WASHINGTON, July 21 (Reuters) – A U.S. appeals court ordered the Securities and Exchange Commission to reconsider a rule it adopted in the final weeks of former President George W. Bush’s administration to expand scrutiny over annuities linked to equity indexes. (more…)
Financial Regulatory Forum
WASHINGTON, July 21 (Reuters) – The U.S. Treasury Department sent a draft bill to Congress that would prevent credit rating agencies from consulting for the companies they evaluate, and said it hoped new disclosure and conflict-of-interest rules will curb the agencies’ power. (more…)
WASHINGTON, July 21 (Reuters) – President Barack Obama said regulatory reform will be a “major battle” in Congress, where the financial industry has some powerful backers. “Part of what really gets me frustrated is when I hear that some of the banks are resisting the idea of a consumer finance protection agency that we’ve put forward,” he said in an interview with NBC’s “Today” show that aired on Tuesday. (more…)
WASHINGTON, July 21 (Reuters) – Federal Reserve Chairman Ben Bernanke on Tuesday said the outlook for the long-suffering U.S. economy appears to be improving and the U.S. central bank was carefully reviewing ways to withdraw its massive monetary policy stimulus when conditions permit.
But Bernanke cautioned that unemployment was likely to remain high into 2011, and he warned that this could sap fragile consumer confidence and potentially undermine what is expected to be a very gradual recovery. (more…)
SINGAPORE, July 21 (Reuters) – Asia-Pacific nations agreed on Tuesday to shun protectionist measures after some criticised the United States and other developed world “buy local” campaigns at a meeting pushing forward momentum towards a global trade pact. (more…)
NEW DELHI, July 21 (Reuters) – India has no plan as of now to raise the limit on foreign investment in government debt securities, a senior finance ministry source said on Tuesday, after a newspaper reported policymakers may ease the cap.
JAKARTA, July 21 (Reuters) – Indonesia Stock Exchange wants several foreign-owned natural resources firms and state-owned enterprises to list, in a bid to lift market capitalisation and liquidity and woo investors, the exchange head said on Tuesday.
By Christiaan Hetzner and Angelika Gruber
FRANKFURT, July 20 (Reuters) – General Motors (GM) said on Monday that it had received three binding takeover offers for carmaker Opel that it would consider along with Germany and other European countries that would be affected by the deal. (more…)