California: Fire Costs Flare
The wildfires raging across Southern California are on track to become one of the most expensive fire events in U.S. history. On Oct. 23 the Insurance Information Institute estimated that insured damages from the blaze would reach at least $500 million, including damaged homes, lost business activity, and expenses for the hundreds of thousands of people who have been displaced. "Those are the insured losses," says Robert Hartwig, the institute's president. "The actual economic losses will be higher."

Mortgages cause $7.9B write-down, loss at Merrill Lynch
Merrill Lynch (MER), the nation's largest brokerage, said Wednesday that the summer's credit crisis triggered a bigger-than-expected $7.9 billion write-down during the third quarter.
Merrill reported a loss after paying preferred dividends of $2.31 billion, or $2.82 a share, compared with profit of $3 billion, or $3.50 a share, a year earlier. Revenue fell 94% to $577 million from $9.83 billion a year earlier.

UBS to Buy Commerzbank Asset Manager for $620 Million
UBS AG, the world's biggest bank for the wealthy, agreed to buy Commerzbank AG's French money management unit for 435 million euros ($619 million) to double funds it oversees in Europe's third-largest economy.


Blackstone completes Hilton buy
Hilton Hotels Corp (HLT.N: Quote, Profile, Research) said on Wednesday that Blackstone Group (BX.N: Quote, Profile, Research) completed its $20 billion acquisition of the hotel company, wrapping up the largest deal in the lodging sector.


ConocoPhilips net income falls 5%
Google Inc has hit its stride with a strategy that focuses on Web search, advertising and applications, Chief Executive Eric Schmidt said on Wednesday, as he downplayed possible threats.
"We can now see an integrated strategy for the company," he said at a day-long series of meetings with analysts, investors and news reporters at its Silicon Valley headquarters. "It is a coherent strategy that solves real problems customers have."

Fed stays quiet on rate cut rumor
The Federal Reserve on Wednesday declined to comment on speculation in financial markets that the U.S. central bank might cut the discount rate imminently.

Amgen tops Street with falling profits
Amgen Inc (AMGN.O: Quote, Profile, Research) reported sharply lower third-quarter profit on Wednesday on plunging sales of its most important anemia drugs, amid new insurance-coverage restrictions and ongoing safety concerns, and on restructuring charges.

Countrywide wins over critics
Some of Countrywide's harshest critics changed their tune this week after the mortgage lender rolled out new rescue programs.

BOA cuts 3,000 jobs
Bank of America Corp (BAC.N: Quote, Profile, Research) on Wednesday said it planned to eliminate 3,000 jobs, and shook up its corporate and investment bank after a dismal quarter at that unit led to a 32 percent drop in overall profit.






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This entry was posted by David Choi, on Wednesday, October 24, 2007. You can leave your response.