Africa: China Keen to Reverse Negative Image in Region - Thu, 24 May 2012
[IPS] Cape Town - The reality of Indian and Chinese investment in Africa is much more complex than the good cop, bad cop image of Asia's two emerging economic giants.

Africa: Will Agriculture Make It At Rio+20? - Thu, 24 May 2012
[AlertNet] United Nations negotiations are always complex, but Rio+20 has an unusually complicated agenda.

Nigeria: FG to Sack All PHCN Workers - Fri, 25 May 2012
[Leadership] The federal government has said that workers of the Power Holding Company of Nigeria (PHCN) would be disengaged at the conclusion of the company's privatisation process, the minister of state for power, Darius Ishaku, reveals.

Nigeria: Court to Rule On Subsidy Deduction Suit May 30 - Fri, 25 May 2012
[Daily Trust] Lagos - Justice Stephen Adah of the Federal High Court in Ikeja, Lagos has adjourned till May 30, ruling in the fuel subsidy suit instituted by the Save Nigeria Group (SNG) against the Federal Government.

Nigeria: Ports' Efficiency Vital for Economic Growth - Finance Minister - Fri, 25 May 2012
[Daily Trust] Minister of Finance and Co-ordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, has said that the Federal Government has decided to provide facilities and infrastructure at the nation's sea ports with a view to maximizing the economic gains from port operations.

Baby Gap - Fri, 11 May 2012

Populations throughout the developed world are aging and shrinking, with dire consequences. Yet decline is not inevitable. Even in the industrialized world, governments can encourage childbearing through policies that let women reconcile work and family.

The U.S. Army in a Time of Transition - Fri, 11 May 2012

With the Iraq war over and U.S. troops returning from Afghanistan, the U.S. Army faces a decade of change, writes its chief of staff. It will need to adjust to smaller budgets, focus more on Asia, and embrace a fuller range of potential missions.

The Cartel Crackdown - Fri, 11 May 2012

Mexico is winning its death match against the drug cartels and rebuilding once-corrupt institutions in the process. But an election is approaching, and the candidates are calling for a truce. Mexico can take its place in the sun, but only if it wipes out the cartels for good.

Campaign Tips From Cicero - Fri, 11 May 2012

In 64 BC, the great Roman lawyer and orator Marcus Tullius Cicero ran for consul. His younger brother, Quintus, wrote a detailed strategy memo laying out just what Marcus needed to do to win. It's the best guide to electioneering you'll ever read, presented here with a commentary by the legendary political consultant James Carville.

Scoring Obama's Foreign Policy - Fri, 11 May 2012

Judged by the standard of protecting U.S. interests, things have worked out quite well for the Obama administration; judged by the standard of midwifing a new global order, they remain a work in progress.

New Trial for Afghanistan Mission - Mon, 12 Mar 2012

The killing of Afghan civilians allegedly by a U.S. soldier aggravates U.S.-Afghan ties, raises fresh doubts about talks with the Taliban, and feeds debate about strategy to end the war.

Tensions Over Germany's Euro Role - Mon, 05 Mar 2012

Anti-Germany protests in Athens have highlighted the country's complicated role as de facto leader of Europe while raising concerns about the continent's ability to advance difficult solutions to the sovereign debt crisis.

Russia's Sober Presidential Vote - Fri, 02 Mar 2012

Vladimir Putin is expected to regain Russia's presidency despite a surge in public disapproval. Unknown is whether the vote will trigger widespread domestic protest or spur a downturn in Russia's relations with Washington.

Can U.S.-Afghan Partnership Work? - Tue, 28 Feb 2012

The violence against U.S. troops in the aftermath of Quran burnings has raised fresh doubts over the U.S.-Afghan partnership and the mission in Afghanistan.

Rescue or Risk for Greece? - Thu, 23 Feb 2012

Greece appears to have averted imminent default, but its recovery prospects remain clouded by the severity of its planned austerity measures and the impact cutbacks have already had on its stricken economy.

Brazilian central bank moves prop up real - Tue, 22 May 2012
BCB sells more than $2bn in derivatives in its biggest attempt this year to support its currency, which has fallen 25% against the dollar since July

US ‘fiscal cliff’ looms into view - Tue, 22 May 2012
Wary investors are gauging the impact of huge tax rises and spending cuts due to kick in with presidential elections around the corner

Brazil moves to boost car industry - Tue, 22 May 2012
The government has unveiled a stimulus package worth more than $10bn to revive its struggling automotive sector and stagnating economy

Categories: The best and worst performers - Tue, 22 May 2012
The Luxury and Fast Food sectors lead the way, with Insurance bringing up the rear in a year of contrasting fortunes for brands, writes Andrew Baxter

Cuba crackdown sees foreign companies exit - Mon, 21 May 2012
Casto’s tighter restrictions following state corruption are jeopardising the investment needed by his programme of reforms

Bankia shares suspended in Madrid - Fri, 25 May 2012
Trading in Bankia shares is suspended amid reports that it is going to ask for a big government bailout later on Friday.

China firm in 3G patent abuse row - Fri, 25 May 2012
China's Huawei files a complaint against InterDigital, accusing the US firm of abusing its position and charging ''exploitative'' fees for mobile patents.

Some holiday money rates 'unfair' - Thu, 24 May 2012
The same currency exchange providers can offer significantly different rates across the UK, a consumer group says.

Fuel costs spur Japan price rise - Fri, 25 May 2012
Japan's consumer prices rise in April, spurred by rising fuel and energy costs, official data shows.

Thailand exports in shock decline - Fri, 25 May 2012
Thailand reports a surprise fall in its exports for April because of falling demand from key markets such as Europe and the US.

EBRD: Use Expansion to Promote Rights - Fri, 18 May 2012

(London) – The European Bank for Reconstruction and Development (EBRD) should articulate concrete human rights benchmarks for Egypt, Jordan, Morocco, and Tunisia as it expands its operations into the Middle East and North Africa, Human Rights Watch said today in a letter sent to the bank’s president, Thomas Mirow.

read more

Equatorial Guinea: Opposition Figure Wrongly Convicted - Mon, 07 May 2012

(New York) – The conviction of a prominent member of Equatorial Guinea’s beleaguered political opposition is a travesty of justice, Human Rights Watch said today.

read more

Philippines: Officials Hide Poor From Development Meeting - Thu, 03 May 2012

(Manila) �– The Philippine government built a fence that prevents participants to the Asian Development Bank’s (ADB) annual meeting in Manila from seeing a slum, Human Rights Watch said today. Some of the poor families hidden from view are beneficiaries of apoverty reduction program financed by the bank.

read more

China: CNMC Public Listing Needs Investor Vigilance - Sun, 22 Apr 2012

(New York) – Prospective investors in China Non-Ferrous Metals Mining Corporation’s (CNMC) upcoming initial public offering (IPO) in Hong Kong should be aware of the company’s disturbing labor rights practices in Zambia, Human Rights Watch said today.

read more

Nigeria: UK Conviction a Blow Against Corruption - Tue, 17 Apr 2012

(London)– The money laundering conviction and 13-year prison term for the Nigerian politician James Ibori on April 17, 2012, is a landmark in the global fight against corruption, Human Rights Watch said today. Ibori, one of Nigeria’s enduring symbols of criminality and impunity, pleaded guilty in a London court to charges involving more than $79 million.

read more

The Price of Liberty: Providing for the Common Defense - Tue, 01 May 2012
Our Constitution limits the power of government under the rule of law, creating a vigorous framework for expanding economic opportunity, protecting national independence, and securing liberty and justice for all

A Federal Republic: Lincoln’s First Inaugural Address - Thu, 19 Apr 2012
Lincoln vindicated the Constitution by proving secession to be lawless rebellion and affirmed the two central principles of the Union: divided sovereignty and equal citizenship based on the natural rights of individuals.

