Opening Bell: 05.29.09

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Dutch Introduce Driver's License For Banking (CNBC)
"Getting a proper business education at a good school and finding a job in the banking industry was already hard enough -- but now, in the Netherlands, you'll have to pass a government test to keep it.
The Dutch finance ministry confirmed Thursday that it intends to implement a banking test within the next year that would be a requirement for serving on a board in the sector."
Banks Balk At Push To Reign In Derivatives (WSJ)
"A group of banks and money managers will next week present a plan designed to help fend off some rules proposed by the Obama administration, which wants to reform trading practices in the market for over-the-counter derivatives.
The banks are treading a fine line. They are being careful not to publicly oppose any rules and know that more regulation is inevitable. But at the same time they are seeking to stymie legislation that could seriously hurt their ability to generate fees. The banks plan to release a letter to the Federal Reserve Bank of New York and other U.S. and overseas regulators in coming days, according to people familiar with the matter."
Iacocca Losing Pension, Car In Chrysler Bankruptcy (Reuters)
"Lee Iacocca, the car executive credited with saving Chrysler from bankruptcy in the 1980s, is to lose a big chunk of his pension and a guaranteed life-long company car due to the U.S. automaker's bankruptcy filing two decades later.
Chrysler CEO Robert Nardelli told a U.S. bankruptcy court on Thursday that Iacocca's pension would be among the obligations Chrysler will no longer have to pay if it gets bankruptcy court approval to sell itself to a "New Chrysler" to be owned by its union, the U.S. and Canadian governments and Fiat SpA."
Fiat Pulls Out Of Opel Talks (FT)
"The Italian carmaker said that it remained interested in a potential merger, but its sudden withdrawal throws another wrench into the talks on spinning off the Detroit company's European business ahead of a US bankruptcy filing expected next Monday."
Euro-Zone Inflation Rate Falls To Zero (NYT)
"The annual inflation rate for the euro area was unchanged over the year to May, compared to a 0.6 percent gain in April, the European Union statistics agency said Friday in a preliminary report.
A breakdown of the data is not yet available, but analysts said the drop was largely attributable to lower energy and food price inflation, while core inflation, which excludes those volatile prices, probably also fell noticeably.
The annual rate of zero percent in May was below analyst expectations of a rise of 0.3 percent, and was the lowest level of inflation since Eurostat started producing comparable data in 1996."

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