MARKETS / FINANCE

The future of Prudential's deal to buy AIG's Asian life insurance arm remained uncertain on Saturday, with the U.S. Treasury saying it has not considered any other deal than the existing contract on the table.

The big, fat Indian wedding is the biggest bet for gold now. With gold prices soaring to over Rs 18,000 per 10 gm in India and global markets witnessing a huge surge, demand for gold jewellery had witnessed a fall in India. But, weddings are the saving grace now. With India witnessing thousands of weddings this marriage season, gold jewellery sales are set to go up in India.

The U.S. Treasury and General Motors Co may select a lead underwriter for an initial public offering for the automaker as early as next week, Bloomberg News reported on Saturday.

The United Arab Emirates' economic growth is expected to accelerate to up to 3.2 percent this year and no further major restructuring of Dubai debt is seen, the Gulf country's economy minister said on Saturday.

The European Central Bank could begin exiting its phase of loose monetary policy from July, ECB Executive Board Member Juergen Stark was quoted as saying by German weekly magazine WirtschaftsWoche on Saturday.

The chief executive of nationalized Dutch bank ABN AMRO said it was unlikely the state would recover the full 30 billion euros ($36.8 billion) it has spent buying and supporting the bank, sparking calls for new parliamentary hearings into the aid.

German Finance Minister Wolfgang Schaeuble hinted that taxes may have to rise to consolidate Germany's finances one day after coalition sources said the government may scrap a discounted sales tax on some products.

Dogged by controversies, Zimbabwe has banned diamond exports till it gets the clearance from the Kimberley Process. The government said it has imposed the ban on all diamond exports, including those from Rio Tinto unit, until gemstones from its controversial Marange fields are certified by industry regulators.

Gold prices have set on fire but the demand for gold coins seem to have emerged stronger than ever with global investors going on the buying spree last year. As per the available statistics, investors bought 228.5 tonnes of gold in the form bullion coins, up by over 195% since 2000, when the investors bought 77.4 tonnes of gold coins.

American International Group Inc believes $30 billion for its Asian unit, AIA is too low, and the U.S. insurer is not in a rush to do a deal, a source familiar with the matter said late on Friday.

Morgan Stanley Chairman John Mack, who has said Wall Street's high pay packages show that the industry is out of touch with mainstream America, is receiving a 150 percent base salary increase to $2 million.

Asia is one of the more interesting gas markets in the world. Places like Thailand and its southeast Asian neighbors have seen phenomenal demand growth over the last several years. Total has said they're in Thailand for gas. (Part of the reason I believe Thai shale gas may become an interesting play over the coming years.)

The financial world is coming unglued again. Greece has pushed the E.U. to the brink. Global stock markets are tumbling. And yet, at the same time at least one economic indicator is soaring. The Baltic Dry Index. Today, the BDI jumped nearly 9%. The largest daily jump in at least the last six months.

An interesting chart from the Bank of Japan's latest monthly economic report. Japanese capacity utilization is way down. Around 20% of manufacturing facilities are standing idle. This is an improvement from the beginning of 2009, when 35% of capacity was shut down. But a marked decrease from pre-financial-crisis levels, when there was almost no excess capacity to be found.

U.S. consumer spending unexpectedly stalled in April after six straight months of gains, but rising income and consumer confidence pointed to solid consumption this quarter.

The House of Representatives on Friday passed a scaled-back economic-stimulus package of tax breaks and safety net spending that would raise taxes on fund managers and multinational corporations.

Stocks fell on Friday, capping off their worst month in over a year as a downgrade by Fitch of Spain's credit rating reignited worries about euro-zone debt issues.

Stocks ended lower on Friday, capping off their worst month in over a year as a downgrade by Fitch Ratings of Spain's credit rating reignited worries about euro-zone debt issues.

Fitch cut Spain's credit rating by one notch on Friday, sending markets lower and capping a horrible week for a government struggling to convince investors it can solve its economic woes and avoid a Greek-style debt crisis.

Fitch Ratings cut Spain's credit ratings to AA+ from AAA on Friday, saying its economic recovery would be more muted than the government forecast, pushing world equities and the euro lower.

HSBC's executive pay policy got a grudging green light on Friday, along with a stinging rebuke from one of its top investors, as Europe's biggest bank said it was bracing for further economic shocks.

Stocks fell 1 percent on Friday, extending earlier losses as a downgrade by Fitch Ratings of Spain's credit rating reignited worries about euro-zone debt issues.

Consumer spending unexpectedly stalled in April after six straight months of gains, but rising income and consumer confidence pointed to solid consumption this quarter.

The House of Representatives on Friday was to vote on a reduced package of safety-net spending and tax measures that would raise taxes on fund managers, but it likely was too late to avoid disrupting jobless benefits for hundreds of thousands of Americans.

Shares of CKX Inc jumped by a third of their value Friday, a day after The Wall Street Journal reported American Idol creator Simon Fuller and former Barclays Capital top dealmaker Roger Jenkins are planning a $600 million bid for the company.

Fitch Ratings cut Spain's credit ratings to AA+ from AAA on Friday, saying its economic recovery would be more muted than the government forecast due to strict austerity measures passed this week.

Fitch Ratings cut Spain's credit ratings to AA+ from AAA on Friday, saying its economic recovery would be more muted than the government forecast due to strict austerity measures passed this week.

Berkshire Hathaway Inc confirmed on Friday that Warren Buffett will testify under subpoena before a U.S. panel examining the causes of the 2008 financial crisis.

Fitch Ratings downgraded Spain's credit ratings by one notch on Friday, saying the country's economic recovery will be more muted than the government forecast due to its austerity measures.