IBT Staff Reporter

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Gulf rulers back monetary union plan

Gulf Arab countries endorsed a monetary union agreement on Tuesday despite the absence of major player the United Arab Emirates and fellow oil producer Oman and left options open for pegging their future single currency.

Denison to suspend McClean uranium mill next year

Denison Mines (DML.TO) said on Tuesday it will suspend the McClean Lake uranium processing mill in mid-2010, following the halting of nearby uranium projects that were destined to supply it with ore.

Wamu asks to probe Fed over collapse

Bankrupt holding company Washington Mutual Inc asked a federal court to compel the U.S. Federal Reserve, U.S. Treasury and more than a dozen others to turn over documents relating to its collapse in 2008.

CME Group begins clearing credit derivatives

CME Group Inc began clearing U.S.-based credit derivatives on Tuesday, aiming to capitalize on a government push to safeguard a private market blamed for exacerbating the financial crisis.

Foreclosure buyer demand dips as supply mounts

U.S. home buyers are less willing to buy foreclosed properties than they were six months ago, citing risks like hidden costs, but demand could grow because of the government's expanded tax credit, a survey showed on Tuesday.

Wall St snaps 4-day winning streak on GE and PPI

Stocks fell on Tuesday, with the Dow and S&P 500 moving off 14-month highs, as a climb in producer prices raised inflation concerns and economic bellwether General Electric issued a flat outlook for 2010.

Google investing for growth in display ads

Google Inc executives said the company experienced very strong growth in its display advertising business in the first three quarters of the year and it will continue to invest heavily in advertising initiatives involving online video and mobile Web devices.

Wall St snaps 4-day streak on GE, inflation worry

Stocks fell on Tuesday, with the Dow and S&P 500 moving off 14-month highs, as a climb in producer prices raised inflation concerns and economic bellwether General Electric issued a flat outlook for 2010.

GE sees flat 2010 revenue, profit

General Electric Co expects profit to be flat at its big industrial units next year as the world economy begins to recover from a brutal economic downturn.

SEC mulls surprise audits for investment advisers

U.S. securities regulators may reduce the number of investment advisers who would have to undergo an annual surprise audit under a proposal to ensure that their clients' assets are safe, two sources familiar with the plan said on Tuesday.

Daily Forecast - 16/12/2009

The Aussie dollar retreated in local trade yesterday following the release of the RBA board minutes to the December meeting where rates were increased by another 0.25%.

Old Chrysler plan earmarks nothing for TARP repay: filing

The U.S. Treasury will not recover any portion of the $3.7 billion still outstanding in loans it made to automaker Chrysler under the Troubled Asset Relief Program, according to the terms of a plan filed with bankruptcy court on Tuesday.

XTO's Simpson to take lower payout from Exxon

XTO Energy Inc Chairman Bob Simpson and other officers have waived the change in control provisions in their employment agreements as part of their deal to be bought by Exxon Mobil Corp and have instead signed consulting deals with the oil major.

Weyerhaeuser to become REIT, pay special dividend

Weyerhaeuser Co said it would convert into a real estate investment trust and pay a special dividend, bowing to pressure from shareholders who have been seeking the new financial structure for years.

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