Credit ratings agency Standard & Poor's has cut its ratings on 22 banks.
Standard and Poor’s Ratings Services today hit Massachusetts Mutual Life Insurance Co., New York Life Insurance Co. and TIAA-CREF with negative ratings actions.
The National Association of Active Investment Managers of Littleton, Colo., has elected Renee Toth as president of the trade group for 2009-2010.
Excluding volatile food and energy costs, core prices also increased 0.1%, matching expectations.
Lincoln National, which markets itself as Lincoln Financial Group, will raise about $600 million from the stock offer.
Gross domestic production declined nearly 10 percent in the first quarter and the government predict it will decline by 6 to 8 percent this year.
The Commerce Department said Tuesday that construction of new homes and apartments jumped 17.2% to a seasonally adjusted annual rate of 532,000 units.
The Financial Industry Regulatory Authority Inc. yesterday adjusted its variable annuity suitability rule, releasing the final version of the much-debated Rule 2821. Originally, the rule had four major components.
Some lawmakers and economists say making the Fed a "systemic risk regulator" would itself be a high-stakes risk that would distract from its core mission: reviving the economy.
The Federal Reserve's report on Tuesday showed production at the nation's factories, mines and utilities has fallen for seven straight months. Output also turned out to be a bit weaker — a 0.7 percent decline— in April than the Fed initially reported.
The Labor Department said Tuesday that the Producer Price Index increased by a seasonally adjusted 0.2 percent from April. That's below analysts' expectations of a 0.6 percent rise.
Nouriel Roubini, chairman of research firm RGE Global Monitor of New York, said today that a 1970s-style stagflation could reappear.
Aquiline Capital Partners LLC has purchased Conning & Co., the research, consulting and asset management firm, from Swiss Reinsurance Co. Ltd.
Americans are slightly less pessimistic about their financial security than they were in April, according to the results of a bimonthly survey.
Because the insurance industry has grown to $6.3 trillion in assets under management and $1.2 trillion in annual premiums, the regulations that govern the industry need to be modernized, according to House Capital Markets Subcommittee Chairman Paul Kanjorski, D-Pa.
The company, which markets itself under the name Lincoln Financial Group, said it will accept as much as $950 million in capital as part of the government's $700 billion TARP program.
Net purchases of stocks, notes and bonds obtained by foreigners fell to $11.2 billion in April.
The British Bankers' Association said the rate on three-month loans in dollars — known as the London Interbank Offered Rate, or Libor — was down 0.01 of a percentage point to 0.61 percent.
