Glencore-Xstrata deal meets shareholder opposition

LONDON (Reuters) - At least two top 10 shareholders in miner Xstrata plan to vote against a takeover by commodities trader Glencore, threatening the creation of a powerhouse spanning mining, agriculture and trading. Standard Life Investments and Schroders said on Tuesday the deal, the mining sector's biggest, to buy the remaining 66 percent of Xstrata for $41 billion, undervalued their shares. The deal, designed to create a company to rival mining heavyweights such as BHP Billiton and Rio Tinto, needs to be approved by 75 percent of shareholders excluding Glencore, which is barred from voting. ...

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SEC weighs two money market fund proposals

The U.S. Securities and Exchange Commission logo adorns an office door at the SEC  (Reuters) - The chairman of the Securities and Exchange Commission is eyeing two potential plans to bolster the stability of money market funds, but their fate remains uncertain due to internal disagreement at the SEC over the need for more regulations. Last month, agency staff circulated early drafts for either a capital buffer or a floating fund valuation, both aimed at preventing runs on money market funds and investor losses in the $2.6 trillion industry, people familiar with the matter said. Regulators began to focus...

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Bernanke repeats vow to shield U.S. from Europe fallout

WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke on Tuesday renewed a pledge to prevent Europe's financial crisis from damaging the U.S. economy in testimony before Congress that mirrored remarks he made last week. "We are in frequent contact with European authorities, and we will continue to monitor the situation closely and take every available step to protect the U.S. financial system and the economy," Bernanke said in remarks prepared for delivery to the Senate Budget Committee. The Fed chairman maintained a cautious tone on the U.S. outlook and did not refer to surprisingly strong U.S. jobs data released on Friday. "We still have a long way to go before the labor market can be said to be operating normally," he said, employing...

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