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2024-08-01 | Bloomberg | Eminent Domain Battle Pits Homeowner Against Hospital | Robert and Patricia Castillo, a California couple who have already had their monthly mortgage payments cut by almost 60 percent, want the city of Richmond to reduce their debt by using its powers of eminent domain. That could be bad for hospitals in Missouri. The Castillos owe $436,500 on two loans on a three-bedroom h... |
2024-12-13 | Bloomberg | Structured Notes That Lack Protection to Sell Best, Poll Says | Structured notes that don’t protect investor principal are likely to be the top sellers in the U.S. next year, according to a poll by Incapital LLC. Thirty-one percent of 94 attendees at the firm’s 2012 Structured Investments Conference in October said securities without principal guarantees would be the “most popular,... |
2024-01-30 | Bloomberg | Canada November Employment, Earnings and Hours Report (Text) | The following is the text of Canada ’s employment, earnings, and hours report for November released by Statistics Canada. Average weekly earnings of non-farm payroll employees were $911 in November, up 0.5% from the previous month. On a year- over-year basis, earnings increased 3.2%. The 3.2% increase in earnings durin... |
2024-08-21 | Bloomberg | Texting Can Wait. Awareness Cannot. | I'm on my way. I love you. The first message is what Xzavier’s mother was told had left her son, now 8, paralyzed from the diaphragm down and on life support. The second is the last missive Chandler sent before hitting an Amish buggy, killing three, ages 3, 5 and 17. These are two of four tales that comprise the docum... |
2024-05-31 | Bloomberg | Argentine Grandfather Refused $10 Bill Under Fernandez Controls | Argentine lawyer Julio Cesar Duran wanted to exchange a pocketful of pesos for $10 to give as a gift to his two grandsons. With the government clamping down on dollar purchases, the tax agency rejected his request. President Cristina Fernandez de Kirchner’s tightening oversight of the foreign currency market is hitting... |
2024-04-24 | Bloomberg | Aflac Profit Increases 14% to $892 Million on Investments | Aflac Inc. (AFL) , the largest seller of supplemental health insurance, said first-quarter profit increased 14 percent as investing results improved. Net income rose to $892 million, or $1.90 a share, from $785 million, or $1.68, a year earlier, the Columbus, Georgia- based company said today in a statement. Operating ... |
2024-06-16 | Bloomberg | Jobs Bill Blocked in U.S. Senate Amid Complaints Over Cost | A jobs bill that would raise taxes on buyout managers stalled today in the U.S. Senate amid complaints it would add almost $80 billion to the government’s budget deficit. With 60 votes needed to advance the legislation, 52 senators voted against the procedural move and 45 supported it. Eleven Democrats and independent... |
2024-06-23 | Bloomberg | U.S. Stocks Extend Drop After New-Home Sales Fall to Record Low | U.S. stocks fell, with the Standard & Poor’s 500 Index dropping for a third day, after new-home sales sinking to a record low spurred concern about the durability of the economic recovery ahead of the Federal Reserve’s announcement about interest rates. Caterpillar Inc., Microsoft Corp. and DuPont Co. fell more than 1... |
2024-11-15 | Bloomberg | Obama Health Plan Cancellation Fix Draws Cost Warnings | Just hours after President Barack Obama announced a one-year reprieve for canceled insurance plans, industry executives warned it would cost taxpayers and consumers while state officials split on their support for it. With only weeks until policies are due to lapse in 2014, there was skepticism the cancellations could ... |
2024-10-12 | Bloomberg | Warsaw Stock Exchange Wins Approval From Regulator to Sell Shares in IPO | Poland’s financial regulator approved the prospectus for an initial public offering by the Warsaw Stock Exchange, paving the way for the first trading debut by a central European bourse operator. Poland plans to sell 64 percent of the country’s sole exchange this month as part of a plan to raise 25 billion zloty ($8.8 ... |
2024-08-29 | Bloomberg | Morgan Stanley Smith Barney Valuation Delayed Before Sale | Morgan Stanley (MS) and Citigroup Inc. (C) agreed to delay setting a valuation for their brokerage joint- venture as they wrangle over the sale of a 14 percent stake. A determination of Morgan Stanley Smith Barney’s fair market value will be made Sept. 10 rather than this week, according to a statement yesterday from M... |
2024-06-28 | Bloomberg | In Health-Care Ruling, Roberts Writes His Own Law | In the end, most of the arguments about President Barack Obama ’s health-care overhaul turned out to be beside the point. The law’s defenders for the most part argued that Congress can require people to buy health insurance because the Constitution lets it regulate commerce “among the several states.” Their fallback ar... |
