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Financial Services Industry News
No Holiday for Gift Cards: Store Cards Expected to Fall 7% as Buyers Face New Economic Realities, Weaker Inventories and Merchant Uncertainty (11:01:00pm Mon Nov. 23, 2009 CDT)
NEEDHAM, Mass., Nov. 24 /PRNewswire/ -- Leading research and advisory firm TowerGroup today issued the following commentary about private label store gift cards, whose popularity is plummeting. The reduction in card spending is reflective of a weakened economy, decreased holiday sales and less confidence in retailer inventories and stability. TowerGroup expects store gift card spending volume to fall by 7%, with a modest increase of 3% in general purpose cards in 2009. ...
China BAK Battery Fourth Quarter Fiscal 2009 Earnings Conference Call (9:32:00pm Mon Nov. 23, 2009 CDT)
SHENZHEN, China, Nov. 23 /PRNewswire-FirstCall/ -- China BAK Battery Inc. (Nasdaq: CBAK), one of the largest lithium-ion battery cell manufacturers in the world, as measured by production output, will hold its quarterly conference call to discuss results for the fourth quarter and fiscal year ended September 30, 2009 on Wednesday, December 2, 2009, at 8:00 a.m. Eastern Time (9 p.m. China Coast Time). ...
ICB Financial Third Quarter 2009 Financial Performance (8:56:00pm Mon Nov. 23, 2009 CDT)
ONTARIO, Calif., Nov. 23 /PRNewswire-FirstCall/ -- ICB Financial (OTC Bulletin Board: ICBN) and its wholly owned subsidiary, Inland Community Bank, N.A. (the "Bank"), reported special charges to earnings to bolster reserves during the quarter ended September 30, 2009. This action was taken in response to the continuing stress in both the National and local economies. At the same time the Bank showed significant growth in Liquidity and core deposits from the same date last year. Provisions for loan losses of $2,626,000 and other charges for OREO reserves and expenses, resulted in a net loss for the first nine months of the year of ($379,000) or ($.07) per common share, compared to net income of $475,000 or $.09 per common share in the same period of 2008. ...
Longtop Financial Technologies Limited Announces Closing of Follow-on Public Offering and Underwriters' Exercise of Over-Allotment Option (6:30:00pm Mon Nov. 23, 2009 CDT)
Shrinking Inventory, Extended Federal Tax Credit Drive Santa Clara County Housing Market (6:17:00pm Mon Nov. 23, 2009 CDT)
SAN JOSE, Calif., Nov. 23 /PRNewswire/ -- Fewer new listings, more closed sales, and dramatically decreased inventory - that's how the Santa Clara County housing market is moving from where it was a year ago. ...
The Middle East Business Jets Market Has its Cash Registers Ringing Despite the Economic Downturn, Observes Frost & Sullivan (6:09:00pm Mon Nov. 23, 2009 CDT)
DUBAI, U.A.E., Nov. 23 /PRNewswire/ -- Despite the global economic slowdown that adversely affected the commercial aviation industry worldwide, the Middle East has been one of the few markets to register growth. The air taxi business is expected to be a major driver for this market. ...
BlueHippo Files for Emergency Bankruptcy Protection (5:44:00pm Mon Nov. 23, 2009 CDT)
BALTIMORE, Nov. 23 /PRNewswire/ -- BlueHippo Funding, LLC, a direct response marketing company, announced today that it has filed for Chapter 11 bankruptcy. The move was precipitated by a surprise action from its payment processor's bank, First Region's Bank, which without warning froze funds that belonged to BlueHippo. ...
Colombian National Pleads Guilty to Role in Defrauding the Export-Import Bank of the United States of More Than $1 Million (5:28:00pm Mon Nov. 23, 2009 CDT)
WASHINGTON, Nov. 23 /PRNewswire-USNewswire/ -- Febe Durango-Rueda, 52, a Colombian national, pleaded guilty on Nov. 20, 2009, to participating in a scheme to defraud the Export-Import Bank of the United States (Ex-Im Bank) of more than $1 million, announced Assistant Attorney General of the Criminal Division Lanny A. Breuer and Acting Inspector General Osvaldo L. Gratacos of the Ex-Im Bank, Office of the Inspector General. ...
