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ECB’s Weber Says Volcker Rule Has ‘Significant’ Shortcomings European Central Bank council member Axel Weber said the so-called “Volcker Rule” proposal to forbid banks from engaging in proprietary trading has “significant” shortcomings.

Hurricane Season Poses ‘Above-Normal’ Threat, AccuWeather Says The 2010 Atlantic hurricane season will be more active than last year’s and poses an “above- normal” threat to the U.S. Gulf and East coasts, AccuWeather Inc. forecasters said today.

Tullett Prebon Says It’s in Talks About Possible Sale (Update3) Tullett Prebon Plc, the British inter-dealer broker led by Terry Smith, said it’s in talks about a possible sale of the company.

Bernstein Said to Hire Zanardo for Bank Research (Update1) Sanford C. Bernstein & Co. hired Keefe, Bruyette & Woods’ analyst Marcello Zanardo to head its European banking equity research team in London, according to two people familiar with the situation.

Biden Says Israel, Palestinians Will Be Held ‘Accountable’ Vice President Joe Biden said Israel and the Palestinians will be held “accountable” for actions jeopardizing peace efforts, such as Israeli approval of a plan for new homes in east Jerusalem.

Florida Orange-Crop Estimate Increased After Freeze Assessment The Florida orange crop, the world’s second-largest, will be 1.6 percent bigger than estimated last month, the U.S. Department of Agriculture said after assessing damage from a January freeze.

Gates in Riyadh to Show Iran the Region Closing Ranks (Update1) U.S. Defense Secretary Robert Gates arrived in Saudi Arabia on a mission to show officials in Tehran that their neighbors in the region are closing ranks in opposition to Iran’s nuclear and missile programs.

Daimler Trucks Predicts Recovery From Crisis May Take Years Daimler AG, the world’s largest truckmaker, said worldwide demand for heavy vehicles may take years to return to levels from before the recession.

Myners Says U.K. Banks Must Disclose More Pay Details (Update1) The U.K. intends to force banks to increase disclosure on compensation, lowering the bar on reporting bonuses to 500,000 pounds ($746,000) from 1 million pounds, Treasury Minister Paul Myners said.

Barclays Faces ‘Reluctant’ Investors for Possible U.S. Purchase Barclays Plc, Britain’s second- largest bank, may struggle to convince investors and regulators if it wants to add a U.S. consumer unit to its North American investment bank, according to shareholders.

Man United Champions League Game ‘The Big One’ for Bondholders Manchester United bonds may drop as much as two cents on the dollar if the English soccer league titleholders lose to AC Milan in tonight’s European Champions League game, said Jonathan Moore at Evolution Securities.

Emerging-Market Stocks Climb, Erasing 2010 Loss; Metals Gain Emerging market stocks rose, erasing their losses for the year, and metal prices gained after China said exports soared by the most in three years. The British pound weakened as U.K. manufacturing contracted.

UN Carbon Official Sees Limited Offset Growth, Higher Prices Credits from projects aimed at reducing greenhouse gas emissions under a UN program will increase by about a fifth this year, a member of the oversight board said, less than analysts have forecast.

Pink Floyd, Queen May Ditch EMI as Buyout ‘Implodes’ (Update1) Pink Floyd and Queen, bands that have been with EMI Music for about four decades, may head for the door, according to two people familiar with their talks, as concern mounts about the U.K. record label’s finances.

Russia Eurobonds Yield Under 5% for First Time Before Debt Sale Yields on Russian dollar bonds fell to less than 5 percent for the first time as oil rallied and investors’ appetite for riskier assets increased ahead of the country’s first foreign-currency bond sale in 12 years.

AIG ‘Money in Door’ Deals Reap $3.2 Billion Bond Gain (Update1) American International Group Inc. bondholders reaped at least $3.2 billion after the bailed-out company announced deals to sell its two largest non-U.S. life insurance divisions for $51 billion.

EMI Music Says CEO Leoni-Sceti to Step Down From Record Label EMI Music, the U.K. recording company controlled by Guy Hands’s Terra Firma Capital Partners Ltd., said Chief Executive Officer Elio Leoni-Sceti will leave the company on March 31.

Dubai Made Progress in Debt Talks, U.K. Minister Says (Update1) Dubai World, the state-owned holding company seeking to renegotiate terms on $26 billion of debt, made “some progress” in talks with creditors, U.K. Trade Minister Mervyn Davies said.

Dollar Optimism Soars to 18-Month High as U.S. Outpaces Europe Investors are the most bullish on the dollar since the collapse of Lehman Brothers Holdings Inc. on speculation the U.S. economy will expand at a faster pace than in Europe and Japan, a survey of Bloomberg users showed.

Global Confidence Dips as Greece’s Deficit Undermines Recovery Confidence in the world economy dropped for a second month in March amid concern the fallout from Greece’s budget crisis will undermine the global recovery, according to a Bloomberg survey of users on six continents.

