An unprecedented outflow of New Zealand citizens last year for jobs and better pay in Australia is leaving the nation
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Reinsurance Group of America reported a lower profit for the fourth quarter, recording net income of $158.5 million, or $2.15 per share, compared with $196.7 million, or $2.62 per share, in the corresponding period a year earlier.
Quarterly premiums rose 13 percent, to $2 billion.
For all of 2011, the company earned $599.6 million, or $8.09 per share, compared with $574.4 million, or $7.69 per share, the previous year. The company, based in Chesterfield, is a large global provider of life reinsurance with offices in America, Europe, Asia, Australia, South Africa and Mexico, Barbados and Bermuda.
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A government watchdog says U.S. taxpayers are still owed $132.9 billion that companies haven’t repaid from the financial bailout, and some of that will never be recovered.
The bailout launched at the height of the financial crisis in September 2008 will continue to exist for years, says a report issued Thursday by Christy Romero, the acting special inspector general for the $700 billion bailout. Some bailout programs, such as the effort to help homeowners avoid foreclosure by reducing mortgage payments, will last as late as 2017, costing the government an additional $51 billion or so.
The gyrating stock market has slowed the Treasury Department’s efforts to sell off its stakes in 458 bailed-out companies, the report says. They include insurer American International Group Inc., General Motors Co. and Ally Financial Inc.
If Treasury plans to sell its stock in the three companies at or above the price where taxpayers would break even on their investment _ $28.73 a share for AIG, $53.98 for GM _ it may take a long time for the market to rebound to that level, the report says. AIG’s shares closed Wednesday at $25.31, while GM ended at $24.92. Ally isn’t publicly traded.
It will also be challenging for the government to get out of the 458 companies as the market remains volatile and banks struggle keep afloat in the tough economy, it says.
Congress authorized $700 billion for the bailout of financial companies and automakers, and $413.4 billion was paid out. So far the government has recovered about $318 billion. The bailout is called the Troubled Asset Relief Program, or TARP.
“TARP is not over,” Romero said in a statement. She said her office will maintain its commitment to protect taxpayers for the duration of the program.
Treasury spokesman Matt Anderson said the department “has made substantial progress winding down TARP and has already recovered more than 77 percent of the funds disbursed for the program, through repayments and other income.”
“We’ll continue to balance the important goals of exiting our investments as soon as practicable and maximizing value for taxpayers,” Anderson said.
The government has unwound its investments in four of the companies that received the most aid: Bank of America Corp., Citigroup Inc., Chrysler Group LLC and Chrysler Financial, the automaker’s old lending arm.
On Wednesday, Treasury announced that it had sold the final batch of securities under its $368 million Small Business Administration loan program under TARP.
In Romero’s quarterly report to Congress, she said her office has uncovered and prevented fraud related to TARP. Investigations by her office have resulted in criminal charges against 10 people and three convictions, the report notes.
Yemeni President Ali Abdullah Saleh left his battered nation Sunday on his way to the U.S. for medical treatment after passing power to his deputy and asking for forgiveness for any “shortcomings” during his 33-year rein.
But in a sign that Saleh’s role as Yemen’s top power broker is likely far from over, he said he would return to Yemen before the official power transfer next month to serve as the head of his ruling party.
Saleh’s departure marks a small achievement in the months of diplomatic efforts by the U.S. and Yemen’s powerful Gulf neighbors to ease the nearly year-old political crisis in the Arab world’s poorest country. An active al-Qaida branch there has taken advantage of the turmoil, stepping up operations and seizing territory.
After months of diplomatic pressure and mass protests calling for his ouster, Saleh signed a deal in November to transfer authority to his vice president in exchange for immunity from prosecution. Still, Saleh continued to exercise power behind the scenes, sparking accusations he sought to scuttle the deal and cling to power.
His departure could help the deal go forward.
