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ZURICH, May 24- Switzerland's top representative on international financial affairs will step down at the end of August, the finance ministry said on Friday, as negotiations with the United States and the European Union over tax reach a critical point.
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For the first quarter ended May 4, the teen clothing retailer said its loss narrowed to $7.2 million, or 9 cents per share, from $21.3 million, or 25 cents per share, a year earlier.
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May 24- Tornadoes that struck the United States from May 18 to May 20 caused anywhere from $2 billion to $5 billion in insured losses, disaster modeling company Eqecat said. The firm said most of the losses were attributed to the tornado that devastated Moore, Oklahoma, last Monday.
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LONDON, May 24- Bund futures hit two-month lows on Friday after the German Ifo business survey beat forecasts, although the grim outlook for the euro zone economy limited losses. However, the euro zone as a whole was still expected to contract further, keeping the European Central Bank inclined to ease monetary policy later this year, analysts said.
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May 24- Procter& Gamble Co will pay A.G. Lafley, the former chief executive it brought back on Thursday to run the world's largest household products maker, a base salary of $2 million a year, it said in a regulatory filing on Friday. Lafley, who was CEO 2000 to 2009, on Thursday replaced his successor, Bob McDonald, and was also named chairman and president.
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Argentina is still struggling with the fallout from its roughly $100 billion sovereign debt default 11 years ago. One judge ordered Argentina to pay holdouts the full $1.33 billion owed them the next time it serviced restructured debt. Argentina appealed, and a ruling by the 2nd U.S. Circuit Court of Appeals is expected in the coming weeks.
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May 24- Tornadoes that struck the United States from May 18 to May 20 caused anywhere from $2 billion to $5 billion in insured losses, disaster modeling company Eqecat said.
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HOUSTON-- InterOil and Pacific LNG Group are in exclusive talks with Exxon Mobil about the development of natural gas fields in Papua New Guinea. InterOil has petroleum licenses, an oil refinery and retail and commercial distribution facilities on the island nation just north of Australia.
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LONDON/ SINGAPORE, May 24- Copper was little changed on Friday as investors weighed the potential impact on metals demand of Thursday's data providing a more upbeat U.S. jobs picture but also showing slower industrial activity in top metals consumer China.
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LONDON, May 24- World share markets looked vulnerable to further falls on Friday, with better economic news from Europe doing little to encourage investors who are worried that central bank stimulus may curtailed.
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LONDON, May 24- Britain's security services faced questions on Friday over whether they could have done more to prevent the murder of a soldier hacked to death in a busy London street after it emerged that his suspected killers were known to intelligence officers.
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*VKontakte is Europe's largest home-grown network. MOSCOW, May 24- Russia's leading online social network was briefly banned on Friday, in a move dismissed as a "mistake" but which follows intensifying official pressure on the company as President Vladimir Putin consolidates his power.
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Meiji Yasuda, one of Japan's three largest life insurers, had said last month that it would consider buying higher-yielding foreign bonds as the central bank's policies were expected to erode the already marginal yields on Japanese government debt. Japan's life insurers hold roughly half of their assets in JGBs.
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WASHINGTON-- A jump in volatile commercial aircraft demand likely boosted U.S. orders for long-lasting manufactured goods in April. The Commerce Department will release the report at 8:30 a.m. EDT Friday. Economists at JPMorgan Chase believe the investment category will decline 0.5 percent in the April report.
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*Novo shares up 0.7 percent, outperforming sector. COPENHAGEN, May 24- Danish drug maker Novo Nordisk said it could launch obesity treatment liraglutide in the United States by the end of next year and rejected some analysts' doubts over the medicine's commercial potential.
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LONDON, May 24- A group of accountancy professors is backing BP's fight to cap the U.S. oil spill compensation payouts it has to fund as the cash outflow threatens to add billions of dollars to its bill for the disaster.
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*Gold boosted this week by drop in stock markets. LONDON, May 24- Gold steadied on Friday as stock markets stabilised, arresting the metal's rally, though comments from a Federal Reserve official that dampened talk that the U.S. central bank is set to curb monetary policy kept prices firmly underpinned.
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BERLIN, May 24- German business morale improved far more than expected in May, rebounding after two months of falls and suggesting Europe's largest economy is slowly picking up speed after a sluggish first quarter. The Munich- based Ifo think tank said on Friday its business climate index, based on a survey of some 7,000 firms, rose to 105.7 in May from 104.4 in April.
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LONDON, May 24- European shares edged lower on Friday, led by auto and banking shares as investor sentiment remained shaky on concerns about a possible rolling back of U.S. monetary stimulus. "just seen a few stop levels triggered there on decent volume," Peter Rice, head of investment strategy at Logic Investments, said. "
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BERLIN- German business sentiment rises far more than expected in May, rebounding after two consecutive falls and suggesting Europe's largest economy is picking up steam after posting anaemic growth in the first quarter. ( GERMANY- ECONOMY/, expect by 0930 GMT/ 5.30 AM ET, by Sarah Marsh, 600 words).