Business

WASHINGTON (Reuters) - Morgan Stanley , Citigroup and JPMorgan Chase were among banks that sold Goldman Sachs protection against the risk of a collapse of giant insurer American International Group , a source familiar with the matter said on Friday. Full Story »

BEIJING (Reuters) - China's banking regulator has run stress tests in the country's trust firms to see if they can withstand a downturn in the property sector, the Economic Observer reported on Saturday, citing unidentified industry sources. Full Story »

LONDON (AFP) - Leading shares fell at the start of trading on Friday after strong gains overnight on Wall Street and earlier in Asia, as investors awaited the outcome of "stress tests" on Europe's troubled banks. Full Story »

WASHINGTON (Reuters) - President Barack Obama urged the Senate on Friday to complete work on a small-business jobs plan that has been a subject of partisan wrangling but could come up for a vote within the next few days. Full Story »

NEW DELHI (AFP) - India's biggest carmaker Maruti Suzuki reported a surprise 20 percent fall in quarterly net profit on Saturday as the company was pummelled by higher raw material costs. Full Story »

MILAN (AFP) - All five major Italian banks passed EU banking stress tests on Friday, with capital reserves above the level needed to resist severe financial shocks, the banks announced separately on Friday. Full Story »

Recent Capitol Hill rhetoric about greedy lenders and a Wall Street run amok implies all mortgage lenders are thieves and scoundrels. Full Story »

LONDON (AFP) - Europe sighed with relief Saturday after most of the continent's banks passed financial stress tests, but analysts warned that the exams might not be tough enough to restore confidence in the sector. Full Story »

NEW YORK - Wal-Mart Stores Inc. is putting electronic identification tags on men's clothing like jeans starting Aug. 1 as the world's largest retailer tries to gain more control of its inventory. But the move is raising eyebrows among privacy experts. Full Story »

NEW YORK - Ratings companies Fitch Ratings and Standard & Poor's placed AmeriCredit Corp. on rating watches Friday, one day after General Motors said it would acquire the subprime auto lender. Full Story »

NEW ORLEANS - Some ships prepared to move back to the site of BP's broken oil well Saturday as the remnants of a weakening Tropical Storm Bonnie rolled into the Gulf of Mexico. Full Story »

• Slideshow: Gulf Coast Oil Spill

PHILADELPHIA (Reuters) - New Jersey Governor Chris Christie on Friday vetoed three bills that would have provided tax credits to homebuyers and funded health services, citing the combined $132 million cost as the state struggles to close an $11 billion budget shortfall in the current year. Full Story »

TORONTO - Magna International Inc. said Friday more than 75 percent of its common shareholders approved a plan to pay founder and chairman Frank Stronach about $1 billion to give up his family's voting control of the global auto parts maker. Full Story »