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Financial News Network
September 21, 2012 AT 6:43 PM
From Fnno.com, This is the financial news network. Here's what's in the news for Tuesday September 18, 2012. The Wall Street Journal reports political pressures in the U.S. and China are straining ties between the two world powers. President Obama is asking the WTO to rule that Beijing is illegally subsidizing autos and auto parts. Chinese leaders are under internal pressure to appear tough and please the military during China's leadership transition which begins this fall. They are facing off with Japan and other regional powers over ownership of several Pacific islands. And, some major Japanese companies closed factories in China following an outbreak of anti-Japan demonstrations over the weekend. The Wall Street Journal also reports the union representing engineers and technicians at Boeing (NYSE:BA) recommended that members reject a new contract offer outlined last week, increasing tensions with management ahead of the current deal's expiration on October 6. Reuters reports a U.S. regulation--the Volcker rule-- that limits how much of its own capital a bank can put at risk is causing headaches for Morgan Stanley (NYSE:MS) as it prepares to raise a new multi-billion-dollar global infrastructure fund, sources say. Bloomberg reports oil's decline continued after the biggest drop in two months on speculation that a slowing U.S. economy may curb fuel demand. Futures fell as much as 0.7% in New York on top of a 2.4% decline in the previous session. Crude fell over $3 in less than a minute yesterday as October options were about to expire. Finally, Bloomberg also reports Medtronic (NYSE:MDT) is seeking pharmaceutical industry partners to couple the company's pump technology with Alzheimer's medicines that may be more effective if pushed directly into the brain. For more financial news and analysis follow us on Twitter @FNNOnline or check out our website at fnno.com.