Tuesday, November 11, 2008
Steven Wevodau - We're Trying to Help the Uninsured and Doctors, Too - Wall Street Journal
The basic premise of Frederic Jarrett's Oct. 25 op-ed, " Pennsylvania Is Driving Its Doctors Away ," is flat out wrong. Dr. Jarrett writes: Gov. Ed "Rendell wants his health-care program to be funded by the premiums doctors paid into Mcare." The
Insurance giants losing ground - Economic Times
CHENNAI: With new kids on the block breathing down their neck, insurance giants are increasingly finding it tough. A look at the market share shows that Life Insurance Corporation, ICICI Prudential and Bajaj Allianz have lost significantly. Numbers
Oil and gas insurance risk exposure now $101bn - Punch
The Group Managing Director, Nigeria National Petroleum Corporation, Mr. Abubakar Yar’Adua, has said that oil and gas related risks exposure in the country was now about $101.14bn out of which $33bn or 33 per cent, was retained in Nigeria. He also
Monday, November 10, 2008
Steven Wevodau - Gov't provides $150 billion aid package to insurance giant AIG - Minneapolis Star Tribune
WASHINGTON - In a record bailout of a private company, the government on Monday provided a new $150 billion financial-rescue package to troubled insurance giant American International Group, including $40 billion for partial ownership. The action
U.S. Provides New Aid to AIG - The Ledger
WASHINGTON | The government Monday provided new financial assistance to troubled insurance giant American International Group, including pouring $40 billion into the company in return for partial ownership. The action, announced jointly by the
Universal Insurance Holdings, Inc. Reports Third-Quarter and First - MSN MoneyCentral
Universal Insurance Holdings, Inc. ("the Company") (NYSE Alternext U.S.: UVE) (AMEX: UVE), a vertically integrated insurance holding company, announced third-quarter net income of $7.4 million, or $0.19 per diluted share, compared to $13.8 million
AIG's $173 Billion 'New Deal' With America - Street.Com
The new restructuring, the third such plan, is the next-to-last step on the road to recovery, according to Liddy, giving AIG the flexibility needed to be better positioned to execute the company's divestiture program. Confirming that AIG is not
Sector Snap: Insurers down on AIG bailout, 3Q loss - Forbes
Shares of some of the nation's biggest insurance companies fluctuated Monday as American International Group Inc., once the world's largest insurer before being hit hard by the meltdown in the credit markets, said continued financial market turmoil
Embrace Pet Insurance Secures Over $2 Million in First Institutional - Earthtimes
MAYFIELD VILLAGE, Ohio , Nov. 10 /PRNewswire/ -- Embrace Pet Insurance, ( www.embracepetinsurance.com ), a leading provider of pet health insurance in the U.S., announced the completion of its first institutional investment round of $2.1 million
Rising health costs drive Americans to seek medical treatment overseas - Xinhua News Agency
LOS ANGELES, Nov. 10 (Xinhua) -- Rising health costs and dwindling insurance coverage are driving hundreds of thousands of Americans to travel far to seek crucial treatment overseas in order to avoid potentially devastating medical bills, a newspaper
US expands record bailout of insurance giant AIG - Raw Story
The US government announced Monday an expanded bailout for insurance giant AIG, in excess of 150 billion dollars, as it tapped into emergency funds originally set for banks. The latest bailout plan, the largest in US history, came as AIG burned
Steven Wevodau - Sector Snap: Insurers down on AIG bailout, 3Q loss - Forbes
MAYFIELD VILLAGE, Ohio , Nov. 10 /PRNewswire/ -- Embrace Pet Insurance, ( www.embracepetinsurance.com ), a leading provider of pet health insurance in the U.S., announced the completion of its first institutional investment round of $2.1 million Steven Wevodau
Universal Insurance Holdings, Inc. ("the Company") (NYSE Alternext U.S.: UVE) (AMEX: UVE), a vertically integrated insurance holding company, announced third-quarter net income of $7.4 million, or $0.19 per diluted share, compared to $13.8 million Steven Wevodau
NEW YORK (CNNMoney.com) -- Troubled insurer American International Group got a reworked $152.5 billion deal from the federal government Monday, as the Federal Reserve and Treasury Department made significant changes to the terms of the company's Steven Wevodau
OLDWICK, N.J. - (Business Wire) A.M. Best Co. has placed the financial strength rating of B++ (Good) and issuer credit rating of “ bbb+ ” of The Exchange Insurance Company Limited (Exchange) under review with negative implications. The ratings Steven Wevodau
WASHINGTON - In a record bailout of a private company, the government on Monday provided a new $150 billion financial-rescue package to troubled insurance giant American International Group, including $40 billion for partial ownership. The action Steven Wevodau
LOS ANGELES, Nov. 10 (Xinhua) -- Rising health costs and dwindling insurance coverage are driving hundreds of thousands of Americans to travel far to seek crucial treatment overseas in order to avoid potentially devastating medical bills, a newspaper Steven Wevodau
WASHINGTON | The government Monday provided new financial assistance to troubled insurance giant American International Group, including pouring $40 billion into the company in return for partial ownership. The action, announced jointly by the Steven Wevodau
Sunday, November 9, 2008
Steven Wevodau - Alliant Insurance Services Announces Expansion of its Corporate Risk - PR Inside
A series of community meetings are being held this week to educate Natomas residents about upcoming flood insurance requirements. The meetings are 6 to 8:30 p.m. Wednesday at the South Natomas Community Center, 2921 Truxel Road, Sacramento and 6 to 7 Steven Wevodau
Saturday, November 8, 2008
Steven Wevodau - Max Specialty Insurance Company Adds New Hampshire, is now an Eligible - PR Inside
Until now shrinking the stomach for weight loss was done through lengthy and risky surgery, but a new procedure can do it in under an hour with no cutting. When 30-year-old Belinda Guevara's weight peaked at 217 pounds she decided to take action Steven Wevodau