2024-12-01 | Bloomberg | Madoff Country-Club Tips Offer Lessons: Susan Antilla | Investors are still miffed with the securities industry for the havoc that resulted from the credit crisis. Financial advisers are somehow escaping that wrath. At the annual meeting of the Securities Industry and Financial Markets Association last month, Kent Christian , president of Wells Fargo Advisors Financial Serv... |
2024-01-17 | Bloomberg | Goldman Keeping Lid on Pay Amid Rebound Cheers Investors | Goldman Sachs Group Inc. (GS) , the securities firm that set a Wall Street compensation record in 2007, is now demonstrating how little it can pay. The portion of revenue allotted for salaries, bonuses, stock awards and benefits was 38 percent in 2012, down from 42 percent a year earlier and the lowest since 2009, the ... |
2024-05-30 | Bloomberg | RBC Joins CIBC Posting Profit Gains on Canadian Lending | Royal Bank of Canada , the country’s largest lender, and Canadian Imperial Bank of Commerce posted higher second-quarter profits amid gains in domestic consumer lending and a decline in provisions for bad loans. Profit for the period ended April 30 rose 26 percent to C$1.94 billion ($1.88 billion), or C$1.27 a share, f... |
2024-03-04 | Bloomberg | Stocks Rise, Treasuries Fall; Oil Slides to Two-Month Low | U.S. stocks rose, with the Dow Jones Industrial Average closing within 40 points of a record, amid optimism the Federal Reserve will continue to provide monetary stimulus. Commodities dropped on concern changes in China ’s policies may slow growth and hurt the global recovery. The Dow rose 38.16 points to 14,127.82 whi... |
2024-08-15 | Bloomberg | Canada’s Dollar Gains as Wagers on Fed Weigh on U.S. Currency | Canada’s dollar gained the most this week as speculation the Federal Reserve will begin slowing stimulus as soon as September weighed on demand for assets denominated in the U.S. currency. The Canadian dollar strengthened as crude oil, the nation’s biggest export, advanced for a fifth day, the longest winning stretch s... |
2024-03-15 | Bloomberg | U.S. Probing UBS Over Possible Libor Rate Manipulation, Bank Report Says | UBS AG (UBSN) , Switzerland ’s biggest bank, said it received subpoenas from U.S. authorities investigating possible attempts to manipulate the setting of the London interbank offered rate. The company received subpoenas from the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission and... |
2024-04-09 | Bloomberg | Medicare Is Probing Advantage Rates Leak, Tavenner Says | Medicare is probing the possible leak of a government decision regarding health insurers’ payments for next year, administrator Marilyn Tavenner said. The potential leak is a “huge issue,” Tavenner said in testimony today before the U.S. Senate Finance Committee as President Barack Obama ’s nominee to head the U.S. Cen... |
2024-07-02 | Bloomberg | Greece May Not Avoid Default, Swiss Re’s Kielholz Tells Boersen | Greece ’s efforts to reduce its debt may not be enough to avert a default, Swiss Reinsurance Co. Chairman Walter Kielholz told Germany’s Boersen-Zeitung in an interview. “The measures are necessary but they are probably not sufficient,” Kielholz was quoted as saying. “Certain market participants are currently still ass... |
2024-09-28 | Bloomberg | EU Proposes $78 Billion-a-Year Financial Transaction Tax to Start in 2014 | The European Union proposed a financial-transactions tax that would take effect in 2014 and raise about 57 billion euros ($78 billion) a year, prompting renewed opposition from the U.K. The proposal would apply a tax of 0.1 percent on trading of stocks and bonds, with a 0.01 percent rate for derivatives contracts, the ... |
2024-07-30 | Bloomberg | Black Holes at China's Shadow Banks | When I speak of cracks in China’s institutional foundation, I’m thinking in large part of China’s banking system -- which as far as I can tell, isn’t really a banking system the way that we think of it. Banks are controlled by the government, with interest rates for both deposits and loans set by fiat. The government a... |
2024-10-25 | Bloomberg | Batista Only Using $1 Billion OGX Option at Premium: CFO | Billionaire Eike Batista will only exercise an option to buy $1 billion of OGX Petroleo & Gas Participacoes SA (OGXP3) at a premium relative to the market price to avoid harming minority shareholders, the company’s finance chief said. OGX, the Rio de Janeiro-based oil explorer Batista controls, would consider a “non-ne... |
2024-12-13 | Bloomberg | Erste, RZB Preparing Participation Capital Swap, Regulator Says | Austria’s financial watchdog FMA expects Erste Group Bank AG (EBS) and Raiffeisen Zentralbank Oesterreich AG to swap non-voting capital held by private investors into capital that is recognized internationally. “Almost all participation capital constructions have the option of a swap,” FMA Co-Chairman Helmut Ettl told ... |
2024-12-11 | Bloomberg | Blind Banker Loses RBS Discrimination Lawsuit at U.K. Tribunal | A blind former Royal Bank of Scotland Group Plc banker, who had to quit after his sight deteriorated, lost a discrimination lawsuit seeking disability benefits worth about 500,000 pounds ($804,500). RBS’s actions were “a proportionate means of achieving a legitimate aim,” employment judge NS Walker said in a written de... |
