Apollo bank

Buyout big Apollo Management is awaiting regulatory approval for plans to start a new bank, threading a loophole in the FinReg laws, the Fin ancial Times Web site re ported, citing sources. The company, which has about $55 billion under management, is hiring a team from Countrywide Financial to run the bank. It is not clear how ambi tious Apollo’s plans for the bank will be.

Vroom room

Porsche’s supervisory board is set to approve the production of its su perfast $640,000 sports car at a meeting on Wednesday, according to two people with direct knowledge of the matter. Porsche needs at least 1,000 sales pledges to sign off on building the 918 Spyder, which soars to 62 miles an hour in 3.2 seconds. The two-seater car accelerates to a top speed of 200 miles per hour.

Under stress

European regulators found seven banks need to raise a combined $4.5 billion of capital, under whelming analysts who said the stress tests may not have been strict enough. Germany’s Hypo Real Estate Holding, Ag ricultural Bank of Greece and five Spanish savings banks didn’t have ade quate reserves.