Bureaucracy and Government Administration: Why Congress Must Confront the Administrative State - Mon, 02 Apr 2012
The rule of regulators is arbitrary and unaccountable government—exactly what the Founders wished to prevent in crafting the Federal Constitution.

Preserving American Exceptionalism: Lessons from Britain - Thu, 29 Mar 2012
The policies currently being pursued are not a random series of initiatives that have been lashed together accidentally; they amount to a comprehensive program of Europeanization—European welfare, health care, taxes, carbon levies, unemployment rates, and foreign policy.

Faith, Freedom, and the First Amendment: The Guarantee of Religious Liberty - Thu, 29 Mar 2012
Freedom of religion is at the heart of the American understanding of liberty.

Educator's Letter to Oprah -- 'Ask teachers.' - Thu, 14 Oct 2010

Without Senate Relief, Jobs Picture Grim - Wed, 07 Apr 2010

NEA President: Mass Teacher Firings Not the Answer - Fri, 26 Mar 2010

Higher Ed Members Push Ahead in Unpredictable Times - Fri, 26 Mar 2010

MetLife Survey: Resources, Collaboration Keys to Success - Wed, 24 Mar 2010

Sequestered At The Edwards Trial, And I'm Not On The Jury - Thu, 24 May 2012
Each workday for the past five weeks, after taking off his shoes and watch and passing through a metal detector, North Carolina Public Radio reporter Jeff Tiberii entered a small — often cramped — windowless federal courtroom in Greensboro, N.C. It's the trial of 2008 Democratic presidential candidate John Edwards. And it could be a while yet.

N.C. Democrats Try To Shake Off Pre-Convention Blues - Thu, 24 May 2012
With the national convention just three months away, state Democrats are reeling from a series of setbacks, including passage of a gay marriage ban and a sex scandal within the organization. But party leaders say they're committed to making the convention a success and keeping the state "blue" in November.

GOP Hopes Pennsylvania's Still Got That Swing - Thu, 24 May 2012
Pennsylvania has been considered a swing state in the past few elections. Voters did elect a Republican governor and U.S. senator two years ago. But after voting for the Democrat in five straight presidential contests, is it still a swing state?

Health Law's Downfall Could Put GOP In Odd Spot - Thu, 24 May 2012
Republicans have rallied for repeal of the Affordable Care Act since the very day it passed. But now the GOP has a problem: Some provisions in the law are very popular with voters. If the Supreme Court strikes the law down, choosing whether to try to revive those parts could be difficult.

Researchers Find Link Between Isolated State Capitals, Corruption - Thu, 24 May 2012
Political scientists have long noted the propensity for self-dealing among politicians in out-of-sight, out-of-mind state capitals like Albany, NY and Springfield, Ill. After comparing federal corruption convictions of state officials and the relative isolation of state capitals, two researchers found a strong correlation.

Cain Inc. is born - Fri, 25 May 2012
It's unclear if Cain's new political-business machine will come close to the success of Newt Inc.

GOP hits back at Reid on sequester - Thu, 24 May 2012
Republicans say looming cuts to the Pentagon could plunge the U.S. economy back into a recession.

Baucus faces his biggest campaigns - Thu, 24 May 2012
In June he will detail his tax reform vision, then soon after begin a reelection campaign.

Obama slams Mitt on profit motives - Thu, 24 May 2012

He takes aim at Romney's business background.

Mortgage mods for profit - Mon, 20 Jul 2009
Mortgage rates have held fairly steady since the middle of last week.

A successful MHA refi - Fri, 17 Jul 2009
A note, sent yesterday, from a reader named Matthew.

Wrong-headed regulators - Thu, 16 Jul 2009
I have an article up today -- "Want to refinance? Know the details" -- in which I describe the Home Affordable Refinance program as confusing.

Rate trends and firecrackers - Tue, 14 Jul 2009
A reader named Cindy asks: "Are mortgage rates predicted to go down next week? What things should I be considering before going ahead?"

Foreclosures? Let 'em rent - Mon, 13 Jul 2009
In response to my blog post from last week, "Theodicy and mortgages," Michael Hilmen writes about artificially high home prices.

Home equity can be used to buy car - Fri, 31 Jul 2009
Home equity products can be used to fund a car purchase. But there are risks for the homeowner.

Interest Rate Roundup - Thu, 30 Jul 2009
Here are the latest interest rates and commentary on five common consumer banking products from Bankrate.com's weekly national survey of large banks and thrifts.

Interest Rate Roundup - Thu, 23 Jul 2009
Here are the latest interest rates and commentary on five common consumer banking products from Bankrate.com's weekly national survey of large banks and thrifts.

Fixed-rate loan can cut risk - Tue, 21 Jul 2009
With interest rates likely to rise, locking into a fixed-rate loan may make sense right now.

Interest Rate Roundup - Thu, 16 Jul 2009
Here are the latest interest rates and commentary on five common consumer banking products from Bankrate.com's weekly national survey of large banks and thrifts.

Winner or loser: Mortgage shopper - Fri, 18 Sep 2009
Rate changes by the Fed can affect consumers' budgets. Here's how the Fed's announcement affects mortgage shoppers and ARM holders.

Winner or loser: Home equity loans - Fri, 18 Sep 2009
Rate changes by the Fed can affect consumers' budgets. Here's how the Fed's announcement affects home equity loans and lines of credit.

Winner or loser: Auto loans - Fri, 18 Sep 2009
Rate changes by the Fed can affect consumers' budgets. Here's how the Fed's announcement affects auto loan rates.

Winner or loser: Credit cards - Fri, 18 Sep 2009
Rate changes by the Fed can affect consumers' budgets. Here's how the Fed's announcement affects credit card interest rates.

Debt forgiveness for homeowners? - Thu, 30 Jul 2009
Researchers say debt forgiveness is the only way to fix the housing crisis. But will it?

Huge Win in Quicken RESPA Case - Fri., 25 May 20
A ruling Thursday by the U.S. Supreme Court on unearned fees is good news for Quicken Loans Inc. and for mortgage lenders in general. But the ruling was a setback for the Department of Housing and Urban Development.

The Supreme Court agreed last year to hear the case, which addressed whether Section 8(b) of the Real Estate Settlement Procedures Act applies when no third parties are compensated.

The trial court had ruled against Quicken -- a decision that was upheld on appeal by the Fifth Circuit Court of Appeals. The Detroit-based lender was clearly frustrated with the lawsuit, previously noting that the law firms behind such cases are "unscrupulous operators who only exist because companies and courts allow them to continue their immoral gamesmanship."

30-Year Establishes New Record as Volatility Lurks - Thu., 24 May 20
Fixed mortgage rates were little changed from their record-low levels, though the long-term mortgage did set a new record. Interest rates are poised to maintain their current lows, but a looming European sovereign debt crisis remains a lingering threat to global financial markets.