2024-07-07 | Bloomberg | Diamonds Lure Insurance Investor Cowdery as Gems Beat Gold | Clive Cowdery, the Resolution Ltd. (RSL) founder who made about $240 million buying and selling insurers, is betting on diamonds after prices rose five times faster than gold this year on surging demand from China and India. Cowdery, 48, is among startup investors in Diamond Capital Ltd.’s $20 million fund that will ma... |
2024-07-08 | Bloomberg | Macquarie Enters U.S. Commercial-Mortgage Business as Delinquencies Surge | Macquarie Group Ltd. , Australia’s largest investment bank, is forming a group to originate U.S. commercial-property loans and trade securities tied to the debt, seeking to gain a toehold as delinquencies and maturities surge. Randy Reiff , who ran commercial mortgage finance and commercial mortgage-backed securities ... |
2024-03-07 | Bloomberg | States Seek to Direct Medicaid Patients to Exchanges | Lower-income residents eligible for Medicaid may be directed to buy coverage from health insurance exchanges using tax dollars, an option the Obama administration is weighing. Multiple states have asked about the arrangement, Gary Cohen, the director of the U.S. Center for Consumer Information and Insurance Oversight, ... |
2024-10-26 | Bloomberg | China’s Stocks Decline Most in Five Weeks on Earnings Concerns | China’s stocks fell, dragging the benchmark index down by the most in five weeks, as companies from Maanshan Iron & Steel Co. (600808) to ZTE Corp. (000063) reported losses. Maanshan Steel tumbled the most in 14 months after its third-quarter loss was wider than analysts estimated. ZTE, China’s second-largest maker of ... |
2024-05-08 | Bloomberg | Christie Weight-Loss Step May Be Key If White House-Bound | New Jersey Governor Chris Christie ’s acknowledgment of having secret stomach surgery may reassure voters who’ve wondered whether he’s fit to be president. The governor, who has struggled with excess pounds for most of his adult life, told reporters in Newark yesterday that he had the procedure Feb. 16 for the benefit ... |
2024-02-18 | Bloomberg | Telecom Italia Holders Said to Plan Writing Down Stake | Telco SpA, the largest shareholder of Telecom Italia SpA , is considering writing down the value of its stake in Italy’s biggest phone company by at least 900 million euros ($1.2 billion), according to a person familiar with the matter. Telefonica SA , Intesa Sanpaolo SpA , Assicurazioni Generali SpA and Mediobanca SpA... |
2024-09-28 | Bloomberg | Texting Bans Fail as Drivers Ignore Rules, Insurer Study Says | Bans on texting while driving fail to reduce crash rates because motorists ignore the rules, according to a study by the Highway Loss Data Institute, a group funded by the insurance industry. Crashes increased in three of four states it surveyed where driver texting was banned, according to the group’s statement releas... |
2024-05-06 | Bloomberg | Why Cash Can't Replace Health Insurance | Since the release of the Oregon Health Study last week, conservative columnist Ross Douthat and liberal blogger Matt Yglesias have both written articles broaching the idea that the government should offer poor people more cash benefits in place of health benefits. Douthat argues more broadly for re-conceiving health in... |
2024-01-15 | Bloomberg | Swiss Stocks Advance, Extending Four-Year High | Swiss stocks advanced for a third day, extending a four-year high, amid increasing optimism over revenue growth at the nation’s companies and as a slump in the Swiss franc signaled gains for exporters. Swatch Group AG (UHR) rose after forecasting sales of 1 billion Swiss francs ($1.1 billion) from Harry Winston within ... |
2024-09-02 | Bloomberg | Banks Overwhelmed by Mortgage Refinancing After Job Cuts | Mortgage rates near historic lows have sparked a refinancing boom that has U.S. lenders struggling to handle the surge. “There’s just so much volume,” said Kristin Wilson, a senior loan officer in Bloomington, Minnesota , for Fairway Independent Mortgage Corp., who has seen clients seeking lower rates climb to about ha... |
2024-07-17 | Bloomberg | Ayala, Chunghwa, Pos Malaysia, Samsung Life: Asia Ex-Japan Equity Preview | The following companies may have unusual price changes today in Asian trading, excluding Japan. Stock symbols are in parentheses, and share prices are from the previous close, unless noted otherwise. Philippine banks, builders: Funds sent home by Filipinos working and living overseas grew 6.9 percent in May to $1.7 bil... |
2024-10-12 | Bloomberg | Citigroup Japan Probe, Volcker Rule, Recruiting: Compliance | Citigroup Inc. (C) stopped soliciting clients for some retail banking products in Japan as it awaits the outcome of a government investigation into its compliance with local rules, two people with knowledge of the matter said. The U.S. bank told employees at its Japan retail unit in late June not to market financial pr... |
2024-04-24 | Bloomberg | Edwards’ Sales Increase on U.S. Introduction of Sapien | Edwards Lifesciences Corp. (EW) , the largest maker of artificial heart valves worldwide, said first- quarter sales rose 14 percent as U.S. doctors began implanting its Sapien device. Edwards generated $41 million in U.S. sales for Sapien, which was approved by the Food and Drug Administration in November to replace a ... |
