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28/03/08

Sen. Schumer urges new financial regulation: report

NEW YORK (Reuters) - Sen. Charles Schumer on Friday called for a rethinking of the U.S. financial regulatory system, perhaps moving toward a single regulator, following the collapse this month of Bear Stearns Cos . In an opinion published in the Wall Street Journal, the New York Democrat and Senate Banking Committee member said the creation of a global financial market and slew of new financial instruments had left commercial banks, investment banks, broker-dealers, traders, insurers, hedge funds and private equity firms increasingly linked to each other's fate.

Countrywide exec gets $28 million from Bank of America

NEW YORK (Reuters) - Bank of America Corp said it has agreed to pay $28 million to Countrywide Financial Corp Chief Operating Officer David Sambol to induce him to run the merged companies' consumer mortgage operations. The amount, which vests over three years, is 37 percent higher than the $20.4 million that Bank of America Chairman and Chief Executive Kenneth Lewis was compensated in 2007 to run the second-largest U.S. bank.

Citigroup to name U.S. consumer chief in shuffle: report

NEW YORK (Reuters) - Citigroup Inc , the largest U.S. bank, plans to hire an outsider to take over its flagging U.S. consumer business, the Wall Street Journal said on Friday. Terri Dial, who runs Lloyds TSB Group Plc's U.K. retail banking business, will replace Steven Freiberg at the helm of U.S. consumer operations, the newspaper said, citing people familiar with the matter.

IMF board to back overhaul of members' voting power

WASHINGTON (Reuters) - The International Monetary Fund board on Friday will recommend a landmark overhaul in the voting power of member countries, with emerging economies saying they will settle for less than they wanted. The proposed changes have won the support of key large emerging economies China, India, South Korea, Mexico and Brazil, which will gain voting power according to a new formula for calculating each country's so-called quotas, or membership subscriptions.

Canadian regulator sets conditions for BCE deal

TORONTO (Reuters) - Canada's telecom and broadcasting regulator has approved the C$34.8 billion ($34.1 billion) buyout of BCE Inc by a group of private-equity investors led by the Ontario Teachers' Pension Plan, but subject to a number of conditions. The Canadian Radio-television and Telecommunications Commission said on Thursday that it approved the deal, but added that BCE's board must have 13 directors, Canadian investors must at all times nominate six directors and that the company's chairman must be Canadian.

Toronto stocks get small lift from banks, BCE

TORONTO (Reuters) - The Toronto Stock Exchange's main index edged slightly higher on Thursday, lifted by gains in banks and telecom company BCE Inc, but sentiment was wary and the market was unable to find much traction. The banks led the upside, adding 1.1 percent, with Bank of Montreal rising 93 Canadian cents, or 2.1 percent, to C$45.93, and Bank of Nova Scotia up 78 Canadian cents, or 1.7 percent, at C$46.92.

Barrick Gold says CEO Wilkins on medical leave

TORONTO (Reuters) - Barrick Gold Corp said on Thursday that Greg Wilkins, its president and chief executive since 2003, has taken a leave of absence for medical reasons and that Chairman Peter Munk will act as CEO on an interim basis. Barrick, the world's biggest gold-mining company, said that Wilkins has "a serious medical condition that will require his absence as he undergoes further tests, examinations and treatment."

Canada auto parts firms must look offshore: report

TORONTO (Reuters) - Automobile production in emerging markets is set to outpace output in North America for the first time this year and the Canadian auto parts industry must adapt to the new reality, a study released by Scotia Economics on Thursday says. Combined vehicle assembly capacity in the BRIC nations, Brazil, Russia, India and China, will climb to 20 million units this year surpassing the 17.4 million units of assembly capacity in place in North America, according to the Global Auto Report.

Tim Hortons sees growth in Quebec, Western Canada

OTTAWA (Reuters) - Canadian coffee and doughnut chain Tim Hortons said on Thursday that Quebec and Western Canada represent its fastest-growing domestic markets and an opportunity for further expansion. "In Quebec, we see opportunity to triple the size of our chain," Chief Executive Don Schroeder said at a JP Morgan conference.

Oil pulls back after rise on Iraq blast

LONDON (Reuters) - Oil eased to near $107 a barrel on Friday as crude flows though Iraq's pipeline system were restored after disruption by a bomb attack a day earlier. U.S. crude dropped 50 cents or 0.4 percent to $107.08 a barrel by 0925 GMT (5:25 a.m. EDT), off lows of $106.29. It had settled $1.68 higher on Thursday.

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