The story of America has been a journey toward being a fairer and more just nation. We have encountered many barriers along the way, and at times we have stumbled. But again and again, we have come together to surmount the obstacles in our path and Steven Wevodau
WASHINGTON - Regulators shut down Houston-based Franklin Bank and Security Pacific Bank in Los Angeles on Friday, bringing the number of failures of federally insured banks this year to 19. The Federal Deposit Insurance Corp. was appointed receiver Steven Wevodau
Unexpected illness causes 350,000 personal bankruptcies per year. Through 2007, disability caused nearly half of all mortgage foreclosures. Two-thirds of Americans live paycheck-to-paycheck. Despite the above statistics, most families are woefully Steven Wevodau
NEW YORK (CNNMoney.com) -- The tally of failed banks in 2008 rose to 19 as the government announced that a Texas and a California bank had been shuttered Friday night. Franklin Bank, a Houston, Texas-based bank and Security Pacific Bank, a Los Steven Wevodau
- Although the U.S. life insurance industry is not as deeply impacted by the current economic crisis as other segments of the financial services industry, the interconnectedness of banks, asset managers, brokerage firms, and insurers themselves means Steven Wevodau
Steven Wevodau - Regulators shut banks in Texas, California - FOX News
Nov. 8 (Bloomberg) -- Billionaire Warren Buffett 's Berkshire Hathaway Inc. posted a fourth straight profit drop, the longest streak of quarterly declines in more than a decade, as hurricanes hurt returns at insurance operations and investments lost Steven Wevodau
WASHINGTON — Two insurance companies have said they will not participate in the government's rescue program to directly invest billions in financial companies. Some insurers likely would be eligible under the Treasury Department's expanding plan or Steven Wevodau
NEW YORK (CNNMoney.com) -- The tally of failed banks in 2008 rose to 19 as the government announced that a Texas and a California bank had been shuttered Friday night. Franklin Bank, a Houston, Texas-based bank and Security Pacific Bank, a Los Steven Wevodau
NEW YORK, Nov 7 (Reuters) - Warren Buffett's Berkshire Hathaway Inc said on Friday third-quarter profit fell 77 percent, the fourth straight quarterly decline, hurt by weaker results from insurance underwriting and a big loss on derivatives contracts Steven Wevodau
Friday, November 7, 2008
Steven Wevodau - NipponKoa Insurance-6-month parent - Forbes
Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Neither
Delphi Financial Declares Regular $0.10 Per Share Cash Dividend - MSN MoneyCentral
Delphi Financial Group, Inc. DFG announced today that its Board of Directors declared a regular quarterly cash dividend of $0.10 per share on the Company ’ s common stock, payable on December 4, 2008 to shareholders of record at the close of
Insurance agency opens Fishkill branch - Poughkeepsie Journal
Rose & Kiernan Inc., headquartered in Albany County, recently opened a branch at 60 Merritt Blvd., Fishkill. This office consolidated two offices that have been in Beacon and the Town of Poughkeepsie. Staff relocated to Fishkill and will serve
Fidelity National Financial, Inc. and LandAmerica Financial Group, Inc - MSN MoneyCentral
JACKSONVILLE, Fla. and RICHMOND, Va. , Nov. 7 /PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. FNF and LandAmerica Financial Group, Inc. LFG today announced the signing of a definitive merger agreement under which FNF will acquire LFG
Shipowners Idle 20% of Bulk Vessels as Rates Collapse (Update1) - Bloomberg
Nov. 7 (Bloomberg) -- At least 20 percent of the vessels most commonly hired to haul coal and ore are sitting empty as steelmakers cut output and dwindling trade credit halts deliveries, Lorentzen & Stemoco A/S shipbroker Kjetil Sjuve said. Fifty to
Colin Ward appointed as Business Development Manager for William - Zawya.com
Dubai Insurance Company Dubai Insurance Company has continued to develop its partnership with international insurance specialist William Russell in the Middle East by appointing Colin Ward as Business Development Manager for the William Russell plans
States face unemployment cash crisis - CNN Money
NEW YORK (CNNMoney.com) -- State unemployment insurance trust funds are rapidly running out of money amid soaring job losses. This is prompting state officials to consider raising employer taxes or curtailing benefits, while forcing them to borrow
Car Impounded After Dog Drives Away From Car Wash - FOX News
PRYOR, Okla. — A dog waiting in a car while at a car wash slipped the vehicle into gear and drove in a loop before the car came to a stop. Pryor police officer Brent Crittenden said the dog's owner was washing the vehicle when the 70-pound pit bull
Steven Wevodau - Taxpayers on Hook for Mortgage Executives' Legal Defense Costs
When the U.S. government took over mortgage giants Fannie Mae and Freddie Mac, taxpayers inherited more than just bad debts. They're also potentially on the hook for tens of millions of dollars in leg
University of Iowa to Restore Art Facility
Despite the risk that the Iowa River could overflow its banks again, the University of Iowa says it will restore a flood-damaged art building. Officials say that's because the need for space outwe
Munich Re Q3 Profits Down 99% to $15.4 Million; $1.8 Billion for 9 Months
Munich Re's third quarter profits fell by 99 percent to €12 million ($15.4 million) compared to the €1.216 billion ($1.555 billion) it recorded in the third quarter of 2007. The Group's ne
Steven Wevodau - Munich Re Q3 Profits Down 99% to $15.4 Million; $1.8 Billion for 9 Months
Steven Wevodau - Ford posts $3 billion loss, Toyota shares dive (Reuters)
Reuters - Ford Motor Co posted a $2.98 billion quarterly operating loss and shares in world No. 1 automaker Toyota Motor Corp (7203.T) plunged on Friday after it warned this year's profits would hit a 13-year low.