2024-09-24 | Bloomberg | Canaccord Shuts 16 Canada Branches, Buys U.K. Unit | Canaccord Financial Inc. (CF) said it will shut 16 branches at its wealth management unit, half the total, as it tries to revive profit at the division. The outlets account for 16 percent of the C$13.1 billion ($13.4 billion) of assets the division manages for clients, the Toronto-based company said in a statement toda... |
2024-10-24 | Bloomberg | U.S. Stocks Fall to Seven-Week Low as Fed Offsets Economy | U.S. stocks declined, sending the Standard & Poor’s 500 Index to a seven-week low, as the Federal Reserve ’s call for moderate growth offset signs of improvement in Chinese factory output and America’s housing market. Netflix Inc. (NFLX) plunged 12 percent after the world’s largest online video service cut its forecast... |
2024-09-14 | Bloomberg | Enrolling Uninsured Expands Health Insurer Base | Health insurers, pharmaceutical companies, hospitals and consumer groups kicked off an effort to sign up a record 49.9 million uninsured Americans for coverage under the health-care law. The coalition, called “Enroll America,” pledged a $6 million payment today to cover operations as the U.S. Census Bureau reported the... |
2024-08-09 | Bloomberg | China Factories Turn to Undocumented Labor as Local Wages Jump | China ’s embrace of higher wages to help bolster consumer spending has sparked a jump in factories along the east-coast export corridor bringing in undocumented and lower-paid workers from Myanmar and Vietnam. Border police found 59 illegal immigrants from Vietnam in a bus heading for the Pearl River Delta on July 29, ... |
2024-11-11 | Bloomberg | Resolution Revenue Climbs 23% on Friends Provident Wealth Management Unit | Resolution Ltd. , the insurance buyout firm founded by Clive Cowdery , said third-quarter revenue rose 23 percent as sales at its European wealth-management division more than doubled. Revenue at the Friends Provident division was 225 million pounds ($363 million) for the three months to Sept. 30, compared with 183 mil... |
2024-02-03 | Bloomberg | Romney Doesn’t Shy Away From Wealth as He Stands Next to Trump | Multimillionaire Mitt Romney shared a stage with billionaire Donald Trump as he accepted the backing of the real estate developer and reality television star, the latest sign the Republican presidential frontrunner isn’t shying away from a focus on his wealth. The two men stood together yesterday and praised one anothe... |
2024-12-08 | Bloomberg | Berkshire’s Bond Holdings May Give Buffett Role in ResCap Plan | Warren Buffett ’s Berkshire Hathaway Inc. (BRK/A) , one of the largest creditors of government-owned Ally Financial Inc., may wind up playing a central role in the restructuring of its Residential Capital LLC mortgage unit. Advisers to Ally, Rescap and the U.S. Treasury Department see Buffett as someone that they may a... |
2024-10-01 | Bloomberg | McDonald's `Mini-Med' Health Plans Probed by Senate | Senator Jay Rockefeller opened a probe into the limited benefit “mini-med” plans that McDonald’s Corp. , the world’s largest restaurant chain, offers employees. Rockefeller, a West Virginia Democrat, asked Scott Beacham , chief executive officer of BCS Financial Corp ., whether the company’s health offerings amount to ... |
2024-02-22 | Bloomberg | Julius Baer Most Hurt by Kickbacks Ban, Morgan Stanley Says | Julius Baer Group Ltd. (BAER) would probably be the most affected by the elimination of retrocession fees, or kickbacks, that are paid to banks in Switzerland for selling fund products, Morgan Stanley analysts said. A complete removal of retrocessions for all wealth management clients would cut total revenue by about 6... |
2024-01-24 | Bloomberg | Austrian Bonus, Class Actions,‘Obscene’ Carry: Compliance | Austria , whose banks’ combined bonus pool is a sixth the size of the figure for Germany ’s Deutsche Bank AG (DBK) , is putting restrictions on bonuses exceeding 30,000 euros ($40,000) from this year. Bonuses paid to “risk buyers” such as traders or loan officers that are above this level or equivalent to more than a q... |
2024-07-22 | Bloomberg | StanCorp Slumps as Profit Falls on Disability Claims, Missing Estimates | StanCorp Financial Group Inc. (SFG) , the Portland, Oregon-based disability insurer, fell the most since 2008 as profit plunged, missing analysts’ estimates. The insurer dropped $5.72, or 14 percent, to $35.50 at 4:03 p.m. in New York Stock Exchange composite trading. The company had slipped 21 percent this year. Secon... |
2024-11-15 | Bloomberg | PZU, Polish Insurer, Posts 21% Fall in Third-Quarter Net, Beats Estimates | PZU SA , Poland’s largest insurer, said third-quarter profit dropped 21 percent as a record dividend reduced its capital and hurt investment income. Net income declined to 704.3 million zloty ($244.1 million) from 892 million zloty a year earlier, the Warsaw-based company said in a regulatory statement. That compares w... |
