Midday minute, July 8 – Finance

IMF says world recession is easing, but economy still likely to contract
The International Monetary Fund said signs in the economy indicate that recession is easing but the recovery will be slow and likely to take some time. The IMF said the global economy is likely to contract 1.4 percent this year.

Senior Merril Staff leave the bank
At least 18 veteran investment bankers have left Merril Lynch &Co since the firm was sold to Bank of America. The departures are not likely to affect Bank of America in the long run as BofA has a $2.3 trillion balance sheet.

Reports indicate UBS could afford to pay $5.5 billion to end tax dispute
Swiss bank may be able to afford a $5.5 billion payment to bring an end to a U.S. tax dispute without needing any additional funding. The bank is able to do this due to recent capital injections from proceeds of asset sales.