US-NEWS Summary

Sep 15, 2011, 10:52 p.m.

Geithner to discuss leveraging EU bailout fund

WROCLAW, Poland/FRANKFURT (Reuters) - Treasury Secretary Timothy Geithner holds talks with European finance ministers on Friday on the possibility of leveraging the euro zone's bailout fund to help resolve the debt crisis. Washington set up an emergency fund to support U.S. lenders during the global credit crisis. With signs of stress in Europe now, the European Central Bank and those of Britain, Japan and Switzerland joined forces on Thursday to reintroduce three-month dollar liquidity operations in the fourth quarter.

Central banks expand dollar operations

FRANKFURT (Reuters) - Major central banks around the world will cooperate to offer three-month U.S. dollar loans to commercial banks in order to prevent money markets from freezing up in the wake of Europe's sovereign debt crisis. The European Central Bank said on Thursday it would hold three fixed-rate operations between October and December to provide banks as many dollars as they needed, in order to ease any funding crunch over the year-end.

UBS $2 billion rogue trade suspect held in London

LONDON/ZURICH (Reuters) - Swiss bank UBS said it had lost around $2 billion due to rogue dealing by a London-based trader at the Swiss bank and police said they had arrested a man on suspicion of fraud. Sources close to the situation named the suspect as 31-year-old Kweku Adoboli, who was working as UBS director of exchange traded funds and so-called Delta 1 trading, according to his profile on LinkedIn.

RIM results, outlook stun investors even after warning

(Reuters) - Research In Motion reported a steep drop in quarterly profit on limp sales of its smartphones and tablets, and offered investors little hope of a turnaround anytime soon, sending its shares tumbling. RIM, which launched a string of refreshed BlackBerry phones in recent weeks, painted a dismal picture for its current quarter and said it now expects to reach only the lower end of an already reduced full-year outlook in a quarterly financial report issued late Thursday.

Exclusive: U.S. tax-evasion probe turns to Israeli banks

(Reuters) - The U.S. pursuit of offshore tax evaders is widening to include Israel, where U.S. authorities are scrutinizing three of Israel's largest banks over suspicions their Swiss outposts helped American clients evade taxes, people briefed on the matter said. The banks under scrutiny by the U.S. Justice Department's criminal tax division are Bank Hapoalim, Bank Leumi le-Israel BM and Mizrahi-Tefahot, the sources said.

Senate approves $6.9 billion in disaster aid

WASHINGTON (Reuters) - The Democratic-led Senate on Thursday sent the House of Representatives a measure to fund disaster aid by twice as much as the House wants to spend -- laying the groundwork for another political showdown. The Senate voted 62-37 to approve $6.9 billion to cover disaster response until October 2012.

Obama backs away from Social Security in deficits plan

WASHINGTON (Reuters) - President Barack Obama, yielding to pressure from his political base, has backed off a proposal to reform Social Security retirement benefits in a high-stakes deficits deal Congress needs to reach this year. The Democratic president upset many core supporters in July when he considered changing how the popular pension funds are linked to inflation during acrimonious negotiations with Republicans over raising the U.S. debt ceiling.

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