Goldman Sachs (GS.N) said it has rehired veteran banker Mark Schwartz in the role of chairman of its Asia Pacific unit, based in Beijing, becoming the first global investment bank to place its sole regional chairman in China's capital.

J.P. Morgan (JPM.N) has hired an ex-Goldman Sachs energy trader to expand its customer flow business in Asia amid tightening regulation over proprietary trading, a source close to the matter said.

Some top JPMorgan Chase & Co (JPM.N) executives and directors were alerted to risky practices by a team of London-based traders two years before botched bets cost the bank over $2 billion, the Wall Street Journal said.

BlackRock Inc (BLK.N) said it has received several proposals to buy or help restructure its Australian unlisted property trust which has assets of A$468 million ($464.75 million) but is short of funds to meet redemption demands.

NetJets, a private jet-sharing company owned by billionaire investor Warren Buffett's Berkshire Hathaway Inc (BRKa.N), said it would buy up to 425 new business jets from Bombardier Inc (BBDb.TO) and Cessna in a deal worth $9.6 billion to expand its North American and European fleet.

Warren Buffett's Berkshire Hathaway Inc (BRKa.N) has offered to buy Residential Capital LLC's RESC.UL mortgage unit, according to court papers filed Monday.

European shares .FTEU3 advanced 0.5 percent in choppy trade on Tuesday, led by defensive stocks, as details of the Spanish bank bailout plan and nervousness ahead of Greek elections prompted investors to cut their exposure to riskier assets. Japan's Nikkei average .N225 earlier fell 1 percent.

On Monday, the Dow Jones industrial average .DJI dropped 142.97 points, or 1.14 percent, to 12,411.23, the Standard & Poor's 500 index .SPX fell 16.73 points, or 1.26 percent, to 1,308.93, and the Nasdaq Composite Index .IXIC lost 48.69 points, or 1.70 percent, to 2,809.73.

(Reporting by Tricia Wright)

• A Permanent Economic Emergency