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Money Daily Brief: EU unveils financial reform plan

Anthony Phelps/Reuters

(Read caption) A businessman walks past a shop in Wellington, New Zealand. The nation, whose economy grew unexpectedly in the second quarter, is the latest to escape the grip of the global recession.

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– Updated 2:25 p.m EDT (18:25 UTC)

EU financial reform: The European Commission unveiled legislation to improve oversight of the region's financial system through two watchdogs. A systemic risk board, comprised of its members' central bankers, would consult with EU leaders but have no formal powers. A separate system of financial supervisors would monitor day-to-day affairs, work through national bank supervisors, and have power to resolve disputes among them.

Buffett's bumper return: Just eight days after the demise of Lehman Brothers, Warren Buffett's Berkshire Hathaway bought $5 billion in perpetual preferred stock from stumbling financial giant Goldman Sachs. A year later, Hathaway is $3 billion richer for his foresight. The world's No. 2 richest man, Mr. Buffett is reportedly also looking at investing $1.6 billion in the United Kingdom's move to become the world's largest producer of offshore wind-power.

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