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  1. The Federal Reserve approved an application Monday by American Express to become a bank holding company. The change will allow the credit card giant to become a commercial bank. The decision opens the way for American Express to accept deposits and permanently access low-cost financing from the Fed.
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  3. Standard & Poor's Ratings Services said Wednesday it has lowered its long-term corporate credit rating on German luxury automaker BMW AG to "A" from "A+."
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