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U.S. shares have fallen in early trading with investors cautious over whether the House of Representatives will back the revised bank rescue plan.    The House is due to discuss the plan later, with a vote expected on Friday. The bill successfully passed through the US Senate on Wednesday.    On Wall Street, the Dow… Continue reading Markets Shaky, Cautious Over House Vote on Rescue Plan

The U.S. Senate on Wednesday night approved a new version of a $700 billion rescue plan for the troubled financial system that has significantly impacted the nation’s economy.       Senators voted 74 to 25 in favor of the emergency legislation, which is designed to buy up bad debts and stabilize financial markets. It includes… Continue reading Senate Approves New Rescue Plan, Now On to the House

The financial crisis is spurring CFOs to look at their risk management practices and make improvements a top priority according to a Towers Perrin survey of finance executives at major U.S. corporations.      Towers Perrin commissioned the survey by CFO Research Services, an affiliate of The Economist and CFO magazine, to gain insights on how… Continue reading Towers Perrin Survey: Financial Crisis Forcing CFOS to Evaluate Risk Management

One of the nation’s largest insurers, Hartford Financial Services Group Inc., saw its stocks decline on Tuesday after Fitch Ratings stirred concerns that the company would raise capital and dilute shareholders. The Hartford, Connectciut insurer’s stock declined $9.01 a share, or 18%, to $40.99 yesterday, even as a number of other major insurers closed up… Continue reading Hartford Financial Services Gets Hit After Fitch Issues Rating Warning

Federal Deposit Insurance Corp. Chairman Sheila Bair is seeking authority to temporarily raise deposit insurance limits from $100,000, giving banks liquidity amid a “crisis of confidence” in the banking industry. “I do believe that it would be helpful for the FDIC to have the temporary ability to raise deposit insurance limits,” Bair said today in… Continue reading FDIC Looking to Raise Deposit Insurance Limits

State insurance regulators have adopted a proposal which further supports their efforts to develop a uniform system for collecting insurance companies’ market-related information. Regulators moved forward with their latest efforts on this key initiative — referred to as the Market Conduct Annual Statement (MCAS) — during the National Association of Insurance Commissioners (NAIC) Fall National… Continue reading State Insurance Regulators Move Forward on Market Analysis Proposal

According to Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI), the U.S. property/casualty insurance industry’s net income after taxes fell 57.4 percent to $13.9 billion in first-half 2008 from $32.7 billion in first-half 2007. The insurance industry’s overall profitability as measured by its annualized rate of return on average policyholders’… Continue reading P/C Sector Sees First-Half Profits Down 57.4%, Hurt by Underwriting and Investment Results

U.S. senators will vote tonight on a revamped financial rescue package after the House of Representatives rejected an initial $700 billion plan. Both U.S. presidential hopefuls John McCain and Barack Obama are returning from the campaign trail to cast their vote in the Senate.          The new package is expected to be similar to the… Continue reading Senate to Vote on Rescue Plan, New Measures to be Included

The S&P/Case-Shiller home-price indexes, a closely watched gauge of U.S. home prices, showed prices in July continued to drop at a record pace, although the pace of declines kept slowing.    “There are signs of a slow down in the rate of decline across the metro areas, but no evidence of a bottom,” David M.… Continue reading Home Prices Continue Down

The Senate gave final congressional approval over the weekend to legislation to extend the troubled U.S. flood insurance program until March 6, 2009. Passed by the House of Representatives on Tuesday, the measure, which requires the approval of President George W. Bush, would give lawmakers time to try to resolve disagreements over reforming the debt-burdened… Continue reading Federal Insurance Plan Extension Passed Until March ’09