It was another new low for the 30-year mortgage.

In its Primary Mortgage Market Survey for the week ended Thursday, Freddie Mac reported that fixed-rate 30-year loans slipped just 1 basis point during the past week and was 82 BPS better than the same week in 2011.

Serious Delinquency Improves 4 Consecutive Months - Thu., 24 May 20
Residential loans that are considered to be seriously past due have fallen each of the past four months. A similar trend is developing for real estate loans that are written off. The outlook for the current quarter is more of the same.

The 90-day delinquency rate on mortgages was 5.78 percent in April.

A month earlier, home loans that were past due at least three months accounted for 6.03 percent of outstanding balances.

Bank Sector Strengthens - Thu., 24 May 20
The nation's banks saw earnings increase, failures fall and troubled institutions ease. While the sector cut its residential loan assets, mortgage-backed securities investments have been on the rise. Bank earnings were concentrated at only three bank-holding companies, while staffing was concentrated at just four firms.

Banks owned $1.859 trillion in one- to four-family residential loans as of March 31, cutting their holdings from $1.878 trillion as of Dec. 31, 2011, according to the Federal Deposit Insurance Corp.'s Quarterly Banking Profile.

The total was $1.836 trillion a year prior.

2012 Originations Now Expected to Exceed 2011 - Thu., 24 May 20
A nearly $0.2 trillion increase in mortgage bankers' forecast of residential originations this year now has volume exceeding production during 2011. All of the 2012 improvement is with expected refinance volume -- as the forecast for home purchase financing has been cut. But a real estate market recovery is expected next year with home purchase financing projected to surge by nearly three quarters.

The estimate of total first-quarter originations was $318 billion last month. But a revised estimate this month now has first-quarter volume at $363 -- in line with Mortgage�Daily's $361 billion estimate delivered earlier this month.

The previous outlook had home-loan volume falling to $334 billion in the second quarter and $225 billion in the third quarter.

Home buyer tax credit can be used as down payment - Thu, 13 May 2010
Home buyers can use $8,000 first-time home buyer tax credit for down payment, closing costs. A new federal government program will allow some home buyers to use the $8,000 first-time home buyer tax credit at closing. Prior to the new program, buyers could claim the credit on their 2008 or 20...

5 tips for first-time mortgage borrowers - Thu, 13 May 2010
First-time home buyers should shop around, educate themselves about mortgage products. Shopping for a mortgage can be intimidating. It’s natural to feel anxious about doing something new for the first time, and getting your first mortgage is no exception. Fortunately, there are a few ...

What you need to know about private mortgage insurance (PMI) - Tue, 21 Jul 2009
PMI lets you buy a house with less than 20 percent down in exchange for higher mortgage payments. Private mortgage insurance is just what the name implies: insurance that covers the lender in case the home buyer defaults. If you put less than 20 percent down on most mortgages, chances are your le...

PMI may be tax deductible - Tue, 21 Jul 2009
Federal government allows a tax deduction for private mortgage insurance (PMI). If you obtain a new home loan with private mortgage insurance in 2007, you might be able to deduct the cost of the insurance on your 2007 federal income tax return. The rules are just as complicated ...

Top 8 things to know about a mortgage - Tue, 21 Jul 2009
Shopping for your first mortgage can be confusing. Here's a guide to the most important things you need to know about mortgage loans. Deciding what type of home loan is best for your needs is an integral part of the home-buying process. But it’s not always easy. Here are the most important factors you should compare when shopping f...

Senate acts to extend flood insurance program
WASHINGTON—The Senate on Thursday voted to extend the life of the National Flood Insurance Program for 60 days, giving lawmakers time to work on a long-term extension that would seek to restore fiscal solvency to the debt-ridden plan. The House last week approved a one-month extension of the program, ...

FIO Emphasizes International Regulatory Work
Since the Federal Insurance Office selected Michael McRaith as its director over a year ago, it has become apparent how long his to-do list is. While the anticipated FIO report on how to modernize and improve insurance regulations in the United States is, after missing its initial deadline of ...

Early tropical storms form simultaneously in Atlantic, Pacific
OAKLAND, Calif.—Tropical storms in the north Atlantic and eastern Pacific basins are marking the earliest simultaneous start of a hurricane season on record, according to catastrophe risk modeling firm EQECAT Inc. The Oakland, Calif.-based company said Tropical Storm Aletta formed May 14 in the Pacific and Tropical Storm Alberto ...

Florida Lawmaker has warning about auto insurance changes
State Representative Rick Kriseman sent a three-page letter to Governor Rick Scott. He's asking the Governor to take a second look at the new PIP insurance reform bill. Kriseman says there are many problems with it. "The first and foremost would be 'the glitch,' as it's affectionately being ...

Treasury to re-examine health care coverage affordability penalty
WASHINGTON—The Treasury Department says it will take another look at whether to revamp rules published last year that now apply a stiff “affordability” penalty on employers based on what percent of the premium employees pay for single coverage. Under those rules, coverage will be considered unaffordable if the portion ...

Life Insurance

Too Cash Strapped for Longevity, Many Consumers also Lack Life Insurance
With age comes wisdom supposedly, but even as more Americans are living longer they are not financially prepared for their retirement years and also lack life insurance. According to the Centers for Disease Control (CDC), the average American’s life expectancy has increased to 75.7 years for men and 80.6 ...

MetLife reaches $40 million settlement with Florida regulators
State officials have a $40 million settlement with nine Metropolitan Life insurance companies regarding the location of life and annuity beneficiaries and the reporting of unclaimed property. The settlement could result in a return of more than $9 million to some 15,000 Florida policy owners holding low-value or industrial ...

Wrap Contracts Coming Back Strong Among Insurers
New York Life found that despite low interest rates, 50 percent of retirement-plan participants use stable value products, which are classified as principal preservation investment solutions. “Since the financial crisis of 2008, on average more than 20 percent of retirement assets have been invested in stable value investments and ...

Insurance Agents Charged In $100 Million Fraud Scheme
The Manhattan United States Attorney and the Federal Bureau of Investigation have charged three insurance agents with a $100 million fraud scheme involving stranger-owned life insurance or STOLI. Typically, people buying a life insurance policy have some relationship to the person being insured. In contrast, with STOLI arrangements, a ...

Long-term care insurance: The long and short of it
According to AARP, being incapacitated can get very expensive. The Washington, DC-based organization reports a private room in a nursing home costs about $74,000 a year, and a home health aide an average of $18 an hour. You say you could not begin to afford those costs? If you're ...

Health Insurance

Treasury to re-examine health care coverage affordability penalty
WASHINGTON—The Treasury Department says it will take another look at whether to revamp rules published last year that now apply a stiff “affordability” penalty on employers based on what percent of the premium employees pay for single coverage. Under those rules, coverage will be considered unaffordable if the portion ...

Illinois dioceses, other Catholic groups sue over White House insurance mandate
The Roman Catholic dioceses of Springfield and Joliet have joined 41 other religious institutions filing simultaneous lawsuits that challenge the Obama administration's mandate that many religious employers have their health insurance cover the cost of birth control for employees. Catholic Charities programs in both dioceses also filed simultaneous lawsuits ...