Presidential spokesman Ahmed al-Soufi told The Associated Press that Saleh left Yemen’s capital Sanaa late Sunday on a plane headed for the Gulf sultanate of Oman. He did not say how long Saleh would remain there, but added that he would make “another stop before heading to the United States of America.”
A senior administration official said Ali Abdullah Saleh would travel to New York this week, and probably stay in the U.S. until no later than the end of February. U.S. officials believe Saleh’s exit from Yemen could lower the risk of disruptions in the lead-up to presidential elections planned there on Feb. 21.
The Obama administration faced a dilemma in deciding whether to let Saleh enter the U.S. after he requested a visa last month. It has long seen getting Saleh out of Yemen as an important step in ensuring the power transfer goes forward.
But some in the administration worried that welcoming Saleh would spark charges from the Arab world that the U.S. was harboring an autocrat responsible for deadly crackdowns on protesters.
To protect against this, the administration has sought assurances that Saleh will not seek to remain in the U.S.
An official close to Saleh said Sunday the president would undergo medical exams in Oman before heading to the U.S. The U.S. has forbidden him from any political activity in the U.S., the official said, speaking on condition of anonymity because he was not authorize to disclose diplomatic talks.
Saleh is likely seeking treatment for injuries sustained in a blast in his palace mosque last June 3 that left him badly burned. After the attack, Saleh traveled to Saudi Arabia for treatment, leaving many to suspect his power was waning. A few months later, however, he made a surprise return to Yemen and resumed his post.
Under the power transfer deal signed in November, Vice President Abed Rabbo Mansour Hadi is to be rubber-stamped as the country’s new leader in presidential elections. The political parties that signed the deal agreed not to nominate any other candidates.
In a farewell speech Friday reported by Yemeni state media, Saleh said he was passing his powers to Hadi, whom he promoted to the rank of marshal.
Saleh portrayed himself as a patriot who “gave his life in the service of the nation,” called for reconciliation and apologized for any mistakes.
“I ask for forgiveness from all sons of the nation, women and men, for any shortcomings during my 33 years in office,” Saleh said according to Yemen’s state news agency.
He also called on Yemen’s youth, who have spearheaded the mass protests calling for his ouster and often faced deadly crackdowns by Saleh’s security forces, to go home.
“I feel for you and call on you to return to your homes and turn a new page with a new leadership,” he said.
Yemen expert Gregory Johnsen of Princeton University said Saleh’s departure could help the power transfer deal progress, though it will do little to address protesters’ demands for a fundamental change of how politics in Yemen works.
Throughout his rule, Saleh has put close members of his family and tribe in charge of key state institutions and security forces, Johnsen said. Leaving that network intact could allow Saleh to continue to shape events in Yemen, even without the title of president.
“I don’t think we have seen the last of President Saleh,” Johnsen said.
Inspired by popular uprisings elsewhere in the Arab world, Yemenis took to the streets nearly a year ago to demand Saleh’s ouster and call for democratic reforms. Saleh’s security forces have met them with often deadly crackdowns, killing more than 200 protesters. Many others have been killed in violent clashes between armed groups that support the protesters and security forces.
Al-Qaida’s active Yemeni branch has also taken advantage of the security collapse to seize territory in the country’s south, even taking control of a town 100 miles from the capital Sanaa earlier this month.
The protests have continued despite the power transfer deal, which many say falls far short of their demands. They also reject the immunity clause, saying they want to see Saleh tried for his alleged role in the protester deaths.
Thomas Jordan
German Chancellor Angela Merkel and French President Nicolas Sarkozy meet today for the first time in 2012 as they seek to craft a master plan for rescuing the euro over the next three months.
The two leaders gather in Berlin to flesh out a new rulebook for fiscal discipline negotiated at a Dec. 9 summit that seeks to create a
The euro extended its decline against the dollar after French borrowing costs rose at a sale of bonds.
The 17-nation common European currency was 0.9 percent weaker at $1.2832 at 10:08 a easy to get unsecured personal loans.m. London time.
