The Senate’s banking panel approved Senator Christopher Dodd’s financial-rules overhaul, advancing the Obama administration’s call for the biggest restructuring of Wall Street oversight since the 1930s. The House approved its version of the regulatory overhaul in December. The measures are based on a proposal Obama released last June after a credit crisis that led to the collapse of Lehman Brothers Holdings Inc. and U.S. bailouts of companies including Citigroup (NYSE:C) and Bank of America (NYSE:BAC) Dodd, who isn’t seeking re-election this year, cut off talks two weeks ago with Senator Bob Corker, a Tennessee Republican and member of the banking panel, saying he would introduce his own bill because time was running out to get a measure through Congress this year. Republicans abandoned plans to offer changes to Dodd’s bill after realizing that most of the amendments they filed last week for committee consideration would be voted down, Shelby said. –Bloomberg
Walgreen (NYSE:WAG) said Tuesday that its fiscal second-quarter profit rose to $669 million, or 68 cents a share, as sales rose to $16.99 billion from $16.48 billion. The company would have earned 70 cents a share, excluding one-time items, a penny below estimates. Revenue also missed forecast. –Daily Finance
The prospect that China may report its first monthly trade deficit in six years could offer an unexpected boost to the nation’s position in the increasingly heated international debate over its currency policy. Top Chinese officials have in recent days said trade numbers for March could show China imported more than it exported this month—its first monthly deficit since April 2004. The official numbers for March aren’t scheduled to be reported until April 10, but the rush to add supportive data to their talking points highlights how Chinese officials are stepping up their defense of a policy that has drawn sharp criticism. –The Wall Street Journal
The bond market is saying that it’s safer to lend to Warren Buffett than Barack Obama. Two-year notes sold by the billionaire’s Berkshire Hathaway Inc. in February yield 3.5 basis points less than Treasuries of similar maturity, according to data compiled by Bloomberg. Procter & Gamble Co., Johnson & Johnson and Lowe’s Cos. debt also traded at lower yields in recent weeks, a situation former Lehman Brothers Holdings Inc. chief fixed-income strategist Jack Malvey calls an “exceedingly rare” event in the history of the bond market. –Bloomberg
Time Warner (NYSE:TWX), Lions Gate Entertainment and Access Industries have launched rival bids of between $1.2 billion and $1.5 billion for film studio Metro-Goldwyn-Mayer, Reuters reported, citing people familiar with the matter. Time Warner put in the highest of the three bids for the company, which holds the James Bond franchise among other assets, Reuters said. The report added that the offers were far less than MGM had first expected. It said MGM, which has debts of $3.7 billion, was initially seeking bids around $2 billion. -MarketWatch
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