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U.S. may need to insure wholesale deposits: Barclays Capital
The United States may need to insure wholesale deposits to ease the credit crisis and restore confidence because the collapse of Lehman Brothers has damaged trust among institutional investors, Barclays said on Thursday.
2008-11-13 04:33:19
Video: World and National News Update: Obama's Next Steps
Rahm Emmanuel Appointed to White House Chief of Staff, Robert Rubin Turns Down Treasury Position; Bush Insures Smooth Transition, Will...
2008-11-07 06:12:35
Cost of motor insurance hits new high
British drivers have to fork out an average of ð§¾ a year to insure their car...
2008-10-24 06:25:21
Should RBI insure MFs: Subbarao
RBI governor D Subbarao has initiated a debate on the extent of insurance cover should be extended on deposits.
2008-10-12 14:38:10
NEW YORK
BUS4Business/Law/EconomyCitigroup sues Wachovia, Wells Fargo, for $60 bnNew York, Oct 7 DPA In the acquisition scramble for Wachovia bank, Citigroup Monday sued rival Wells Fargo & Co and Wachovia for $60 billion in punitive and compensatory damages, Citigroup said. The move is the latest in the Wall Street scramble as the US financial system struggles for stability amidst a severe credit crunch. Despite Friday's passage of a $700 billion bail-out plan by the US government, US stocks continued to plummet Monday, with the three major indices losing more than five percent in trading at midday. Wachovia, the country's fourth-largest bank, surprised Citigroup Friday with its announcement it would go with a higher offer from Wells Fargo, which has offered $15 billion in a stock-for-stock exchange. That would have overidden a Citigroup-government deal announced Sep 29, which offered $2.16 billion for Wachovia. That deal called for Citigroup to take on more than $40 billion of Wachovia's losses, while the Federal Deposit Insurance Corporation FDIC would have absorbed losses beyond that amount in exchange for $12 billion in preferred stocks and warrants. FDIC chairman Sheila Bair said Monday that the government agency that insures bank deposits hoped the outcome would be settled by later Monday. "I think it needs to be settled today. It's really between the parties, we're not involved," Bair was quoted as saying by Bloomberg financial news service. Also on Monday, the Wall Street Journal reported a possible compromise in the takeover battle, with the two rivals considering a deal to divide up the bank. In the complaint filed Monday in the New York State Supreme Court in Manhattan, Citigroup claimed the Wells Fargo deal violated its rights to buy some assets of the Charlotte, North Carolina-based lender under the previous deal. Citigroup CEO Vikram Pandit said Saturday that "any such agreement between Wachovia and Wells Fargo is illegal. We continue to vigorously pursue Citigroup's interest and rights in completing this transaction." The Wells Fargo arrangement is a signed and board-approved offer to buy Wachovia as an intact company in a stock-for-stock merger which can be carried out without government help. Late Saturday, a New York state court judge granted an emergency order extending Citigroup's "exclusivity agreement" with Wachovia Corp. The ongoing financial crisis has impacted Citigroup, whose market value has plunged 38 per cent this year to about $100 billion. If it buys Wachovia, Citigroup would have the third-largest bank network in the country.--DPAsnb446 Words07100453
2008-10-07 03:00:00
Our top priority is economy: PM
NAT2National/EconomyOur top priority is economy: PMOn Board the PM's Special Aircraft, Oct 1 IANS Advocating economic reforms with a “human face”, Prime Minister Manmohan Singh Wednesday said his topmost priority was to insulate India from the ill effects of international financial crisis.“The first and foremost challenge is to insure that India is insulated to some extent from the ill effects of international financial crisis,” Manmohan Singh told reporters when asked about the three top challenges his government will be addressing in the remaining months of his tenure.“Secondly, We will put our best foot forward in dealing with terrorism and left wing insurgency, and thirdly social welfare program must be implemented for the benefit of the poor,” the prime minister said.“Inflation is a major worry, Probably one of the side effects of the international financial crisis will be the moderation of inflation. Though there are still uncertainities, we are hopeful of reigning in the inflation," he added. -- Indo-Asian News Servicemc/sy171 Words*01100748
2008-10-01 00:14:05
Video: Financials to Watch: Lehman Brothers, Washington Mutual, Merrill Lynch
Lehman May Not Get Bear-Style Bailout; One Analyst Says Lehman and Bank of America are a "Natural Fit"; CEO Fuld Risks Losing Lehman Employees; Washington Mutual Says Its "Well Capitalized" - Goldman Sachs Upgrades Stock to "Neutral" from "Sell", FBR Cuts Target Price, Fitch Cuts Debt Rating, and Moody's Cuts Long-Term Deposit and Insure Ratings; Merrill Lynch Options Prices Jump to Record, Implied Volatility Higher than Those of Goldman Sachs and Morgan Stanley
2008-09-14 08:34:12
Uganda: Insurance for Ladies
Today many ladies are acquiring wealthy. But lot of this wealth faces risk of damage, theft, or loss. In the event of such loss, ladies may not able to recover financially. A smart thing to do is to insure property with First Insurance Company under a special scheme for ladies.
2008-09-11 14:41:17
Bank Failures: Protect Your Cash Now
What you can do to insure your deposits in case your bank goes under.
2008-09-04 00:46:06
MP insures students at Re 1 premium
Madhya Pradesh government has approved a scheme that provides insurance cover to all government school students at a premium of just Rs one per student, for 2008-09.
2008-08-25 13:42:00