NEW YORK - Washington's bid to put finishing touches on healthcare reform this weekend should help lift uncertainty on Wall Street, but there may be some turbulence along the way next week as the recent rally appears to be fraying. Democratic leaders in the House of Representatives pushed undecided members for support and voiced growing confidence on Friday they will win a close vote on final passage of a bill that requires a sweeping overhaul of the country's healthcare system.

Bernanke: Too big to fail a "pernicious" problem

Orlando, Florida - Regulators must be "significantly tougher" on large and complex financial firms to limit wider risks, but big firms are still needed to keep the global economy humming, Federal Reserve Chairman Ben Bernanke said on Saturday. Bernanke told an Independent Community Bankers of America conference that the problem of some firms being perceived as "too big to fail" is among the "most insidious" barriers to competition in financial markets.

Bharti board approves $9 billion offer for Zain Africa: report

NEW DELHI - The board of India's Bharti Airtel <BRTI.BO> on Saturday approved a $9 billion offer for Kuwaiti telecom Zain's <ZAIN.KW> African assets, Bloomberg reported, citing two people with knowledge of the negotiations. On Friday, a source told Reuters the board was to meet on Saturday to discuss the bid and that the two sides might clinch a deal next week.

Greece will pay its debts, will not default: PM

ATHENS - Greece has taken the necessary steps to tackle its fiscal crisis and will not default on its debt obligations, the country's prime minister said on Saturday in a speech to his socialist party's national council. Greece is pressing for a concrete standby package from its European Union partners to help bring its borrowing costs down. The overborrowed country currently pays almost twice as much as Germany to refinance its debt.

Dubai Nakheel woes may help Islamic finance in time

DUBAI - The trillion dollar Islamic finance industry is looking beyond the troubles of Dubai developer Nakheel <NAKHD.UL> at possible reforms that could help draw more interest from Western players. Dubai World <DBWLD.UL> rocked the global markets in November when it asked for a delay in repaying $26 billion in debt. A $4.1 billion sukuk, or Islamic bond, from its unit Nakheel staved off default thanks to a bailout from Abu Dhabi.

Ex-IMF head urges insolvency mechanism for states

BERLIN - An insolvency mechanism should be set up for nations that are unable to manage their debts, Horst Koehler, Germany's president and a former head of the International Monetary Fund, said in an interview on Saturday. Koehler told Focus magazine there was now a need to develop procedures for overly indebted nations similar to those already in place for companies.

Lehman exec letter warned on misleading investors: report

CHICAGO - A former Lehman Brothers Holdings Inc <LEHMQ.PK> executive warned months before the bank's collapse that senior management was potentially misleading investors and regulators about the value of the firm's assets, the Wall Street Journal reported on Saturday. In a May, 2008 letter addressed to then-Chief Financial Officer Erin Callan, Chief Risk Officer Chris O'Meara and others, Lehman senior vice president Matthew Lee said the firm had "tens of billions of dollars of unsubstantiated balances, which may of may not be 'bad,' or non-performing assets," the paper reported, citing the letter.

Obama urges senators to support financial reform

WASHINGTON - President Barack Obama urged lawmakers on Saturday to resist pressure to weaken a financial reform bill and called again for an independent consumer watchdog to help prevent future financial crises. As healthcare reform reaches a make-or-break vote in the House of Representatives on Sunday, Obama used his weekly radio and Internet address to highlight what may become his next top domestic priority: overhauling rules that govern Wall Street.

Schaeuble says any EU aid would be for "most extreme" cases

BERLIN - German Finance Minister Wolfgang Schaeuble said only the most extreme circumstances could justify a bailout of a European Union state from within the union, and any such aid would have to be delivered bilaterally. Responding to comments from European Commission President Jose Manuel Barroso about coordinated help for Greece, Schaeuble told the Bild am Sonntag newspaper there was no joint mechanism for the EU to assist a member state.

China inflation goal tough but reachable: official

BEIJING - China's 2010 inflation goal of 3 percent is tough but achievable, with good grain supplies and excess capacity helping keep prices down, while growth should hit 8 or 9 percent, senior government advisers told a conference on Saturday. The chief economist of the National Bureau of Statistics, Yao Jingyuan, told the China High Level Development Forum that the government was battling a range of forces pushing up consumer prices this year -- a key concern in Beijing.