The Insurance Status Of Children In The Emergency Department May Lead To Disparities In Treatment
In 2009, children with public insurance were three times more likely and children with no insurance were eleven time more likely not to have a primary care physician, compared with children with private insurance. Without a primary care physician, the Emergency Department (ED) often becomes the primary point of contact ...

Arizona eyes new role on health insurance reviews
Arizona is one of more than two dozen states challenging the federal health care overhaul, but Republican Gov. Jan Brewer's administration is moving to implement part of the contested law by reviewing health insurance rates to see if they should be labeled unjustifiably high. State officials say it's better ...

Is world outpacing U.S. on health care?
Even as Americans debate whether President Obama’s health-care law and its promise of guaranteed health coverage should be scrapped, many far less affluent nations are moving in the opposite direction — to provide medical insurance to all citizens. China, after years of underfunding health care, is on track to ...

Auto Insurance

Florida Lawmaker has warning about auto insurance changes
State Representative Rick Kriseman sent a three-page letter to Governor Rick Scott. He's asking the Governor to take a second look at the new PIP insurance reform bill. Kriseman says there are many problems with it. "The first and foremost would be 'the glitch,' as it's affectionately being ...

NY to boot crooked doctors from no-fault insurance
ALBANY, N.Y. — Insurance regulators plan to start kicking crooked doctors out of New York's no-fault program next month, calling them linchpins in fake-accident scams that cost insurers and ultimately policyholders hundreds of millions of dollars. Regulations are set to take effect June 12. The Department of Financial Services ...

N.J. Judge to Decide If Text Sender Liable for Car Crash
(AP) A New Jersey judge will likely soon decide whether a woman who sent a text message to a male friend can be held liable for a car crash he caused while reading the message. The Daily Record reports the legal question stems from a lawsuit filed by two ...

Highway Deaths Per Mile Fall to Record Low
(AP) Highway deaths declined again last year, reaching their lowest rate when compared to miles driven since such record-keeping began in 1921, according preliminary government data released Monday. The National Highway Traffic Safety Administration's early estimate of 2011 traffic fatalities released Monday said there were 32,310 deaths in motor ...

U.S. ban sought on cell phone use while driving
SAN ANTONIO (Reuters) - U.S. Transportation Secretary Ray LaHood called on Thursday for a federal law to ban talking on a cell phone or texting while driving any type of vehicle on any road in the country. Tough federal legislation is the only way to deal with what he ...

Homeowners News

Senate acts to extend flood insurance program
WASHINGTON—The Senate on Thursday voted to extend the life of the National Flood Insurance Program for 60 days, giving lawmakers time to work on a long-term extension that would seek to restore fiscal solvency to the debt-ridden plan. The House last week approved a one-month extension of the program, ...

Early tropical storms form simultaneously in Atlantic, Pacific
OAKLAND, Calif.—Tropical storms in the north Atlantic and eastern Pacific basins are marking the earliest simultaneous start of a hurricane season on record, according to catastrophe risk modeling firm EQECAT Inc. The Oakland, Calif.-based company said Tropical Storm Aletta formed May 14 in the Pacific and Tropical Storm Alberto ...

Early storm doesn't mean busy season, experts say
For a hurricane season that forecasters say will be slow, this year is off to a quick start. Tropical Storm Alberto is forecast to dissipate over the next two days without making landfall, after forming off the coast of the Carolinas over the weekend — 13 days before the ...

Hurricane center testing forecast improvements
The National Hurricane Center plans to broaden its forecasting capabilities by conducting four in-house experiments in the upcoming season, including developing six- and seven-day track projections. The other tests include extending the tropical weather outlook from two to five days, developing advisories for disturbances before they become tropical systems ...

Congress extends federal flood insurance program for 30 more days
WASHINGTON -- The federal flood insurance program got another 30-day extension from the House on Thursday, while some lawmakers continue to work for the long-term extension they say is needed to ensure its stability. "I support the House version as a temporary extension to avoid a lapse, but getting to ...

National Insurance

FIO Emphasizes International Regulatory Work
Since the Federal Insurance Office selected Michael McRaith as its director over a year ago, it has become apparent how long his to-do list is. While the anticipated FIO report on how to modernize and improve insurance regulations in the United States is, after missing its initial deadline of ...

Gains in Insurance Divisions Help Pace AIG's Profit Surge
American International Group Inc. AIG -3.84% said its first-quarter profit more than doubled to $3.21 billion, driven by improved results at the bailed-out company's main insurance businesses and market-price gains in the value of two major assets. AIG's operating income of $3.1 billion, or $1.65 a share, was up ...

Innovation, Customer Service and Emerging Markets Top Insurers’ Concerns
Auto insurers are getting more proactive in preventing car accidents with sensor devices, Big Data, telematics and social media, according to a new study. PwC’s “Top Issues in Insurance,” study reported that innovation is enabling insurers to make better and smarter use of greater amounts of Big Data. ...

U.S. to sell $6 billion in AIG stock
WASHINGTON (Reuters)—The U.S. Treasury Department said on Wednesday it will sell $6 billion worth of American International Group Inc. stock and struck another deal for the insurer to pay down $8.5 billion more in obligations, taking a major step forward in an election year to unwind the unpopular crisis-era bailout. ...

Captive insurers strengthen business resilience
MIAMI—Resilience is more important than anticipation for businesses, Willis Group Holdings P.L.C. Chairman and CEO Joseph J. Plumeri told the 2012 World Captive Forum on Tuesday, but without a captive insurer a company's resilience is limited. Giving the keynote presentation at the World Captive Forum at the Doral Golf ...

Wall Street Breakfast: Must-Know News - Fri, 30 Dec 2011
Wall Street Breakfast Editors submit:

by Rachael Granby and the Market Currents team

U.S. banks to pay oversight fee. Banks with more than $50B in total assets will have to start paying a fee to cover the costs of the Financial Stability Oversight Council and the Office of Financial Research, according to a rule proposed yesterday by the Treasury. Banks will face a flat rate collected twice a year; the Treasury hasn't yet specified the size of the fee.

Banks borrow more from ECB. Banks borrowed €17.307B from the ECB overnight, a very sharp jump from the €4.321B borrowed on Wednesday and the highest level since February. Banks deposited €445.683B, still near the €452.034B record set earlier this week.

Credit gets tighter. The Fed's survey of senior credit officers found a "broad, but moderate tightening of credit terms" to large market participants over the past quarter, particularly noting REITs, hedge funds, and non-financial corporations. Though not directly mentioning Europe, events there clearly provide an undertone to the cautious report.

Sarkozy takes aim at unemployment. France's Nicolas Sarkozy is using the holiday break to work on a plan aimed at arresting the country's sharp rise in unemployment. Taking his cue from Germany in 2009, Sarkozy's draft plan calls for companies to retain all staff even when business is weak and for employees to accept pay cuts in exchange. Officials are also considering opening a broader debate on work-time flexibility.

Greek data looks ugly. The latest data showed continued deterioration in Greek tax revenue, with income taxes collected through November coming in 9.3% less than last year, suggesting the budget deficit will balloon above 10% of GDP. The Finance Ministry has alerted all state organs not to spend a euro above their budgets and that they should not take for granted that even budgeted funds will show up in their bank accounts.

China manufacturing contracts. China’s manufacturing contracted for a second month in December, with HSBC's PMI coming in at 48.7 from 47.7 the month before. The weak manufacturing data adds pressure to officials to consider loosening monetary policy.