Investors Turn Bullish on Stocks as Concern About Greece Wanes Investor confidence returned to stocks from New York to Paris to Tokyo on growing signs that the budget crisis in Greece won’t derail the global economy.

Treasury-Bund Yield Spread May Double This Year, F&C Says The premium investors demand to hold Treasuries over German bunds may double in 2010 as Europe’s central bank is forced to keep interest rates on hold while the Federal Reserve prepares to tighten, F&C Netherlands BV said.

BA, American Offer to Give Up Slots in EU Settlement (Update2) British Airways Plc and AMR Corp.’s American Airlines offered to give up at least four takeoff and landing slots in the U.S. and U.K. to win approval for their proposed trans-Atlantic alliance.

China Mobile to Buy $5.8 Billion Stake in Pudong Bank (Correct) China Mobile Ltd., the world’s biggest phone company by market value, agreed to buy 20 percent of Shanghai Pudong Development Bank Co. for 39.8 billion yuan ($5.8 billion) to expand its electronic-payment business.

Accor Says Recovery From Drop in Hotel Revenue to Take 5 Years Accor SA, Europe’s largest hotelier, said recovery from last year’s revenue drop will take at least four to five years in Germany and other saturated markets as the possibility for price increases is limited.

U.K. Manufacturing Drops for First Time Since August (Update3) U.K. factory production unexpectedly fell in January for the first time in five months, a sign manufacturing is struggling to shake off the nation’s longest recession on record.

Greek Crisis Is Over, Rest of Region Safe, Prodi Says (Update2) The worst of Greece’s financial crisis is over and other European nations won’t follow in its path, said former European Commission President Romano Prodi.

Siegel Says U.S. Recovery Certain, Euro Region Faces Splinter Jeremy Siegel, a finance professor at the University of Pennsylvania’s Wharton School, says the worst is over for the U.S. economy and the Federal Reserve may raise interest rates by year’s end to cool growth.

Brown Sets March 24 Budget, Reduces Scope for Vote Before May 6 Prime Minister Gordon Brown said his government will deliver Britain’s annual budget in two weeks’ time, reducing his scope to hold an early election.

Gates Praises Building of Afghan Army After Visiting War Zone U.S. Defense Secretary Robert Gates praised Afghanistan’s efforts to build the army it needs to take over from American troops due to begin leaving next year.

Nobel Peace Prize Gets a Record 237 Nominees in 2010 (Update1) Nominations for this year’s Nobel Peace Prize reached 237, the largest group of potential winners to be put forward in the award’s 109-year history.

Biden Slams Israel Housing Plan as Obstacle to Peace (Update1) Vice President Joe Biden condemned an Israeli plan to build new houses in east Jerusalem, saying it threatened to undermine a U.S. effort to restart the Israeli- Palestinian peace process that had brought him to the region.

China’s Exports, Property Prices Add Pressure to Pare Stimulus China’s exports rose more than forecast in February and property prices jumped the most in almost two years, adding pressure on policy makers to pare stimulus measures adopted during the global recession.

Chile Quake to Cost Up to $7 Billion, Biggest Reinsurers Say The Chile earthquake, the fifth strongest in a century, may cost insurers $4 billion to $7 billion, according to estimates today from the world’s largest reinsurance companies.

Iraqis Maneuver Amid Signs No Party Will Win Majority (Update2) Iraq faces tough political coalition-building as leaders maneuvered amid indications that no party would win a majority when initial results from the parliamentary election are announced.

U.K. Manufacturing Contracts for the First Time in Five Months U.K. factory production unexpectedly fell in January for the first time in five months, a sign manufacturing is struggling to shake off the recession.

Citigroup Selling TruPS After Repaying Bailout: Credit Markets Citigroup Inc., seeking capital after repaying bailout funds to the Treasury, is selling trust preferred securities as rising investor demand drives borrowing costs to near the lowest in almost five years.

Myners Says U.K. Banks Must Disclose More Detail on Bankers’ Pay U.K. Treasury minister Paul Myners said banks may be forced to disclose bonus payments above 500,000 pounds, a further tightening of the rules aimed at policing Britain’s lenders.

Bali Bomber Dulmatin Killed in Raid, Yudhoyono Says (Update2) Indonesian President Susilo Bambang Yudhoyono said wanted terrorist leader and suspected Bali bomber Dulmatin was among three people killed in a police raid yesterday near the capital, Jakarta.

Malaysian Stocks to Rise 10% on ‘Currency Game,’ Manulife Says Malaysia’s stock index may rise a further 10 percent in 2010 on the “currency game” as investors buy more equities after the Malaysian ringgit gained the most in Asia this year, Manulife Asset Management (Malaysia) Sdn. said.