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Bank Chiefs Call for Change, Defend Own Practices

Leaders of four of the biggest U.S. banks will call for regulatory changes such as lower leverage and better consumer protection in testimony Jan. 13

Stocks on the Move: Baidu, Kraft, Rio Tinto

Shares of the following companies may have unusual moves in U.S. trading. Stock symbols are in parentheses. Prices are as of 7:45 a.m.

U.S. Stocks Fall, Snap Six-Day Rally

The S&P 500 retreated for the first time this year, after Alcoa's earnings trailed estimates and China moved to cool economic growth

Stocks on the Move: Cirrus, MGM, Supervalu

Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 11:05 a.m. in New York.

Stocks on the Move: Alcoa, Emulex, Infosys

Shares of the following companies are having unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 9:45 a.m. in New York.

Structuring New Fees Could Be Tricky

President Barack Obama plans to raise as much as $120 billion through a fee on financial institutions to help recoup losses from the Troubled Asset Relief Program and reduce the deficit, according to an administration official.

U.S. Stocks Advance a Sixth Day

U.S. stocks advanced, sending the Standard & Poor’s 500 Index higher for a sixth day, as Alcoa Inc. gained before reporting results and record Chinese imports added to evidence that the global economy is gathering pace.

Alcoa Profit Trails Estimates

Alcoa Inc., the largest U.S. aluminum producer, reported fourth-quarter profit that trailed analysts’ estimates as the company faced higher energy and currency costs.

Cuomo Seeks Bonus Data From Bailed-Out Banks

New York Attorney General Andrew Cuomo’s office demanded information on executive pay from Bank of America Corp., Goldman Sachs Group Inc. and six other U.S. financial institutions that received taxpayer bailout funds.

U.S. Stocks Fluctuate

U.S. stocks swung between gains and losses as Venezuela’s devaluation of the bolivar drove down consumer shares, while Alcoa Inc. rallied amid optimism about corporate earnings in the fourth quarter.

Obama Said to Consider Fee on Banks

The White House is considering a fee on financial services companies as a way to cut the federal deficit

Stanley Sees Fed Raising Key Rate to 3% by End 2010 (Update1)

The Federal Reserve will have to raise its benchmark interest rate to 3 percent by the end of the year to combat inflation, said Stephen Stanley, chief economist at RBS Securities Inc. in New York.

Citigroup, Marshall & Ilsley Post Biggest S&P Drops (Update2)

Citigroup Inc. and Marshall & Ilsley Corp. were among the worst performing stocks in the Standard & Poor’s 500 Index this year, dragged down by souring commercial and residential property loans that may extend the declines into 2010.

Japan Air Plunges Amid Bankruptcy Fears

Japan Airlines Corp., Asia’s biggest carrier by sales, plunged to a record in Tokyo trading after reports the carrier may enter bankruptcy proceedings led investors to sell shares on the year’s last trading day.

GMAC Said to Discuss $3 Billion or More in U.S. Aid

GMAC, the home and auto lender that counts the U.S. government as the largest stakeholder, is discussing with the Obama administration a third bailout of $3 billion to $4 billion

Treasuries Little Changed After $42 Billion 5-Year Note Sale

Treasuries were little changed after the government sold a record-tying $42 billion of five-year debt, the second of three note sales this week totaling $118 billion.

Biggs, Faber Predict Dollar Rally as S&P 500 Surges

Barton Biggs and Marc Faber, who recommended buying stocks in March when investors were dumping them, are again united as they predict gains for U.S. equities and the dollar

Bear Stearns Staff Parties On

Staffers of the collapsed investment bank reunited at a velvet-roped bar that sells bottles of Cristal champagne for $450

SEC Suit: Sanofi Bid for Chattem Leaked to French Investors

Sanofi-Aventis SA’s $1.9 billion bid for Chattem was leaked in advance to two French investors who reaped $4.2 million by making illegal insider trades, U.S. regulators claim in a lawsuit

BP says cost of Gulf of Mexico spill hits $8B

BP says it has so far spent $8 billion responding to the disastrous oil well blowout in the Gulf of Mexico.

Trading thins ahead of key US jobs data

Asian shares are slightly higher as investors are cheered by positive economic data from the US and a third straight session of gains on Wall Street.

BP Gulf of Mexico oil spill costs hit $8 billion (Reuters)

Reuters - BP Plc said on Friday the cost of dealing with its oil spill in the Gulf of Mexico had risen to $8 billion and that it was two weeks away from sealing the well for good.

Stranded actor Paul Hogan in Australia tax deal (Reuters)

Reuters - Actor Paul Hogan, star of the "Crocodile Dundee" movies, has struck a deal with Australia's tax office which will allow him to return home to his family in Los Angeles, his lawyer said on Friday.

Official: 4 Miami airport concourses evacuated

A bomb squad investigated a report of a suspicious package after police evacuated four of six concourses at Miami International Airport for several hours on the eve of the Labor Day travel period, an airport spokesman said Friday.

Currencies: Dollar weakens ahead of U.S. jobs data

The U.S. dollar loses ground against the yen and euro, with traders wary ahead of the release of U.S. nonfarm payrolls later in the global day.