IN BRIEF
Wynn Macau shares start trading publicly
Wynn Macau Ltd., whose casino generates an average $4.4 million of revenue a day, is about to find out whether investors have lost their appetite for betting on new equities.
Wynn Macau, led by developer Steve Wynn, began trading in Hong Kong after raising HK$12.6 billion ($1.63 billion) in the city's second-biggest initial public offering this year. Metallurgical Corp. of China Ltd. tumbled on its Sept. 24 debut, the first of five IPO flops that shook confidence among sellers and buyers of first-time stock.
Wynn Macau, which has the fourth-biggest share of the world's busiest gambling market, sold stock at a higher valuation than those of rivals SJM Holdings Ltd. and Galaxy Entertainment Group Ltd.
WASHINGTON
Banks borrow less from emergency programs
Banks reduced their borrowing from the Federal Reserve's emergency lending agreement over the past week, and reduced their use of other programs designed to ease the financial crisis.
The Fed said Thursday that banks averaged $27.9 billion in daily borrowing over the week ended Wednesday, down from $28 billion in the week ended Sept. 30. That's also down from $75 billion a year ago, when the financial crisis was raging after the September 2008 collapse of Lehman Bros.
The central bank has pumped trillions of dollars into the financial system through an array of short-term lending programs in an effort to ease the crisis. The reduced borrowing in the past week shows banks are having a slightly easier time getting short-term loans in private markets.
Cumorah Credit Union official resigns post
Tony Mook, chief executive officer at Cumorah Credit Union for 19 years, has resigned from the financially struggling credit union. Paul Simons, a turnaround expert, has been named to succeed Mook as CEO of the $157 million-asset credit union.
Cumorah reported a $6 million second-quarter loss, caused by a growing number of delinquent loans.
It serves members of The Church of Jesus Christ of Latter-day Saints.
ST. LOUIS
Antitrust investigation focuses on Monsanto
Monsanto Co. says the Justice Department is investigating whether it violated antitrust rules in trying to expand its dominance of the market for genetically engineered crops.
The department's investigation of Monsanto is part of a previously announced inquiry into consolidation in the seed industry. It focuses on the company's licensing agreements with seed companies.
St. Louis-based Monsanto is the world's biggest seed company. A Justice Department spokeswoman declined to confirm or deny the investigation.
WASHINGTON
Frank urges movement for credit card bill
U.S. Rep. Barney Frank, the tough-talking liberal ushering through a major rewrite of rules governing Wall Street, sounded a warning shot on Thursday to big banks: Start playing nice or Congress will make your life even more difficult.
Last spring, Frank helped push a bill through Congress that imposes strict new rules on lenders, including a limitation on when and how banks increase rates. Most of the rules will take effect in mid-February, a date set by Congress to give banks time to prepare for the changes.
But the Massachusetts Democrat, who is chairman of the House Financial Services Committee, said at a hearing on Thursday that lenders have abused the grace period by using the time to increase rates ahead of the new rules.
He has introduced legislation that would move up the enactment date to Dec. 1.
DETROIT
GM nears completion of sale for Hummer
General Motors Co. plans to sign a deal to sell its Hummer brand to a Chinese heavy-equipment manufacturer, a person briefed on the deal said.
Representatives of Sichuan Tengzhong Heavy Industrial Machinery Corp. have been in the U.S. for the past nine days working on final details with GM, and both sides had hoped to sign a definitive sales agreement on Thursday or today, said the person, who asked not to be identified because the deal hasn't closed.
The purchase price was not known, but GM said in its bankruptcy filing that Hummer might bring $500 million or more.
