IBT Staff Reporter

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SocGen keeps 2012 targets, Q4 in line

French bank Societe Generale said it would stick to its 2012 profit target of 6 billion euros ($8.1 billion) after it resisted jittery markets and almost quadrupled fourth-quarter 2010 profit.

Sanofi sweetens Genzyme bid to $74/shr

French drug maker Sanofi-Aventis agreed to acquire U.S. biotechnology company Genzyme for $74.00 per share in cash or about $20.1 billion plus extra payments linked to experimental multiple sclerosis drug Lemtrada.

SocGen deputy CEO says 2011 started off better than Q4

Market activity since the start of 2011 has improved from the fourth quarter 2010, which was hit by the rescue of Ireland and sovereign debt fears, French bank Societe Generale's deputy chief executive told Reuters Insider television.

France bad, Italy useless on aid goals - Geldof

France and Italy have fallen badly behind on pledges to boost their development aid and should follow the example of Britain, which has stuck to pledges despite austerity measures, Bob Geldof said on Tuesday.

Obama slams Iran crackdown, urges Mideast reform

U.S. President Barack Obama on Tuesday condemned Iran's crackdown on protesters inspired by Egypt's popular uprising and urged friends and foes across the Middle East to take heed of their peoples' aspirations for democracy.

StanChart exits loan trading to focus on lending

Emerging markets focused lender, Standard Chartered Bank <2888.HK>, has shuttered its global loans trading unit, sources familiar with the matter told Reuters on Wednesday, ending a unique experiment in Asia, as it moves to focus on lending to clients.

EU sued over secrecy in India trade talks

Transparency campaigners sued the European Union's executive on Tuesday for withholding documents on free trade talks with India, stepping up pressure on the bloc to make its policymaking less secretive.

CBI question Unitech exec in telecoms probe

The Central Bureau of Investigation (CBI) on Tuesday questioned a top executive of Unitech Ltd as part of a probe into a telecoms corruption scandal that has roiled politics and spooked investors in Asia's third-largest economy.

Indian government hit by corruption scandals

Prime Minister Manmohan Singh is under severe pressure, his administration derailed from its legislative agenda by a series of corruption scandals that have come to dominate politics.

Redemption requests top $1 billion at Diamondback

Investors in Diamondback Capital Management, one of four hedge funds raided by federal authorities last year as part of an insider trading probe, have asked to pull more than $1 billion from the firm, a source familiar with the fund's communications to clients said on Tuesday.

Chinese telco gearmakers aim to leap U.S. barriers

Chinese telecom equipment makers have their sights set on the United States, a massive market that has so far been largely off limits to them because of fears over the security of key national infrastructure.

Manmohan Singh defends govt against lameduck image

Prime Minister Manmohan Singh defended himself on Wednesday against accusations his government was a lameduck, saying it was trying to bring justice in some of the country's biggest corruption scandals in decades.

IMG to spread Major League Gaming globally

NEW YORK - Major League Gaming, the largest professional competitive video game league, will be expanding to new markets outside North America thanks to a new partnership with IMG, the global sports and entertainment company.

Dell blows past targets, but doubt persists

Dell Inc's quarterly earnings and margins blew past Wall Street expectations as component costs slid and corporations replaced aging technology, propelling its shares 6 percent higher.

Nikkei at 9-month high on soft yen

Sterling rose in Asia on Wednesday as accelerating UK inflation fueled talk of an early interest rate rise, while a weaker yen helped to send Japanese stocks to the highest level since last May.

BHP goes on $80 billion expansion spree

BHP Billiton , the world's biggest miner, plans to pour $80 billion into expansions over the next five years and return cash to investors rather than chase ambitious takeovers, after nearly doubling its first-half profit to a record.

G20 likely to repeat language on forex: official

The Group of 20 wealthy and emerging nations is likely to encourage emerging countries to let their currencies float more freely when they meet this week, in a repeat of language used last year, a G20 official said on Tuesday.

Madoff says banks had to know of Ponzi scheme: report

A frail Bernard Madoff, facing the rest of his life in prison, said a variety of banks and hedge funds were complicit in and had to know about his epic Ponzi scheme before it was uncovered, The New York Times reported.

JPMorgan CEO: I'm staying put, and bank is expanding

JPMorgan Chase & Co Chief Executive Jamie Dimon said his bank will not be goaded into doing something dumb with its capital, even as it prepares an aggressive expansion in consumer and private banking over the next five years.

A&P seeks nod to close 32 stores

Great Atlantic & Pacific Tea Co said it filed a motion seeking approval to close 32 stores in six states as the bankrupt grocer tries to fend off growing pressure in the low-margin supermarket business.

Republicans to probe Fannie, Freddie executive pay

A key congressional panel charged with overseeing financial matters plans to question Fannie Mae and Freddie Mac executives over their multimillion-dollar compensation packages paid for by U.S. taxpayers.

JPMorgan ignored client red flags post-Madoff: lawsuit

A former JPMorgan Chase & Co private banker has filed a new whistleblower complaint against the bank, saying it ignored many red flags about a suspicious client even after the fraud of another client, Bernard Madoff, was exposed.

Peltz bids for Family Dollar, shares soar

Trian Group offered to buy Family Dollar Stores Inc for $55 to $60 per share in cash as billionaire investor Nelson Peltz bet that low-income Americans will watch their pennies for some time yet.

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