Steven Wevodau
Reuters - Shares of American International Group advanced 9.6 percent to $2.05 in premarket trade after the Wall Street Journal said federal officials were considering a possible change in the terms of an $85 billion loan to the troubled insurer.
Steven Wevodau
AP - Reinsurer Munich Re AG said Friday that it barely eked out a profit in the third quarter as its investments were hurt by falling stock markets, forcing the company to abandon its full-year earnings forecast for the second time this year. Steven Wevodau
Reuters - Stock index futures rose on Friday as a slide of the past two sessions prompted investors to scour the market for beaten-down shares, but trading was cautious before the government's report on October non-farm payrolls.
Steven Wevodau
Reuters - Chrysler LLC is rapidly burning through cash and being driven to prepare for a possible break-up if it can't clinch a merger with General Motors Corp or get government funding needed to ride out the economic crisis, people with knowledge of the situation said.
Steven Wevodau
Reuters - Sprint Nextel Corp , the No. 3 U.S. mobile service, on Friday posted a third-quarter loss and a 12 percent drop in revenue as customers fled to rival services.
Steven Wevodau
Steven Wevodau - Media Advisory - Insurance Bureau of Canada teams up with Operation - CNW Group
London equities moved higher on Friday, with hopes that the Bank of England’s dramatic rate cut could help stave off the worst effects of recession. The FTSE 100 rose 89 points or 2.1 per cent to 4,361.35, helped by rises for financial and Steven Wevodau
NEW YORK (CNNMoney.com) -- State unemployment insurance trust funds are rapidly running out of money amid soaring job losses. This is prompting state officials to consider raising employer taxes or curtailing benefits, while forcing them to borrow Steven Wevodau
Steven Wevodau - Ford posts $3 billion loss, Toyota shares dive (Reuters)
Reuters - Ford Motor Co posted a $2.98 billion quarterly operating loss and shares in world No. 1 automaker Toyota Motor Corp (7203.T) plunged on Friday after it warned this year's profits would hit a 13-year low.
AIG jumps on report of possible change in loan terms (Reuters)
Reuters - Shares of American International Group advanced 9.6 percent to $2.05 in premarket trade after the Wall Street Journal said federal officials were considering a possible change in the terms of an $85 billion loan to the troubled insurer.
Munich Re 3Q profit plummets, 2008 target dropped (AP)
AP - Reinsurer Munich Re AG said Friday that it barely eked out a profit in the third quarter as its investments were hurt by falling stock markets, forcing the company to abandon its full-year earnings forecast for the second time this year.
Stock futures bounce on bargain search; data eyed (Reuters)
Reuters - Stock index futures rose on Friday as a slide of the past two sessions prompted investors to scour the market for beaten-down shares, but trading was cautious before the government's report on October non-farm payrolls.
Steven Wevodau - Munich Re 3Q profit plummets, 2008 target dropped (AP)
AP - Reinsurer Munich Re AG said Friday that it barely eked out a profit in the third quarter as its investments were hurt by falling stock markets, forcing the company to abandon its full-year earnings forecast for the second time this year.
AIG jumps on report of possible change in loan terms (Reuters)
Reuters - Shares of American International Group advanced 9.6 percent to $2.05 in premarket trade after the Wall Street Journal said federal officials were considering a possible change in the terms of an $85 billion loan to the troubled insurer.
Ford posts $3 billion loss, Toyota shares dive (Reuters)
Reuters - Ford Motor Co posted a $2.98 billion quarterly operating loss and shares in world No. 1 automaker Toyota Motor Corp (7203.T) plunged on Friday after it warned this year's profits would hit a 13-year low.
Chrysler cash drains away as crisis deepens: sources (Reuters)
Reuters - Chrysler LLC is rapidly burning through cash and being driven to prepare for a possible break-up if it can't clinch a merger with General Motors Corp or get government funding needed to ride out the economic crisis, people with knowledge of the situation said.
Stock futures bounce on bargain search; data eyed (Reuters)
Reuters - Stock index futures rose on Friday as a slide of the past two sessions prompted investors to scour the market for beaten-down shares, but trading was cautious before the government's report on October non-farm payrolls.
Sprint posts quarterly loss, customers flee (Reuters)
Reuters - Sprint Nextel Corp , the No. 3 U.S. mobile service, on Friday posted a third-quarter loss and a 12 percent drop in revenue as customers fled to rival services.
