GM assets
A federal judge late last night approved the sale of key GM assets to a new government- backed company, re moving a major hurdle to its plan to exit bank ruptcy, the Wall Street Journal reported early today on its Web Site. The “New GM” is owned mainly by the US and Canadian gov ernments and the auto workers union.
Stanford pass
Florida regulators sel dom checked the Miami operations of Allen Stan ford after giving the ac cused fraudster unprece dented freedom to send cash overseas and sell in vestment securities, the Miami Herald reported yesterday. Beginning in 1998, the newspaper said, Stanford had clearance from state regulators to move money from a Flor ida office to Antigua without filing reports to government agencies and to sell certificates of de posit to wealthy investors without fraud checks.
UBS in US
UBS is looking for a new head of its US bro kerage business, which is mainly the old Paine Webber, according to the FT.com, citing people fa miliar with the situation. After deciding not to re sell the business it bought in 2000, UBS is now searching for a new leader, according to the Web site. It is not clear if the new boss would re place current head Mar tin Hoekstra.
IMF sees hope
The IMF is expected to nudge up its forecast for 2010 global growth from the current estimate of 1.9 percent, primarily be cause fears of a more se rious economic setback have not materialized.