What’s In The News: July 17, 2012

From Fnno.com, This is the financial news network. I’m Chuck Pierce. Here’s what’s in the news for Tuesday July 17, 2012. The Wall Street Journal reports the IMF lowered its outlook for global economic growth and urged policy makers to take bolder actions to bolster the faltering recovery. The fund forecast the world economy will expand just 3.5% this year, the past decade’s slowest annual projection apart from 2009. The Wall Street Journal also reports Goldman Sachs Group (NYSE:GS) is building an in-house bank to lend money to wealthy people and companies, in a significant shift that underlines the harsh business climate facing Wall Street since the financial crisis. Reuters reports the National Futures Association said it will conduct a review of its audit division as it seeks to answer criticism that it missed two decades of fraud at failed Iowa brokerage Peregrine Financial Group. Also, the CME Group (NYSE:CME), responsible for regulating 45 of the biggest brokers, will conduct a review of dozens of firms nationwide, sources say. Bloomberg reports Citigroup (NYSE:C) began asking Facebook (NASDAQ:FB) users over the weekend whether Web surfers would be willing to use the social-networking service to do banking. Finally, Bloomberg also reports Procter & Gamble (NYSE:PG) has spoken to financial and communications advisers to help manage activist investor Bill Ackman as demands grow to jettison executives or assets, sources say. Last week, Ackman bought into the company and is likely to push for a management change and large asset sales. For more financial news and analysis follow us on Twitter @FNNOnline or check out our website at fnno.com.