Steven Wevodau - Fidelity National Financial, Inc. and LandAmerica Financial Group, Inc - MSN MoneyCentral
JACKSONVILLE, Fla. and RICHMOND, Va. , Nov. 7 /PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. FNF and LandAmerica Financial Group, Inc. LFG today announced the signing of a definitive merger agreement under which FNF will acquire LFG
Hooper Holmes Announces Third Quarter 2008 Results - CNBC
BASKING RIDGE, N.J., Nov 07, 2008 /PRNewswire-FirstCall via COMTEX/ -- Hooper Holmes (Amex: HH) today announced financial results for the three and nine months ended September 30, 2008. For the three months ended September 30, 2008, total revenues
States face unemployment cash crisis - CNN Money
NEW YORK (CNNMoney.com) -- State unemployment insurance trust funds are rapidly running out of money amid soaring job losses. This is prompting state officials to consider raising employer taxes or curtailing benefits, while forcing them to borrow
Insurance agency opens Fishkill branch - Poughkeepsie Journal
Rose & Kiernan Inc., headquartered in Albany County, recently opened a branch at 60 Merritt Blvd., Fishkill. This office consolidated two offices that have been in Beacon and the Town of Poughkeepsie. Staff relocated to Fishkill and will serve
Media Advisory - Insurance Bureau of Canada teams up with Operation - CNW Group
HALIFAX, Nov. 7 /CNW/ - Insurance Bureau of Canada (IBC), on behalf of Canada's home, car and business insurers, is joining forces with the Operation Red Nose, to get holiday revelers -- and their vehicles -- home safely in three Nova Scotia
Penn Treaty Completes Sale of Agency Subsidiary to LTC Global - MSN MoneyCentral
ALLENTOWN, Pa. , Nov. 7 /PRNewswire-FirstCall/ -- Penn Treaty American Corporation (OTC: PTYA or PTYA.PK) today announced that on November 5 , it sold 100% of the common stock ownership in its subsidiary, United Insurance Group Agency, Inc. of
CNP Third-Quarter Revenue Falls 17% on Stock Markets (Update2) - Bloomberg
Nov. 7 (Bloomberg) -- CNP Assurances SA , France's largest life insurer, said third-quarter revenue fell 17 percent as slumping stock markets cut demand for savings products linked to equities. Sales dropped to 6.01 billion euros ($7.65 billion) from
Wednesday, November 5, 2008
Steven Wevodau - Ship Comes In for Trade Financiers - Wall Street Journal
COMMONWEALTH Bank today confirmed it had an exposure to Allco Finance Group of about $170 million. Voluntary administrators and receivers were appointed to to Allco Finance on Tuesday. Yesterday, Westpac confirmed it had an exposure to Allco Finance Steven Wevodau
TRUJILLO, Peru, Nov 5 (Reuters) - The International Monetary Fund could be a watchdog for regulatory reforms likely to be introduced around the world to prevent future financial crises, Canadian Finance Minister Jim Flaherty said on Wednesday Steven Wevodau
Germany's biggest privatisation in eight years appears heading to be for the buffers after the government warned it would probably not sell a stake in the train operating unit of Deutsche Bahn until after the general election in September. The Steven Wevodau
WASHINGTON -- Congressional Democrats plan to use their widened majority to push quickly for a broader government role in financial markets, citing Tuesday's election as a repudiation of years of Republican deregulatory policies. House Financial Steven Wevodau
Nov 5 (Reuters) - CompuCredit Corp (nasdaq: CCRT - news - people ) posted a wider-than-expected loss for the third-quarter as the marketer of branded credit cards and related financial services saw a significant decline in total interest income Steven Wevodau
The election of Barack Obama has put the wind back into the sails of the renewable energy sector, where investor confidence had been badly punctured by the credit crisis. Clean technology and green energy stocks have soared as City analysts predict a Steven Wevodau
NEW YORK, Nov 5 (Reuters) - As Apollo Management's options dwindle in its struggle over the acquisition of Huntsman Corp (HUN.N: Quote , Profile , Research , Stock Buzz ), the private equity firm would benefit from a strategy to reduce its Steven Wevodau
Tuesday, November 4, 2008
Steven Wevodau - AIG investors lost more than $500 million - San Francisco Gate
The ruling Friday by Judge Christopher Droney means five former insurance executives convicted of the scheme could face up to life in prison under advisory sentencing guidelines. Four former executives of General Re Corp. and a former executive of
SCENARIOS: Economic challenges facing the next president - Reuters
(Reuters) - Whether Democrat Barack Obama or Republican John McCain wins the White House on Tuesday, the next U.S. president will face a host of acute economic problems on a scale not seen since the 1930s. Below is a handful of some of those
Insurance - Household insurance - This is Money
Thousands of people will be celebrating bonfire night by lighting fireworks in their back gardens. Should you buy more insurance to cover the extra danger? It's not surprising that there was an increase of 240% on claims last year on the 5th of
Monday, November 3, 2008
Steven Wevodau - October chain store sales expected to fall (Reuters)
Reuters - U.S. retail chains may report one of their worst monthly sales results this week as a global financial crisis leaves its mark on ordinary consumers, casting new doubt on holiday season sales.
Viacom earnings drop 37 percent; ad slump hurts (Reuters)
Reuters - Viacom Inc (VIAb.N), owner of MTV Networks and Paramount movie studio, reported a 37 percent drop in third-quarter earnings, further evidence major media companies are suffering from an intensifying advertising slump.
Recession rears ugly head, global auto sales shrink (Reuters)
Reuters - Corporate results and outlooks darkened on Monday, and automotive companies from Japan to Italy to Detroit said October sales were the weakest in about 20 years as economies weakened and consumer credit dried up.
Auto sales hit 25-year low, Europe outlook bleak (Reuters)
Reuters - U.S. auto sales plunged 32 percent in October to lows unseen in a quarter-century led by a 45 percent drop at General Motors Corp in a collapse that hit every major automaker and offered little sign that the industry has hit bottom in its largest market.
FTSE 100 up 65.94 points at 4,443.28 (AP)
AP - Share prices on the London Stock Exchange closed up Monday.
Steven Wevodau - October chain store sales expected to fall (Reuters)
Reuters - Corporate results and outlooks darkened on Monday, and automotive companies from Japan to Italy to Detroit said October sales were the weakest in about 20 years as economies weakened and consumer credit dried up.
Steven Wevodau
Saturday, November 1, 2008
Steven Wevodau - China, India wary of taint of global economic crisis (Reuters)
Reuters - Two powerhouse emerging market countries in Asia felt the sting of the global financial crisis on Saturday as India cut its main short-term lending rate and China said it was bracing for a slowdown.
