Good morning New York,
FT ALPHAVILLE
Defining the business of banking. Yes, we are talking about a new Glass-Steagall. Here's Joseph on the draft bill unveiled by Senators Elizabeth Warren and John McCain on Thursday.
The Fed's credibility and future promises. Cardiff discusses whether Bernanke has the votes he needs.
6.5% growth in China? So what? Kate talks us through the recent language from Chinese policy makers
NEWS
Schneider approaches Invensys on potential takeover. The UK engineering group has long been the focus of takeover speculation. Late on Thursday it revealed a bid approach by Schneider Electric that values the company at £3.3bn.
G4S faces fraud probe over tagging contracts. The reputation of the world's largest security company hit a new low after UK ministers urged Britain's Serious Fraud Office to investigate allegations that it overcharged "tens of millions" on contracts for tagging criminals.
Transatlantic swaps deal averts market crunch. It was billed as the mother of regulatory crunches, the day the world's regulators would part ways on policing derivatives. They would prevent clearing houses handling some US business and force dealers to apply conflicting rules. In the event, on the eve of a deadline when the US would withdraw exemptions for foreign dealers, a landmark transatlantic accord has been sealed that calls a truce in a turf war that has threatened to disrupt financial markets.
Markets: Niggling concerns about China's economic growth leave markets struggling to maintain the pace of bullish momentum provided by Wall Street's latest move to record highs. Still, investor sentiment continues to be broadly positive, supported by a belief that the Federal Reserve is in no hurry to begin trimming its asset-purchase programme, and that the policies of most developed-economy central banks remain ultra-accommodative. Also underpinning stock markets are hopes that the second quarter corporate earnings season will be well-received. The next test in that regard are the results from US banks JPMorgan Chase and Wells Fargo, which publish their figures before the opening bell in New York, writes Jamie Chisholm in the FT's Global Markets Overview.
