International Business News - Financials http://www.ibtimes.com/subsection/industries/financials.htm All articles are copyrighted by IBTimes.com 400 100 http://www.ibtimes.com/ http://www.ibtimes.com/images/top_logo_ibt2_3.gif News that Saudi Arabia had boosted its oil output by 300,000 barrels a day was greeted as a non-event on oil markets _ the move wasn't anywhere near the kind of production increase needed to bring prices down on Friday. 118056 http://www.ibtimes.com/data/articleimgs/48187-oil-prices.jpg http://www.ibtimes.com/articles/20080517/oil-sets-record-near-128-pump-price-at-high-too.htm http://www.ibtimes.com/articles/20080517/oil-sets-record-near-128-pump-price-at-high-too.htm Sat, 17 May 2008 10:56:19 EDT The total jobs Morgan Stanley cut this week could get close to 2,000 jobs. A report said Morgan cut 1,500 jobs this week, but few affected employees have not been notified yet, media reports said on Friday. 118004 http://www.ibtimes.com/articles/20080517/morgan-stanley-started-slashing-jobs.htm Sat, 17 May 2008 03:11:44 EDT Investment bank Lehman Brothers Holdings Inc. will begin to cut jobs on May 19 and plans to shed 5 percent of its workforce, according to media reports. 117967 http://www.ibtimes.com/articles/20080516/lehman-brothers-investment-workforce.htm Fri, 16 May 2008 22:07:25 EDT News that Saudi Arabia had boosted its oil output by 300,000 barrels a day was greeted as a non-event on oil markets _ the move wasn't anywhere near the kind of production increase needed to bring prices down on Friday. 117533 http://www.ibtimes.com/data/articleimgs/46943-oil-prices.jpg http://www.ibtimes.com/articles/20080516/oil-prices-rise-after-volatile-session.htm http://www.ibtimes.com/articles/20080516/oil-prices-rise-after-volatile-session.htm Fri, 16 May 2008 20:24:00 EDT Allstate Corp.'s subsidiaries can resume selling new car insurance and other policies in Florida after the insurer turned over documents showing how it sets homeowners rates, the state said Friday. 117837 http://www.ibtimes.com/articles/20080516/florida-lifts-ban-on-new-allstate-insurance-policies.htm Fri, 16 May 2008 18:28:06 EDT By relaxing down-payment requirements for borrowers in markets where home prices are falling, Fannie Mae aims to both resuscitate the flagging housing market and respond to pressure from industry groups, consumer advocates and lawmakers. 117569 http://www.ibtimes.com/articles/20080516/fannie-mae-scraps-higher-downpayment-requirements.htm Fri, 16 May 2008 18:03:51 EDT Standard & Poor's Ratings Services assigned an "A" rating to roughly $2.5 billion in bonds American International Group Inc. is selling as part of a plan to raise more cash. 117919 http://www.ibtimes.com/articles/20080516/s-p-assigns-a-rating-to-junior-aig-debt.htm Fri, 16 May 2008 17:51:40 EDT Shares of American Express Co. fell Friday as the company's April delinquency data showed more customers are missing payments and an analyst said the stock is vulnerable for at least the next six months. 117685 http://www.ibtimes.com/articles/20080516/american-express-shares-fall-as-payment-rates-dip.htm Fri, 16 May 2008 17:21:27 EDT Shares of Cash America International Inc. fell Friday a day after the payday lender slashed its profit target and said it planned to shut down its business in Ohio. 117840 http://www.ibtimes.com/articles/20080516/cash-america-shares-fall-a-day-after-ohio-vote.htm Fri, 16 May 2008 17:13:11 EDT Commercial bank stocks fell Friday as data showing new home constructions rose in April was offset by yet another high price for oil. Here's how some shares of commercial banks traded: 117881 http://www.ibtimes.com/articles/20080516/closing-glance-shares-of-commercial-banks-fall.htm Fri, 16 May 2008 16:13:45 EDT Shares of insurers mostly fell Friday as Moody's Investors Service said it might downgrade some subsidiaries of American International Group Inc. Broader markets also declined slightly a worries over rising oil prices outweighed a surprise jump in April home construction data. 117879 http://www.ibtimes.com/articles/20080516/closing-glance-insurers.htm Fri, 16 May 2008 16:12:40 EDT Shares of investment banks fell Friday as the broader markets wavered when worries over rising oil prices outweighed a surprise jump in April home construction data. 117870 http://www.ibtimes.com/articles/20080516/closing-glance-investment-banks-fall.htm Fri, 16 May 2008 16:07:40 EDT Citigroup Inc. suggested Friday that it is considering a sale of its German retail bank. As part of CEO Vikram Pandit's review of Citi's various businesses around the world, the company is "exploring a variety of options for our retail banking business in Germany, the most profitable in terms of return on equity over the last ten years in this market," the bank said in a statement. "No decisions have been made at this time." 117866 http://www.ibtimes.com/articles/20080516/citigroup-mulls-sale-of-german-retail-bank.htm Fri, 16 May 2008 16:02:54 EDT The president and chief executive of insurance broker Marsh & McLennan Cos. bought 40,000 shares of common stock, according to a filing with the Securities and Exchange Commission. 117847 http://www.ibtimes.com/articles/20080516/marsh-mclennan-president-and-ceo-buys-shares.htm Fri, 16 May 2008 15:15:06 EDT Jamie P. Menges sees many of his clients getting squeezed in this economy, and some are considering hard choices _ like cutting back on their 401(k) contributions. 117841 http://www.ibtimes.com/articles/20080516/struggling-workers-hold-off-on-cutting-401-k-savings-so-far.htm Fri, 16 May 2008 14:58:51 EDT Fannie Mae, the largest mortgage finance company, will end its practice of requiring larger down payments in areas where home prices are falling. 117709 http://www.ibtimes.com/articles/20080516/fannie-mae-down-payments-policy.htm Fri, 16 May 2008 14:49:09 EDT Assurant Inc. hiked its dividend 17 percent on Friday, saying its business is generating enough cash to justify a higher dividend. The specialty insurer will pay a dividend of 14 cents on June 10 to shareholders on May 27. The previous dividend was 12 cents. 117831 http://www.ibtimes.com/articles/20080516/assurant-raises-dividend-17-percent.htm Fri, 16 May 2008 14:33:49 EDT Lehman Brothers Holdings Inc. will begin to cut about 5 percent of its staff on Monday as part of an overall plan to streamline its balance sheet amid further turbulence in the financial markets, said a person familiar with the plan. 117819 http://www.ibtimes.com/articles/20080516/lehman-brothers-set-to-cut-5-percent-of-staff.htm Fri, 16 May 2008 14:23:28 EDT A day after Aflac Inc. reiterated its profit outlook for the year, a Lehman Brothers analyst recommended the insurer's stock, saying prospects for growth in Japan makes the investment less risky than its peers. 117818 http://www.ibtimes.com/articles/20080516/aflac-remains-a-solid-investment-analyst-says.htm Fri, 16 May 2008 14:20:02 EDT Allied Capital Corp., which lends to and invests in medium-sized businesses, said Friday it has completed the sale of 9 million shares at $20.45 apiece for proceeds of $184.1 million. 117817 http://www.ibtimes.com/articles/20080516/allied-capital-raises-175m-in-stock-offering.htm Fri, 16 May 2008 14:19:25 EDT