Send this article by email

WALL STREET JOURNAL

The Wall Street Journal’s “Fund Track” reported that some banks struggling to raise capital may sell their money management units. National City Corp. (NCC) is selling its Allegiant Funds, Fifth Third Bancorp (FITB) is considering selling its Fifth Third Asset Management, and KeyCorp (KEY) will possibly sell its Victory Capital Management unit…The wall Street Journal also reported that Andrew Cuomo, the New York state Attorney General, is preparing to file civil securities-fraud charges against UBS AG (UBS), possibly as early as this week. Sources said the lawsuit may include allegations of malfeasance by senior UBS executives…BLOOMBERG: Bloomberg reported that money manager John Paulson, the owner of Paulson & Co., is launching a hedge fund that will provide capital to financial firms which have been damaged by the housing crisis. Paulson, who wants to open the fund by December, used bets against the U.S. housing market to help him earn $3.7B in 2007…After U.S. lawmakers reached a deal on legislation to alleviate the housing recession, the House of Representatives will today vote on a rescue plan for Fannie Mae (FNM) and Freddie Mac (FRE). Representative Barney Frank said that the package, which increases the likelihood Treasury Secretary Henry Paulson will get the authority to inject capital into the two, is “fully acceptable,” Bloomberg reported…REUTERS: Oil trading losses forced SemGroup LP, which used to be America’s 12th largest private company, to declare bankruptcy yesterday. Reuters noted that SemGroup LP’s parent company is SemGroup Energy Partners (SGLP)…

Some banks consider selling their money management units-WSJ
The Wall Street Journal’s “Fund Track” reports that some banks struggling to raise capital may sell their money management units. National City Corp. (NCC) is selling its Allegiant Funds, Fifth Third Bancorp (FITB) is considering selling its Fifth Third Asset Management, and KeyCorp (KEY) will possibly sell its Victory Capital Management unit.

House is ready to vote on Fannie, Freddie rescue measure-Bloomberg
The U.S. House of Representatives is slated to vote today on a bailout plan for Fannie Mae (FNM) and Freddie Mac (FRE), after members of Congress reached a deal on the legislation. House Financial Services Chairman Barney Frank, a Democrat, said the proposal is acceptable to the Department of the Treasury. The deal increases the chances that Congress will grant Treasury Secretary Henry Paulson the power to inject capital into the companies this week.

Saharan sun power could provide electricity to Europe-Guardian
Arnulf Jaeger-Walden of the European Commission’s Institute for Energy, speaking at the Euroscience Open Forum in Barcelona, says that solar power from the Sahara could one day generate enough solar energy to supply all of Europe with clean electricity and may also help cut Europe’s carbon emissions. In order to meet all of Europe’s energy needs, Jaeger-Walden says this would require the capture of just 0.3% of the light falling on the area’s deserts, adding that a new supergrid would allow countries like Denmark to export wind energy at times of surplus supply and import from other green sources.

As Spain pulls back on solar subsidies companies look to the exits-WSJ
For a number of years solar companies have flocked to Spain because of government subsidies. But beginning in October, Spain will put a cap on the amount of megawatts. A final decision is expected next month, reports the Wall Street Journal. “Everybody targeted Spain because of the tariffs. Now, everybody is doing an aboutface,” says Brion Tanous with Merriman Curhan Ford. Instead, companies are expected to move to markets in Greece, Italy, France and South Korea.

Apple’s Jobs says health is “fine”-NY Times
As concerns about his health have weighed on the company’s stock price, Apple (AAPL) CEO Steve Jobs has told a number of associates that talks of “ill health” have been “greatly exaggerated”. Jobs has reassured several people that, four years after a successful operation to treat pancreatic cancer, he is doing well and is cancer-free. Apple shares closed at $166.29 on Monday, opening lower and recovering on Tuesday at $162.02, a 2.6% drop.

Google said to be in final talks to buy Digg-TechCrunch
TechCrunch has heard from multiple sources that Google (GOOG) is in final talks to acquire Digg. The acquisition, which will put Digg under the Google News brand, is said to be in the $200M range.