Federal regulators are poised to approve a keystone rule that will reign in financial risk-taking by banks, reports CNBC's Kate Kelly.» Read More
BRUSSELS, Dec 10- Europe is seeking to agree by year-end on how to close failing banks, part of an ambitious plan to create a single banking framework and fix lenders whose problems have festered since the financial crisis.
*Germany opposes use of bailout fund as backstop for financing bank closures. BRUSSELS, Dec 10- European Union finance ministers are likely to take a political step towards creating a banking union with powers to close down failing banks on Tuesday, but leave nagging legal details to another time, perhaps next week.
BEIJING, Dec 10- China's biggest banks will launch the sale of negotiable certificates of deposit this week, eight sources with knowledge of the situation said, in a decisive move to free up the country's interest rates market.
Europe is seeking to agree by year-end on how to close failing banks, part of an ambitious plan to create a single banking framework.
Steven Holland, Founder & CEO at The Holland Group, says he is strongly in favor of more banking regulations.
Wall Street may be fretting before Tuesday's release of regulations on the Volcker rule, but the impact is unlikely to be huge, a banking expert said.
Federal regulators are poised to approve the so-called Volcker Rule, a keystone financial regulation since the Depression. The NYT reports.
SINGAPORE, Dec 10- Gold got off to a shaky start on Tuesday after gaining 1 percent in the previous session, as investors turned their attention to a Federal Reserve policy meeting next week that could provide clues on the outlook for the bank's stimulus. *Spot gold had fallen 0.2 percent to $1,237.94 an ounce by 0020 GMT.
Keith Pogson, Senior Partner, Asia Pacific Financial Services at EY, outlines the hurdles ahead for major banks in complying with the new rules, which could cost them millions.
Foreign banks in China have warned that they will suffer severe from new rules aimed at limiting lending by domestic banks. The FT reports.
WASHINGTON, Dec 9- The U.S. municipal bond market shrank at a record pace in the third quarter, and the amount of bonds held by households, the market's biggest investors, fell to the lowest level in nearly seven years, according to Federal Reserve data released on Monday.
NEW YORK, Dec 9- U.S. stocks edged higher on Monday, with the S&P 500 closing at a record high, as traders awaited more clues from the Federal Reserve on whether the U.S. central bank would soon begin winding down its economic stimulus. The Dow industrials traded within 43.11 points from session high to intraday low, in the Dow's tightest daily range since Aug. 17, 2012.
The remarks from St. Louis Federal Reserve Bank President James Bullard voicing support for a "small taper" were unexpected.
NEW YORK, Dec 9- U.S. stocks ended slightly higher on Monday as investors awaited more clues from the Federal Reserve on whether the U.S. central bank will soon begin to wind down its economic stimulus. Based on the latest available data, the Dow Jones industrial average edged up 5.52 points, or 0.03 percent, to finish unofficially at 16,025.72.
Federal Reserve official on Monday suggested that farmers consider a path toward internationally accepted standards for genetically modified crops, following rejections of U.S. corn shipments by China.
NEW YORK, Dec 9- U.S. stocks advanced modestly on Monday after positive Chinese trade and inflation data, while remarks by top Federal Reserve officials about the outlook for slowing the Fed's stimulus had little impact on the market.
*France and Germany divided over breadth of the scheme. BRUSSELS, Dec 9- Europe is seeking to agree by year-end on how to close failing banks, part of an ambitious plan to create a single banking framework and fix broken lenders whose problems have festered since the financial crisis.
*Valiant says U.S. clients are less than 1 pct of total. ZURICH, Dec 9- Valiant Holding AG on Monday became the first Swiss bank to say it would work with U.S. officials in a crackdown on wealthy Americans evading taxes through hidden offshore accounts.
Jeffrey Lacker, the president of the Federal Reserve Bank of Richmond, will speak at an economic outlook conference in Charlotte, North Carolina, at 12:30 p.m.. St. Louis Fed Bank President James Bullard will also speak on the economy in St. Louis in the afternoon, and Dallas Fed Bank President Richard Fisher will speak in Chicago in the evening.
NEW YORK, Dec 9- Stock markets worldwide rose on Monday and the euro climbed to a six-week high against the dollar after Chinese trade and inflation data boosted optimism about the global economy.