| Barclays seen on lookout for U.S. bank deal |
| LONDON (Reuters) - Barclays is on the lookout to buy a retail bank in the United States, according to reports, to build on its successful investment bank build-up there and create a buffer against regulatory reform. |
| Read More...(Source: - Wed, 10 Mar 2010 08:23:51 EST) |
| Home loan demand nudge higher in latest week |
| NEW YORK (Reuters) - U.S. mortgage applications nudged up last week, reflecting increased demand for home purchase loans even as interest rates trekked higher, data from an industry group showed on Wednesday. |
| Read More...(Source: - Wed, 10 Mar 2010 07:42:50 EST) |
| High stakes in China's big dig |
| SHENYANG, China (Reuters) - In a tunnel deep beneath Shenyang's busy streets, Lu Ze flicked a switch and a lone light bulb revealed a cluttered concrete floor. |
| Read More...(Source: - Wed, 10 Mar 2010 07:33:23 EST) |
| Curbing derivatives might hurt, not help, Greece |
| NEW YORK -- Derivatives have become a dirty word. |
| Read More...(Source: - Wed, 10 Mar 2010 06:57:56 EST) |
| Bank of America ends overdraft fees on debit cards |
| NEW YORK -- Bank of America customers will soon be unable to spend more than they have in the accounts linked to their debit cards. It's a step that may become a common move ahead of new regulations limiting overdraft fees. |
| Read More...(Source: - Wed, 10 Mar 2010 06:45:22 EST) |
| Dutch fine Fortis for false information |
| BRUSSELS -- Belgian insurer Fortis Holding said Wednesday that Dutch regulators fined it euro576,000 ($781,000) for giving incorrect information about the financial situation of Fortis bank, months before it nearly collapsed and sought government rescue. |
| Read More...(Source: - Wed, 10 Mar 2010 06:13:49 EST) |
| Northern Rock shrinks losses, arrears rise |
| LONDON (Reuters) - State-owned Northern Rock shrank its losses in 2009, helped by a lower bad debt charge in the second half as house prices stabilized, but arrears rose and the lender warned loan impairments would stay high in 2010. |
| Read More...(Source: - Wed, 10 Mar 2010 05:50:35 EST) |
| Insurers' Chile quake hit won't up prices |
| MUNICH/ZURICH (Reuters) - Last month's huge earthquake in Chile might cost the insurance industry up to $7 billion in damage claims, the world's top two reinsurers said, but it looks unlikely to raise reinsurance prices. |
| Read More...(Source: - Wed, 10 Mar 2010 04:43:51 EST) |
| Strong China trade data point to rise in yuan |
| BEIJING (Reuters) - Chinese exports and imports grew faster than expected in February, underlining the momentum behind the world's third-largest economy and reinforcing the case for a rise in the yuan. |
| Read More...(Source: - Wed, 10 Mar 2010 04:41:34 EST) |
| Nationalized UK bank Northern Rock back in profit |
| LONDON -- 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. |
| Read More...(Source: - Wed, 10 Mar 2010 03:47:59 EST) |
| Soaring China home prices thwart ordinary buyers |
| SHANGHAI -- The luxury apartment buildings Yang Xuhua passes on her way to work are a daily reminder of her own frustrated efforts to buy a home. Prices for even modest apartments in Shanghai have soared, putting home purchases out of reach for white collar workers and professionals. |
| Read More...(Source: - Wed, 10 Mar 2010 00:45:16 EST) |
| Curbing derivatives might hurt, not help, Greece |
| NEW YORK -- Derivatives have become a dirty word. |
| Read More...(Source: - Wed, 10 Mar 2010 00:24:49 EST) |
| Bank of America ends overdraft fees on debit cards |
| NEW YORK -- Bank of America customers will soon be unable to spend more than they have in the accounts linked to their debit cards. It's a step that may become a common move ahead of new regulations limiting overdraft fees. |
| Read More...(Source: - Wed, 10 Mar 2010 00:21:35 EST) |
| Europe moves to ban trading in credit default swaps |
| Europe moved ahead of the United States on Tuesday in advocating new measures to ban certain types of financial speculation after concerns surfaced that traders used complex financial instruments to push Greece deeper into a fiscal crisis and threaten the European economy. |
| Read More...(Source: - Wed, 10 Mar 2010 00:00:00 EST) |
| Senate financial bill appears likely to keep Fed as regulator of big banks |
| Key members of the Senate banking committee are coalescing around legislation that would strip the Federal Reserve of much of its regulatory authority but would leave the central bank with oversight of the nation's largest banks, according to aides familiar with the ongoing negotiations. |
| Read More...(Source: - Wed, 10 Mar 2010 00:00:00 EST) |
| Shares of bailed out companies surge |