2024-07-23 | Bloomberg | One Microsoft. Four Ways to Integrate Fiefdoms. | One Ford. One Apple. Now one Microsoft. Last week, Microsoft CEO Steve Ballmer unveiled a restructuring designed to unite the organization behind a single strategy and create high-value experiences for their customers. Many more organizational structure changes are likely to come. Why? Because digitization has passed ... |
2024-10-28 | Bloomberg | Countrywide $500 Million Accord Gets Tentative Approval | Bank of America Corp .’s Countrywide unit won tentative final approval of a $500 million securities class-action settlement with investors in its devalued residential mortgage-backed securities. U.S. District Judge Mariana Pfaelzer, at a hearing today in Los Angeles , set aside objections from the Federal Deposit Insur... |
2024-03-22 | Bloomberg | Indonesia Rupiah Hits Four-Year High as Inflation Concerns Ease | Indonesia ’s rupiah rose to its strongest level in almost four years after lawmakers voted to delay planned cuts to fuel subsidies, helping contain inflation. Bonds rose for a third day. The proposal was approved on concern higher oil prices will cause inflation to accelerate, Teuku Rifky Harsya, chairman of the parlia... |
2024-08-15 | Bloomberg | Medicaid Cuts Ryan Doesn’t Tout Would Reduce Aid to Seniors | Paul Ryan ’s plan to overhaul Medicare wouldn’t affect today’s seniors. His Medicaid proposal would. While the Republican vice-presidential candidate is careful to avoid touching Medicare benefits for anyone at or near retirement, his budget would impose immediate cuts to Medicaid, the health-care program for the poor ... |
2024-12-22 | Bloomberg | Payroll Tax Tiff Times 25 Awaits Congress in ‘Utter Dysfunction’ | The brinksmanship in Congress over a payroll tax-cut extension may end up looking like a quaint disagreement by next December, when lawmakers must grapple with a fiscal policy debate at least 25 times more costly. Unless Congress acts by the end of 2012, income tax cuts will expire, automatic reductions in defense and ... |
2024-11-30 | Bloomberg | Haitong Securities Said to Seek Up to $1.7 Billion in Hong Kong Share Sale | Haitong Securities Co. (600837) , China’s third-biggest brokerage by market value, may raise about HK$13 billion ($1.7 billion) by selling shares in Hong Kong , according to two people familiar with the matter. The brokerage is offering 1.23 billion shares at HK$9.38 to HK$10.58 apiece, the people said, asking not to b... |
2024-05-11 | Bloomberg | Emerging Stocks Drop, Head for Biggest Weekly Loss Since | Emerging-market stocks posted the largest weekly loss since November, as Chinese and Indian production data and a $2 billion JPMorgan Chase & Co. trading loss spurred concern global growth will falter. The MSCI Emerging Markets Index (MXEF) lost 1 percent to 971.01 at the close in New York to push its weakly retreat to... |
2024-10-02 | Bloomberg | Treasury Market Volatility Climbs on Shutdown, Debt-Limit Talks | Treasury market volatility increased the most in six weeks as a U.S. budget impasse forced a partial shutdown of federal services and the government approached its debt limit. Price swings as measured by the Merrill Lynch Option Volatility Estimate Index rose by 9 percent yesterday, the most since Aug. 16. The gauge ad... |
2024-09-27 | Bloomberg | BB&T to Buy Atlantic Risk to Add Insurance in Baltimore Area | BB&T Corp. (BBT) , the bank that owns the sixth-largest insurance broker in the U.S., agreed to buy Atlantic Risk Management Corp. to enter the Baltimore-area market. The transaction for Atlantic, which has 45 employees and handles deals for commercial property-casualty coverage and employee benefits, is expected to be... |
2024-08-17 | Bloomberg | Life Partners Falls After Attorney General’s Suit | Life Partners Holdings Inc. (LPHI) fell in New York trading after Texas Attorney General Greg Abbott sued the company for allegedly selling unregistered securities. Life Partners, which buys rights to life insurance death benefits and sells them to investors, plunged 6.7 percent to $2.22 at 9:59 a.m. in New York. The W... |
2024-04-23 | Bloomberg | Ukraine Debt Costs Poised to Drop, Rival Greece, After Russia Gas Accord | Ukraine’s $40 billion budget-saving deal with Russia may push yields on the former Soviet state’s debt below 10 percent for the first time in more than two years, rivaling borrowing costs in Greece, economists at Nomura Holdings Inc. and Unicredit SpA said. Russia on April 21 agreed to charge Ukraine 30 percent less f... |
2024-04-23 | Bloomberg | Travelers Profit Falls on Catastrophe Costs | Travelers Cos., the property insurer added to the Dow Jones Industrial Average last year, said first-quarter profit dropped 2.3 percent as the cost of catastrophe claims increased more than fivefold. Net income fell to $647 million, or $1.25 a share, from $662 million, or $1.11, in the same period a year earlier, the ... |
2024-12-23 | Bloomberg | Santos Obtains $1.2 Billion in Debt Financing to Help Fund LNG Projects | Santos Ltd. (STO) , the Australian energy company building the $16 billion Gladstone liquefied natural gas project in Queensland state, obtained $1.2 billion in debt facilities backed by three government export credit agencies. The financing means Australia ’s third-biggest oil and gas producer has more than $7 billion... |
