International Business News - financials 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 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. http://www.ibtimes.com/data/articleimgs/48251-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 10:56:39 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. http://www.ibtimes.com/articles/20080516/s-p-assigns-a-rating-to-junior-aig-debt.htm Fri, 16 May 2008 17:51:40 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: 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. 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. 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." 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. 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. 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 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. http://www.ibtimes.com/articles/20080516/cash-america-shares-fall-a-day-after-ohio-vote.htm Fri, 16 May 2008 17:13:11 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. http://www.ibtimes.com/articles/20080516/florida-lifts-ban-on-new-allstate-insurance-policies.htm Fri, 16 May 2008 18:28:06 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. 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. 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. 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. http://www.ibtimes.com/articles/20080516/allied-capital-raises-175m-in-stock-offering.htm Fri, 16 May 2008 14:19:25 EDT The Standard & Poor's SmallCap 600 Index traded lower on Friday as oil prices broke a new record near $128 a barrel and consumer confidence plunged to its lowest level in 28 years. http://www.ibtimes.com/articles/20080516/s-p-smallcap-600-in-focus-fbc-ggc.htm Fri, 16 May 2008 14:08:27 EDT Regional banks that are highly acquisitive during down cycles could be the best performers in the sector as it looks to recover from recent problems based on historical data, a Sandler, O'Neill and Partners analyst wrote in a research note Friday. http://www.ibtimes.com/articles/20080516/acquisitive-regional-banks-get-boost-in-downturns.htm Fri, 16 May 2008 14:04:06 EDT A director of investment bank Jefferies Group Inc. bought 68,100 shares of stock, according to a Securities and Exchange Commission filing Thursday. In a Form 4 filed with the SEC, Joseph Steinberg reported he bought the shares for $17.55 apiece on Wednesday. http://www.ibtimes.com/articles/20080516/jefferies-group-director-buys-68-100-shares.htm Fri, 16 May 2008 13:51:44 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. http://www.ibtimes.com/articles/20080516/american-express-shares-fall-as-payment-rates-dip.htm Fri, 16 May 2008 17:21:27 EDT The Chicago Mercantile Exchange marked a milestone in its 110-year history Friday as the last floor traders wrapped up business at the building that has served as the Merc's home since 1983. http://www.ibtimes.com/articles/20080516/last-chicago-merc-traders-move-out-of-longtime-headquarters.htm Fri, 16 May 2008 14:10:45 EDT Two analysts reiterated their "Outperform" ratings for Conseco Inc. Friday saying that despite weaker-than-expected first-quarter earnings the insurer is poised to improve operations. http://www.ibtimes.com/articles/20080516/analysts-affirm-outperform-rating-for-conseco.htm Fri, 16 May 2008 11:41:07 EDT