UK Business Drags Insurance Australia Profit Down 17.2%
Almost 300 million Australian dollars (US$315 million) of writedowns at its ailing U.K. operations dragged Insurance Australia Group Ltd. (IAG.AU) net profit down by 17.2% in fiscal 2012, the insurance group said Thursday.
Spain Seen Approving Early Intervention for Banks
The Spanish government has drafted a new regulation that will allow the Bank of Spain to take over financial entities that could become nonviable over time, El Pais reported on website.
Brazil Mulling Proposal to Cut Industrial Energy Tariff 17.4% -Source
The Brazilian government is considering proposals to cut electrical energy tariffs by an average of 17.4% for industries and 11.8% for residential consumers in September, a person in the government familiar with the matter said Wednesday.
Ex-Merrill Brokers Reach Settlement Over Deferred Pay
Merrill Lynch has reached a legal settlement in a putative class action lawsuit over deferred pay with potentially thousands of disaffected brokers who left the firm in the wake of its acquisition by Bank of America (BAC).
Judge Gives Madoff Trustee Right to Pay $2.4B to Victims
A judge gave approval Wednesday to the Madoff firm trustee to make a second payment to victims that could reach $2.4 billion.
Fed Approves Resubmitted Capital-Adequacy Reports from Citi, SunTrust
The Federal Reserve approved the revised capital-adequacy assessments of Citigroup Inc. (C) and SunTrust Banks Inc. (STI), the two banks said Wednesday.
Citi CEO Pandit: Basel's Rules Address Capital Needs Well
Citigroup Inc. (C) Chief Executive Vikram Pandit conceded the bank's strategy had gone astray even before the financial crisis and endorsed new international capital rules, which address concerns about bank capital "very well." In a speech Wednesday at the Lee Kuan Yew School of Public Policy in
Quality Systems Elects Two Directors Nominated by Dissident Board Member
Quality Systems Inc. (QSII) has elected two directors nominated by dissident board member Ahmed Hussein, and seven of the eight nominees named by the company, amid a long-running proxy battle.
FTC Clears Facebook's Proposed Instagram Deal
The Federal Trade Commission said late Wednesday it closed its investigation into Facebook's proposed purchase of Instagram Inc. without taking any action, in effect allowing the deal to proceed.
Focus Media's Profit Rises 38%
Focus Media Holding Ltd.'s (FMCN) second-quarter earnings rose 38% as the Chinese digital-advertising company recorded strong revenue gains in its LCD display and poster frame segments.