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What's In The News: September 7, 2012

Financial News Network
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September 09, 2012 AT 12:28 AM
From FNNO.com, you're watching the Financial News Network. Here's what's in the news for Friday, September 7, 2012. The Wall Street Journal reports that Glencore International adjourned its extraordinary shareholder meeting to vote on a merger of equals with Xstrata (XSRAY), following a new development overnight, the company's chairman said today, without giving any details. Its plans to merge with Xstrata were facing collapse as several major shareholders in the miner were demanding better terms to the deal. The Wall Street Journal also reports that Apple (AAPL) is in talks to license music for a custom-radio service similar to the popular one operated by Pandora Media (P), sources say, in what would be a bid by the hardware maker to expand its dominance in online music. Reuters reports that major banks are considering whether to enter the California carbon market, which experts believe could grow into a $40B a year market by 2020, but one that is also loaded with risk and uncertainty. Reuters also reports that the National Credit Union Administration sued UBS (UBS), accusing the bank of violating federal and state laws through misrepresentations in the sale of mortgage-backed securities to two credit unions that later failed, according to a court filing. Reuters also reports the union representing the striking cabin crew at Lufthansa (DLAKY) said it was open for talks after renewing contact with the airline in a fight over pay and conditions that led to a 24-hour countrywide stoppage today. Finally, Bloomberg reports that a key interest rate for more than $500T of securities worldwide will be replaced by a benchmark subject to greater government control, according to 45% of those responding to a quarterly Bloomberg Global Poll. They said the London interbank offered rate, known as Libor, will be supplanted by a more regulated model within five years, Bloomberg reports. For more financial news and analysis follow us on Twitter @FNNOnline or check out our website at fnno.com.