| WASHINGTON -- Shares of four companies that have received huge infusions of taxpayer cash soared Tuesday after a report that the government would sell its stake in Citigroup Inc. raised hopes that other bailed-out companies would follow. |
| Read More...(Source: - Tue, 09 Mar 2010 21:32:39 EST) |
| Obama: Greece, facing bad days, has US as ally |
| WASHINGTON -- President Barack Obama stood with Greek Prime Minister George Papandreou on Tuesday and pledged that the United States would work with its ally, even as Greece's enormous debts sparked frenzied trading. |
| Read More...(Source: - Tue, 09 Mar 2010 21:19:25 EST) |
| SEC chief economist leaving |
| WASHINGTON -- The chief economist of the Securities and Exchange Commission, who is an expert on the financial instruments that figured largely in the 2008 crisis, is leaving his position for the private sector. |
| Read More...(Source: - Tue, 09 Mar 2010 19:25:02 EST) |
| Analysis: Greece's crisis could presage America's |
| WASHINGTON -- Greece is a financial basket case, begging for international help. Is America heading down that same road? |
| Read More...(Source: - Tue, 09 Mar 2010 18:42:42 EST) |
| Governor candidate wants to open Mich. state bank |
| LANSING, Mich. -- Lansing Mayor Virg Bernero on Tuesday proposed having Michigan follow the lead of North Dakota and open a state-owned bank that could make low-interest loans to businesses and college students. |
| Read More...(Source: - Tue, 09 Mar 2010 18:16:17 EST) |
| How the major stock indexes fared on Tuesday |
| -- Financial companies led stocks higher Tuesday on the one-year anniversary of the market's hitting a 12-year low. The gain in bank stocks came as traders reacted to rumors that the government might prohibit the trades known as short sales in the stocks of companies it owns. Such a move would be aimed at preventing sharp drops in stocks including Citigroup Inc. and American International Group Inc. |
| Read More...(Source: - Tue, 09 Mar 2010 18:03:05 EST) |
| Stock investors ask: What's the next big thing? |
| NEW YORK -- A year after the stock market began its comeback from 12-year lows, investors are looking for the next big thing. |
| Read More...(Source: - Tue, 09 Mar 2010 18:00:54 EST) |
| Telecoms lead Wall St rise |
| NEW YORK (Reuters) - One year to the day after stocks fell to their worst close in more than 12 years, the U.S. market spent most of Tuesday spinning its wheels. |
| Read More...(Source: - Tue, 09 Mar 2010 16:44:01 EST) |
| Woes at family bank loom over Ill. Senate race |
| CHICAGO -- With the public still furious over bank bailouts, Democrats desperate to keep President Barack Obama's old Senate seat are scrambling to counter revelations that a bank owned by their candidate's family may be nearing collapse. |
| Read More...(Source: - Tue, 09 Mar 2010 15:10:15 EST) |
| US Bancorp CEO's compensation falls 2 percent |
| NEW YORK -- U.S. Bancorp CEO Richard Davis took home 2 percent less in total compensation in 2009 than he did the previous year. |
| Read More...(Source: - Tue, 09 Mar 2010 14:05:46 EST) |
| Leibovitz can keep portfolio under new debt deal |
| NEW YORK -- Annie Leibovitz, the photographer who mismanaged her fortune so badly that she faced losing legal rights to some of pop culture's most enduring images, has reached a long-term agreement with a private investment firm to help manage her debt and market her vast portfolio, both sides said Tuesday. |
| Read More...(Source: - Tue, 09 Mar 2010 13:29:10 EST) |
| Market rebounds, but workers have minimal savings |
| DES MOINES, Iowa -- Tom Taormina is 65 and has no retirement savings. |
| Read More...(Source: - Tue, 09 Mar 2010 11:56:27 EST) |
| China: US assets should not be 'politicized' |
| BEIJING -- An official in charge of China's foreign reserves tried to ease American concern Tuesday about the political impact of its huge holdings of U.S. government debt and indicated Beijing has no plans for a big increase in its gold stockpile. |
| Read More...(Source: - Tue, 09 Mar 2010 03:02:49 EST) |
| China says committed to U.S. debt, wary on gold |
| BEIJING (Reuters) - China, the world's biggest holder of foreign exchange reserves, renewed its commitment to the U.S. Treasury market on Tuesday but said it would be wary of substantially boosting its gold holdings. |
| Read More...(Source: - Tue, 09 Mar 2010 02:27:40 EST) |
| Obama launches attack on health insurance companies |
| The White House is mounting a stinging, sustained broadside against health insurance rate increases as President Obama and his aides enter what they hope will be the final stretch of a year-long political war over health-care reform. |
| Read More...(Source: - Tue, 09 Mar 2010 00:00:00 EST) |
| Greece seeks U.S. help regulating speculators |
