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Aetna Chairman and CEO Ronald Williams in an internal memo sent to employees outlined that “selective” cuts would need to be made as a result of the economic slowdown. The health insurer expects the current economic downturn to extend into 2009.      No further details on when the cuts would come or how many employees… Continue reading Aetna Plans to Make Job Cuts

On Thursday, more than 100 homes and up to 2,500 acres in Montecito, California, a wealthy Santa Barbara community, have been destroyed by a devastating wildfire. Warm temperatures and high winds were making it difficult for firefighters to save homes and contain the fire, but the winds died down overnight.         Firefighters from throughout… Continue reading More Than 100 Homes Lost to Fires in Montecito, CA

In a survey conducted by Towers Perrin of human resource executives and staff in more than 450 companies, economic downturn is forcing most companies to take a hard look at their compensation and incentive programs to find ways to cut costs. For employees at many companies, reductions in 2008 bonuses and 2009 merit pay increases… Continue reading Economy Spurs Changes in Company Compensation, Incentive Programs

According to research by the Coalition Against Insurance Fraud, the economic downturn is spurring growing numbers of anxious drivers to fraudulently dump unwanted vehicles for insurance money. Officials in nearly a dozen state and local jurisdictions around the U.S. report clear warning signs that so-called owner give-ups are rapidly spreading. The signs include recent increases… Continue reading Auto Dumping, Insurance Fraud on the Rise

According to a monthly report by RealtyTrac, foreclosure activity in October rose 25 percent from a year earlier, although filings in California fell by double-digit percentage points for the second consecutive month due to a state law slowing the foreclosure process. Foreclosure filings — default notices, auction sales notices and bank repossessions — rose by… Continue reading Foreclosures in October Up 25 Percent from 2007

As weakening demand led companies to fire more workers, first-time claims for U.S. unemployment insurance rose last week to the highest level since September 2001, when the economy was last in a recession.      Initial jobless claims increased by 32,000 to a larger-than-forecast 516,000 in the week ended Nov. 8, from a revised 484,000 the… Continue reading New Jobless Claims Reach Highest Level in Seven Years

A recent newspaper article in Florida, which alleged the state’s take-out program is a ploy to forcibly move policies from Citizens Property Insurance Corp. to weak insurers, has been criticized by the Florida Office of Insurance Regulation and Citizens. “The Florida Office of Insurance Regulation would not allow a financially unsound company to take policies… Continue reading Florida Regulators, Citizens Property Insurance Corp. Defend Take-Out Process

Ten percent of Morgan Stanley’s institutional securities staff will be let go and 9 percent of the firm’s asset-management group will lose jobs as the economy contracts and client demand wanes. The cuts are in addition to headcount reductions disclosed earlier this year, Chief Financial Officer Colm Kelleher said today at a conference in New… Continue reading Morgan Stanley to Cut Staff

According to real estate website Zillow.com, home values in the United States posted their seventh consecutive quarterly decline, with nearly one-third of Americans who sold in the past year losing money.    Home values fell 9.7 percent in the third quarter to a median $202,966, Seattle-based Zillow, a seller of real estate data, said in… Continue reading Home Values Decline for Seventh Consecutive Quarter

Treasury Secretary Henry Paulson has said today that the $700 billion US bail-out package has already “clearly helped stabilize” the financial system. He did add, however, that there were still many challenges ahead and market turbulence was likely to continue for some time.    Mr. Paulson said authorities had abandoned plans to use some of… Continue reading Paulson Says US Bail-out Package is Working, Doesn’t Want to Buy Up Toxic Bank Debts