BUSINESS

Swiss Re sees $4-$7 billion insurance losses from quake Posted 10 minutes ago

ZURICH (Reuters) - Swiss Re <RUKN.VX> said on Wednesday the insurance sector stood to lose $4-$7 billion from the earthquake in Chile, a sum unlikely to bring the long hoped-for increase in reinsurance prices. The world's second-biggest reinsurer estimated its own losses from the Chile disaster, one of ...More

AIG devises new formula for employee bonuses: report Posted 51 minutes ago

(Reuters) - American International Group Inc <AIG.N> has formulated a new "forced ranking" system to determine bonuses and rate employee performance, Wall Street Journal said, citing people familiar with the matter. AIG, which was bailed out by the U.S. government at the height of global financial crises in 2008 ...More

Economists trim 2011 U.S. growth forecast Posted 1 hour, 7 minutes ago

WASHINGTON (Reuters) - U.S. economists raised their forecast for economic growth in 2010 in March, the third straight monthly rise, while trimming their growth forecast for 2011, according to a survey released on Wednesday. Economists surveyed earlier this month in the Blue Chip Economic Indicators newsletter said the economy is ...More

BofA ending overdraft fees on debit cards Posted 4 hours, 34 minutes ago

A view shows a Bank of America branch in Charlotte

NEW YORK/CHARLOTTE, North Carolina (Reuters) - Bank of America said on Tuesday it will no longer charge overdraft fees on debit card purchases as of this summer, a move that may cost millions in fee income. The change will eliminate one of the most common overdraft charges for Bank of ...More

Senators to seek wider "Volcker rule" Posted 6 hours, 52 minutes ago

WASHINGTON (Reuters) - Two Senate Democrats said they will propose on Wednesday placing new limits on proprietary trading by banks and nonbank financial firms, widening the 'Volcker rule' backed by the White House. Senators Jeff Merkley and Carl Levin said in a statement they will hold a news conference on legislation ...More

Bailed-out U.S. financial stocks surge Posted 7 hours, 14 minutes ago

NEW YORK (Reuters) - The shares of companies bailed out by the U.S. government during the financial crisis surged on Tuesday, fueled by speculation about money-making asset sales, cheap valuations and a recovery. Citigroup Inc <C.N> stock rose as much as 8.4 percent after a prominent fund manager ...More

Toyota to fix more Tundras for rust problems Posted 7 hours, 36 minutes ago

CEO bonuses fell 22 pct in 2009: report Posted 8 hours, 46 minutes ago

NEW YORK (Reuters) - U.S. consumer, financial and technology companies slashed bonuses for their chief executives by more than half in 2009, a leading firm that tracks pay data said on Tuesday, as companies moved to more closely tie executive pay to performance. Equilar, which examines compensation practices, said preliminary ...More

SEC sues ex-NY loan trader over alleged kickbacks Posted 8 hours, 58 minutes ago

NEW YORK (Reuters) - A former stock loan trader at Morgan Stanley and Bank of America Corp in New York received well over $100,000 of cash kickbacks by steering orders to other brokerage firms, the U.S. Securities and Exchange Commission said in a lawsuit filed on Tuesday. In a ...More

U.S. to delay BAE export licenses after plea deal Posted 9 hours, 7 minutes ago

A BAE systems sign is seen outside the company's Warton site near Preston

WASHINGTON (Reuters) - The U.S. State Department said on Tuesday it would delay action on any new export license requests by BAE Systems Plc <BAES.L> after the British military contractor pleaded guilty to violating several U.S. laws. BAE pleaded guilty on March 1 to conspiring to make false ...More

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