The insurance giant has reduced but not eliminated the risk that its failure could pose to the global economy despite getting more than $180 billion in federal bailout aid, Edward Liddy is expected to tell Congress today.
The Dutch bank and insurer blamed loss on falling asset prices, the weak performance of insurance contracts and restructuring charges.
The British economy has a 50-50 chance of returning to growth by the middle of 2010, says the U.K.'s central bank.
“We ought to move to a single standard, and I think it makes sense for it to be a fiduciary standard,” Richard Ketchum said in an interview today.
The Munich, Germany-based insurer said net profit in the January-March period was €29 million ($40 million) compared with a profit of €1.15 billion in the first quarter of 2008.
Banks that sold insurance last year reaped higher profits than those that didn’t, according to a study from the Bank Insurance Market Research Group.
The world's biggest computer chip maker is said to have used illegal sales tactics to shut out smaller rival AMD.
The slumping economy is causing even state and local government employees, who typically get traditional fully loaded pensions, to hold off on retirement, according to a survey released today.
The financial health of Social Security and Medicare, the government's two biggest benefit programs, worsened in the past year because of the severe recession.
Fisher Investments, one of the country’s most noted investment advisory firms, has been tagged with a $1.2 million arbitration claim, alleging that it failed to live up to its fiduciary duty during the recent calamitous market meltdown.
Home prices fell in nearly nine out of every 10 U.S. cities in the first quarter of this year as first-time buyers looking for bargains dominated the market.
Many small businesses believe their sales will increase or remain flat this year even as they continue to cut operating costs, according to a study released yesterday by Raddon Financial Group of Lombard, Ill.
The federal government ran a deficit in April for the first time in 26 years, pushing the red ink so far this budget year to a record $802.3 billion.
The government's unprecedented "stress tests" of the 19 largest U.S. banks should bolster Americans' battered confidence in U.S. banking system, Federal Reserve Chairman Ben Bernanke said today as he defended the rigor of the exams.
National Financial Partners Corp. today reported a net loss of $515.8 million, or $12.59 per diluted share, for the first quarter, compared with net income of $8.5 million, or $0.21 per diluted share, in the first quarter of 2008.
Great-West Lifeco Inc., the Winnipeg, Manitoba-based parent company of Putnam Investments of Boston, is looking for acquisition opportunities among U.S. and British life insurance companies, president and chief executive Allen Loney told the Globe and Mail newspapers of Toronto.
Mercer LLC of New York announced today that it has hired two market leaders for its defined contribution plan administration-outsourcing service.
The U.S. trade deficit rose in March for the first time since last July as the global recession cut sharply into sales of American exports.
More than $24 billion in additional estate taxes would have to be paid from fiscal 2010 to fiscal 2019 under a budget proposal for the next fiscal year released Monday by the Obama administration.
Interest rates on short-term Treasury bills fell in Monday's auction with rates on six-month bills dropping to the lowest level since mid-January.