2024-02-17 | Bloomberg | Canada December Employment Insurance Report (Text) | The following is the text of Canada's employment insurance report for Dec. released by Statistics Canada. In December, 659,700 people received regular Employment Insurance (EI) benefits, down 9,400 (-1.4%) from November and the third consecutive monthly decrease. The number of beneficiaries declined in every province a... |
2024-07-28 | Bloomberg | Schaeffler to Start Continental Merger in 2011 With All Assets | Schaeffler Group, Continental AG ’s debt-laden majority shareholder, may begin a merger of the two companies at the end of next year that will keep all units intact, Chief Executive Officer Juergen Geissinger said. “We’ll be ready for it in late 2011,” Geissinger told reporters in Munich last night. “At this time ther... |
2024-08-28 | Bloomberg | Assurant Pushed by SEC on Disclosure of Force-Placed Risk | Assurant Inc. (AIZ) , facing reviews into whether it overcharges for insurance that some homeowners are compelled to buy, expanded disclosure about its profits after an inquiry from the U.S. Securities and Exchange Commission. Premium revenue from so-called force-placed coverage was $36 million in New York and $54 mill... |
2024-04-20 | Bloomberg | Stocks, Commodities, Euro Gain on Earnings, German Data | Stocks extended a weekly advance after earnings beat estimates at companies including General Electric Co. and Microsoft Corp. and German business confidence unexpectedly improved. Commodities gained and the euro strengthened while Treasuries were little changed. The Standard & Poor’s 500 Index climbed 0.1 percent at 4... |
2024-12-28 | Bloomberg | Look Past Taxes to Fix Global Puzzle of Inequality: Clive Crook | Democrats in the U.S. have decided to make inequality a central issue in next year’s elections. I’d question whether that’s good politics. Even in hard times, American voters aren’t easily persuaded by appeals to class interests. Yet even setting electoral tactics aside, a focus on inequality seems unlikely to lead to ... |
2024-10-17 | Bloomberg | Samsung Life Shareholder Selling 4 Million Shares, Terms Show | Units of CJ Corp. (001040) are selling 4 million shares in Samsung Life Insurance Co. for as much as 349.2 billion won ($307 million), according to terms for the deal obtained by Bloomberg News. The shares are being offered at 85,500 won to 87,300 won apiece, the terms showed. That’s a discount of 3 percent to 5 percen... |
2024-03-21 | Bloomberg | Don't Make DeMarco a Scapegoat for the Housing Mess | Nine state attorneys general have just asked President Obama to fire Edward DeMarco , acting head of the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac. They say: "FHFA's refusal to adjust its policies to allow for principal forgiveness and forbearance stands as a major impediment to addressi... |
2024-04-16 | Bloomberg | Warehouses Win Investors as Unsung Internet-Trade Heroes | The growth of Internet shopping in Europe is luring investors such as Axa Real Estate and Blackstone Group LP (BX) to the cinder-block world of warehouses, where yields are beating showy storefronts and sleek offices amid a space shortage. “Net effective rents could grow by as much as 20 percent over the next four year... |
2024-10-01 | Bloomberg | Lawsky Says ‘So Be It’ If Transparency Harms Bitcoin | New York ’s top banking overseer said any regulation of the nascent Bitcoin industry has to include transparency on who does the trading of the virtual currency, and if that hurts a business dominated by anonymous transactions, “so be it.” Benjamin Lawsky , superintendent of New York’s Department of Financial Services,... |
2024-06-28 | Bloomberg | European Stocks Fall as EU Leaders Hold Summit | European stocks retreated after Spain’s bond yields surged and Germany ’s unemployment rate rose more than forecast as a two-day summit of the region’s leaders started in Brussels. Barclays Plc (BARC) plunged 16 percent after fines for falsifying London interbank-offered rate submissions sparked speculation lawsuits wi... |
2024-12-10 | Bloomberg | Beating 26% Joblessness Spurs IDC Bond Sale: South Africa Credit | The Industrial Development Corp., a state-owned South African lender, plans to sell bonds to private investors for the first time in 30 years, raising as much as 12 billion rand ($1.38 billion) for projects to cut unemployment. The company has raised 3 billion rand in funding by issuing five-year notes directly to the ... |
2024-04-26 | Bloomberg | Biggest Banks Beating Estimates Can’t Hide 13% Drop in Revenue | The biggest percentage drop in quarterly revenue in three years, driven by lower lending and reduced fees, is damping investor appetite for shares of the six largest U.S. banks. Net revenue at the six lenders -- Bank of America Corp. (BAC) , JPMorgan Chase & Co. (JPM) , Citigroup Inc. (C) , Wells Fargo & Co. (WFC) , Go... |
