Over $4 trillion of economic output is at risk in the world's largest cities, due to a host of dangers ranging from earthquakes, pandemics and cyberattacks, according to a new study.» Read More
By Luke Baker and John O'Donnell. It was prepared by Herman Van Rompuy, who as president of the European Council will chair a European Union summit next week.
*Wells Fargo weighs on financials. The Thomson Reuters/ University of Michigan's preliminary October reading on consumer sentiment rose to 83.1, well above the 78 forecast for the index as optimism about the economy improved. Wells Fargo, the biggest U.S. home lender, dropped 2.5 percent to $34.40.
ISTANBUL, Oct 12- Turkish petrochemicals maker Petkim has begun talks with the state oil company of Azerbaijan about construction of a coal-powered steam generation plant, Petkim said in a statement on Friday.
Shares of JPMorgan Chase and Wells Fargo& Co. both fell after they released their results, even though JPMorgan posted record profits, prompting Canadian financials to follow suit, dropping 0.2 percent. Bank of Nova Scotia was down 0.3 percent at C $53.31, and Toronto-Dominion Bank was 0.2 percent lower at C $80.85.
MOSCOW, Oct 12- TNK-BP will appoint its former head of power and gas to run the upstream division after the departure of Alexander Dodds, two sources close to the Anglo-Russian oil venture said on Friday.
By Maya Dyakina and Zlata Garasyuta. MOSCOW, Oct 12- Russian stocks ended the week in the red with miners pressured by concerns over the global economic outlook and as investors stocked up with cash ahead of public share offerings. Metal and mining companies were in the firing line, with Novolipetsk Steel.
*FDA staff found 3 concerns, but safety restrictions not needed. "There was, on a consensus basis, a little apprehension about what the safety questions would be and these documents make it pretty clear that the FDA is not overly concerned or views these risks as significant," McNicoll, Lewis& Vlak analyst Ed Arce said.
*Telefonica to provide 110 mln euros in vendor financing. *Telefonica shares flat vs lower Spanish index. MADRID, Oct 12- Spain's Telefonica is selling its Atento call centre business to U.S. private equity firm Bain Capital for about 1 billion euro, including debt, as it battles to reduce its borrowings.
LONDON, Oct 12- Britain's main financial regulator will decide what activities the country's retail banks are able to carry out under a new reform aimed at shielding taxpayers from having to bail out the industry again.
Rating Action On Sept. 21, 2012, Standard& Poor's Ratings Services affirmed its' Api' counterparty credit and financial strength ratings on Farm Bureau Life Insurance Co. of MI. Based in Lansing, Mich., FBL of MI is an indirect subsidiary of Michigan Farm Bureau Group. Farm Bureau Life Insurance Co. of MI.
--We are placing our' BBB' long-term and' A-2' short-term ratings on Telefonica and three of its subsidiaries, and our issue ratings on Telefonica and six of its subsidiaries on CreditWatch negative.
MILAN, Oct 12- Foreign investors have bought 70 percent of a 150 million-euro exchangeable bond issued by Italian holding company Camfin to repay debt, a source close to the matter told Reuters on Friday. The five-year bond is convertible into shares of tyre maker Pirelli, which is controlled by Camfin.
*Worries persist over whether Spain will request aid. Persistent worries on whether Spain will ask for a full-blown bailout to help its struggling economy also fed safety bids for Treasuries, analysts said.
LONDON, Oct 12- Peripheral banks unwilling or unable to lengthen their maturity profiles are building up a redemption hump which they will have to face just as billions of euros of cheap ECB money is coming up for repayment.
BRUSSELS, Oct 12- Senior European Union diplomats gave their preliminary approval to new sanctions against Iran over its nuclear progamme on Friday, including major measures against the Islamic Republic's banking sector and industry, an EU diplomat said on Friday.
In France, workers at E.ON coal-fired plants were striking again on Friday, having started selected actions on Monday in a dispute over site closures and job losses. Monday baseload in France was up by 12.25 euros at 58.50 euros a megawatt hour.
GENEVA-- Apple Inc. has struck a deal with Switzerland's national rail company to license the use of its iconic station clocks for the iOS 6 operating system, which is used by iPhone and iPad mobile devices.
is looking for Chinese partners to build a smelter in Siberia with a design capacity of 800,000 tonnes per year.
PARIS, Oct 12- General Motors and PSA Peugeot Citroen are working on plans for a European joint venture as they flesh out the carmaking alliance they announced earlier this year, La Tribune reported on Friday. A Peugeot spokesman did not immediately return calls seeking comment.
*De Guindos says no political resistance to aid for Spain* Mixed reviews on IMF call for slower budget cuts* EU's top economic official shows the way for Spain By Jan Strupczewski and Koh Gui Qing.