Verizon fee irks customers. Verizon (VZ) further angers customers by announcing it will start charging a $2 "convenience fee" for every payment made over the phone or online with credit cards. The company said the move is necessary to help pay for "single-bill payment options" but customers are less than pleased. The decision comes on the heels of a series of outages of Verizon's high-speed data network.

Goldman, Morgan face off on IPO. Goldman Sachs (GS) and Morgan Stanley (MS) appear to be the front-runners in the race to take the lead investment-banking role in Facebook's expected 2012 IPO. At stake is both bragging rights and hundreds of millions of dollars in potential fees.

Sumitomo Mitsui eyes opportunities. Japanese megabank Sumitomo Mitsui Financial Group (SMFG) plans to buy several hundred billion yen worth of assets being sold by European lenders seeking to raise capital to weather the region’s debt crisis. The bank is also considering buying an entire business unit, possibly a brokerage, from a European bank, taking advantage of expansion opportunities and a strong yen to buy operations abroad.

BofA is biggest loser. Heading into the last trading day of 2011, BofA (BAC) looks set to be the DJIA's biggest loser of the year. Down 59% YTD, the bank has been beset by mortgage losses, new regulations, lack of confidence in management and the broader economic slowdown. In comparison, the DJIA is +6.1% YTD while the KBW Bank Index is "only" -24%.

Countrywide back in the spotlight. One week after paying a fine to make allegations go away that it discriminated against minority homeowners, Bank of America's (BAC) Countrywide unit is ordered to face another lawsuit as a federal judge reverses a lower court ruling. The suit stems from a Hispanic couple that contends they were pressured to refinance their home on terms they could neither understand nor afford.

Liberty Mutual challenges Harleysville sale. Liberty Mutual has asked regulators to scrutinize the sale of Harleysville (HGIC) to a rival after its own bid for the company was rejected. The offer included a payout of $250M to its customers; HGIC instead agreed to a sale to Nationwide with no customer payout. Noteworthy: CEO Michael Browne's stock and options would be worth ~$27.9M in a sale to Nationwide vs. ~$13.9M in a Liberty deal.

AMR to leave the Big Board. The NYSE will delist shares of bankrupt American Airlines (AMR), suspending them from trading prior to the open on Jan. 5. Premarket: AMR -33.8% to $0.342 (6:30 ET).

Today's Markets:
In Asia, Japan +0.7% to 8455. Hong Kong +0.2% to 18434. China +1.2% to 2199. India -0.6% to 15455.
In Europe, at midday, London -0.5%. Paris +0.2%. Frankfurt +0.1%.
Futures at 7:00: Dow -0.02%. S&P +0.02%. Nasdaq +0.01%. Crude +0.25% to $99.90. Gold +2.1% to $1572.70.

Friday's economic calendar:
8:30 ISM New York Business Index
3:00 PM USDA Ag. Prices

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Wall Street Breakfast: Must-Know News - Thu, 29 Dec 2011
Wall Street Breakfast Editors submit:

by Rachael Granby and the Market Currents team

Italian yields down slightly. Italy sold €2.5B of 10-year bonds at an average yield of 6.979%, down from recent highs but still an unsustainable level. The 10-year auction was slightly oversubscribed, with a bid-to-cover ratio of 1.357%. All told, Italy raised ~€7B today from bonds of varying maturities; the plan was to sell €5B-8.5B. Separately, the use of the ECB's overnight deposit facility declined marginally from Tuesday's record high, dipping to €437B from €452B.

Banks face new tax rules. Banks are bracing for new U.S. regulations aimed at reducing tax evasion, which could affect hundreds of billions of dollars worth of deposits in accounts across the globe. In response, some banks overseas are alerting customers their accounts will be closed, while U.S. banks are lobbying for changes to some of the proposals.

BP employees may face charges. U.S. prosecutors are reportedly preparing the first criminal charges against BP (BP) employees in connection to the Deepwater Horizon oil spill. Sources said the focus is on several engineers and at least one of their supervisors for possibly providing regulators with false information about drilling risks.

China updates FDI guidelines. China wants foreign investors to focus on hospitals, financial-leasing companies and sectors that bring new technology to the country, and to minimize investment in such traditional draws as automobile factories or petrochemicals. The 29-page list of investment guidelines was released today, and kicks in on Jan. 30.

Alibaba pushes for Yahoo deal. Alibaba.com (ALBIY.PK) has reportedly hired Washington lobbying firm Duberstein Group in its effort to strike a deal with Yahoo (YHOO). The move suggests Alibaba might be willing to make a bid for all of Yahoo if it doesn't succeed in its efforts to buy back Yahoo's Asian assets.

Oil to stay elevated. Analysts see oil prices staying above $100 a barrel in 2012, with the potential for an Iran disruption embedding a $10-$20 premium in prices. Also seen as contributing to the forecast for $100+ prices is the concerted effort of OPEC nations to keep prices elevated to help fund social assistance programs promised by governments in the Middle East and North Africa in response to the Arab Spring uprisings. WTI crude +0.2% to $99.55 (7:00 ET).

Alexion to buy Enobia. Alexion Pharmaceuticals (ALXN) agreed to buy privately-held biotech firm Enobia for $1.08B in cash, with $610M paid up front and the rest after various regulatory and sales milestones are hit. Enobia is focused on therapies treating patients with ultra-rare, life-threatening genetic disorders.

Japan, India create swap line. Japan and India agreed to a $15B currency swap line, after a previous $3B deal expired over the summer. The countries have good diplomatic relations, but share only a fraction of the trade that goes on between Japan and China.

Mosaic cuts production. Mosaic (MOS) will cut its quarterly finished phosphate production by up to 250,0000 tons, or ~10%, until the end of March as excess supply weighs on market prices. "The current spot prices in this market do not reflect our outlook for the business, nor do we think they are sustainable," CEO Jim Prokopanko said. In after-hours trading, MOS -1.9%.

Global M&A takes a hit. Global M&A fell to its lowest level in more than a year this quarter, down 16% from the previous quarter to $457.1B. A 2012 M&A recovery isn't looking good, as volatile stock markets, the eurozone's debt crisis and tightening credit markets are scaring cash-rich companies away from major purchases.

Easing repo market risk. At the request of the Fed, a bank industry task force is working on a plan to ease systemic risk in the repo funding market where traders have near-complete dependence on JPMorgan (JPM) and BNY Mellon (BK) as clearing banks. One solution is to add more banks, while another, favored by some at the Fed, is to let a government agency take over.

Chesapeake Midstream buys Appalachia Midstream. Chesapeake Midstream Partners (CHKM) agreed to acquire Appalachia Midstream Services, the wholly owned subsidiary of Chesapeake Midstream Development that holds its Marcellus Shale midstream assets, for $865M.

Today's Markets:
In Asia, Japan -0.3% to 8399. Hong Kong -0.7% to 18398. China +0.2% to 2174. India -1.2% to 15544.
In Europe, at midday, London +0.2%. Paris +0.2%. Frankfurt +0.4%.
Futures at 7:00: Dow +0.2%. S&P +0.3%. Nasdaq +0.2%. Crude +0.2% to $99.55. Gold -2.1% to $1531.40.

