BB&T set to buy Colonial Bank: Reports
BB&T Corp. and the Federal Deposit Insurance Corp. have reached an agreement to take over Colonial BancGroup in Alabama the Wall Street Journal and Bloomberg reported citing anonymous sources. Colonial is Alabama's second-largest bank with $26.4 billion in assets and 355 branches in Florida, Alabama, Georgia, Nevada and Texas. The takeover would make BB&T the ninth-biggest U.S. bank by assets.

Gloomy consumer sentiment drives markets down
Markets tumbled on Friday following an unexpected fall in the U.S. consumer confidence index. The index fell early August 63.2 from 66.0 in July according to media reports on Friday of the Reuters/University of Michigan. The reading is markedly lower than the 69.0 economists were expecting. Consumers are still burdened with increasing job losses and rising debts.

California UBS account holder pleads guilty of tax evasion
A California man has agreed to plead guilty of evading U.S. taxes by failing to disclose his Swiss bank account and failing to report the more than $1 million he transferred into it, the Justice Department announced Friday. According to prosecutors, John McCarthy, opened the UBS account in 2003 in the name of a Hong Kong company and secretly transferred over more than $1 million to the account to avoid payment of U.S. taxes.

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