MARKETS / FINANCE

Global finance chiefs told commercial banks at the weekend that resisting tighter regulation of the industry was futile, though bankers warned the reforms could hurt economic recovery.

The global financial crisis is probably not completely over and banks are likely to experience further setbacks, European Central Bank Governing Council member Axel Weber said in a newspaper interview released on Sunday.

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.

Fierce disagreement over how much power rich nations should cede to developing countries clouded talks between global finance chiefs on expanding the role of the International Monetary Fund.

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 leading emerging BRIC nations maintain their demand for a 7 percent shift in voting power to developing countries at the International Monetary Fund, Brazil's Finance Minister Guido Mantega said on Saturday.

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 head of the International Finance Corp said on Saturday that the group plans to work with private equity funds, debt servicing companies and major banks to soak up toxic assets held by banks in emerging markets.

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.

Stanford University is looking to sell as much as $1 billion worth of investments including private equity investments, real estate and timberlands, the Wall Street Journal reported, citing unnamed people familiar with the matter.

A Delaware court dismissed two of eBay Inc's claims against classified website Craigslist Inc and its two biggest shareholders on Friday, but five key claims remain to be heard in an upcoming trial.

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.

Analysts have raised estimates for Apple in spite of poor economic signs, mainly due to their confidence in the strong momentum from iPhone and iPod sales.

Electronic Arts on Friday released its soccer flagship FIFA 10, its latest game for Apple's iPhone and iPod touch, which costs $10 at the App store.

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.

U.S. employers unexpectedly cut more jobs in September than in August, underscoring the fragility of the economy's recovery from its worst recession in 70 years as businesses remain cautious about the future.

Stocks fell for the fourth straight day on Friday as weak jobs data gave more evidence the economic recovery would be less robust than expected.

Group of Seven financial ministers and central bank governors will likely discuss the economic and financial developments that are behind recent currency moves at their meeting this weekend, Bank of Japan Governor Masaaki Shirakawa said on Friday.

Consumer bankruptcies soared 41 percent in September from a year before and climbed from August, as high unemployment and the housing market crash took their toll, the American Bankruptcy Institute said on Friday.

Consumer bankruptcies soared 41 percent in September from a year before and climbed from August, as high unemployment and the housing market crash took their toll, the American Bankruptcy Institute said on Friday.

Stocks fell for the fourth straight day on Friday as weak jobs data gave more evidence the economic recovery would be less robust than expected.

Bank of America Corp's six-member CEO search committee includes three former directors of FleetBoston Financial Corp, a sign the bank's Boston connection may take a stronger role in setting future strategy.

If CIT Group exchanges its debt under an offer aimed at averting a bankruptcy filing, the U.S. government could lose nearly 80 percent of its $2.33 billion investment in the troubled commercial lender.

U.S. stocks were little changed on Friday and on track for their second straight week of losses as disappointment over weak jobs data waned and as brokers' positive comments lifted technology and financial companies.

The International Monetary Fund and the World Bank warned on Friday that the global economic recovery might falter as complacent policymakers lost their will to cooperate.

Bank of America Corp has appointed a six-member group of directors to oversee the search for Kenneth Lewis' replacement.

U.S. stocks declined on Friday, though brokers' positive comments on companies in the tech and bank sectors partially offset weaker-than-expected jobs data.

U.S. employers cut a deeper-than-expected 263,000 jobs in September, fueling fears the weak labor market could impede the economy's recovery from its worst recession in 70 years.

The head of the main U.S. securities industry regulator said on Friday the board of Bank of America Corp should make public its intentions as it searches for a new chief executive.