IMF warns US about its 'fragile' economy
BBC
The International Monetary Fund has warned that the US debt burden is on an "unsustainable trajectory." But the IMF said the US must avoid a sharp correction in order to protect its fragile economic recovery.
http://jlne.ws/ipVSS3
Final Fed debit card draft less costly to banks
By Ronald D. Orol, MarketWatch
The Federal Reserve is set to provide relief to banks when it votes Wednesday afternoon to adopt controversial debit-card rules that are set to shift billions of dollars in revenue from financial institutions to merchants.
http://jlne.ws/lpRWON
Obama warns debt ceiling vote critical
By Stephanie Kirchgaessner, FT.com
A failure by Congress to increase US borrowing authority by August 2 would have a “significant and unpredictable” impact on capital markets and the US economy, Barack Obama has warned.
http://jlne.ws/iRO5lB
Sovereign debt: How manageable is China's red ink?
The Economist
DOES China have a debt problem? China sceptics are increasingly pointing to stories about growing debt problems within China as a sign of looming trouble. China's high-speed rail construction effort, for instance, has accumulated a pile of debt too large, in all likelihood, to be manageable through rail revenues alone.
http://jlne.ws/kkVBYT
Beal Becomes Billionaire With FDIC Assets
By Anthony Effinger, Bloomberg
Andy Beal’s road to becoming a billionaire, doing deals with the likes of Carl Icahn and Donald Trump, runs straight through the slums of Newark, New Jersey.
http://jlne.ws/mi7ybV
Francois Baroin is new French finance minister
BBC
France has appointed a replacement for Christine Lagarde as finance minister, one day after she gained the job as the IMF's managing director.
http://jlne.ws/iP4ksv
Geithner: See 'Untapped Potential' in U.S.-India Relationship
By MICHAEL R. CRITTENDEN, WSJ.com
India's economic growth continues to hold "untapped potential" for U.S. firms, Treasury Secretary Timothy Geithner said Tuesday, expressing optimism at the close of high-level talks that the two countries will be able to further expand their economic ties.
http://jlne.ws/iNa51G
Mortgage Applications Down 2.7% in Week
The Bond Buyer
Mortgage applications fell 2.7%, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ended June 24.
http://jlne.ws/iH7hix
Greek parliament passes key austerity bill
Associated Press
Greece fended off a bankruptcy that would have roiled global markets and threatened the future of the euro when lawmakers on Wednesday backed controversial austerity measures in the face of violent protests.
http://jlne.ws/is0PrN
Merkel: Europe Will Beat Debt Crisis
BY PATRICK MCGROARTY, WSJ.com
German Chancellor Angela Merkel said Wednesday that euro-zone leaders would be able to overcome the bloc's ongoing debt crisis, even in the face of difficult decisions that pit national interests against those of the broader currency zone.
http://jlne.ws/lERUp2
Dodd-Frank May Require $2 Trillion in Collateral for U.S. Swaps
By Silla Brush, Bloomberg
Proposed rules to reduce risks in derivatives trades may require U.S. banks to set aside $2 trillion in collateral that could be used in more profitable ways, according to a government estimate.
US banks told to upgrade internet security
By Joseph Menn in San Francisco and Suzanne Kapner in New York, Financial Times
US banks will be forced to upgrade their systems for preventing online fraud in customer accounts under new guidelines issued by financial regulators concerned about increasingly effective attacks from organised crime groups.
http://jlne.ws/lFGb67
A rescue plan that dare not speak its name
By Peter Spiegel in Brussels, Financial Times
Olli Rehn is nobody’s idea of a hothead. A mild-mannered Finnish economist, he is regarded, even by his countrymen, as unassuming – verging on dull. But twice in recent days Mr Rehn, who is the European Union’s senior economic official, has been forced to get angry.
http://jlne.ws/jrJbIH
Statement By U.S. Treasury Secretary Geithner At The Conclusion Of The 2011 U.S.-India Economic And Financial Partnership
Press Release
http://jlne.ws/j7owKQ
Morgan Stanley may change brokerage name in 2012
Market Watch
Morgan Stanley (MS) plans to rename its retail brokerage joint venture--now called Morgan Stanley Smith Barney--as soon as early next year, according to two financial advisers who heard remarks made by a top executive earlier this month.
http://jlne.ws/m0n2yZ
UBS, BofA, MBIA, Carl Icahn, Merrill, Google, Credit Suisse in Court News
Bloomberg
UBS AG (UBSN) , Bank of America Corp. (BAC) and about a dozen other banks won reinstatement of a lawsuit against MBIA Inc. challenging the 2009 restructuring of its insurance unit that guaranteed toxic debt.
http://jlne.ws/mAlzt1
Merrill, UBS Committed Fraud on Italian Swap, Lombardy Tells U.K. Courts
Bloomberg
Bank of America Corp. (BAC) 's Merrill Lynch unit and UBS AG (UBSN) committed fraud and made "an unfair profit" through hidden fees charged on swaps, according to U.K. court filings by the Italian region of Lombardy, which must set aside millions of euros to cover potential Greek bond losses.
http://jlne.ws/lsSXlz
SEC to propose conduct rules for swap dealers
Reuters via Yahoo! News
Securities regulators are poised on Wednesday to propose rules for how swap dealers interact with their customers, in a move designed to manage risk and protect clients from abusive practices.
http://jlne.ws/ildw3f
UK FSA CEO: Financial Industry Must Learn From Mistakes
FOX Business
U.K. financial services firms aren't learning from past mistakes in offering inappropriate products to customers and have done little to change their attitude toward customers in recent years, Financial Services Authority Chief Executive Hector Sants said Tuesday.
http://jlne.ws/lCTe89
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