Steven Wevodau
Steven Wevodau - UK PM Brown Heads To Gulf For Talks On World Economy - CattleNetwork.com
LONDON ( AFP)--U.K. Prime Minister Gordon Brown heads Saturday for a tour of oil-rich Gulf states, hoping to persuade them to give extra funds to help countries hit by the world economic turmoil . Brown will spend four days in the region holding
Press Democrat lays off 16, citing ailing economy, declining ad - Santa Rosa Press Democrat
Because of declining advertising and the deteriorating local economy, The Press Democrat is eliminating 16 positions, including 10 in the newsroom. "We have to cut additional expenses into 2009," Publisher Bruce Kyse told employees Friday as he
For economy, glum news keeps piling up - Houston Chronicle
WASHINGTON — Evidence of a recession piled ever higher Friday, with new figures showing Americans are spending less and gloomy about the economy, while the government signaled it won’t buy stock in the financing arms of auto companies to prop
BSkyB profit down, confirms customer target - International Herald Tribune
LONDON : Satellite broadcaster British Sky Broadcasting Group PLC said Friday its net profit dropped 13 percent in the third quarter but reaffirmed it is on course to have 10 million customers by the end of 2010 — even though the British economy is
China,India wary of taint of global economic crisis - Reuters
LONDON, Nov 1 (Reuters) - Two powerhouse emerging market countries felt the sting of the global financial crisis on Saturday as India unexpectedly cut its main short-term lending rate again and China said it was now feeling a slowdown. The
Economy: Gov. candidates unveil their plans - Brattleboro Reformer
BRATTLEBORO -- The three major candidates in Vermont's gubernatorial race have focused their campaigns on the state's economy. And all three have portrayed themselves as the battle-tested candidate to deliver the goods during the current economic
British PM Urges Oil Rich Gulf States to Stabilize World Economy - Voice of America
Prime Minister Gordon Brown says oil-rich countries in the Middle East should help stabilize the global financial system. Mr. Brown left London Saturday for a four-day tour of Saudi Arabia, Qatar and the United Arab Emirates. He hopes to persuade
Iraq budgets $15 billion for reconstruction - Chicago Sun-Times
BAGHDAD -- Iraq has earmarked some $15 billion -- nearly 25 percent of its 2009 draft budget -- to help rebuild the country's crumbling infrastructure, energy and oil facilities, the finance minister said Saturday. But Bayan Jabr stressed those funds
Thursday, October 30, 2008
Steven Wevodau - US judge grants capital Metro transit relief from Belgian demand for - MSN UK News
A U.S. federal judge has granted temporary relief to the Washington area's transit agency after a Belgian bank threatened to collect immediately US$43 million owed on a loan. KBC Group requested the money after the collapse of insurance giant
Government presses Wall Street to cut bonuses - International Herald Tribune
NEW YORK : Wall Street is coming under mounting political pressure to cut bonuses for top executives, traders and bankers in what was already expected to be a down year for pay. Under pressure from members of Congress to curtail compensation, banks
Plant City Farmers to Plead Guilty to Fraud - The Ledger
TAMPA -- The owners of two Hillsborough strawberry and pepper farms have agreed to plead guilty to more than $1-million in insurance fraud and filing false tax returns, according to federal court records. Goodson Farms in Balm will plead guilty to
Steven Wevodau - U.S. auto aid pleas mount; Treasury says no GM talks (Reuters)
Reuters - Six U.S. governors and a group of chief executives on Thursday urged the Bush administration in a letter to aid the embattled auto industry while the White House rebuffed a request for direct support of a merger between GM and Chrysler.
Wednesday, October 29, 2008
Steven Wevodau - Oil up 7 percent on weak dollar, Fed rate cut (Reuters)
Reuters - Oil jumped more than 7 percent on Wednesday as the dollar fell after the Federal Reserve cut U.S. interest rates.
Steven Wevodau
Reuters - Speculators on Wednesday scooped up call options in Exxon Mobil Corp , hoping to catch a share price rally on prospects of a positive earnings report, according to one options analyst. Steven Wevodau
Reuters - The United States and China kicked off what is likely to be a global round of interest rate cuts, part of a barrage of measures deployed around the world to fight a deep economic slowdown.
Steven Wevodau
AP - A major shareholder in Target Corp. pitched a plan to Wall Street on Wednesday that would spin off the discount retailer's real estate holdings as a separate entity as a way to increase the value of the company and its shares. Steven Wevodau
Reuters - New York Attorney General Andrew Cuomo, who negotiated executive payment clawbacks by American International Group Inc as it received a taxpayer bailout, warned nine banks receiving government money on Wednesday that using the funds for bonus payments may be illegal under state law. Steven Wevodau
Reuters - U.S. stocks fell on Wednesday as a big rally faltered in the last minutes of trading on worry about the weakening corporate profit picture after a news report raised questions about General Electric's earnings outlook.
Steven Wevodau
Reuters - General Motors Corp and Cerberus Capital Management have resolved the major issues in a proposed GM-Chrysler merger, but the final form of any deal would depend on the financing and government support available, sources familiar with the talks said on Wednesday.
Steven Wevodau
Steven Wevodau - Oil up 7 percent on weak dollar, Fed rate cut (Reuters)
Reuters - Oil jumped more than 7 percent on Wednesday as the dollar fell after the Federal Reserve cut U.S. interest rates.
Dow and S&P 500 fall on profit worry, GE outlook report (Reuters)
Reuters - U.S. stocks fell on Wednesday as a big rally faltered in the last minutes of trading on worry about the weakening corporate profit picture after a news report raised questions about General Electric's earnings outlook.
NYAG Cuomo warns nine banks about bonus payments (Reuters)
Reuters - New York Attorney General Andrew Cuomo, who negotiated executive payment clawbacks by American International Group Inc as it received a taxpayer bailout, warned nine banks receiving government money on Wednesday that using the funds for bonus payments may be illegal under state law.
Ackman proposes Target spin off property company (AP)
AP - A major shareholder in Target Corp. pitched a plan to Wall Street on Wednesday that would spin off the discount retailer's real estate holdings as a separate entity as a way to increase the value of the company and its shares.
