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Tuesday, November 17, 2009; 2:26 AM
Asia shares, gold, oil ease as dollar in focus
SINGAPORE (Reuters) - Asian shares, gold and oil eased on Tuesday as investors locked in recent gains while keeping an eye on the ailing dollar, which was pinned near 15-month lows on expectations that U.S. interest rates will stay extremely low for some time. The dollar edged up against a basket of major trading-partner currencies <.DXY> but its downtrend was seen as intact after Federal Reserve Chairman Ben Bernanke said tight credit and a weak job market would weigh on a U.S. economic recovery.
GMAC CEO resigns, Carpenter steps in
NEW YORK (Reuters) - GMAC Chief Executive Al de Molina has resigned, and will be replaced by Michael Carpenter, the troubled lender said on Monday. Carpenter, 62, is a former Citigroup Inc senior executive, having headed the global corporate and investment bank and the alternative investments business.
Fed eyes dollar drop, but hews to low-rate pledge
NEW YORK (Reuters) - Federal Reserve Chairman Ben Bernanke, in a rare comment on the U.S. dollar's value, on Monday acknowledged the currency's slump was causing some prices to rise, but said other factors restraining inflation were winning the day. While showing he was not indifferent to the dollar's slide, Bernanke said tight credit and a weak job market would weigh on the economy's recovery, and he repeated the Fed's pledge to keep interest rates exceptionally low for "an extended period."
Microsoft co-founder Allen diagnosed with cancer
SAN FRANCISCO (Reuters) - Microsoft Corp <MSFT.O> co-founder Paul Allen has been diagnosed with non-Hodgkin's lymphoma and has begun treatment, a spokesman for his investment company said on Monday. Employees of Vulcan Inc, which Allen formed in 1986 to manage his business dealings and philanthropic activity, were informed of Allen's illness in a company e-mail on Monday.
Lehman sues Barclays over windfall profits
(Reuters) - Lehman Brothers Holdings Inc <LEHMQ.PK> has filed a lawsuit against Barclays Capital Inc alleging the British bank took control of excess assets in collusion with Lehman executives when it bought its U.S. brokerage business a year ago, court documents show. Lehman filed for bankruptcy on September 15, 2008, in the largest U.S. bankruptcy in history. Its flagship U.S. brokerage business was sold to Barclays less than a week later in a hurriedly assembled deal.
Banks sense danger, warn Congress on breakup power
WASHINGTON (Reuters) - Some of the world's largest financial firms on Monday urged a top U.S. lawmaker not to pursue big bank break-up legislation, an idea attracting interest in Congress and causing alarm on Wall Street. The Financial Services Forum, a lobbying group for CEOs of firms including Goldman Sachs <GS.N> and JPMorgan Chase <JPM.N>, said empowering regulators to break up "too-big-to-fail" banks "could lead to long-term damage to the U.S. economy."
