Delay in UBS tax case
The U.S. and Swiss bank UBS have asked for a three-week delay to a court hearing over the bank’s refusal to reveal the names of 52,000 customers to U.S. tax authorities, according to a court filing, Bloomberg reported. The U.S. and UBS are in talks to settle a lawsuit, according to the report.
CIT Scrambles for financing
CIT Group Inc is hoping to get some sort of short-term emergency financing from the government to help avoid a rush by nervous customers to withdraw funds or try to draw down credit lines, the Wall Street Journal reported Sunday. It was unclear whether government officials are willing to step up, according to the report. The lender faces $2.7 billion in debt due from now until the end of the year.
Too early for new stimulus talk: Geithner
U.S. Treasury Secretary Timothy Geithner said Sunday it is too early to decide if the U.S. will need a second round of government stimulus to recover from recession, Geithner said in a taped interview with CNN that will air Sunday, according to Reuters. Geithner said he expects the first stimulus to take effect in the second half of the year.
Kirin, Suntory in merger talks: report
Japanese brewer Kirin Holdings is in talks with Suntory Holdings Ltd to merge, creating one of the world’s largest beverage and food firms, the Japanese business daily Nikkei reported Monday. The companies aim to complete the deal this year, the newspaper reported citing unnamed sources.