2024-08-20 | Bloomberg | Crop Outlook Dimming as July Heat Compounded Drought Damage | U.S. corn farmers hurt by the worst drought in a generation probably will harvest smaller crops than the government forecast this month, based an analysis of dry spells in the past 42 years. In the five drought years since 1970, farmers on average harvested 85.4 percent of the acres planted, U.S. Department of Agricult... |
2024-08-02 | Bloomberg | BofA Claim Surge Said to Include Non-Countrywide Loans | Bank of America Corp. ’s surging claims for refunds on faulty mortgages in the second quarter stemmed partly from loans made by the bank and its Merrill Lynch unit, in addition to the company’s Countrywide subsidiary, said two people with direct knowledge of the matter. The backlog of new claims from private investors ... |
2024-02-24 | Bloomberg | AIA Group Profit Drops 41% on Stock Losses | AIA Group Ltd. (1299) , the third-largest Asia-based insurer by market value, posted a 41 percent drop in annual profit as stock investment losses overshadowed growth in new business. The shares advanced to a six-month high. Net income fell to $1.6 billion, or 13 cents a share, in the 12 months to Nov. 30, from $2.7 bi... |
2024-02-22 | Bloomberg | Citigroup ‘Defrauded’ Fannie, Freddie: Whistle-Blower | Citigroup Inc. (C) , which last week admitted breaking Federal Housing Administration rules and paid a fine, also violated regulations for home loans sold to Fannie Mae (FNM) and Freddie Mac (FRE) , according to a whistle-blower’s complaint. The bank “defrauded, falsified information or misled federal government entiti... |
2024-10-15 | Bloomberg | October Calm Keeps Market Swings Below Monthly Average | Even with a deadline looming for the U.S. to avoid a debt default, it’s been a comparatively calm October for financial markets. Daily swings in the Standard & Poor’s 500 Index (SPX) have averaged 0.78 percent so far this month, down from 0.9 percent for Octobers over the last eight decades and less than a quarter the ... |
2024-12-22 | Bloomberg | Panamericano Suspends Payout of Local Bonds After Injunction | Banco Panamericano SA , the Brazilian lender bailed out after allegations of accounting fraud, suspended payments of four local bonds after it was granted an injunction from a Sao Paulo state court. The Sao Paulo-based bank said today in a regulatory filing that it filed a lawsuit against bondholders on Dec. 19 to get ... |
2024-11-08 | Bloomberg | Largest Oil-Tankers Curb Weeks of Losses as Fuel Price Falls | Crude tankers shipping almost 20 percent of the world’s oil curbed seven weeks of losses as declining fuel costs helped owners contending with the biggest fleet growth in three decades. The ships delivering 2 million barrel cargoes of Saudi Arabian oil to Japan , a benchmark voyage, made positive returns of $694 a day ... |
2024-03-28 | Bloomberg | FHA Bailout Risk Looming After Guarantees: Mortgages | (Corrects forecasted decline of home-price index in third paragraph of story published March 27 and clarifies that Moody’s Analytics has no position on FHA’s solvency.) The Federal Housing Administration won’t be able to earn its way to financial health this year, increasing the chance it will need a taxpayer bailout, ... |
2024-08-21 | Bloomberg | White Mountains Offers $308 Million for IDB’s CLal Stake | White Mountains Insurance Group Ltd. (WTM) offered to pay 1.1 billion shekels ($308 million) for IDB Development Corp.’s 55 percent interest in Clal Insurance Enterprises Holdings Ltd. (CLIS) The offer will expire unless accepted by 5 p.m. today in Tel Aviv , White Mountains (WMT) said in a letter included in a regula... |
2024-07-20 | Bloomberg | WaMu Would Agree to Bank Failure Probe With No Long Delay, Attorney Says | Washington Mutual Inc. , the former parent of the biggest U.S. bank to fail, will agree to a new investigation of the collapse by a bankruptcy court examiner under certain conditions, a lawyer for the bank said. As long as an examiner does not cause a long delay in the company’s plan to distribute more than $6 billion... |
2024-09-20 | Bloomberg | WellPoint to Vie With State-Run Health Markets | WellPoint Inc. (WLP) , the largest insurer by enrollment, is buying a private health-insurance exchange to compete for employers with the U.S. state-run marketplaces set to open in 2014 under President Barack Obama’s health-care overhaul. WellPoint and two nonprofit health insurers purchased a 78 percent stake today in... |
2024-01-18 | Bloomberg | U.S. Regulators to Defend Volcker Rule Ban on Proprietary Trades | U.S. House Republicans pressed regulators on the merits of a proposal to ban banks from trading for their own accounts, as one official acknowledged the rule could put banks including Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. at a competitive disadvantage. Banks without U.S. operations could benefit becaus... |
2024-07-21 | Bloomberg | MetLife Seeks to Avoid Banking Rules by Selling Deposit-Gathering Business | MetLife Inc. (MET) , the biggest U.S. life insurer, is exploring the sale of its deposit-gathering business to avoid tighter regulation that comes with bank status. “We do not believe it is appropriate for the overwhelming majority of our business to be governed by regulations written for banking institutions,” Chief E... |
