American Express Co. (AXP) today (Tuesday) won approval from the U.S. Federal Reserve to become a commercial bank, giving the credit card titan a crucial lifeline as the risk of defaults runs higher in the slowing global market.

Microsoft Profit Up; Goldman Slashes Jobs; Dow Reports 6% Jump in Profits; Sony Slashes Earnings Outlook; WaMu Debt Value Set; Crude Gains on OPEC Expectations

After completing their first official talks since 1999, China and Taiwan will open the first permanent offices in each other’s capitals and begin direct weekend passenger flights between their territories. The agreement is a positive step that will bring the two contentious regions closer together both politically and economically.

Back when it was Esso, the Exxon Mobil Corp. (XOM) predecessor urged motorists to “put a tiger in your tank.” These days, consumers probably feel more like they’ve got a tiger by the tail. And they should, for their family budget is certainly getting mauled.

Citigroup has slashed its earnings outlook for Wall Street investment banks Goldman Sachs Group, Lehman Brothers Holdings and Morgan Stanley because of a tough operating environment, according to a report by Thomson Reuters.

The second quarter has seen lower client-related trading volumes, little banking activity, losses related to ineffective hedging and reversals of gains on fair valuing liabilities, [Citigroup analyst] Prashant Bhatia wrote in a note dated May 16.