Thursday's economic calendar:
8:30 Initial Jobless Claims
9:45 Chicago PMI
10:00 Pending Home Sales
10:30 EIA Natural Gas Inventory
11:00 KC Fed Manufacturing
11:00 EIA Petroleum Inventories
4:30 PM Money Supply
4:30 PM Fed Balance Sheet

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Wall Street Breakfast: Must-Know News - Wed, 28 Dec 2011
Wall Street Breakfast Editors submit:

by Rachael Granby and the Market Currents team

Obama to ask for higher debt limit. The Obama administration will ask Congress to raise the nation's borrowing limit by another $1.2T this week, marking the third and final increase from a deal reached over the summer. The government will approach within $100B of its current limit by Friday.

Italian borrowing costs fall. Italy sold €9B worth of 6-month bills at 3.251%, a huge improvement from 6.504% on November 25. The ten-year yield dipped back below 7%, and was around 6.78% as of 5:20 ET.

Banks tap ECB. Use of the ECB's overnight deposit facility hit a new all-time high, with banks depositing €452.034B ($589.7B) last night, up from a high of €411.813B the night before.

Cavium disappoints on Q4. Shares of Cavium (CAVM) fell 5.9% in post-market trading after the company became the latest chipmaker to issue a Q4 warning. The company now expects revenue of $56M-$57M for the quarter, below a $61.6M consensus. Cavium blamed weak demand from a variety of market segments, as well as a "hub transition" at a major customer (most likely Cisco).

Firms pay for LCD price-fixing. Samsung (SSNLF.PK), Sharp (SHCAY.PK) and five other Asian electronics companies have agreed to pay $552M to settle allegations of price-fixing on LCD screens.

China not named as currency manipulator. The Treasury Department spent several paragraphs of its semi-annual report on exchange rates calling out China for manipulating the yuan to keep its value low, but stopped short of formally naming the country a "currency manipulator." The Treasury did note some signs that China is moving on the right path, including a 12% real appreciation in the yuan since June 2010 along with a decline in China's trade surplus.

NYT sells regional papers. The New York Times Co. (NYT) announced it had agreed to sell its Regional Media Group, which owns 16 regional newspapers and various other publications, to privately-owned Halifax Media Holdings for $143M in cash ($150M in post-tax proceeds). The transaction is expected to close in Q1 2012.

IPOs fail to impress in 2011. Despite much talk about an IPO comeback, this year will close out with fewer IPOs than there were in 2010, while money raised in the offerings will be ~6% lower than last year and ~40% below the 2007 peak. Among companies that did manage a U.S. offering, around 2/3 are now trading below their IPO price.

Obama names Fed board replacements. President Obama plans to nominate Harvard finance professor Jeremy Stein and Jerome Powell, a former Bush official and P-E executive, to fill the two vacancies on the Federal Reserve Board.

Court to review BofA settlement. A U.S. appeals court will review whether BofA's (BAC) $8.5B MBS settlement should be sent back to a New York state court for approval; some institutional investors want the case to stay in federal court where it will be easier to negotiate higher payouts. A ruling is expected within 60 days.

Court delays lawsuit against Citi. A federal appeals court agreed to the SEC's request to place an emergency hold on its fraud lawsuit against Citigroup (C). The regulatory agency made the request in order to ensure it can continue settling enforcement cases without requiring corporate defendants to address whether they did anything wrong, a practice which had recently been called into question by the court.

General Re eyes Korea purchase. Berkshire's (BRK.A) General Re is interested in buying Tong Yang Life Insurance to tap into the promising South Korean market. Tong Yang's majority stakeholder Vogo Fund is looking to sell its 60.7% stake worth ~937B won ($808.7M), and General Re has reportedly signed a confidentiality agreement to participate in the deal.

AIG settlement approved. A federal judge approved a $450M settlement between AIG (AIG) and rival insurers. The settlement addresses claims AIG had incorrectly reported the size of its workers' compensation business in the 1980s and 1990s, which in turn allowed it to make smaller contributions to state-mandated pools for uninsured workers.

BP cleared in Alaska. A federal judge ended BP's (BP) three-year probation for the negligent discharge of oil in Alaska in 2007.

Today's Markets:
In Asia, Japan -0.2% to 8424. Hong Kong -0.6% to 18519. China +0.2% to 2170. India -0.9% to 15728.
In Europe, at midday, London +0.6%. Paris +0.6%. Frankfurt +0.1%.
Futures at 7:00: Dow +0.2%. S&P +0.3%. Nasdaq +0.25%. Crude -0.4% to $100.94. Gold -0.4% to $1589.50.

Wednesday's economic calendar:
7:00 MBA Mortgage Applications
7:45 ICSC Retail Store Sales
8:55 Redbook Chain Store Sales

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Wall Street Breakfast: Must-Know News - Tue, 27 Dec 2011
Wall Street Breakfast Editors submit:

by Rachael Granby and the Market Currents team

BofA may need to sell more assets. Lagging its peers in compliance with new capital rules, BofA (BAC) is reportedly considering additional asset sales. One analyst thinks the bank may need as much as an extra $45B in capital by 2019, but having notched $50B of asset sales since Jan. 2010, BofA may not have many big ticket items left. Premarket: BAC -0.7% (7:00 ET).

Samsung aims to boost sales. Samsung (SSNLF.PK) aims to lift its global handset sales by 15% next year to 374M units by focusing on smartphones, according to a report in the Korea Economic Daily. The move would give Samsung a stronger footing against larger rival Nokia (NOK), whose handset sales are projected to fall 5% next year to 399M. Separately, Samsung's board approved a plan to buy Sony's (SNE) entire stake in their LCD joint venture for 1.08T won ($939M).

Sears to take Q4 charge. Sears (SHLD) has said it will close 100-120 Kmart and Sears stores, and will take Q4 charges of $1.6B-2.4B. Quarter-to-date comparable sales are off 5.2%. Given the disappointing performance and "the difficult economic environment, especially for big-ticket items, we intend to implement a series of actions to reduce on-going expenses, adjust our asset base, and accelerate the transformation of our business model."

RIM investors pressure board. RIM (RIMM) shares hit a multi-year low this month, capping off a disastrous year which saw delays in product rollout and lost marketshare. Investors and analysts alike are pushing the board to get a grip on the company's direction, either by forcing a strategic shift, ousting co-CEOS Jim Balsillie and Mike Lazaridis, or selling the company outright.

Japan boosts ties with India, China. Japan is poised to unveil a currency-swap line with India, valued at around $10B. On Sunday, Japan and China said they will promote direct trading of yen and yuan without using dollars, and will encourage the development of a market for the exchange to cut the cost for companies. It's part of a broad and innovative package of financial agreements designed to tighten ties between the two giants.

BoJ sees heightened risks. Minutes from the recent Bank of Japan meeting show a "few" board members were concerned about the possibility "downside risks to the economy had increased somewhat since the previous meeting," mostly in light of the eurozone's debt crisis and the yen's appreciation. The report didn't specify how many members shared that view.

China sets rare earth quota. China set the first tranche of rare earth export quotas at 10,546 tons for 2012, and said overall export quotas for 2012 will be unchanged from 2011 to "guarantee" international demand and keep supplies "basically stable." The 2011 quota was 30,184 tons, but less than half of that was actually exported in the first 11 months. Stocks to watch in response: [[MCP]], [[REE]], [[SHZ]], [[AVL]], [[REMX]].