2024-09-18 | Bloomberg | Buffett’s 9% Heinz Dividend Means 3G Cutting Jobs, Mini-Fridges | HJ Heinz Co.’s longtime leader Bill Johnson stood in the Veranda ballroom at the Four Seasons Hotel San Francisco , addressing the ketchup maker’s top 50 executives for the last time. Around the corner in a smaller room, his successor as chief executive officer, Bernardo Hees, waited to tell some of the same managers w... |
2024-09-05 | Bloomberg | Yuan Forwards Gain a Second Day on Optimism Economy Stabilizing | Yuan forwards advanced for a second day on speculation reports on factory output and trade will add to evidence that a slowdown in the world’s second-largest economy is bottoming out. The People’s Bank of China raised the yuan’s daily fixing for the first time in three days ahead of data next week that may show exports... |
2024-08-06 | Bloomberg | Berkshire Profit Jumps on Buffett's Goldman Sachs Investment, Derivatives | Berkshire Hathaway Inc. (BRK/A) said second- quarter profit rose 74 percent on gains from Chairman Warren Buffett ’s investment in Goldman Sachs Group Inc. (GS) and improved returns from derivatives. Net income advanced to $3.42 billion, or $2,072 a Class A share, from $1.97 billion, or $1,195, a year earlier, the Omah... |
2024-01-04 | Bloomberg | Taiwan Dollar Trades Near One-Week High on U.S., German Data | Taiwan ’s dollar traded near the strongest level in more than a week after economic data from the U.S. and Germany boosted optimism that global growth is intact. Bonds were steady. The MSCI Asia-Pacific Index (MXAP) of stocks rose 1.1 percent after reports yesterday showed U.S. factories expanded in December at the fas... |
2024-05-31 | Bloomberg | Republicans Attempt to Repeal Taxes for U.S. Health Law | Efforts to repeal taxes imposed by President Barack Obama ’s health-care law advanced in Congress as Republicans sought to save medical-device makers $29 billion in levies and consumers $4 billion in out-of-pocket drug costs. The U.S. House Ways and Means Committee voted 23-11 to eliminate a 2.3 percent tax on hip impl... |
2024-06-16 | Bloomberg | Kotak’s Shanbhag Says RBI May Continue to Raise Interest Rates | Sudhakar Shanbhag, the Mumbai-based chief investment officer at Kotak Mahindra Old Mutual Life Insurance Ltd., comments on the outlook for India ’s debt and equity markets after the central bank raised rates for the 10th time since start of 2010. The Bombay Stock Exchange’s Sensitive Index fell 0.6 percent to 18,024.30... |
2024-10-08 | Bloomberg | Protest-Friendly ‘Hipsters’ Dance With Midler to Put On Show | “F*cking Hipsters” at the New York Musical Theatre Festival is so of-the-moment it could have been inspired by the Wall Street protests now in their third week. In truth, it was conceived a year ago. A tuneful, comic concoction, it’s about an idealistic Brooklyn indie rock band encountering cynical greed that almost te... |
2024-06-18 | Bloomberg | Nalbandian’s On-Court Tantrum Is First to Bloody Tennis Official | David Nalbandian injured a line judge’s leg, the first time a tennis player bloodied an official during a tournament on the professional circuit. Police are investigating the incident. Nalbandian was disqualified from the June 17 Aegon Championships final at the Queen’s Club in London for kicking an advertising board i... |
2024-03-21 | Bloomberg | Record China Bank Profits to Be Overshadowed by Bad Loans | China ’s biggest banks , set to post record profits for a fifth year, may report 2011 results marred by an increase in bad loans as an economic slowdown and faltering property market trigger defaults by borrowers. Industrial & Commercial Bank of China Ltd. , the world’s most profitable lender, and its four biggest loca... |
2024-01-25 | Bloomberg | Goldman, Morgan Stanley Cut by JPMorgan on Capital Requirements | Goldman Sachs Group Inc. (GS) and Morgan Stanley were cut by an analyst at JPMorgan Chase & Co. (JPM) on concern that a U.S. regulatory proposal may make the banks’ capital requirements stricter than European rivals. The regulation draft released last month is an example that U.S. investment banks “operate with ongoing... |
2024-12-08 | Bloomberg | Bachus Selected by Republicans as Wall Street Overseer | U.S. Representative Spencer Bachus has been selected by House Republicans to become chairman of the House Financial Services Committee when his party takes power next month. The Alabama lawmaker, who has been the panel’s top minority member since 2007, was chosen during a closed-door conference meeting in Washington to... |
2024-11-14 | Bloomberg | U.S. Credit Swaps Rise to Highest in 3 Months; Eaton Sells Debt | A gauge of U.S. corporate credit risk reached the highest in more than three months before President Barack Obama meets with lawmakers in an effort to reach a budget accord to avert the so-called fiscal cliff. The Markit CDX North America Investment Grade Index, a credit-default swaps benchmark that investors use to he... |
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