion from $52.6 billion in March that was higher than estimated, government figures showed on Friday. The median forecast in a Bloomberg News survey of economists called for the deficit to shrink to $49.5 billion. Exports, imports fell from the prior month&rsquo;s record highs.

US trade deficit narrows

Facebook Inc, the social-networking company that held an initial public offering last month, introduced an online directory for downloadable apps, taking a page from Apple Inc and Google Inc.

Bloomberg

Bloomberg

Page 1080 - Bloomberg/reuters