Stockholders bless Wells Fargo/Wachovia deal

Stockholders bless Wells Fargo/Wachovia deal Wells Fargo & Co. and Wachovia Corp. shareholders on Tuesday voted to approve Wells Fargo's $11.8 billion purchase of Wachovia. The combination creates one of the nation's largest banks. A combined Wells Fargo and Wachovia will have more than $1.42 trillion in assets and nearly $800 million in deposits, with operations in 39 states and Washington, D.C. Shareholder approval of the deal was the second major banking combination vote Tuesday. Earlier in the day, shareholders of PNC Financial Services Group Inc. and National City Corp. agreed to Pittsburgh-based PNC's acquisition of Cleveland-based National City. Charlotte, N.C.-based Wachovia was sold in October.

FedEx will be a no-show at the Super Bowl Saying "times have changed," FedEx Corp. said that it will not advertise during Super Bowl XLIII, set for Tampa Bay, Fla., on Feb. 1. FedEx has run television ads during the Super Bowl for the past 12 years and has had an advertising presence in 18 Super Bowls since 1989. Some Super Bowl ad slots go for as much as $3 million. Last week On Thursday FedEx said it will cut the compensation of its top executives, and freeze 401(k) contributions for a year, among other cost-saving measures, because of the weakening global economy.

CIT Group gets bank status, snares federal funds Commercial financial firm CIT Group Inc. said Tuesday that it had received preliminary approval to obtain $2.33 billion as part of the government's $700 billion bank investment program. The approval comes just hours after the government approved CIT's application to become a bank holding company. The change in structure to become a bank holding company was a prerequisite to obtaining the funds.

Britain's economic contraction worsens The British economy contracted by more than previously thought during the third quarter of 2008, revised official figures showed Tuesday, stoking market expectations that the Bank of England may cut interest rates to near zero percent in the new year.

Reports hint at leadership change at Toyota Toyota said that no decisions have been made regarding its leadership after Japanese media reported Tuesday that the company's president planned to step down. The report of a possible top executive change came during a week in which the Japanese automaker forecast its first operating loss since 1938. The Asahi newspaper and the Kyodo news agency reported Tuesday that President Katsuaki Watanabe will step down in April, with his replacement likely to be Executive Vice President Akio Toyoda. "No decision has been made. We have no comment at this time," Toyota spokesman Paul Nolasco told the Associated Press Wednesday. The company typically announces executive changes in April. Toyoda, who is the son of former President Shoichiro Toyoda and the grandson of the company's founder, has in recent years been seen as a top candidate for the post. But on Monday Watanabe told reporters that the timing was not right to change leadership as Toyota tries to turn itself around.

NEWS SERVICES