Must Know News for Wall Street Investors

• Toyota Motors had recently repaired recalled cars that risked flaw of accelerating suddenly. However, the repaired cars have started malfunctioning again, to which Department of Transportation (DoT) has started investigating. DoT officials are generating reports based on consumers’ views and complaints.
• Finally, Morgan Stanley finds a buyer for its stake of 34.3% in China based China International Capital Corporation. However, buyer’s identity is not disclosed yet.
• General Growth Properties has been given a five-month extension to develop and present a plan to escape bankruptcy
• Vikram Pundit of Citibank has returned to Capitol Hill on Thursday. Meanwhile the financial institution still owns $25 billion provided by treasury and 27% stake is still owned by the government.
  
• Hundreds of people had invested and lost all the money in Ponzi scheme introduced by UBS, which was followed by a mass suit. However, UBS won the suit and investors were informed that they aren’t permitted to bring individual lawsuits against the financial institution.
• Bank of England, expectedly, maintains its 0.5% bank rate and chooses not to protract the purchase plan of $319 billion.
• New rules for the new credit card law. Fed reserves have presented new set of rules to defend credit card users from late payment fees and other penalties. According to the rules proposed by the Fed, issuers may not be able to charge penalties higher than customer’s violation amount; there would be ban on inactivity fees; and late payment fees cannot be charged more than once for a single late payment.
• In spite of caustic snowstorms in most of the districts on the East Coast, the economy, according to the recent Beige Book report, has improved. Although there wasn’t any improvement in credit condition, a gradual increase in consumer spending is reported.