Fannie Mae seeks claims worth $15.8 bn from Lehman
Battered mortgage lender Fannie Mae has sought claims to the tune of USD 15.8 billion from bankrupt Lehman Brothers, mainly related to derivatives contracts.

Australia stimulus needed for recovery: Treasurer
Withdrawing Australia`s government stimulus now would interrupt the recovery underway, Treasurer Wayne Swan said on Sunday as he warned the country was not immune to the risks to the global economy.

US Treasury Secretary warns against putting brakes on stimulus
US Treasury Secretary Timothy Geithner has warned against putting the brakes on economic stimulus measures too quickly, saying that would weaken the economy.

Sri Lanka buying gold `to diversify reserves`
Sri Lanka`s central bank on Saturday said it has been buying gold to diversify its reserves amid volatile currency markets, days after India announced it had purchased 200 tonnes of the precious metal.

China offers Africa more trade, investment
China is offering to abolish import duties on some commodities from Africa and make sure Chinese exports to the continent are safe as part of a package to boost already thriving economic ties, China`s Commerce Minister said.

G20 should consider transactions tax: Brown
British Prime Minister Gordon Brown called on the G20 on Saturday to consider a tax on financial transactions among other measures to make banks more accountable to society.

Head of GM Europe may join Tata motors: Report
The European chief of General Motors (GM), Carl-Peter Forster, may switch to Indian car manufacturer Tata, German media reported on Saturday.

More US banks closed, number rises to 120
Regulators on Friday shut banks in Georgia, Michigan, Minnesota, Missouri, and California, bringing the number of bank failures this year to 120 amid the struggling economy and a cascade of defaults on loans.

Freddie Mac loses $ 6.3 billlion in 3Q
Freddie Mac`s losses narrowed to USD6.3 billion in the third quarter, but the government-controlled mortgage finance company didn`t need a federal cash infusion.

Opel chief quits after GM decides to keep European unit
General Motors said on Friday it will seek a new chief for European operations with Carl-Peter Forster quitting following the automaker`s decision to hang on to its Opel/Vauxhall division.