FINANCIAL NEWS


Yahoo! News: Business News
Toyota 'mystified' by runaway Prius case in Calif. (AP)

FILE - In this Tuesday, March 9, 2010 file photo, driver James Sikes talks about his experiences in his Toyota Prius during a news conference held at Toyota of El Cajon in El Cajon, Calif. A law firm for the driver who says his Toyota Prius sped out of control in California doesn't plan to sue the Japanese automaker. (AP Photo/Denis Poroy, File)AP - A Toyota executive said Thursday the company is "mystified" by a report that a California man's Prius gas pedal became stuck and caused the car to speed out of control on a California freeway.


Slowly, Americans are regaining their lost wealth (AP)

FILE - In this Dec. 19, 2009 file photo, shoppers jam Michigan Ave., as they rush to find last minute deals in Chicago. American households saw their wealth increase at the end of last year, mainly because the healing economy boosted stock portfolios.(AP Photo/Jim Prisching, file)AP - Americans are recovering their shrunken wealth — gradually. Household net worth rose last quarter, mainly because the healing economy boosted stock portfolios. But the gain was slight. And it was less than in the previous two quarters.


Asian stocks mixed after S&P index clears hurdle (AP)

Traders work on the floor of the  New York Stock Exchange, Tuesday, March 9, 2010.(AP Photo/Mark Lennihan)AP - Asian stock markets were mixed in early trading Friday after the Standard & Poor's 500 index closed at a 17-month high with investors worried about inflationary pressures in China.


Citigroup CEO says bank on path to profitability (AP)
AP - Citigroup Inc. says it's heading back toward sustained profitability after two years that saw the bank lose billions of dollars and be bailed out by the government.
Dollar dips as Greece announces new spending cuts (AP)
AP - The dollar eased against the euro and the pound Thursday as Greece announced additional salary cuts and tax hikes to deal with its ballooning deficit, while China reported a jump in inflation.
Gov't may seek more authority on vehicle safety (AP)

National Highway Traffic Safety Administrator David Strickland testifies on Capitol Hill in Washington, Thursday, March 11, 2010, before the House Commerce, Trade and Consumer Protection subcommittee hearing on NHTSA Oversight. (AP Photo/Harry Hamburg)AP - Government vehicle safety regulators may seek greater authority to investigate defects in cars and trucks and are weighing a range of new safety requirements in response to Toyota's recall of more than 8 million vehicles over brake and acceleration problems.


FTSE 100 opens lower (AFP)

Leading shares weakened after unconvincing gains overnight on Wall Street as investors mulled the latest economic data and company news.(AFP/File/Shaun Curry)AFP - Leading shares weakened on Thursday after unconvincing gains overnight on Wall Street as investors mulled the latest economic data and company news.


Citigroup sees return to sustained profitability (Reuters)

Citigroup Chief Executive Vikram Pandit speaks during the opening of a new branch in Hong Kong February 3 2010. REUTERS/Bobby YipReuters - Citigroup Inc Chief Executive Vikram Pandit told investors on Thursday the bank is on track to return to sustained profitability and losses from some of its worst assets should be manageable if the economy does not deteriorate.


Pall fiscal 2Q profit falls short of expectations (AP)
AP - Pall Corp. on Thursday posted a 28 percent rise in its fiscal second-quarter profit, but still fell short of Wall Street estimates.
Greece hit by strikes, clashes over austerity plan (AP)

A riot police officer tries try to avoid a petrol bomb, during clashes in central Athens, Thursday, March 11, 2010. Savage street clashes erupted between rioting youths and police in central Athens as more than 30,000 people demonstrated during a nationwide strike against the cash-strapped government's austerity measures. Hundreds of masked and hooded youths punched and kicked motorcycle police, knocking several off their bikes, as riot police fired volleys of tear has and stun grenades to disperse the rioters. (AP Photo/Thanassis Stavrakis)AP - Clashes between riot police and rock-throwing, masked youths broke out during a demonstration Thursday in central Athens by tens of thousands of striking workers protesting austerity measures that the Greek government has said it has no choice but to implement.


Summary Box: Citi CEO sees return to profitability (AP)
AP - BULLISH OUTLOOK: Citigroup Inc. says its returning to "sustained profitability" after losing billions on bad loans and taking a federal bailout. CEO Vikram Pandit says the bank is shedding risky mortgage assets and shifting focus to emerging markets like Latin America and Asia.
Obama issues new call on China over yuan (AFP)

US President Barack Obama spoke at the the Export-Import Bank's Annual Conference in Washington, DC, on Thursday. AFP - US President Barack Obama on Thursday issued a fresh call to China to embrace a "market oriented" exchange rate for the yuan, saying such a move would help rebalance the global economy.


