Uploaded by FinancialNewsOnline on Nov 21, 2011
This is what's in the news for Friday, November 21st. The Wall Street Journal reports the EU's executive arm will this week float proposals for joint issues of bonds among the currency's 17 governments. The Wall Street Journal also reports Volkswagen AG (VLKAY) is making a bigger push to increase sales in southern China, a region traditionally dominated by Japanese auto makers. Bloomberg reports foreign bank deposits at the Federal Reserve more than doubled to $715B since the end of 2010, buttressing the dollar’s status as the world’s reserve currency. Some 47 foreign banks held balances of over $1B at the New York Fed as of September 30, up from 22 at the end of 2010, according to a survey of 80 financial institutions by inter-dealer broker ICAP. Bloomberg also reports Berkshire Hathaway (BRK.A) Chairman Warren Buffett said he’s unfazed by the recent scandal at Japanese camera maker Olympus Corp. and is looking for investment opportunities in Japan. And finally, Reuters reports Alleghany Corp. (Y) is close to a deal to buy Transatlantic Holdings (TRH) for about $3.4B, sources say.
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