UNITED STATES

The head of the U.S. Federal Deposit Insurance Corp. said on Sunday that she wanted to end the too big to fail doctrine and shrink the shadow banking system that operates outside the reach of regulators.

The Group of Seven rich nations urged China on Saturday to strengthen the yuan, but gave no sign of how it might overcome Chinese resistance to that suggestion or resolve other tensions over global currency rates.

Prince Alwaleed bin Talal, a big investor in Citigroup , urged the U.S. government to sell its stake in the bank as soon as this year to boost investor confidence, Emerging Markets magazine reported.

The Group of Seven rich nations urged China on Saturday to strengthen the yuan, but gave no sign of how it might overcome Chinese resistance to that suggestion or resolve other tensions over global currency rates.

Education Management Corp rose 20.9 percent in its first day of trading on the Nasdaq on Friday, above average for a U.S. initial public offering this year.

Israeli holding company IDB Holding Corp said on Saturday it was close to signing a deal to acquire from HSBC the bank's headquarters in Manhattan for $330 million.

Three U.S. banks failed on Friday, bringing the total to 98 this year, as regulators continue to shutter financial institutions that are overwhelmed by bad loans and liquidity problems.

Financial officials of the Group of Seven rich nations, which dominated global policymaking for decades, were set Saturday to discuss a diminished future for their group as it grappled with tensions over currency rates.

The Group of 24 nations on Saturday called for a significant shift in IMF voting power to developing nations and a doubling of members' quotas to raise more resources for the global financial institution.

Myanmar's opposition leader Aung San Suu Kyi held a rare meeting with a minister from the ruling junta on Saturday, a government source said, a week after she offered to work for withdrawal of sanctions on the country.

Apple could double its iPhone sales if it ended its policy of exclusive contract with mobile service providers, according to analysts.

Rio de Janeiro won a resounding vote on Friday to stage the first Olympics in South America in 2016, rebuffing U.S. President Barack Obama, who had personally lobbied for his adopted hometown Chicago.

General Electric Co and Comcast Corp, working on a deal to spin off GE's NBC Universal, have valued it at $30 billion, including $9 billion of debt, a source close to the talks told Reuters on Friday.

The U.S. Treasury will soon finalize a plan to expand its incentives for mortgage companies to include short sales as a way to stem a rising tide of foreclosures, according to a Treasury spokeswoman.

If the stock market bulls are right, U.S. third-quarter corporate earnings could show revenue kicked into gear after some disappointing numbers last quarter, sustaining the rally.

Electronic readers could be the hottest gift this holiday season as a new crop of portable media devices begins to join iPods and other music players as must-have tech accessories.

The Group of Seven rich nations is expected to issue its customary call for stable exchange rates on Saturday, but do nothing more specific to address concern a weak dollar could hurt European exports.

Private equity firm Blackstone Group is in talks to buy Anheuser-Busch InBev NV's theme parks, and a deal could be reached as early as next week, sources familiar with the situation said on Friday.

A television producer accused of trying to extort $2 million from talk show host David Letterman by revealing his sexual affairs pleaded not guilty to charges of attempted grand larceny on Friday.

Labor costs at Ford Motor Co (F.N) are about $16 an hour higher in Canada than in the United States, the Canadian Auto Workers confirmed on Friday, but union said it needs guarantees on production levels before it agrees to concessions to level the field.

With its 14th week at the summit of Billboard's Hot 100 singles chart, the Black Eyed Peas' I Gotta Feeling matched Mariah Carey's 2005 hit We Belong Together for the longest No. 1 stay this decade.