Kroger declares quarterly dividend of 9.5 cents (AP)
AP - The Kroger Co., the country's largest grocery retailer, on Thursday declared a quarterly dividend of 9.5 cents per share payable June 1 to shareholders of record as of May 14.
Fannie Mae to offer $6b in notes (AP)
AP - Fannie Mae on Thursday said it will offer $6 billion of new 3-year notes due May 7, 2013.
BP to pay $7 billion for Devon exploration rights (AP)

FILE - In this Oct. 25, 2007 file photo, the BP (British Petroleum) logo is seen at a gas station in Washington. BP will spend $7 billion to buy exploration rights to areas in the Gulf of Mexico, offshore Brazil and Canada owned by Devon Energy. (AP Photo/Charles Dharapak, file)AP - BP is expanding its dominant oil and gas operations in the Gulf of Mexico and dropping anchor off Brazil with a $7 billion deal to buy exploration rights from Devon Energy.


Toyota discounts boost sales, U.S. mulls "black box" (Reuters)

The 2011 Toyota Avalon debuts at the Chicago Auto Show February 10, 2010. REUTERS/John GressReuters - Unprecedented discounts after a series of damaging recalls boosted Toyota Motor Corp's U.S. sales in early March, as U.S. regulators weighed new auto safety measures.


The Ambitions of Prudential's Tidjane Thiam (BusinessWeek)
BusinessWeek - According to insiders at Prudential Plc , Tidjane Thiam, the chief executive of the insurer which said last week that it was bidding $35.5bn (23.6bn) to buy AIG's Asian insurance business is a firm believer in emotion over analysis.

Yahoo! News: Personal Finance News
Summary Box: Citi CEO sees return to profitability (AP)
AP - BULLISH OUTLOOK: Citigroup Inc. says its returning to "sustained profitability" after losing billions on bad loans and taking a federal bailout. CEO Vikram Pandit says the bank is shedding risky mortgage assets and shifting focus to emerging markets like Latin America and Asia.
Fannie Mae to offer $6b in notes (AP)
AP - Fannie Mae on Thursday said it will offer $6 billion of new 3-year notes due May 7, 2013.
Gov't official warns on home down payment hikes (AP)
AP - The head of the Federal Housing Administration is warning that boosting the minimum down payment borrowers must provide to qualify for home loans backed by the agency could threaten the housing market.
Stocks Are Quiet While Currencies Scream (The Motley Fool)
The Motley Fool - After a down January, the stock market is again positive for the year. The much-fabled January effect barometer didn't work in 2009, and it remains to be seen if it will work in 2010. Economic data has continued its slow improvement, keeping stocks fairly calm. The wild action so far this year has been in the currency markets.
Mortgage rates remain below 5 percent (AP)

In this Feb. 28, 2010 photo, a realtor's sign proclaims a residential home sale in Sudbury, Mass. Mortgage rates held below the 5 percent threshold for the second straight week, a report said Thursday, March 11, 2010, weeks before a government program that has been keeping rates low is scheduled to expire.(AP Photo/Bill Sikes)AP - Mortgage rates held below the 5 percent threshold for the second straight week, a report said Thursday, weeks before a government program that has been keeping rates low is scheduled to expire.


Foreclosures drop for 2nd month in February: RealtyTrac (Reuters)

In this Feb. 28, 2010 photo, a realtor's sign proclaims a residential home sale in Sudbury, Mass. Mortgage rates held below the 5 percent threshold for the second straight week, a report said Thursday, March 11, 2010, weeks before a government program that has been keeping rates low is scheduled to expire.(AP Photo/Bill Sikes)Reuters - U.S. mortgage foreclosure filings dropped for a second straight month in February, and notched the smallest annual increase in four years as housing-rescue efforts contained activity, a report released on Thursday showed.


Quinn seeks income tax hike for schools (AP)

Illinois Gov. Pat Quinn delivers his State of the Budget address to a joint session of the Illinois General Assembly on the House floor at the Illinois State Capitol in Springfield, Ill., Wednesday, March 10, 2010. (AP Photo/Seth Perlman)AP - Calling himself a realist, Gov. Pat Quinn on Wednesday scaled back his proposal to raise income taxes, shifting to a call for an increase of just one percentage point to be used solely for preventing deep cuts to education.


Home loan demand nudges higher in latest week (Reuters)

In this Feb. 28, 2010 photo, a realtor's sign proclaims a residential home sale in Sudbury, Mass. Mortgage rates held below the 5 percent threshold for the second straight week, a report said Thursday, March 11, 2010, weeks before a government program that has been keeping rates low is scheduled to expire.(AP Photo/Bill Sikes)Reuters - U.S. mortgage applications nudged higher last week, reflecting increased demand for home purchase loans even as interest rates trekked higher, data from an industry group showed on Wednesday.