Tuesday, October 28, 2008
Larry Kleinmintz - Government denies auto-parts finance request - Reuters Canada
OTTAWA (Reuters) - The Canadian government has no plans to meet a request from the auto-parts industry for special financing, Industry Minister Jim Prentice said on Tuesday, arguing that improved general financing is available. "Effectively the
Kuwait's Gulf Bank eyes capital hike, merger - Forbes
KUWAIT, Oct 28 (Reuters) - Kuwait's Gulf Bank is considering a capital increase or even a merger to shore up its business, the bank said on Tuesday, two days after the central bank stepped in to support it following losses in trading currency
Finance Industry Workers Demand Job Protection - MSN MoneyCentral
LONDON , October 28 /PRNewswire/ -- Finance sector workers have launched a 'Social Contract' today (Tuesday 28th October) and demanded changes to the structure of the finance services sector. With a life size 'Social Contract' workers from the
Mexico's Peso Bonds Rally on Plan to Cut Long-Term Debt Sales - Bloomberg
Oct. 28 (Bloomberg) -- Mexican peso-denominated bonds surged after the government said it will pare back sales of longer-term securities because demand has waned amid the worst global financial crisis since the Great Depression. Yields on Mexico's
Kuwait bank seeks to stabilize after trading losses - International Herald Tribune
KUWAIT : Gulf Bank said Tuesday that it was considering a capital increase or even a merger to shore up its business, just days after the central bank of Kuwait stepped in to support it after losses in the trading of currency derivatives. With the
Canadian govt denies auto-parts finance request - Reuters
OTTAWA, Oct 28 (Reuters) - The Canadian government has no plans to meet a request from the auto-parts industry for special financing, Industry Minister Jim Prentice said on Tuesday, arguing that improved general financing is available. "Effectively
Merkel meets financial experts before G-20 summit - CNBC
BERLIN - German Chancellor Angela Merkel asked six financial experts Tuesday to draft suggestions for overhauling international markets before next month's Group of 20 summit on the crisis. Merkel did not elaborate on what was discussed at the
Mexico not seeking IMF credit line-govt official - Reuters
MEXICO CITY, Oct 28 (Reuters) - Mexico is not in talks with the International Monetary Fund for a line of credit, senior finance ministry official Gerardo Rodriguez told reporters on Tuesday. Rodriguez, who oversees the government's debt program
Sheriff hopefuls release campaign finance reports - Newton Kansan
Campaign finance reports filed Monday with the Harvey County clerk show at least one candidate scooping into their own pocket to help finance their campaign. According to the reports, Bruce Jolliff, who is running for Harvey County sheriff, has
Larry Kleinmintz - Travelers Designs Innovative Green Building Insurance for Small - MSN MoneyCentral
Call 12 for Action is looking into how to get health insurance when you switch jobs and your new boss doesn't offer any. It's another in our series on helping you understand and cut your medical expenses. When you switch jobs and your new employer Larry Kleinmintz
CONCORD, N.H.— Three months after a tornado ripped a 50-mile swath through central New Hampshire, some residents still are caught in a swirl of red tape as they fight to rebuild their damaged or destroyed homes and get on with their lives. Arlene Larry Kleinmintz
Larry Kleinmintz - Bargain hunters drive sharp Wall Street rally (Reuters)
Reuters - Stocks rallied on Tuesday, with the Dow industrials briefly gaining more than 5 percent as investors scoured the market for bargains among beaten-down shares.
Monday, October 27, 2008
Steven Wevodau - Shares trim losses after early slump (AFP)
AFP - The London stock market fell sharply Monday but managed to trim its losses late in the day.
Steven Wevodau
Reuters - MasterCard Inc and Visa Inc said they agreed to pay credit card issuer and network Discover Financial Services Inc a total of $2.75 billion to settle a lawsuit over anti-competitive practices. Steven Wevodau
Reuters - Stocks closed at their lowest levels in 5-1/2 years on Monday, extending a global sell-off as worry about the severity of a global recession and the bleak outlook for profits gripped investors.
Steven Wevodau
Reuters - Car rental company Avis Budget Group Inc cut 700 jobs in the third-quarter and recorded a loss, before taxes, of more than $1 billion after writing down the value of certain assets, it said on Monday.
Steven Wevodau
AP - Wal-Mart Stores Inc., the world's largest retailer, is benefiting from shoppers turning to less-expensive stores to save money. Still, the company is scaling back its U.S. store growth for its namesake stores as it adjusts to a challenging economic environment. Steven Wevodau
Reuters - The U.S. government is considering direct financial assistance to facilitate a possible merger between General Motors Corp and Chrysler LLC, a private sector source familiar with Treasury discussions told Reuters on Monday.
