Bank of America (NYSE:BAC) plans to seek approval from China to expand its operations in the fast-growing country, where the largest U.S. bank in assets lags many of its rivals, according to people familiar with the situation. The Charlotte, N.C., bank entered China in 2004 with a branch in Shanghai and has since received approval to handle limited forms of lending and investment banking. Bank of America also holds a minority stake in China Construction Bank Corp., the second-largest bank in China. –The Wall Street Journal
Shares of Boston Scientific (NYSE:BSX) took a hit today after researchers at Sanford Bernstein said they have learned that the company is indefinitely suspending sales and use of its whole product line of ICD cardiac devices. The analysts said that the company is taking the action due to what it called a documentation error in its filing with the U.S. Food & Drug Administration. The researchers added that, "the problem appears to be documentation related only and there have not been any reports of quality issues or patient safety concerns." In other news, Google (NASDAQ:GOOG) appears increasingly likely to close down its Chinese-language search engine, probably pulling the plug on the site within weeks, according to a weekend Wall Street Journal report. –MarketWatch
Ford Motor (NYSE:F) latest internal employee survey shows morale is up sharply and employees’ confidence in the company’s future has reached an all-time high. That is according to Ford’s latest quarterly report card, a copy of which was obtained by The Detroit News. It shows that 89 percent of employees have a positive outlook, compared to less than 55 percent in the middle of 2008. The survey was conducted in December. "It’s a very positive reflection of employee confidence in Ford," said spokeswoman Marcey Evans, who confirmed the authenticity of the report. "It reflects their confidence in our company and their confidence in our products." -The Detroit News
Sales of high-yield, high-risk debt reached the most since December amid signs the economic recovery is gaining strength. Sirius XM Radio (NASDAQ:SIRI) sold $800 million of five-year notes after increasing the size of the offering by $250 million to lead $1.65 billion of high-yield issuance on March 12. “High yield has certainly had a fantastic move, both in terms of new issuance, which is great for companies that need to fund themselves, and spreads that keep tightening day by day,” said Jeffery Elswick, director of fixed income at Frost Investment Advisors, who helps oversee $3 billion of fixed- income assets in San Antonio. -Bloomberg
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