Nationalized UK bank Northern Rock back in profit (AP)
AP - Nationalized mortgage lender Northern Rock said Wednesday that it returned to profit in the second half of 2009 as interest income rose and losses on loans fell.
One Congressman's Solution for Boosting Small Business Loans (The Motley Fool)
The Motley Fool - The first Friday of every month brings the all-important employment report. February's numbers were better than anticipated. The United States lost only 36,000 jobs, versus the 68,000 that experts expected. This compares with 651,000 jobs lost in February 2009. Still, the unemployment rate held steady at 9.7%, with the unofficial rate stuck around a whopping 16%.
Commercial delinquency lower than other mortgages (AP)
AP - Commercial mortgages were among the best-performing loans and leases held by banks and thrifts in the fourth quarter of last year, the Mortgage Bankers Association said Tuesday.
Management Education on the Fly (BusinessWeek)
BusinessWeek - Who got us into this mess? It's not just greedy mortgage lenders and irresponsible economists who are responsible for the current financial crisis. Leaders, so called, have played a role too, by not managing their companies and so being detached from what was going on in them. And behind much of this has been an educational process that encouraged such detachment. As I've argued at length in my book, Managers not MBAs, the MBA is fine education -- but in the functions of business, not the exercise of managing. ...
Summary Box: AIG's $15.5B Alico sale to MetLife (AP)
AP - THE SALE: American International Group Inc. sold its American Life Insurance Co. division, or Alico, to MetLife Inc. for $15.5 billion. The deal is AIG's second big asset sale in two weeks. On March 1, it said it would sell its AIA Group unit to Prudential PLC for $35.5 billion.
AIG sells Alico unit to MetLife for $15.5 billion (AP)

FILE - In this March 18, 2009 file photo, an AIG office building is shown in New York. American International Group will sell its overseas life and health insurance unit for $15.5 billion to MetLife Inc., the insurer said Monday, March 8, 2010, as it attempts to repay billions in government aid.(AP Photo/Mark Lennihan, file)AP - American International Group Inc. said Monday that it will sell its American Life Insurance Co. division for $15.5 billion to MetLife Inc. The government-approved deal, AIG's second big asset sale in two weeks, will give the insurer more cash to repay the billions of bailout dollars it still owes the government.


MetLife seals Alico deal after two-year quest (Reuters)

A statue stands atop Grand Central Station in front of the MetLife building in New York, October 8, 2008. REUTERS/Lucas JacksonReuters - MetLife Inc pursued AIG's foreign life insurance business for two years before finally clinching a $15.5 billion purchase that will give it beachheads in 47 nations from Peru to Bangladesh.


Is Bank of America a Buy? (The Motley Fool)
The Motley Fool - With the recent auction of Treasury's Bank of America (NYSE: BAC - News) warrants, the big bank joins Goldman Sachs (NYSE: GS - News), Morgan Stanley (NYSE: MS - News), and several other banks in completing its exit from TARP. But, is it a buy?
US insurer MetLife to buy AIG unit for $15.5 bln (AFP)

Spectators gather around the MetLife blimp at the United States Air Force Museum in Dayton, Ohio, in 2003. US life insurance giant MetLife will acquire a unit of American International Group in a 15.5-billion-dollar deal that will help AIG pay back part of its government bailout, the firms said Monday.(AFP/Getty Images/File/Mike Simons)AFP - US life insurance giant MetLife will acquire a unit of American International Group in a 15.5-billion-dollar deal that will help AIG pay back part of its government bailout, the firms said Monday.


AIG set for $15.5 bln deal with MetLife: report (AFP)

The MetLife blimp passes in front of the moon over the San Francisco Bay. US insurance giants American International Group and MetLife will announce a $15.5 billion deal for AIG's second-largest foreign life-insurance business, The Wall Street Journal has reported.(AFP/Getty Images/File/Justin Sullivan)AFP - US insurance giants American International Group and MetLife will on Monday announce a $15.5 billion deal for AIG's second-largest foreign life-insurance business, The Wall Street Journal reported.


AIG to get $231M if sale of Asian unit crumbles (AP)
AP - American International Group Inc. will receive a termination fee of $230.6 million if the sale of its Asian life insurance business to Britain's Prudential PLC falls through.
Consumer borrowing up in January after 11 declines (AP)
AP - Consumer borrowing broke a record stretch of declines with a small increase in January as a boost in auto loans offset continued weakness in credit card borrowing.