Dexia Belgium to Nationalize (WSJ)
Chevron $CVX to Begin Drilling of Chinese Coast Next Year (WSJ)
Chevron Corp. plans to start drilling its first gas exploration well off the southern coast of China before the end of the year, near an area where large gas reserves have been found, a senior regional executive said.
IBM’s Shares Fall 4% (FT)
IBM’s flat performance in major markets and concerns about how poor economic conditions and currency shifts might affect its fourth quarter drove down shares of the technology group. The shares fell nearly 4 per cent to $179.48 in extended trading in New York on the news, in spite of strong third-quarter growth in emerging markets for the company
Wells Fargo & Co.’s first disappointing quarterly results in more than two years are a particularly bad omen for other banks because of a continuing slide in the company’s net interest margin. Net interest margin, or the spread earned between the funds borrowed by a bank and the money it lends out, is one of the U.S. banking industry’s biggest earnings engines.
China Reports Slower Economic Growth (WSJ)
China’s economic growth slowed in the third quarter but remained at a relatively healthy pace, adding to evidence that the Chinese economy is headed for a soft landing. Economists are now divided on whether a loosening of Beijing’s economic policies is imminent. China’s third-quarter gross domestic product was up 9.1% from a year earlier, slowing from 9.5% growth in the second quarter and 9.7% growth in the first, China’s National Bureau of Statistics said Tuesday. Growth fell short of the median 9.2% forecast of 14 economists surveyed by Dow Jones Newswires.
New Plan to Help Underwater Borrowers (WSJ)
State and federal officials are pushing a plan that could help some “underwater” borrowers get refinancing assistance in the latest government bid to break a legal impasse with big banks over alleged foreclosure abuses and ease problems in the housing market. The proposal was raised in a meeting last week between government negotiators and giant lenders as part of an effort to settle allegations of questionable foreclosure practices. Discussions are still fluid and any final outcome is uncertain. Talks between government officials and the banks are expected to continue this week.
Senate Passes Natural Gas Pipeline Safety Bill (WSJ)
The U.S. Senate unanimously approved a bill Monday updating pipeline-safety regulations and increasing fines that federal regulators can impose on violators. The bill follows recent natural-gas pipeline explosions, including an incident that killed eight people in northern California last year. The legislation has support from industry. A similar measure won unanimous approval from the House Energy Committee last month and is awaiting a vote by the full House.
