International Business News - Financial http://www.ibtimes.com All articles are copyrighted by IBTimes.com 400 100 http://www.ibtimes.com/ http://www.ibtimes.com/images/top_logo_ibt2_3.gif The value of the public pension fund serving 73,000 active and retired New Hampshire workers has dropped about $1 billion over the past 15 months. But pension system board Chairwoman Lisa Shapiro said Tuesday that workers should not be alarmed because their benefits are safe. She said the $5 billion fund has good investments that should rebound when the turmoil on Wall Street subsides. http://www.ibtimes.com/articles/20081007/nh-retirement-fund-value-down-1b-over-15-months.htm Tue, 07 Oct 2008 14:44:46 EDT The Federal Reserve moved swiftly to break through a credit clog that is imperiling the economy, saying Tuesday it would buy massive amounts of short-term debt and hinting that it may cut interest rates. http://www.ibtimes.com/data/articleimgs/146686-meltdown-lehman.jpg http://www.ibtimes.com/articles/20081007/pressure-grows-on-us-to-take-bold-steps-on-economy.htm http://www.ibtimes.com/articles/20081007/pressure-grows-on-us-to-take-bold-steps-on-economy.htm Tue, 07 Oct 2008 14:56:21 EDT Rep. Barney Frank said Monday that Republican criticism of Democrats over the nation's housing crisis is a veiled attack on the poor that's racially motivated. http://www.ibtimes.com/articles/20081006/frank-says-gop-housing-attacks-racially-motivated.htm Mon, 06 Oct 2008 20:49:02 EDT Peoples Financial Corp. said Monday its board approved the repurchase of up to 2.5 percent of the bank holding company's outstanding shares. The 2.5 percent equals about 133,000 shares, according to the company. At the stock's closing price of $21.22 Monday, that would cost roughly $2.8 million. http://www.ibtimes.com/articles/20081006/peoples-financial-to-buy-back-133-000-shares.htm Mon, 06 Oct 2008 18:11:04 EDT Turmoil on Wall Street is trickling down to the Kansas Statehouse and appears to be tightening up the state's already difficult finances. The latest report on state revenues suggested Monday that Kansans are earning less income and businesses are making less profit than previously expected. The state collected 4 percent less than anticipated in income taxes from individuals and businesses during the first quarter of the state's 2009 fiscal year, which ended Sept. 30. http://www.ibtimes.com/articles/20081006/kan-starting-to-see-effects-of-financial-turmoil.htm Mon, 06 Oct 2008 17:39:27 EDT Middleburg Financial Corp. announced its board declared a regular quarterly dividend of 19 cents per share. The bank holding company said the dividend is payable Oct. 24 to shareholders of record Oct. 8. http://www.ibtimes.com/articles/20081006/middleburg-financial-sets-19-cent-dividend.htm Mon, 06 Oct 2008 16:56:05 EDT Massachusetts Rep. Barney Frank said Monday Republican criticism of Democrats over the nation's housing crisis is a veiled attack on the poor that's racially motivated. http://www.ibtimes.com/articles/20081006/frank-says-gop-housing-attacks-racially-motivated.htm Mon, 06 Oct 2008 16:12:49 EDT Shares in Principal Financial Group Inc. fell sharply Monday, hitting a 52-week low as the broader market fell and insurers in general saw declines. The Des Moines-based retirement, insurance and financial services company shares fell $3.04, or 9.4 percent, to close at $29.47after sinking to a 52-week low of $27.20 earlier in the session. They have traded as high as $70.85 in the past 52 weeks. http://www.ibtimes.com/articles/20081006/principal-financial-shares-hit-new-low-for-year.htm Mon, 06 Oct 2008 19:22:50 EDT Shares of Hartford Financial Services Group Inc. climbed Monday after the insurer strengthened its capital position with a $2.5 billion investment from German financial services firm Allianz SE. http://www.ibtimes.com/articles/20081006/hartford-climbs-on-2-5b-allianz-investment.htm Mon, 06 Oct 2008 20:19:34 EDT Germany's finance minister said Monday he is considering creating a "shield" that would protect the country's entire financial sector, arguing it would not be possible to continue to address troubled financial