JPMorgan Chase shuffles management of investment banking team, names Jes Staley CEO of unitNEW YORK — JPMorgan Chase is shuffling the management duties of its investment bank and asset management units. Shares of CIT see-saw on reports of hedge fund merger talks, debt swap bid being readiedCHARLOTTE, N.C. — CIT Group Inc.’s shares soared Tuesday on a report that hedge fund manager John Paulson is considering merging the troubled finance company with failed mortgage lender IndyMac Federal Bank. But they plunged after-hours as a separate report said CIT is preparing a debt swap offer that could wipe out taxpayers’ investment or could file for bankruptcy protection. Socialists are re-elected in Portuguese elections, but majority reducedLISBON, Portugal — The center-left Socialist Party retained power in Portuguese elections Sunday, despite the country’s highest jobless rate in 20 years. Socialists retain power in Portugal, but its minority government may need helpLISBON, Portugal — The center-left Socialist Party is staying in government for four more years after winning elections Sunday but its reduced parliamentary majority may handicap its efforts to lead Portugal out of an economic crisis. Exit polls: Merkel’s party leads in German election, on track for new coalitionBERLIN — An exit poll shows Chancellor Angela Merkel’s conservatives have emerged from Germany’s election as the strongest party and are on track to form a new center-right government. Germans hold parliamentary elections amid economic concerns, terror threatsBERLIN — Germans voted Sunday on whether to give Chancellor Angela Merkel a second term at the helm of Europe’s largest economy, as the country faces rising unemployment and threats by Islamic extremists over Germany’s role in Afghanistan. Exit poll shows Socialists are re-elected in Portugal’s parliamentary electionsLISBON, Portugal — An exit poll says Portugal’s center-left Socialist Party has won re-election in the country’s parliamentary elections. Talecris Biotherapeutics to raise about $515M in week’s largest IPO, proceeds to pay debtNEW YORK — Talecris Biotherapeutics Inc. is expected to go public this week after a two-year pause, potentially giving the two private equity firms behind the biotechnology company a payday while allowing Talecris to pay debt. Ban, Clinton urge UN to tackle hunger, ensure global food securityUNITED NATIONS — U.N. chief Ban Ki-moon and U.S. Secretary of State Hillary Rodham Clinton on Saturday led calls for quick action to ensure global food security as millions suffer from hunger due to the economic crisis and climate change. Correction: Germany Election storyBERLIN — In a Sept. 24 story about national elections in Germany, The Associated Press erroneously gave Chancellor Angela Merkel’s age as 54. Merkel, who was born July 17, 1954, is 55. Analysis: Exclusive club of global economic powers expands; can it deliver on big promises?PITTSBURGH — The world’s most exclusive club has expanded, pledging big things for the global economy. But it’s likely to have just as much trouble delivering on those promises. Analysis: G-8 passes the baton to the G-20 with less than stellar resultsPITTSBURGH — The world’s most exclusive club has just gotten bigger, and it is promising a lot of big things for the global economy. But it is likely to have just as much trouble delivering results as the smaller group it replaced. Obama says world leaders united and confident after bringing economy out of crisisPITTSBURGH — World leaders on Friday issued sweeping promises to fix a malfunctioning global economic system in hopes of heading off future financial meltdowns. President Barack Obama said actions taken so far “brought the global economy back from the brink.” Regulators close Georgian Bank in Atlanta; 95th US bank closed this yearWASHINGTON — Regulators on Friday shut down Atlanta-based Georgian Bank, the 95th U.S. bank to fail this year as loan defaults rise in the worst financial climate in decades. Developing nations ask industrialized world to compensate them for economic, climate crisesUNITED NATIONS — Developing nations are urging the industrialized world to acknowledge its responsibility for the global economic and climate crises and to compensate them for the damages these have caused. Commercial banks earned $5.2 billion trading derivatives in 2nd quarter; signs of risk easeWASHINGTON — U.S. commercial banks earned $5.2 billion trading derivatives in the second quarter, as the level of risk eased in the global market for the complex financial instruments, according to a