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U.S.
Dollar Rises, Stocks Fall Worldwide as Greek Downgrade Fans Safety Demand The dollar rose to the highest level in three months against the euro while stocks and commodities fell as Greece’s debt downgrade fanned concern that spiraling national debts may hamper the global economic recovery.
Bank of America Names Brian Moynihan to Replace Lewis as Chief Executive Bank of America Corp., the biggest U.S. lender, promoted Brian T. Moynihan to chief executive officer, opting for an insider to repair the company after the tumultuous takeover of Merrill Lynch & Co. prodded Kenneth D. Lewis into early retirement.
General Mills Profit Exceeds Estimates; Earnings Forecast for 2010 Raised General Mills Inc., the maker of Cheerios cereal and Progresso soup, reported second-quarter profit that topped analysts’ estimates and raised its full-year forecast after the cost of commodities declined.
Biogen's $493 Million Bid for Partner Facet Fails to Win Investor Support Biogen Idec Inc. failed to persuade investors in partner Facet Biotech Corp. to tender a majority of shares in support of an unsolicited $493 million takeover bid.
Latin America
Brazil Traders Reduce Bets Interest Rates to Rise by April on Inflation Traders reduced bets Brazil’s central bank will increase the benchmark interest rate in the first quarter after policy makers said a “gradual recovery” in the economy will contain inflation.
Peru Poised to Win More Debt Upgrades, Credit Suisse, Societe Generale Say Peru is poised to receive more credit-rating increases after Moody’s Investors Service moved it to investment grade because the country is posting above-average growth while keeping its budget deficit under control, said Credit Suisse Group AG and Societe Generale SA.
Brazil Current Account Deficit Widens to Most in 19 Months on Strong GDP Brazil’s central bank said the country’s current account deficit rose to a 19-month high in November and the gap may expand to a record next year.
Bovespa Index Retreats for Third Day Led by Vale, as Commodities Decline Brazil’s Bovespa stock index fell for a third day as commodities sank on speculation central banks will begin removing stimulus next year. The real dropped after Greece’s debt downgrade spurred aversion to the riskiest assets.
Emerging-Market Stocks Drop Most in Seven Days; Bonds Fall on Greek Woes Emerging-market stocks fell the most in almost three weeks and currencies weakened as investors speculated central banks will begin removing stimulus measures next year.
Exclusive
California's Bonds Fail on Wall Street Advice Bill Lockyer Couldn't Refuse For California Treasurer Bill Lockyer, the offer from Goldman Sachs Group Inc., JPMorgan Chase & Co. and Citigroup Inc. was too good to refuse.
Tudor Jones Turns Away Investors as Hedge-Fund Industry Outflows Persist In a year when investors pulled an estimated $118 billion from hedge funds through November, Paul Tudor Jones was one of at least six managers who decided it was time to turn away cash.
ECB Said to Start Consulting Banks, Investors on Collateral Transparency European Central Bank officials are moving closer to forcing banks to provide more information about the collateral they give the ECB in return for loans.
Southern Co. Said Positioned to Win U.S. Loan Guarantee for Nuclear Plant Southern Co. is positioned to win preliminary approval for a federal loan guarantee to build a nuclear plant, as the U.S. government tries to boost an industry stalled for decades, said two people familiar with the process.
Peru Poised to Win More Debt Upgrades, Credit Suisse, Societe Generale Say Peru is poised to receive more credit-rating increases after Moody’s Investors Service moved it to investment grade because the country is posting above-average growth while keeping its budget deficit under control, said Credit Suisse Group AG and Societe Generale SA.
Pope Reaches Out to Youth With Religious Cyber Talk on YouTube, Podcasts Pope Benedict XVI, who at 82 still handwrites his speeches rather than use a computer, is tapping YouTube, MySpace and podcasts to lure disenchanted youth into the Church’s fold.
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