- John Mack, who struggled to return Morgan Stanley to profitability after surviving the worst financial crisis since the Great Depression, will turn over his chief executive officer title to Co-President James Gorman.
- China’s industrial production rose at a faster pace than forecast in August and new lending unexpectedly climbed, indicating growth in the world’s third- biggest economy is likely to accelerate.
- Istithmar World, the Dubai sovereign wealth fund, is halting investments as part of a restructuring effort after spending more than $25 billion this decade on stakes ranging from a yacht marina to luxury retailer Barneys New York, according to people familiar with the plan.
- Japan’s economy unexpectedly grew less than initially estimated in the second quarter as companies cut spending and stockpiles fell.
- The U.S. Treasury Department’s auctions this week of $70 billion in notes and bonds shows the unprecedented amount of debt being sold to finance the record budget deficit is failing to curb investor demand.
- Suntory Holdings Ltd. is in talks to buy European drinkmaker Orangina, which may be sold for 750 million euros ($1.1 billion) more than owners Blackstone Group LP and Lion Capital LLP. paid three years ago.
Bloomberg 11 September 2009
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