institutions on a case by case basis. http://www.ibtimes.com/articles/20081006/germany-considers-national-financial-shield.htm Mon, 06 Oct 2008 11:42:24 EDT Sun Life Financial Inc., a Canadian financial services firm, said Monday it sold a 37 percent interest in CI Financial Income Fund to Scotiabank for 2.3 billion Canadian dollars ($2.13 billion). http://www.ibtimes.com/articles/20081006/sun-life-financial-sells-stake-in-income-fund.htm Mon, 06 Oct 2008 11:11:27 EDT The leaders of the European Union's 27 member countries have each pledged to take "all necessary measures to ensure the stability of the financial system," France said Monday. http://www.ibtimes.com/articles/20081006/eu-leaders-pledge-to-ensure-financial-stability.htm Mon, 06 Oct 2008 12:19:18 EDT The Hartford Financial Services Group Inc. said Monday it named Greg McGreevey executive vice president and chief investment officer, along with president of its subsidiary Hartford Investment Management Co. http://www.ibtimes.com/articles/20081006/hartford-names-mcgreevy-executive-vice-president.htm Mon, 06 Oct 2008 11:53:04 EDT The government's $700 billion rescue, aimed at rebuilding economic confidence, appeared to sound a global alarm instead on Monday, triggering a fearful international sell-off as the U.S. began work on a plan that investors feared would be too little and too late to stave off a worldwide recession. http://www.ibtimes.com/data/articleimgs/146526-wall-street.jpg http://www.ibtimes.com/articles/20081006/house-panel-holds-hearing-on-lehman-failure.htm http://www.ibtimes.com/articles/20081006/house-panel-holds-hearing-on-lehman-failure.htm Mon, 06 Oct 2008 22:32:14 EDT European Central Bank President Jean-Claude Trichet called Monday for calm in the continent's jittery markets, saying they are overestimating risks and the euro-zone central bank stood ready to provide all the liquidity needed for as long as necessary. http://www.ibtimes.com/data/articleimgs/146423-luxembourg-eu-financial-crisis.jpg http://www.ibtimes.com/articles/20081006/eu-plots-ways-to-contain-european-banking-turmoil.htm http://www.ibtimes.com/articles/20081006/eu-plots-ways-to-contain-european-banking-turmoil.htm Mon, 06 Oct 2008 19:46:46 EDT Hartford Financial Services Group Inc. said Monday it will receive a $2.5 billion investment from Allianz SE, a move which may foretell a possible acquisition. http://www.ibtimes.com/articles/20081006/allianz-investing-2-5b-in-hartford-financial.htm Mon, 06 Oct 2008 17:22:50 EDT State Auto Financial Corp. said Monday its third-quarter catastrophe losses from storm activity will be between $55 million and $60 million, as Hurricane Ike battered its policyholders in the Midwest. http://www.ibtimes.com/articles/20081006/state-auto-expects-3q-hurricane-loss-up-to-60m.htm Mon, 06 Oct 2008 08:34:15 EDT A third of U.S. companies had no contingency plans to weather the type of downturn that is battering the global economy, which bodes badly for a recovery because they generally see layoffs as their prime coping mechanism, an international survey said Monday. http://www.ibtimes.com/articles/20081006/asian-employers-retaining-workers-during-downturn.htm Mon, 06 Oct 2008 06:53:50 EDT South Korea's ruling party says President Lee Myung-bak will propose a summit with China and Japan to discuss how to cope with the current global economic crises. http://www.ibtimes.com/articles/20081006/skorea-wants-financial-summit-with-china-japan.htm Mon, 06 Oct 2008 07:00:53 EDT With the passage of the $700 billion rescue package, the financial industry will face greater congressional scrutiny in coming weeks and months. Further-reaching regulation is almost certain. Previously obscure corners of the industry now subject to few rules, such as complex derivatives and hedge funds, could face federal supervision for the first time. http://www.ibtimes.com/data/articleimgs/146127-financial-crisis.jpg http://www.ibtimes.com/articles/20081006/battered-financial-industry-faces-more-oversight.htm http://www.ibtimes.com/articles/20081006/battered-financial-industry-faces-more-oversight.htm Mon, 06 Oct 2008 00:47:35 EDT