Subscribers of Time Warner Cable woke up New Year’s morning to find the sports channels MSG Network and MSG+ missing from their cable TV line-up.
The New York cable company says fans may miss games featuring the New York Knicks, Rangers and Islanders; the Buffalo Sabres; and New Jersey Devils. That’s because it has failed to reach an agreement with the MSG networks owner, Madison Square Garden Co.
It is the latest spat between a cable company and a channel provider that underscores the friction on both sides over the fees carriers pay for channels.
According to Time Warner Cable, MSG wanted a 53 percent increase in the rates it charges the cable network for its games. Time Warner said this demand came after the two companies had already agreed to a 6 no faxing pay day loans.5 percent rate increase last year.
“We hope the fans will remind MSG that in these economic times, no one can afford to pay 53 percent more for their channel,” said Mike Angus, senior vice president, Content Acquisition, for Time Warner Cable.
MSG says no agreement has been reached and has urged its customers to switch providers.
The first games scheduled in 2012 on MSG Networks are at 7 p.m. Monday: New York Knicks-Toronto Raptors and New Jersey Devils-Ottawa Senators.
Britain faces the
Stocks were eking out small gains Tuesday on mixed economic news. Consumer confidence surged to an eight-month high, but home prices dropped in major cities. Sears plummeted after reporting that it would close more than 100 stores around the country.
In the latest sign of a bumpy recovery in the housing market, home prices fell in 19 of the 20 cities tracked by the Standard & Poor’s/Case-Shiller index. Atlanta, Detroit and Minneapolis posted the biggest declines. Prices in Atlanta and Las Vegas fell to their lowest points since the housing crisis began.
That report dampened investors’ enthusiasm about a jump in consumer confidence to the highest level since April. The New York-based Conference Board reported that its Consumer Confidence Index rose almost 10 points to 64.5 in December. Economists watch the numbers closely because consumer spending accounts for about 70 percent of U.S. economic activity.
Henry Herrmann, chief executive officer at the investment management firm Waddell & Reed, said the increase reflected the fact that more jobs have been created in recent weeks, which will likely lead to “a more sustained” economic recovery.
“If job creation will come with wage improvement in the coming weeks, it will boost confidence further,” Herrmann said.
The Dow Jones industrial average was up 17 points at 12,311 as of noon Eastern. The S&P 500 was up less than 2 points at 1,267. The Nasdaq composite was off 7 points at 2,626.
The stock market was closed Monday in observance of Christmas. Stocks are expected to trade within a narrow range this week as trading remains light.
The Dow average closed at a five-month high last week after a run of strong economic data in the U.S. However analysts expect any market gains to be tempered by worries over the European debt crisis.
Italy’s borrowing costs rose Tuesday, reflecting investor anxiety. The yield on the country’s ten-year bonds hit 7 percent again, a level that is considered unsustainable in the long run. Greece, Ireland and Portugal had to seek relief from their lenders after their own borrowing costs rose to that level.
Italy is the euro zone’s third-largest economy and is considered too big to bail out. Mario Monti, the country’s new premier, got parliamentary approval last week for a big austerity package that is intended to save the country from financial disaster.
Markets have grown increasingly fearful over the past few months that Italy will find it difficult to pay off its massive debts, which stand at around $2.5 trillion.
In corporate news:
_ Sears Holding Corp. plunged 23 percent to $35.04, the most in the S&P 500, after the retailer announced plans to close between 100 and 120 Sears and Kmart stores after poor sales during the holidays, the most crucial time of year for retailers.
_ U.S. oil and gas explorer Endeavour International Corp. rose 15 percent to $7.40 after the company announced an agreement to buy ConocoPhillips’ interest in three U.K. oil fields in the Central North Sea for $330 million.
_ MetLife Inc. rose 1 percent to $31.61 after saying it will sell its U.S. retail deposit business to GE Capital as it moves away from being a bank holding company.
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