Santa spurs shoppers. Online shopping jumped 16.4% on Christmas from the year before, according to data released by IBM. The dollar value of purchases made on mobile devices jumped 172.9%, and nearly 7% of all online purchases on Christmas Day were made using iPads. The uptick appeared poised to continue yesterday, though final data isn't yet available.

Intel case back to state court. Intel's (INTC) last major antitrust fight is heading back to state court, after a judge on Friday canceled a Feb. 14 federal trial. NY AG Eric Schneiderman had asked for the case to be turfed back to the state level after recent developments limited the amount of damages New York could seek in a federal case.

SEC crunches the numbers. Still stinging from its failure to detect Madoff's Ponzi scheme, the SEC is training its focus on a list of around 100 hedge funds whose performance seems too good to be true. Encouraged by initial results from its number-crunching, the SEC will also look at returns from mutual funds and P-E funds.

Brazil beats out the U.K. The U.K. has lost its spot as sixth-largest economy to Brazil, says the Center for Economics and Business Research, as the resource-rich South American economy has surged on exports to China. The latest CEBR forecasts revise global growth down to +2.5% in 2012, though the figure could fall to +1.1% should "one or more countries” leave the euro.

Cameron heads to trial. Cameron International (CAM) has struck out in its effort to derail a February non-jury trial over which companies should be blamed for the Deepwater Horizon oil spill. Cameron had been angling for a trial with a jury, but the U.S. Court of Appeals rejected Cameron's claims.

U.S. firms eye European assets. U.S. financial firms are taking advantage of the eurozone's debt crisis to pick up assets owned by cash-strapped regional banks. European financial institutions may shed as much as $3T in assets over the next 18 months. Deals are likely to spike ahead of the June deadline for European banks to raise more than €114B in new capital.

DoJ reverses on Web gambling. The Justice Department has reversed its long-standing opposition to many forms of online gambling, a potential boon to states that view online gambling as a good way to raise tax revenue. The DoJ brief, written in September but only made public on Friday, dealt specifically with lottery tickets, but opens the door for Internet poker and other forms of online betting that don't involve sports.

Today's Markets:
In Asia, Japan -0.5% to 8441. Hong Kong closed. China -1.1% to 2166. India -0.6% to 15874. South Korea -0.8% to 1842.
In Europe, at midday, London closed. Paris +0.5%. Frankfurt +0.4%.
Futures at 7:00: Dow +0.02%. S&P -0.02%. Nasdaq +0.2%. Crude +0.3% to $99.98. Gold -0.4% to $1599.10.

Tuesday's economic calendar:
7:45 ICSC Retail Store Sales
8:55 Redbook Chain Store Sales
9:00 S&P Case-Shiller Home Price Index
10:00 Consumer Confidence
10:00 Richmond Fed Mfg.
10:00 State Street Investor Confidence Index
10:30 Dallas Fed Manufacturing Outlook

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Wall Street Breakfast: Must-Know News - Fri, 23 Dec 2011
Wall Street Breakfast Editors submit:

By Yigal Grayeff and the Market Currents team

AIG CEO to delay retirement. AIG (AIG) CEO Robert Benmosche, who previously said he planned to retire in 2012, has told the company's board he'd like to stay in his position for another year. The directors don't have to approve Benmosche's decision for him to extend his tenure.

Congress set to OK payroll tax cut extension. The House is expected to pass a two-month extension to the payroll tax cut today after House Republicans yesterday caved into pressure to drop their opposition to the bill, which has already been passed in the Senate. House Speaker John Boehner said his side relented in return for new language in the legislation to make it easy for business payroll staff to process the tax relief.

Portugal sells utility stake for $3.5B to Chinese firm. China Three Gorges is acquiring Portugal's 21% stake in utility EDP (EDPFY.PK) for €2.7B ($3.5B), beating out E.On (EONGY.PK) and Eletrobras (EBR). The deal also includes Chinese investment in the wider economy, and is a crucial indicator of Portugal's ability to sell state assets in the face of its debt crisis.

China continues to fuel its expansion with $2.1B coal deal. China has made another commodities acquisition that will help fuel its growth as Australia's Gloucester Coal confirms that it's being bought by Yanzhou (YZC) for around A$2.1B ($2.1B). The deal values Gloucester at up to A$10.16 a share, or a 45% premium to its price on Monday, when trading was halted.

ECB's Stark rejects using IMF to bypass eurozone rules. The EU shouldn't use the IMF to circumvent the ban on central banks financing governments, and plans to do so might breach that principle, outgoing ECB Executive Board member Juergen Stark has told Die Welt. It would also mean that the EU and its member states would give away some of their decision-making powers. Stark is a long-time opponent of the ECB buying government bonds, and it's a major reason why he's leaving the bank.

Google+ growing but by how much? Google+ (GOOG) has attracted 150M active users, trailing only Facebook (450M+) and Sina's (SINA) Weibo (175M+) among social networks, GlobalWebIndex says. In contrast, comScore says Google+ had a more modest 66.8M unique visitors in November, well below Facebook, Twitter and LinkedIn (LNKD). Either way, it seems Google could be making headway in using its Web and mobile reach to spur Google+ uptake.

AT&T gets better news from regulators. Having been unable to convince regulators about its proposed $39B merger with T-Mobile, AT&T (T) has won approval for the $1.9B purchase of wireless spectrum from Qualcomm (QCOM). The companies expect to close the transaction "in the coming days," ahead of guidance for the end of Q1 2012.

Fed mulls signalling that rates will stay low into 2014. The Fed could signal at its next meeting that it could keep short-term interest rates near zero into 2014 or beyond, the idea being that such an assurance would cause markets to push long-term rates even lower and thus spur spending and investment. But as MarketBeat's Matt Phillips points out, while "real" interest rates are negative, "companies have tons of cash," and many consumers aren't interested in, or able to, take advantage of these rates.

Kodak selling unit, appoints co-President; shares surge. Eastman Kodak (EK) jumped 19.1% in post-market trading after the troubled company announced that it's selling its gelatin business to privately-owned Vion Food Group, and that it has elected General Counsel Laura Quatela as President. Quatela will hold the position in tandem with current President Philip Faraci.

Santander faces customer wrath over €4B bond losses. Banco Santander (STD) is facing a growing domestic backlash from hundreds of customers holding a combined €4B ($5.2B) of paper losses on bonds the bank sold four years ago. Customers say the bonds, which are due to convert to common shares in October 2012, were riskier than Santander had disclosed, and at least two individuals have already filed lawsuits.

FCC looks to relax media-ownership laws. The FCC wants to ease the limits on the ability of firms to own a newspaper and a TV or radio station in the same local markets. Commissioner Robert McDowell believes the rule is anachronistic given that people increasingly get news on the Internet. The change could benefit the likes of News Corp. (NWS) and Tribune Co.

COF under scrutiny for improper debt-collection practices. The Wall Street Journal has shined a light on Capital One's (COF) little-known debt-collection practices, saying the company has been accused of pursuing 15,500 "erroneous claims" to recover loans that have already been discharged in bankruptcy cases. COF disputes the figure and denies one judge's suspicion that the bank makes "conscious, malevolent" efforts to try to collect such debt.

Today's Markets:
In Asia, Japan closed. Hong Kong +1.4% to 18629. China +0.8% to 2205. India -0.5% to 15739.
In Europe, at midday, London +1.0%. Paris +1.2%. Frankfurt +0.3%.
Futures at 7:00: Dow +0.4%. S&P +0.5%. Nasdaq +0.35%. Crude +0.3% to $99.80. Gold -0.2% to $1607.60.

