WNCTIMES

Reuters - Beyond the reach of regulators, and about half the size of the world's banking industry, a thriving breed of "shadow banks" is emerging that could trigger the next chapter in the global financial crisis.

Reuters - At least two top 10 shareholders in miner Xstrata said Tuesday they would vote against a takeover by commodities trader Glencore, threatening the creation of a powerhouse spanning mining, shareholders except Glencore, which is barred agriculture and trading.

AP - Gov. Jerry Brown's appointee to head the department that oversees banking, financial and consumer regulations in California led a trade association that fought against tighter lending restrictions before the subprime mortgage crisis exploded and was an executive with Washington Mutual when the now-failed bank was among the most aggressive marketers of loans to high-risk borrowers.

Reuters - Toyota Motor Corp reported a stronger-than-expected quarterly operating profit, shrugging off a firm yen and the damaging impact of flooding in Thailand, and raised its annual forecast, helped by cost cuts and Japanese government subsidies.

AP - More than 40 U.S. states have agreed to a nationwide settlement over foreclosure abuses.

Reuters - Canada will focus on exporting oil and other goods to China and other booming Asian economies even if Washington overturns its decision to block a pipeline that would have sent more Canadian crude to the United States.

Reuters - Metro-Goldwyn Mayer said its lenders agreed to loan the studio $500 million to retire debt it took on when it emerged from bankruptcy about a year ago and to expand its film and TV production.

Reuters - Ford Motor Co said on Monday it had decided not to participate in a new Pentagon competition to replace the U.S. military's fleet of workhorse Humvee vehicles.