News In Brief

PODCAST: Christine Lagarde appointed IMF chief, Greece approves austerity measures

Katharine Crnko Jun 29, 2011

Here are today’s top headlines from the Marketplace Morning Report and from around the web.

Shares of General Mills are down more than a percent after the food giant said the price it pays for ingredients to make soups and cereals will jump 10 percent this fiscal year.

President Obama goes before reporters for a White House press conference today. It’ll be the first one he’s done since March and since debt ceiling talks have heated up.

Bank of America said it’ll shell out $8.5 billion to settle claims by some investors that the bank improperly managed their money in mortgage-backed securities. It’s the largest big bank settlement to date in the wake of the housing bust.

Pending sales of previously owned U.S. homes rose more than expected in May, a trade group said Wednesday, but a glut of unsold properties remains a drag on the housing market.

The International Monetary Fund is urging U.S. lawmakers to raise the nation’s borrowing limit. It warns that inaction could lead to a spike in interest rates that would harm the U.S. economy and world financial markets. China this morning expressed support for French Finance Minister Christine Lagarde — who will become the new head of the International Monetary Fund next week.

Another tech company will file paperwork today for an Initial Public Offering. This time it’s Zynga. The maker of the online games Farmville and Mafia Wars is hoping to raise more than $1 billion..

To Europe now… The Greek Parliament voted today to move ahead with austerity measures, paving the way for more rescue loans from Europe, IMF.

And in Austria, a big air show gets underway later this week. And authorities are worried about storks — that they could be a danger to the airplanes in the show. But officials aren’t allowed to shoot the birds and their attempts to lure them away with food haven’t worked. So they’re turning to plan C: About 24 soldiers will stare down the birds to intimidate them.

You can read the rest of today’s stories from the Marketplace Morning Report here.

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