IBT Staff Reporter

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ECB fights to avoid role in euro zone rescue fund

The European Central Bank battled to avoid being dragged further into the area of fiscal policy this weekend, as its policymakers stood firm against using the ECB to help supercharge the euro zone's rescue fund.

Regulators not swayed by bank capital complaints

Global banks aggressive push to scale back or postpone new capital rules for the world's largest banks is being met with little sympathy from international regulators who are set to finalize these standards in the coming weeks.

State Farm pay $5 billion to cover weather damages

State Farm Insurance has paid $5 billion to its customers for weather-related catastrophes -- damage to cars, homes and other property so far this year -- the largest U.S. insurer of homes and cars said on Sunday.

Highlights: Financial leaders meeting in Washington

The following are highlights of comments by finance ministers and central bankers in Washington this weekend for meetings of the Group of 20, the semiannual meetings of the International Monetary Fund and World Bank, and the annual meeting of the Institute of International Finance.

IMF urges ECB to play bigger crisis-fighting role

European policymakers, stung by criticism for failing to stem the euro zone debt crisis, face the tough task of quickly stopping fallout from Greece's near-bankruptcy from spreading into the world economy.

Noyer says French banks could use 2008 support

France could use a support mechanism set up at the height of the banking crisis in 2008 to shore up the capital bases of French banks in case of an extraordinary event, Christian Noyer, head of the Bank of France, told a French newspaper.

Financial leaders meeting in Washington

The following are highlights of comments by finance ministers and central bankers in Washington this week for meetings of the Group of 20, the semiannual meetings of the International Monetary Fund and World Bank, and the annual meeting of the Institute of International Finance.

New UBS boss seeks fresh start after trading

The new interim boss of UBS has been charged with reorganizing its investment bank, a task which will take two to three years to complete, its chairman said on Sunday, after CEO Oswald Gruebel quit over the $2.3 billion rogue trading scandal.

ECB undecided on length of debt-buying program: Paramo

The European Central Bank has not decided how long its unconventional interventions in the secondary market for European government debt will go on, Executive Board Member Jose Manuel Gonzalez-Paramo said in an interview on Sunday.

Kudrin rules out role in Russia's next government

Russia's finance Minister Alexei Kudrin said he would decline a job in the country's next government, citing irreconcilable policy differences with President Dmitry Medvedev, who is set to become premier in a job swap with Vladimir Putin.

Rio Tinto says will talk to Mongolia on copper mine deal

Global mining giant Rio Tinto will respond to any request from the Mongolian government to discuss its investment in the country's giant Oyu Tolgoi copper-gold deposit, but still expects the original 2009 agreement to be honored.

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