Steven Wevodau
Steven Wevodau - The Investment Column: Wolfson could struggle as downturn bites - The Independent
The seemingly unstoppable rise of the Japanese yen is raising the prospect that, for the first time in years, the Japanese government could intervene to stifle its surge. Finance chiefs of seven leading industrialized nations, known as the G-7, which Steven Wevodau
BRASILIA, Oct 27 (Reuters) - Finance ministers and central bank chiefs from Latin America called for reforms to the international financial system on Monday in an extraordinary meeting in Brazil's capital about the financial global crisis. Foreign Steven Wevodau
With heavy voter turnout expected, both parties are amassing thousands and thousands of lawyers to keep an eye on the polls on Election Day. Senator Barack Obama's campaign is expected to send at least 5,000 lawyers to Florida alone. The first Steven Wevodau
Action Alerts PLUS - $50 off Financial Advisor Update Portfolio Calculators TheStreet.com Mobile Stockpickr Street Answers Mad Money Performance Stock Screener Mutual Fund Screener ETF Screener Banks & Thrifts Screener Insurers & HMOs Screener Steven Wevodau
Autumn's market mayhem has left the world's financial institutions nursing losses of $2.8tn, the Bank of England said today, as it called for fundamental reform of the global banking system to prevent a repeat of turmoil "arguably" unprecedented Steven Wevodau
Spending cuts of up to Ft300bn ($1.4bn, €1.1bn, £897m) are likely to be the price Hungary will have to pay for a package of up to $12.5bn in financial support from the International Monetary Fund. The IMF announced late on Sunday that it was Steven Wevodau
A potentially damaging political split has emerged in the German government over the contents of a package of economic support measures amid a rapidly deteriorating outlook for growth next year. Senior officials said the measures would not be Steven Wevodau
THE British financial system is on a highway to hell, and it is all the fault of AC/DC. Ignoring the credit crunch and the "dirty deeds done dirt cheap" by subprime mortgage peddlers in the United States, British newspaper The Guardian yesterday Steven Wevodau
The horse-racing industry and gambling companies have pumped $3.8 million into a campaign to convince voters to approve slot machine gambling in Maryland, according to campaign finance documents released yesterday. Slots supporters have out-raised Steven Wevodau
Sunday, October 26, 2008
Steven Wevodau - Insurance firms, auto companies and foreign banks petition for part of - Minneapolis Star Tribune
Diana Moore learned the news through the neighborhood grapevine. Her family's primary-care physician of seven years would no longer accept Moore, her husband and daughter as patients - unless the family paid a $4,500 annual fee. The physicians at Steven Wevodau
OLYMPIA -- Gov. Chris Gregoire and Republican Dino Rossi want to lower the cost of health care and expand the ranks of the insured in Washington, but their approaches come from opposite ends of the ideological spectrum. Though the ranks of the Steven Wevodau
BC-Bailout-Bonanza Wide array of U.S. companies start competing for bailout money %byline(By Martin Crutsinger, THE ASSOCIATED PRESS%) WASHINGTON - The bailout is now the hottest lobbying game in town. Insurers, automakers and American subsidiaries Steven Wevodau
Spare a thought for Pietermaritzburg Chamber of Business employee Wonder Mudzengerere, who has been battling for fair compensation after his perfectly fine car was written off in a crash about three months ago. The facts speak for themselves. The Steven Wevodau
Saturday, October 25, 2008
Steven Wevodau - Asia, Europe close ranks to ease financial crisis (Reuters)
Reuters - Asian and European leaders closed ranks on Saturday to try to bolster confidence among investors who fear that a global credit crunch has ushered in a deep and damaging world recession.
Friday, October 24, 2008
Steven Wevodau - AIG taps government loan again: report (Reuters)
Reuters - Troubled insurer American International Group Inc had borrowed $90.3 billion from the U.S. government as of Wednesday, three-quarters of the emergency funds made available to it under a federal rescue plan, the Wall Street Journal reported.
UK shrinks, companies suffer, China says outlook grim (Reuters)
Reuters - Britain's economy shrank, China said the outlook was grim and companies from Japan to France were punished on Friday as a downturn born of the worst financial crisis in 80 years took root.
Stock futures frozen after steep plunge (Reuters)
Reuters - Stock index futures tumbled so sharply on Friday that they had to be frozen at several points as global markets tumbled on signs the global economy is in the throes of recession.
Stocks plunge nine percent on recession fears (AFP)
AFP - London's FTSE 100 index of top shares plunged by more than nine percent on Friday as data revealed that the economy shrank in the third quarter, placing it on the brink of recession.
OPEC agrees output cut, oil slide goes on (Reuters)
Reuters - An emergency OPEC meeting on Friday reached swift agreement to chop production by 1.5 million barrels per day (bpd) as a first step toward halting a deep oil price slide.
Steven Wevodau - UK economy officially on the brink of recession - San Francisco Gate
Global stocks plumbed multi-year lows on Friday as fears of a global recession mounted. Trader were braced for a difficult start to trading on Wall Street with futures markets pricing in a fall of 550 points for the Dow Jones Industrial Average while Steven Wevodau
SINGAPORE -- Asian stocks tumbled for a third day Friday on persistent worries that a global recession will eat into corporate profits and the U.S. dollar sank to a 13-year low against the Japanese currency, falling below 95 yen. Shares of Sony Steven Wevodau
The prospects for a UK recession loomed large after official figures revealed the economy shrunk by 0.5% between July and September in the worst economic growth performance since 1990. The estimated contraction in the UK's gross domestic product (GDP Steven Wevodau
; http://link.brightcove.com/services/link/bcpid1529573275/bctid1875308591 http://www.brightcove.com/channel.jsp?channel=1139053637 UK gross domestic product fell by 0.5 per cent, the first contraction since the second quarter of 1992, and the Steven Wevodau
NEW YORK — U.S. stock index futures tumbled so sharply on Friday they had to be frozen at several points as global markets tumbled on signs the global economy is in the throes of recession. Stock markets were in freefall around the world as Steven Wevodau
LONDON — Britain's economy shrank, China said the outlook was grim, and companies from Japan to France were punished on Friday as a downturn born of the worst financial crisis in 80 years took root. Separate figures from the euro zone showed the 15 Steven Wevodau
Steven Wevodau - Health care 'triple whammy': Insurance premiums spike in Beehive State - Salt Lake Tribune
The troubled insurance giant American International Group already has consumed three-quarters of a federal $123 billion rescue loan, a little more than a month after the government stepped in to save the company from bankruptcy. AIG has borrowed $90 Steven Wevodau
Thursday, October 23, 2008
Steven Wevodau - RadioShack posts higher quarterly profit (Reuters)
Reuters - Electronics retailer RadioShack Corp reported a higher third quarter profit on Thursday helped by demand for digital television converters and video games.
Steven Wevodau - Bank stocks worldwide tumble (Reuters)
Reuters - Banks stocks fell worldwide on Thursday as concerns swelled that soaring loan losses, tight credit and deteriorating economies would overwhelm lenders' efforts to cut costs and preserve capital.