| Greek Prime Minister George Papandreou will seek President Obama's support at the White House on Tuesday for a European campaign to crack down on global financial speculation that critics say has exacerbated Europe's worst debt crisis in decades. |
| Read More...(Source: - Tue, 09 Mar 2010 00:00:00 EST) |
| AIG sells Alico unit to MetLife for $15.5 billion |
| American International Group announced Monday the sale of one of its major global insurance units to MetLife for $15.5 billion, the latest step in the insurance giant's quest to pay down its massive debt to U.S. taxpayers. |
| Read More...(Source: - Tue, 09 Mar 2010 00:00:00 EST) |
| If only financial reform really were funny |
| In a hilarious video plug for the proposed Consumer Financial Protection Agency, the popular comedy Web site funnyordie.com gathers Saturday Night Live's famed presidential impersonators -- from Chevy Chase to Will Farrell -- to advise a slumbering Barack Obama (Fred Armisen). Dana Carvey, reprising Daddy Bush, tersely sums up the whole shebang about financial reform: |
| Read More...(Source: - Tue, 09 Mar 2010 00:00:00 EST) |
| Obama pitches health plan in spirited appearance |
| GLENSIDE, Pa. -- Stirring memories of his campaign for the White House, President Barack Obama made a spirited, shirt-sleeved appeal for passage of long-stalled health care changes Monday as Democratic congressional leaders worked behind the scenes on legislation they hope can quickly gain passage. |
| Read More...(Source: - Mon, 08 Mar 2010 23:31:31 EST) |
| Obama targets insurers, sells reform plan |
| WASHINGTON (Reuters) - President Barack Obama launched a sharp attack on health insurers on Monday and called on his fellow Democrats to rise above politics and pass a healthcare overhaul in the next few weeks. |
| Read More...(Source: - Mon, 08 Mar 2010 19:20:52 EST) |
| Stock market rebound shows its age at 1-year mark |
| NEW YORK -- A year after the stock market hit bottom and began a spectacular comeback, it's getting harder to dazzle investors. |
| Read More...(Source: - Mon, 08 Mar 2010 18:52:48 EST) |
| Greece urging US to better regulate hedge funds |
| WASHINGTON -- Greece is urging the United States to step up regulation of hedge funds that Athens blames for making Greece's economic crisis worse. |
| Read More...(Source: - Mon, 08 Mar 2010 18:52:42 EST) |
| Summary Box: AIG's $15.5B Alico sale to MetLife |
| -- 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. |
| Read More...(Source: - Mon, 08 Mar 2010 18:11:42 EST) |
| AIG sells Alico unit to MetLife for $15.5 billion |
| CHARLOTTE, N.C. -- 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. |
| Read More...(Source: - Mon, 08 Mar 2010 17:33:30 EST) |
| Critics hit Senate tilt toward Fed status quo |
| WASHINGTON (Reuters) - Senators leaning toward preserving the Federal Reserve's role as a bank supervisor and consumer protection regulator came under criticism on Monday from academics and consumer activists. |
| Read More...(Source: - Mon, 08 Mar 2010 17:26:45 EST) |
| T. Rowe Price CEO's 2009 compensation slips |
| BOSTON -- The president and chief executive of T. Rowe Price Group Inc., James A.C. Kennedy, saw his total compensation fall 17 percent to $4.7 million last year, according to an Associated Press analysis of the investment management company's proxy statement. |
| Read More...(Source: - Mon, 08 Mar 2010 17:11:29 EST) |
| Nasdaq rises on upgrades, market barely budges |
| NEW YORK (Reuters) - Technology shares pushed the Nasdaq higher on Monday on an otherwise flat day for stocks, led by BlackBerry maker Research in Motion and Cisco Systems. |
| Read More...(Source: - Mon, 08 Mar 2010 16:37:12 EST) |
| MetLife seals Alico deal after two-year quest |
| NEW YORK (Reuters) - 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. |
| Read More...(Source: - Mon, 08 Mar 2010 16:22:41 EST) |
| Private equity firm CCMP buys InfoGroup for $460M |
| OMAHA, Neb. -- Private equity firm CCMP Capital Advisors said Monday it plans to buy database provider InfoGroup Inc. for roughly $460 million cash. |
| Read More...(Source: - Mon, 08 Mar 2010 15:40:48 EST) |
| Capital One CEO receives $6.1 million in 2009 |
| NEW YORK -- Capital One Financial Corp. awarded its CEO, Richard Fairbank, a compensation package worth $6.1 million in 2009. |
| Read More...(Source: - Mon, 08 Mar 2010 15:28:43 EST) |
| FDIC's Bair eyes low interest rates, more lending |
| ARLINGTON, Virginia (Reuters) - U.S. banking regulator Sheila Bair said on Monday that a low interest rate policy is "clearly appropriate" to get credit flowing, while also saying regulators should stop short of ordering banks to lend. |
| Read More...(Source: - Mon, 08 Mar 2010 12:02:49 EST) |
| Canada Now Somewhat Less Anti-Startup |
