US-BUSINESS Summary
Stock futures signal rebound along with commods
- U.S. stock index futures pointed to a rebound on Wall Street on Monday, with futures for the S&P 500 up 0.46 percent, Dow Jones futures up 0.26 percent and Nasdaq 100 futures up 0.52 percent at 3.30 a.m. EDT. Oil prices steadied after hitting a fresh 12-month high above $79 a barrel on Monday, while metal prices also rose.
Crisis shows need to right imbalances: Bernanke
SANTA BARBARA, California - The financial crisis has spotlighted the importance of dealing with global imbalances in trade and capital flows, Federal Reserve Chairman Ben Bernanke said on Sunday at a Fed conference on Asia. "The crisis has ... highlighted the need for many policy reforms that range from improving financial regulation to addressing global imbalances," he said in brief introductory remarks.
JAL's banks reject restructure plan, shares rebound
TOKYO - Creditors of Japan Airlines Corp <9205.T> have rejected the struggling carrier's restructuring plan and are pushing for a cut in debt waivers and details of the use of state funds, a source familiar with the matter said. Shares in Asia's biggest airline by revenue jumped nearly 12 percent on Monday after losing more than a quarter of their value last week, as investors reckoned the fall was overdone.
CME in informal talks to take over CBOE: report
CHICAGO/NEW YORK - CME Group Inc <CME.O>, the world's largest derivatives exchange, is in talks to take over the Chicago Board Options Exchange in a deal that would value the largest U.S. options market at up to $5 billion, according to Crain's Chicago Business. "Acting through intermediaries, officials at the exchanges have held informal discussions over the past month about a combination," but no formal bid is on the table, Crain's cited sources in a report on Sunday.
UK regulator outlines plans to ban "liar loans"
LONDON - Britain's financial regulator plans to force mortgage lenders to check the income of all borrowers, scrapping so-called "liar loans" blamed for helping to fuel bad debt problems at the heart of the credit crunch. In a long-awaited review of the UK mortgage market published Monday, the Financial Services Regulator said it would impose affordability tests for all mortgages, but stopped short of imposing ratio limits that could have effectively banned loans for 100 percent or more of property prices.
UBS registered mail warns U.S. clients on tax: report
GENEVA - Swiss bank UBS AG <UBSN.VX> <UBS.N> warned U.S. customers by registered mail their account details may be given to U.S. tax authorities, a method that could itself breach secrecy laws, a Swiss paper said on Sunday. The use of registered mail and envelopes showing the sender was UBS could enable the U.S. authorities to trace customers wanted for tax evasion well before their details are handed over under a U.S.-Swiss double taxation agreement, Sonntag weekly paper said.
Schwarzman sees big returns in roller coasters
NEW YORK - Stephen Schwarzman is rapidly becoming the king of the thrill ride. The chief executive of Blackstone Group <BX.N>, one of the most powerful private equity firms in the world, is betting that theme parks will deliver strong returns as the economy slowly climbs out of the hole.
Pay rules complicate GM CFO search: report
CHICAGO - General Motors Co's <GM.UL> bid to find an outsider to replace its chief financial officer is being complicated by pay restrictions imposed on companies that got big U.S. government bailouts, The Wall Street Journal said on Saturday. GM executives met recently with U.S. Treasury pay czar Kenneth Feinberg and left with the understanding the automaker would be able to offer a significant amount of stock but no more than a $1 million annual salary, the newspaper said, citing people familiar with the matter.
BAIC says man accused of trade theft on leave in U.S.
SHANGHAI , China's fifth-biggest automaker, but was in the United States on personal leave when he was arrested, BAIC said Monday. BAIC issued a statement saying the employee, named by U.S. prosecutors as Xiangdong Yu, had worked in BAIC's research division for 11 months before leaving on a personal trip to the United States in mid-October.
U.S. must live within its means: Geithner
WASHINGTON - The United States must live within its means once its economy recovers if it is to preserve global confidence in the U.S. dollar's status, Treasury Secretary Timothy Geithner said on Friday. The comments came as the Obama administration reported a record U.S. budget deficit for the fiscal year ended September of $1.4 trillion. At 10 percent of gross domestic product, it was the biggest U.S. fiscal shortfall since World War Two.