Hollingsworth Daily Post

• Treasury's No. 2 Wolin Says Financial Rules Overhaul Is Likely This Year Deputy Treasury Secretary Neal Wolin, the department’s No. 2 official, said he expects Congress to revamp financial regulations for Wall Street this year.


• Fed Rescue Strategy for Economy Lowers U.S. Bailout Tab to $11.6 Trillion The Federal Reserve decided to keep pumping $1.25 trillion of new money into the mortgage market to focus on rescuing the U.S. economy as the financial system revives and banks ask for less help.


• Arctic Oil Tempts Norway to Push Its Drilling Frontier to `Gates of Hell' Norway started a push to explore for oil and natural gas in more remote regions like its Arctic volcanic island of Jan Mayen, as the country seeks to reverse almost a decade of dwindling North Sea output.


• Shell Poised to Overtake BP Output With $40 Billion Spent in Qatar, Brazil Royal Dutch Shell Plc, held back by almost seven years of falling production, is set to overtake BP Plc after about $40 billion of investment from Qatar to Brazil.


• Liu He as China's Larry Summers Makes Politburo Appreciate Meaning of U.S. Two days after the collapse of Lehman Brothers Holdings Inc. a year ago, an adviser sent by Chinese Premier Wen Jiabao met with a group of Harvard University scholars to help shape his country’s response.


• Japan's Exporters Confront Fujii's `Romantic Longing' for a Stronger Yen Japan’s exporters are in danger of being left behind by a global trade recovery as the nation’s change in government ushers in a tolerance for exchange-rate gains that threaten to erode their profits.


• BRIC Economic Growth Forces Group of Eight to Cede Power: Chart of the Day With China poised to surpass Japan as the second-largest economy, the decision by world leaders to make the Group of 20 nations the main forum for global economic coordination instead of the G-8 reflects the increasing power of emerging markets.


• Glaxo's `Desperate' Rivals Slow Witty's Hunt for Drug Pipeline Candidates GlaxoSmithKline Plc’s search outside its own laboratories for new drugs is getting more difficult because of increased competition from rivals “desperate” for novel treatments, according to the company’s head of research and development.


• McDonald's Reins In Chicago Pride to Keep Rio Olympics Fans Eating Burgers Chicago’s bid to host the 2016 Olympics puts McDonald’s Corp. in a pickle.


• Lithuania's Economy May Start to Grow in 2010, Central Bank Governor Says Lithuania’s recession, the deepest in the European Union, is close to bottoming out and the economy may start growing next year if trade demand continues to gain strength, central bank Governor Reinoldijus Sarkinas said.


• Luxury Hotels in U.S. Risk Default as Recession Leaves $850 Rooms Empty Luxury hotel owners risk defaulting on their debt as the recession cuts occupancies and the credit crunch constrains refinancing.


• Caterpillar, Deere, Missouri Stymied by Delay in New U.S. Highway Funding Missouri wants to widen Interstate 70 between St. Louis and Kansas City to get traffic, and jobs, moving again. Construction-equipment makers Caterpillar Inc. and Deere & Co. stand ready to help.