Friday's economic calendar:
8:30 Durable Goods
8:30 Personal Income and Outlays
10:00 New Home Sales

For full real-time earnings coverage, please click here.

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Markets News

Bank Profits Surge To $35 Billion, FDIC Says, But Outlook Still Cloudy - Thu, 24 May 2012
The FDIC’s quarterly reading on American banks painted an improving portrait, with profits up and the number of troubled institutions down during the first three months of 2012, but the encouraging

A Strategy to Keep Volatility Low - Thu, 24 May 2012
Asset manager�Rick Lake�explains how his alternative fund-of-funds helps investors manage the downside risk of too much volatility in their portfolios, also telling how the fund blends various approaches to achieve that low degree of volatility.

Facebook's Flop And The Delusion Of Regulating Risk - Thu, 24 May 2012
At first, when I listened to the accounts of old-time deals and devices I used to think that people were more gullible in the 1860s and ’70s than in the 1900s. But I was sure to read in the newspapers that very day or the next something about the latest Ponzi or the bust-up of some bucketing broker and about the millions of sucker money gone to join the silent majority of vanished savings. — Edwin Lefevre, Reminiscences of a Stock Operator, 1923 Poor Zuckerberg. He’s got all those Facebook shares and they're still below the offering price.

Rolling Thunder - Something Worth Fighting For - Fri, 25 May 2012
One of the most important elements of freedom but especially lately the least talked about, is economic freedom. I have been critical of our central bank, our government and governments around the world because many of the policies they are initiating will undermine our individual freedom and the freedom of our children.

Microsoft Claims It Passed Apple In China As Nokia Cheers - Fri, 25 May 2012
Microsoft’s Windows Phone has already reached a 7% market share in the country trumping Apple iPhone’s 6%.

Economy News

Can Italy Save The EU? On Monti And Draghi, Eurobonds And Liquidity Injections - Fri, 25 May 2012
Italy could save the day, as Prime Minsiter Mario Monti said he believes German Chancellor Angela Merkel can be convinced of issuing joint Eurobonds, while ECB chief Mario Draghi, who is Italian, could be set to unleash a new round of liquidity injections.

Pandora And The Facebook Curse: Difficulty Monetizing Mobile - Thu, 24 May 2012
Shares in Pandora rallied after a solid earnings beat, but the company faces many difficult hurdles. On the one hand, it is having a difficult time monetizing mobile users, much like Facebook, but, on the other, it faces a highly competitive market.

Forget The Olympics And Euro 2012, Nike's Sales Will Slow - Thu, 24 May 2012
Nike has been a market darling over the last 12 months, flying high and hitting record levels, but sales will take a hit, putting a lid on appreciation for now. Bloated inventories and weak performances around the Euro Cup and Olympics will hit the top line.

Massive Comeback For US Stocks On Hopes Merkel Will Play Ball - Wed, 23 May 2012
It was a crazy day for markets, as EUropean headline risk dominated the session. Leaders of major European nations including France's Hollande and Germany's Merkel met to discuss a possible Greek exit, and Eurobonds, as stocks rallied strongly in the last hour of trading.

Europe Imploding Again: Get Ready For The 3PM Press Conference - Wed, 23 May 2012
It looks like the Eurozone is close to collapsing once again, as leaders including Hollande and Merkel meet in Brussels to discuss eurobonds and a possible Greek exit.

CNN

Euro leaders fall short (again!) as crisis spirals - Thu, 24 May 2012
European politicians are facing renewed criticism for being slow to respond as the debt crisis in the eurozone has taken a turn for the worse.

Google kills 250,000 search links a week - Thu, 24 May 2012
It may surprise you that there is a rapidly growing number of websites Google intentionally hides from you. Google doesn't want that to be a surprise anymore.

Follow the money ... to Singapore - Thu, 24 May 2012
AlphaVN.com is an investing blog focusing on Vietnam and other markets in Southeast Asia. It is written by Peter Pham, a capital market specialist and entrepreneur with expertise in institutional sales and trading.

Facebook sees modest gains - Thu, 24 May 2012
Facebook's stock made modest gains on Thursday, but it's still down at least 15% from the price of its initial public offering.

30-year mortgage rate hits another record low - Thu, 24 May 2012
Buying a home got even cheaper this week as interest rates on the 30-year fixed-rate mortgage set a record low for the fourth week in a row.

U.S. Monetary Authorities Did Not Intervene in FX Markets during the First Quarter
The U.S. monetary authorities did not intervene in the foreign exchange markets during the January - March quarter, the Federal Reserve Bank of New York said today in its quarterly report to the U.S. Congress.

New York Fed Sells TRIAXX CDO Holdings in Competitive Process
The Federal Reserve Bank of New York today announced that it has sold the entirety of the TRIAXX CDO holdings from its Maiden Lane III LLC portfolio to Merrill Lynch, Pierce, Fenner and Smith Incorporated following a competitive bid process.

New York Fed Solicits Bids for Triaxx CDO Holdings in Maiden Lane III LLC
The New York Fed today announced that it has initiated a competitive bid process in response to several strong reverse inquiries for holdings in the two Triaxx CDOs in the Maiden Lane III LLC portfolio.

New York Fed releases tentative outright Treasury operation schedule
New York Fed releases tentative outright Treasury operation schedule

New York Fed releases expanded reverse repo counterparties list
Effective April 30, 2012, the New York Fed has expanded its list of reverse repo counterparties.

China In Transition - Mon, 21 May 2012
Policymakers in Beijing are making a concerted effort to support a transition in China's economy, moving it away from a dependence on infrastructure spending by the government and towards more private investment.

Mitt Romney: What's He Really Worth? - Wed, 16 May 2012
Forbes reveals the most definitive valuation of the man who would be the richest President ever.

China's Cities Take Steps To Stimulate Home Purchases - Mon, 14 May 2012
Local governments in China are beginning to "test the waters" by loosening housing restrictions, despite the Central Government's policies against it.

China's Best Kept Secrets: Mianyang And Other Tier 3 Cities - Fri, 11 May 2012
Though most people have never heard of them, China's Tier 3 cities are where all the action is happening.

Clayton Christensen On Truth, God and Personal Courage - Wed, 09 May 2012
The Harvard Business School professor and author of "How Will You Measure Your Life?"

Investing Ideas

Intel Still A Tech Darling To Needham After NVIDIA Deal - Tue, 11 Jan 2011
Needham is still calling Intel a 'buy' but we beg to differ.

Handicapping Intel And Four Other Buy And Trade Stocks - Tue, 11 Jan 2011
Here's a look at five stocks to buy and trade.

Costco's Spicy Cousin Is On Fire - Wed, 08 Dec 2010
PriceSmart shares were roaring thanks to the company's third consecutive earnings surprise.

Can Kroger Beat Wal-Mart? - Tue, 07 Dec 2010
Wal-Mart made its grocery competitors tougher. That could hurt the big box store in long run.

Russian Acquisition Is Another Reason To Pour PepsiCo Into Your Portfolio - Thu, 02 Dec 2010
PepsiCo makes the first move in buying out Russian food producer Wimm-Bill-Dann.

Zacks.com