Wednesday, October 22, 2008
Steven Wevodau - UBS study says recession will hit UK, US worst - MSN MoneyCentral
ZURICH, Switzerland (AP) - Britain and the U.S. will suffer most from a global recession predicted to last until the middle of next year, Swiss bank UBS said in a report Wednesday. U.S. gross domestic product is expected to shrink by 0.7 percent in
Paulson vows action on crisis as earnings stagger - Forbes
Even as the Bush administration pledges to do whatever it takes to battle a severe financial crisis, stumbling corporate earnings are showing just how deep the economy's problems are. Wachovia Corp., which is being bought by Wells Fargo for about $14
Aso Plans Tax Cuts to Boost Economy as Election Looms (Update1) - Bloomberg
Oct. 22 (Bloomberg) -- Japanese Prime Minister Taro Aso, facing an election as soon as next month, is likely to focus on tax cuts when he unveils the government's second economic stimulus package since August. The ruling coalition may provide about 2
Cable Rates Increase as Maryland Families Struggle in Today's Economy - Yahoo Finance
ARLINGTON, Va., Oct. 22 /PRNewswire/ -- There is a silver lining for Maryland residents who will be paying an average of 6.4 percent more for cable on November 1: Many residents are finally getting real choices to the cable monopoly. Consumers now
Global Stocks Decline on Economy Concern; Euro, Oil Retreat - Bloomberg
Oct. 22 (Bloomberg) -- Stocks fell around the world, the euro sank to a 20-month low against the dollar and oil retreated as the deepening economic slump sapped corporate profit. U.S. index futures declined. Royal Bank of Scotland Group Plc dropped 9
3rd UPDATE: Wipro 2Q Net Pft +19%; 3Q IT Svcs Outlook Weak - Wall Street Journal
BANGALORE (Dow Jones)--With the weakening U.S. economy having a greater impact on Indian technology companies, Wipro Ltd. (507685.BY) said Wednesday it expects revenue from its software services to be flat on quarter, even as it posted a 19% growth
Steven Wevodau - London shares shed 3.06% (AFP)
AFP - London shares slumped by 3.06 percent in mid-morning trade on Wednesday as recession jitters hit global equity markets once again, analysts said.
Steven Wevodau
Reuters - AT&T said Apple Inc's iPhone would hurt full-year profit margins by more than expected, although it helped the top U.S. phone company grow revenue and mobile subscribers in the third quarter.
Steven Wevodau
Reuters - Wachovia Corp on Wednesday posted a $23.9 billion third-quarter loss, a record for any U.S. lender in the global credit crisis, underscoring the challenges Wells Fargo & Co will face after it acquires the big lender.
Steven Wevodau
Reuters - ConocoPhillips , the third-largest U.S. oil company, said on Wednesday its quarterly earnings rose 41 percent on higher oil prices and topped Wall Street estimates even as storms in the Gulf of Mexico dented results in its refinery business.
Steven Wevodau
Reuters - McDonald's Corp reported better-than-expected profit on Wednesday, fueled by strong sales in the United States and abroad as consumers sought lower prices when they dine out.
Steven Wevodau
AP - Wal-Mart Stores Inc., the world's largest retailer, said Wednesday it will set new quality standards for its suppliers amid a scare over toxic milk products that have sickened tens of thousands of babies across China.
Steven Wevodau
Reuters - Boeing Co reported sharply lower third-quarter profit on Wednesday after a strike by its plane assembly workers wiped out almost a month of production at its Seattle-area plants.
Steven Wevodau
AFP - Growing warnings of an "inevitable" global recession and the expectation of more interest rate cuts triggered turmoil on the currency markets and sharp falls on stock exchanges Wednesday.
Steven Wevodau
Tuesday, October 21, 2008
Steven Wevodau - Surging iPhone sales spur Apple, issues safe outlook (Reuters)
Reuters - Apple Inc reported a stronger-than-expected 26 percent rise in quarterly profit, spurred by strong sales of its new iPhone, and its shares rose 13 percent on Tuesday.
Steven Wevodau
AP - The stock market is not the economy. Steven Wevodau
Steven Wevodau - ALL BUSINESS: Stock market doesn't reflect economy (AP)
AP - The stock market is not the economy.
Kerkorian sells Ford at loss, could dump stake (Reuters)
Reuters - Billionaire Kirk Kerkorian sold shares worth about $18 million in Ford Motor Co at a big loss and could sell his remaining 6 percent stake after becoming the automaker's largest outside investor this year.
Surging iPhone sales spur Apple, issues safe outlook (Reuters)
Reuters - Apple Inc reported a stronger-than-expected 26 percent rise in quarterly profit, spurred by strong sales of its new iPhone, and its shares rose 13 percent on Tuesday.
Fed aids money markets; Wall Street falls (Reuters)
Reuters - The U.S. Federal Reserve and governments around the world loosened strained financial markets on Tuesday by pumping in more money and launching bank rescues, but poor corporate profits and recession fears drove down commodities and U.S. stocks.
Weak profit view hits stocks; Apple and Yahoo up late (Reuters)
Reuters - Stocks skidded on Tuesday, as commodity shares fell on fears of a global recession and a rash of disappointing earnings heightened worries about the deteriorating profit picture.
Fed rolls out new 540-bln-dollar aid to financial sector (AFP)
AFP - The US Federal Reserve reached deeper into the troubled financial system on Tuesday, offering up to 540 billion dollars of help to money market mutual funds in its latest response to the credit crunch.
Yahoo profit drops, targets job cuts as ads weaken (Reuters)
Reuters - Yahoo Inc posted a sharply lower quarterly profit on nearly flat sales, but its shares rose 8 percent on the Internet media company's plan to cut at least 10 percent of its work force to save costs.