government report released Friday. G-20 leaders take global board-of-directors role and pledge reform agendaPITTSBURGH — Major world leaders formed themselves into a new board of directors for the global economy Friday, vowing to overhaul lax financial regulations and work harder to control dangerous imbalances that contributed to a financial meltdown. House lawmakers vow to shine light on secrets of the Federal Reserve in bipartisan pushWASHINGTON — House lawmakers want to pry open the books of the famously secretive Federal Reserve with legislation that would subject the central bank to a sweeping congressional audit. Bernanke: Despite financial improvements, program to spark consumer lending still neededWASHINGTON — Federal Reserve Chairman Ben Bernanke said Friday a government program intended to spark lending to consumers and businesses is still necessary even with other emergency lending programs winding down as the economy recovers. Regulators say lenders expected to lose $53 billion in 2009 on loans larger than $20 millionCHARLOTTE, N.C. — U.S. regulators said total losses from large loans at banks and other financial institutions nearly tripled to $53 billion in 2009, due to a deteriorating economic environment and continued weak underwriting standards. World markets mixed as G-20 leaders look to foster healthy recovery; US stocks set to riseLONDON — World stocks traded in narrow ranges Friday as investors looked to leaders of the Group of 20 rich and developing economies assembled in the U.S. for assurance that they will not stifle global economic recovery by prematurely taking away stimulus measures. World markets fall as G20 leaders look to foster healthy recovery; Tokyo down 2.6 pctHONG KONG — Global stock markets dropped Friday as leaders of the world’s 20 largest economies assembled in the U.S. to find ways to foster a healthy economic recovery. Germany’s election to determine how Europe’s biggest economy recoversFRANKFURT — Economic recovery is the main issue in Germany’s elections Sunday, and Chancellor Angela Merkel says tax cuts should be used to spur more growth — something her challenger disputes. Australia’s ANZ Bank buys ING’s share of joint ventures for $1.5 billionSYDNEY — ANZ Bank said Friday it will buy Dutch-based ING Groep NV’s stake in their Australian and New Zealand life insurance and wealth management joint ventures for 1.76 billion Australian dollars ($1.53 billion). Spokeswoman: China plans to link banker pay to risk, but no plans for salary capsBEIJING — China plans to link the pay of bankers to risks taken by their institutions but has no plans for salary caps, a government spokeswoman said Friday. G-20 leaders adopt board-of-directors role and seek reform agenda to repair global economyPITTSBURGH — Leaders of the world’s major economies are coming together on reforms to rein in huge bank bonuses, toughen financial regulations and guard against the dangerous imbalances that contributed to the worst global downturn since the 1930s. Asian markets fall as US housing data, sliding oil prices drag on sentiment; Tokyo off 2.5 pctHONG KONG — Asian stock markets dropped Friday as signs the U.S. housing market was still suffering reinforced concerns about a weak recovery in the world’s largest economy. Amid protests, world leaders near agreement limiting bankers’ pay, keeping econ revival goingPITTSBURGH — As police clashed with protesters in the streets, world leaders on Thursday closed ranks on pay limits for bankers whose risky behavior contributed to the global financial meltdown. With economies on the mend, a summit mood of cautious optimism replaced last year’s fear and uncertainty. Geithner: G-20 near agreement on limiting bankers’ pay, other issues as summit beginsPITTSBURGH — Struggling with a contentious issue, world leaders have reached basic agreement on limiting the bonuses of bankers whose risky behavior contributed to the global financial meltdown, Treasury Secretary Timothy Geithner said Thursday at a summit of the world’s largest economies. In the streets outside, protesters tussled with police on the opening day. World leaders focus on limiting bankers’ pay, looking for ways to avoid new economic meltdownPITTSBURGH — Turning from outright fear to cautious optimism, world leaders descended on the comeback city of Pittsburgh Thursday to debate how to nurture a recovering but still-wobbly global economy. The leaders appeared to be nearing agreement on one of the more contentious issues, restricting bankers’ compensation. |
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