Dean Foods Company Chairman and CEO Completes Previously Disclosed Forward Sale Agreement (5:27:00pm Mon Nov. 23, 2009 CDT)
DALLAS, Nov. 23 /PRNewswire-FirstCall/ -- Dean Foods Company (NYSE: DF) today announced that the previously disclosed variable prepaid forward sale contract entered into between Gregg Engles, Chairman and CEO and an unaffiliated third party on November 21, 2008 has partially settled. The contract obligates Engles to deliver up to 950,000 shares of Dean Foods common stock over a four day settlement cycle running from November 19, through November 24, 2009. Engles initially pledged 950,000 shares of Dean Foods common stock to secure his obligations under the contract, but retained ownership rights in those shares. Based on the closing prices through November 23, 2009, Engles expects to retain approximately 127,000 shares of common stock pledged, and deliver the balance, or approximately 823,000 shares of common stock, to the purchaser in settlement of his contractual obligations. In exchange for assuming this obligation, Engles received a cash payment of $11,138,568 in November, 2008. Pledged shares in excess of the aggregate number delivered will be released from any obligation to the purchaser and returned to Engles. ...
Choice Hotels International to Present at the FBR Capital Markets Fall Investor Conference on December 1, 2009 (5:14:00pm Mon Nov. 23, 2009 CDT)
SILVER SPRING, Md., Nov. 23 /PRNewswire-FirstCall/ -- Choice Hotels International, Inc. (NYSE: CHH) today announced that it will be presenting at the FBR Capital Markets 16th Annual Fall Investor Conference at 1:35 PM EST on Tuesday, December 1, 2009 in New York City. Stephen P. Joyce, president and chief executive officer, will be addressing participants at the event. ...
J.C. Flowers & Co. Strengthens Presence In Europe and Asia Pacific With Two Senior Appointments (5:11:00pm Mon Nov. 23, 2009 CDT)
NEW YORK, Nov. 23 /PRNewswire/ -- J.C. Flowers & Co. (JCF) today announces a significant strengthening of its operations with two senior appointments to its London office. Dr. David Morgan has been appointed Managing Director, JCF Europe and Asia Pacific, and Sir Callum McCarthy has been appointed to the newly-created post of Chairman, JCF Europe. ...
The Conference Board(R) Australia Business Cycle Indicators(SM) (5:00:00pm Mon Nov. 23, 2009 CDT)
NEW YORK, Nov. 23 /PRNewswire/ -- The Conference Board Leading Economic Index(TM) (LEI) for Australia increased 0.3 percent and The Conference Board Coincident Economic Index(TM) (CEI) increased 0.1 percent in September. ...
MassMutual Funds Crowned 'Category Kings' by The Wall Street Journal (4:53:00pm Mon Nov. 23, 2009 CDT)
SPRINGFIELD, Mass., Nov. 23 /PRNewswire/ -- For the months of August and October 2009, four different MassMutual Funds available through MassMutual's SmartArchitecture(SM) Investment Program have been crowned "Category Kings" by The Wall Street Journal. The MassMutual Funds feature a subadvised structure, in which MassMutual serves as the investment advisor and exercises the flexibility to select from some of the industry's best available asset managers, who handle the day-to-day portfolio management of each MassMutual Fund. The Wall Street Journal's Category Kings recognizes funds ranked in the top 10 of their respective Lipper(1) mutual fund categories, ranked by year-to-date total returns* (changes in net asset values with reinvested distributions) as of month-end.(2) ...
Quiznos and Franchisees Reach Settlement of Multiple Class Action Lawsuits (4:39:00pm Mon Nov. 23, 2009 CDT)
CHICAGO, Nov. 23 /PRNewswire/ -- U.S. District Court Judge Rebecca Pallmeyer has preliminarily approved a settlement of four franchisee class action lawsuits filed against the Quiznos Franchise Company and others. The cases in Colorado, Wisconsin and Illinois, the earliest of which has been pending since 2006, allege violations of various state and federal laws in connection with the sale and operation of Quiznos franchises. Quiznos denied all claims, and the settlement agreement involves no finding or admission of liability. ...
ChinaEdu Reports Third Quarter 2009 Results (4:00:00pm Mon Nov. 23, 2009 CDT)
ChinaEdu Corporation (Nasdaq: CEDU) ("ChinaEdu" or the "Company"), an
educational services provider in
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