UPDATE 1-Chinese firm blames bankruptcy of Bahamas resort on developer July 7- The Chinese construction company building the bankrupt $3.5 billion Baha Mar resort in the Bahamas on Tuesday broke its silence and accused the developer of mismanaging the project's design and not securing adequate financing. Construction delays, funding squabbles, lagging inspections and faulty work at the Nassau resort have led to finger...
| By: Tim McLaughlin
US STOCKS-Wall St lower in choppy trading as Greece summit looms *Euro zone summit on Greece proposal to start at 1600 GMT. *Shake Shack falls after Morgan Stanley rating cut. July 7- U.S. stocks opened higher before quickly reversing course on Tuesday morning, setting the stage for another volatile session as investors await the outcome of a euro zone summit that will attempt to find a solution to the ongoing debt crisis in...
Confident US employers post more job openings in May WASHINGTON- U.S. employers advertised slightly more job openings in May, a sign of an increasingly energized economy where companies are expecting continued growth. The Labor Department said Tuesday that the number of open jobs rose 0.5 percent to 5.36 million in May. Job gains have been solid since February 2014, yet many Americans are still confronting...
Source: The Associated Press
| By: By JOSH BOAK, AP Economics Writer
PRECIOUS-Gold at near 4-month low on dollar ahead of Greece summit LONDON, July 7- Gold fell to a near four-month low on Tuesday as the dollar climbed ahead of an emergency euro zone summit on Greece with the country's banks rapidly running out of cash. Gold, usually seen as an alternative investment in times of financial and economic uncertainty, has so far failed to see significant safe-haven buying due to the ongoing Greek...
| By: Clara Denina
UPDATE 7-Oil steadies after huge selloff, outlook weak *China stock markets fall again, Greece fights to stay in euro. *Oil price weakness due to oversupply, Goldman Sachs says. LONDON, July 7- Oil steadied on Tuesday after one of its biggest selloffs this year but looked vulnerable to more falls after China's stock market took another tumble and Greece moved closer to leaving the euro zone.
| By: Christopher Johnson
Santelli: Global market effect CNBC's Rick Santelli discusses the latest action in the bond market, and the U.S. dollar, as an emergency summit is taking place in Greece.