NEW YORK - Washington's bid to put finishing touches on healthcare reform this weekend should help lift uncertainty on Wall Street, but there may be some turbulence along the way next week as the recent rally appears to be fraying. Democratic leaders in the House of Representatives pushed undecided members for support and voiced growing confidence on Friday they will win a close vote on final passage of a bill that requires a sweeping overhaul of the country's healthcare system.

Bernanke: Too big to fail a "pernicious" problem

Orlando, Florida - Regulators must be "significantly tougher" on large and complex financial firms to limit wider risks, but big firms are still needed to keep the global economy humming, Federal Reserve Chairman Ben Bernanke said on Saturday. Bernanke told an Independent Community Bankers of America conference that the problem of some firms being perceived as "too big to fail" is among the "most insidious" barriers to competition in financial markets.

Bharti board approves $9 billion offer for Zain Africa: report

NEW DELHI - The board of India's Bharti Airtel <BRTI.BO> on Saturday approved a $9 billion offer for Kuwaiti telecom Zain's <ZAIN.KW> African assets, Bloomberg reported, citing two people with knowledge of the negotiations. On Friday, a source told Reuters the board was to meet on Saturday to discuss the bid and that the two sides might clinch a deal next week.

Greece will pay its debts, will not default: PM

ATHENS - Greece has taken the necessary steps to tackle its fiscal crisis and will not default on its debt obligations, the country's prime minister said on Saturday in a speech to his socialist party's national council. Greece is pressing for a concrete standby package from its European Union partners to help bring its borrowing costs down. The overborrowed country currently pays almost twice as much as Germany to refinance its debt.

Dubai Nakheel woes may help Islamic finance in time

DUBAI - The trillion dollar Islamic finance industry is looking beyond the troubles of Dubai developer Nakheel <NAKHD.UL> at possible reforms that could help draw more interest from Western players. Dubai World <DBWLD.UL> rocked the global markets in November when it asked for a delay in repaying $26 billion in debt. A $4.1 billion sukuk, or Islamic bond, from its unit Nakheel staved off default thanks to a bailout from Abu Dhabi.

Ex-IMF head urges insolvency mechanism for states

BERLIN - An insolvency mechanism should be set up for nations that are unable to manage their debts, Horst Koehler, Germany's president and a former head of the International Monetary Fund, said in an interview on Saturday. Koehler told Focus magazine there was now a need to develop procedures for overly indebted nations similar to those already in place for companies.

Lehman exec letter warned on misleading investors: report

CHICAGO - A former Lehman Brothers Holdings Inc <LEHMQ.PK> executive warned months before the bank's collapse that senior management was potentially misleading investors and regulators about the value of the firm's assets, the Wall Street Journal reported on Saturday. In a May, 2008 letter addressed to then-Chief Financial Officer Erin Callan, Chief Risk Officer Chris O'Meara and others, Lehman senior vice president Matthew Lee said the firm had "tens of billions of dollars of unsubstantiated balances, which may of may not be 'bad,' or non-performing assets," the paper reported, citing the letter.

Obama urges senators to support financial reform

WASHINGTON - President Barack Obama urged lawmakers on Saturday to resist pressure to weaken a financial reform bill and called again for an independent consumer watchdog to help prevent future financial crises. As healthcare reform reaches a make-or-break vote in the House of Representatives on Sunday, Obama used his weekly radio and Internet address to highlight what may become his next top domestic priority: overhauling rules that govern Wall Street.

Schaeuble says any EU aid would be for "most extreme" cases

BERLIN - German Finance Minister Wolfgang Schaeuble said only the most extreme circumstances could justify a bailout of a European Union state from within the union, and any such aid would have to be delivered bilaterally. Responding to comments from European Commission President Jose Manuel Barroso about coordinated help for Greece, Schaeuble told the Bild am Sonntag newspaper there was no joint mechanism for the EU to assist a member state.

China inflation goal tough but reachable: official

BEIJING - China's 2010 inflation goal of 3 percent is tough but achievable, with good grain supplies and excess capacity helping keep prices down, while growth should hit 8 or 9 percent, senior government advisers told a conference on Saturday. The chief economist of the National Bureau of Statistics, Yao Jingyuan, told the China High Level Development Forum that the government was battling a range of forces pushing up consumer prices this year -- a key concern in Beijing.