Switch to Desktop Site

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.

About these ads


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.


Page:   1   |   2