| Canada isn't shy about making life difficult for startups, and we've had one or two personal brawls with the country as well. But a change in Canadian tax law last week is designed to spur U.S. venture investments in Canadian startups and make Canada less of a leper colony for tech entrepreneurs.The change allows foreign investors in most Canadian startups to avoid "literally hundreds of pages of documents" to be filed and processed on a sale of a startup, sometimes by each limited partner in a venture fund. That burden meant that most venture firms simply ignored the Canadian market, says Deloitte:A 2007 survey by Deloitte and Canada?s Venture Capital & Private Equity Association (CVCA) of 528 VCs from around the world found that 40% of U.S. respondents and 28% of global respondents cited Canada?s unfavourable tax environment as a key reason for not investing in Canadian companies. This level of concern is five times higher than for any other country in the survey and reflects the current investment crisis within Canada?s venture capital industry. The survey also found that Canada is attracting the attention of just 11% of U.S. VCs as a primary country for expansion ? behind China (34%) and India (24%).?I predict that over time this farsighted tax legislation will help propel Canada?s extraordinary technology into global industry leadership in numerous markets, and will likely be viewed in the future as a defining moment for the Harper government in Canadian innovation," says Stephen Hurwitz, a partner at U.S. law firm Choate Hall & Stewart.That may be a bit optimistic, but the tax change is a nice start. Perhaps over time our frozen neighbors to the north will be known for being great at something more than playing hockey and eating poutine. A robust startups community would be very welcome.More information:Change in tax law sends a strong signal to international investors that Canada is ?open for business?Government removes tax barriers and stimulates flow of capital across Canadian borderTORONTO, March 4, 2010 ? Canadian companies across the country are likely applauding today?s federal budget, which contains tax law changes that give them the advantage they need to compete on the global stage. By amending the definition of ?taxable Canadian property? to exclude shares of Canadian private companies (where not more than 50% of their value is derived from real property in Canada, Canadian resource property or timber resource property), the government has significantly reduced administrative and, in some cases, economic barriers to foreign investment in Canadian-based innovation and technology. This change puts Canada at the top of the list of places to invest globally. ?The changes in tax legislation announced in today?s budget are among the most significant changes to capital gains taxation since the introduction of taxation of capital gains in 1972,? explains John Ruffolo, Global Tax Technology, Media & Telecommunications Leader, Deloitte. ?The Canadian government has listened to the financing community, understood the severity of the problem and removed the major tax barriers that have prevented critically needed international investment capital from crossing our borders.? ?At a minimal cost to the government, this amendment will have an immediate, positive and direct impact on Canada?s ability to grow a robust Canadian technology industry,? explains Terry Matthews, Chairman, Wesley Clover. ?By sending a clear message to international investors that Canada is ?open for business?, the government will make Canadian companies more attractive to foreign investors overnight. This will help Canadian companies raise the capital they need to achieve global leadership status.? The change means a much more welcoming environment for foreign investors. In the vast majority of cases, non-residents who were not taxable on the disposition of their investments in such shares due to Canada?s broad international tax treaty network, are now exempt from tax under Canadian domestic law without having to apply for treaty relief. As a result, they are no longer required to comply with the Section 116 tax clearance certificate procedure or file a Canadian income tax return. The changes also remove what were perceived to be insurmountable barriers for many venture capitalists who considered the previous administrative requirements and economic delays for each investor to be strong deterrents to investing in Canada. ?The removal of the Section 116 tax barrier is a tax master stroke by the Canadian government enabling Canada?s emerging technology companies to access deep pools of international capital and the vast global customer markets to which those pools are connected," notes Stephen Hurwitz, Partner, Choate Hall & Stewart LLP in Boston. ?I predict that over time this farsighted tax legislation