Reuters Business Summary

May PPI seen up 1.0 percent on crude costs

WASHINGTON (Reuters) - Record-high crude oil costs sent wholesale inflation soaring in May, but a key gauge of underlying price pressures likely moved ahead at a slower pace than the month before, according to a Reuters poll. The producer price index -- a gauge of prices paid at the farm gate and factory door -- will likely rise a steep 1 percent in May after a 0.2 percent rise the previous month, according to a median forecast of 83 economists.

SocGen and Rockefeller in global private banking deal

PARIS (Reuters) - French bank Societe Generale (SOGN.PA: 行情) and wealth manager Rockefeller Financial Services formed an alliance in private banking, an area which has remained relatively resilient to the global credit crunch. As part of the deal, SG Private Banking has bought a minority stake in Rockefeller Financial Services, the companies said on Tuesday.

CORRECTION: Goldman close to $7 billion SIV restructure: source

LONDON (Reuters) - Goldman Sachs Group Inc is near completing the rescue of a $7 billion structured investment vehicle, a source familiar with the matter said, boosting hopes for a revival in the market for mortgage assets in which the SIV invested. "I can say the FT report is correct," the source told Reuters, referring to a story in Tuesday's Financial Times.

Yahoo says mobile search service reaches 600 million

SINGAPORE (Reuters) - Internet media firm Yahoo Inc (YHOO.O: 行情) said on Tuesday that its mobile search service will be offered by six more telecom companies in Asia. It now has 60 such partnerships worldwide, including with Mahanagar Telephon Nigam (MTNL) in India, Hong CSL Limited, Smart Communications and Digital Mobile Phlis (Sun Cellular) in the Philippines and Vibo Telecom in Taiwan. "We are now able to reach 600 million subscribers," David Ko, Asia managing director and vice president of Yahoo's mobile division, told reporters at a media briefing.

U.S. wants to keep options open on dollar: Watanabe

TOKYO (Reuters) - The United States probably wants to leave open the option of dollar-buying intervention as a tool to temper inflation, since it could be hard to raise interest rates as the economy slows, Japan's former currency tsar said on Tuesday. The U.S. economy is slowing down while conditions in financial markets have still not returned to normal, and it would be hard for interest rates to be raised in the United States in such an environment, said Hiroshi Watanabe, who served as Japan's vice finance minister for international affairs until last July.

EU stumbles on buying Microsoft alternatives

BRUSSELS (Reuters) - The European Commission, a thorn in Microsoft's (MSFT.O: 行情) side for its antitrust campaigns against the software giant, is falling short in its own internal attempt to promote more competition in the technology sector. The European Union executive has so far not followed its own policy that it purchase office software and operating systems with open standards as well Microsoft products.

Judge counsels against Iberdrola-Energy East deal