Daily Outlook - Dec 17

Boosting Broadband; Banks' New Rules; Treasuries harder to buy

on December 17 2009 9:15 AM

Obama plans to sharply boost U.S. broadband access

The Obama administration is to award $2 billion in grants and loans over the next 75 days as part of a plan to dramatically expand Americans' broadband Internet access and create tens of thousands of jobs. Read Full Article here.

Banks face tough new capital standards under Basel rules

Big banks will have to set aside more profits or even raise capital as protection against hard times from 2012 under tough new proposals from international regulators, released on Thursday. Read Full Article here.

China central banker says harder to buy U.S. Treasuries

It is getting harder for governments to buy U.S. Treasuries because the United States' shrinking current-account gap is reducing supply of dollars overseas, a Chinese central bank official said on Thursday. Read Full Article here.

General Mills posts higher profit

General Mills Inc posted a better-than-expected 50 percent increase in quarterly profit, helped by strong sales of higher-margin products like cereal and falling commodity costs. Read Full Article here.

Dubai projects go ahead as leaders visit U.S.

Top Dubai officials were due in New York on Thursday in an effort to rebuild confidence in the Gulf emirate's finances while at home, developers got back to the business of ambitious construction and leisure projects. Read Full Article here.

NAB trumps AMP in $12 bln offer for AXA Asia-Pac

National Australia Bank made a surprise trump bid for AXA Asia Pacific Holdings' Australian and New Zealand units on Thursday, in a cash deal that would value all of the target firm at around $12 billion. Read Full Article here.

Bank of America names Moynihan next CEO

Bank of America Corp on Wednesday tapped insider Brian Moynihan as its next chief executive, ending months of speculation about who would succeed Kenneth Lewis to lead the largest U.S. bank. Read Full Article here.

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