May 27 The following were the top stories in
The Wall Street Journal on Wednesday. Reuters has not verified
these stories and does not vouch for their accuracy.
* General Motors Corp (GM.N) and the United Auto Workers
have agreed to a new restructuring plan that would give the
union a significantly smaller stake in the company than
previously envisioned, and leave the U.S. government owning as
much as 70 percent of the car maker.
* Some banks are lobbying the Federal Deposit Insurance
Corp for permission to bid on the same assets that the banks
would put up for sale as part of the government's Public
Private Investment Program.
* Banco Santander SA (SAN.MC), one of the largest conduits
of investor money to Bernard Madoff, agreed on Tuesday to pay
$235 million to settle potential legal claims by the trustee of
the defunct Madoff firm.
* Consumer confidence shot higher in May, but a continued
slide in home prices served as a reminder that consumers may
not yet be ready to flock to stores.
* Wall Street burned thousands of investors with so-called
structured products that were supposed to provide healthy
profits and limit losses. Brokers, hoping investors' memories
are short, are pushing these high-fee products again with
safety as the big selling point.
* A wave of money flooding into Hong Kong from mainland
China and the rest of the world has propelled property and
stock prices even as the economy falters.
* LCH.Clearnet Ltd is preparing to offer centralized
clearing of interest-rate swaps to governments, corporations
and investment funds that are clients of large banks, expanding
an existing service to a wider group of market participants.
* On Tuesday, Accenture Ltd (ACN.N), the consulting and
outsourcing firm said its board of directors had unanimously
approved switching the company's place of incorporation from
Bermuda to Ireland.
* Borders Group Inc BGP.N reported a wider quarterly loss
on a 12 percent decline in revenue, the latest indicator of how
the recession is roiling the book industry.
* Linda Cook, one of the most senior women in the global
oil industry, is stepping down as an executive director of
Royal Dutch Shell Plc (RDSa.L) after losing the contest to
become the Anglo-Dutch oil major's new chief executive.
* Lockheed Martin Corp (LMT.N) won a $30 million jury
verdict against L-3 Communications (LLL.N) last week over the
use of Lockheed proprietary data to refurbish P-3 maritime
patrol aircraft for South Korea.