Here’s what’s important in the financial world this morning:
The International Monetary Fund: The IMF is trying to increase its lending resources by $1 trillion as a means to have firepower and deal with a declining EU debt crisis. The organization has pushed China, Brazil, Russia, India, Japan and oil-exporting nations to be leading contributors, but whether they will want to bail out Europe is another issue.
“The biggest challenge is to respond to the crisis in an adequate manner and many executive directors stressed the necessity and urgency of collective efforts to contain the debt crisis in the euro area and protect economies around the world,” IMF Managing Director Christine Lagarde said on Tuesday.
Yahoo!: Yahoo! co-founder Jerry Yang shocked the world yesterday after the closing bell. The company’s famous co-founder and former chief executive officer, resigned from its board of directors. Also, Yang stepped down as a member of the boards of Yahoo! Japan and Alibaba Group Holding Limited.
World Bank: The World Bank cut its 2012 global growth forecast, noting the world is in an uncertain position with a possible Lehman-like crisis looming. The bank’s latest 2012 global growth forecast is now 5.4 percent for developing countries, a decrease from its previous 6.2 percent projection and 1.4 percent for high-income countries, down from 2.7 percent.
Goldman Sachs: Sachs continued the parade of bank earnings. Investment banking revenue tanked 43 percent from a year earlier to $857 million. Trading fixed income, currency and commodity instruments generated less revenues as well, plummeting 17 percent to $1.36 billion.
Google: The search giant has joined Wikipedia and Reddit in a 24-hour protest today for anti-online piracy legislation Stop Online Piracy Act (SOPA) and the Protect IP Act (PIPA). Google has included a link about the issue on its homepage and Wikipedia has shut down most of its English-language services to raise awareness of the issue. It said if the legislation is passed, it “will harm the free and open Internet.”
eBay: eBay will announce its fourth quarter earnings report after the market’s close today. Analysts have estimated a $0.57 earnings per share on $3.32 billion in revenues.
[Editor’s note: the above is a cross post that originally appeared on Wall St. Cheat Sheet.]