Never mind

Standard & Poor’s cut to junk the ratings on certain securities backed by mortgages that it had earlier as signed AAA when they were created last year by Credit Suisse, Jeffe ries and Royal Bank of Scotland.

Brazil oil

Brazil unveiled a sec ond major offshore oil prospect in a week, bol stering the reputation of the South American na tion’s deepwater fields as a major energy fron tier.

Banks shut

Regulators shut down Midwest Bank and Trust Company in Elmwood Park, Ill., and three smaller banks in Georgia, Michigan and Missouri, bringing total US bank failures this year to 72.

Insider term

Adnan Zaman, a former investment banker at merger adviser Lazard Ltd., was sentenced to two years and two months in prison for par ticipating in an insider- trading scheme.

Sonata saga

Hyundai Motor Co., South Korea’s largest au tomaker, said demand for the revamped Sonata midsize sedan exceeds capacity at its US factory.