will help propel Canada?s extraordinary technology into global industry leadership in numerous markets, and will likely be viewed in the future as a defining moment for the Harper government in Canadian innovation.?BACKGROUND INFORMATION ON THE SECTION 116 TAX BARRIERSThe following describes the tax barriers that were removed in today?s budget and that are no longer preventing international investment in Canada:?Withholding and Section 116 certificate process ? The overwhelming majority of foreign VCs are not subject to Canadian tax when they sell an investment, but face a delay of many months to work through the Section 116 tax clearance process until funds can freely flow to them. Many foreign VCs are structured such that each of the investors in the VC ? sometimes hundreds or even thousands ? is subject to this clearance process as if they held the investment directly. This delay results in lower returns and frequently causes direct financial loss to investors. Canadians who invest in the United States, the United Kingdom and other major global markets do not face such taxes or delays from red tape. ?Requirement to file Canadian tax returns by foreigners who don?t owe taxes creates hundreds of pages of unnecessary paperwork ? Canada imposed tax filing requirements in circumstances where no taxes were payable by these investors. When a foreign VC sells an investment, each investor of the foreign VC has to file a Canadian tax return even if they don?t owe any taxes. This results in literally hundreds of pages of documents that are required for signature and processing for a single sale. This tax return filing issue also applies to certain Canadian public companies. Why Canada was perceived by VCs as having an unfavourable tax environment A 2007 survey by Deloitte and Canada?s Venture Capital & Private Equity Association (CVCA) of 528 VCs from around the world found that 40% of U.S. respondents and 28% of global respondents cited Canada?s unfavourable tax environment as a key reason for not investing in Canadian companies. This level of concern is five times higher than for any other country in the survey and reflects the current investment crisis within Canada?s venture capital industry. The survey also found that Canada is attracting the attention of just 11% of U.S. VCs as a primary country for expansion ? behind China (34%) and India (24%). About Deloitte Canada?s tax practice With the largest tax practice in the country (over 1,500 professionals in 44 offices), Deloitte offers a full suite of tax services to clients in all industries across the country. The market leader in shaping the ?future of tax?, Deloitte influences Canadian tax policy with the goal of creating a business climate which propels corporate growth and furthers Canada?s international competitiveness. Known for its industry-leading expertise, Deloitte?s tax practice sets the standard of excellence in Canada and is the only Big Four professional services firm in the country to receive a Tier 1 ranking in the prestigious International Tax Review (ITR)?s ?World Tax 2010? report. For further information on Deloitte?s tax practice, visit www.deloitte.ca and for further information on the ?future of tax?, visit www.thefutureoftax.ca.About Deloitte Deloitte, one of Canada's leading professional services firms, provides audit, tax, consulting, and financial advisory services through more than 7,700 people in 58 offices. Deloitte operates in Québec as Samson Bélair/Deloitte & Touche s.e.n.c.r.l. Deloitte & Touche LLP, an Ontario Limited Liability Partnership, is the Canadian member firm of Deloitte Touche Tohmatsu. Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu and its member firms. |
| Read More...(Source: - Mon, 08 Mar 2010 10:40:52 EST) |
| Dubai World deal hope lifts markets, divides creditors |
| DUBAI (Reuters) - Hopes of progress this week on Dubai World's $26 billion debt restructuring lifted stocks and eased fears of default, but potential divisions emerged among creditors to the state-owned conglomerate. |
| Read More...(Source: - Mon, 08 Mar 2010 10:23:39 EST) |
| Senators wrestle with Fed bank oversight issues |
| WASHINGTON (Reuters) - The Federal Reserve could retain oversight of large bank holding companies under a scaled-back regulatory reform plan being considered by key senators, but important questions remained unanswered, lobbyists said on Sunday. |
| Read More...(Source: - Mon, 08 Mar 2010 07:26:53 EST) |
| China cautions against expecting fast yuan rise |
| BEIJING (Reuters) - Any rise in the yuan's exchange rate will be gradual, China's trade chief said on Monday in comments that underline the competing interests at the heart of Chinese policy-making. |
| Read More...(Source: - Mon, 08 Mar 2010 05:04:57 EST) |