AIG hits up Fed for 37 8 billion more: related news

Russian banks to pay $18.5 bln in foreign debt in Q4, companies - $29bln

MOSCOW. Oct 10 (Interfax) - Russian banks will have to pay a total of $18.5 billion in foreign debt in the fourth quarter of 2008, while companies working in other sectors of the economy will have to pay $29 billion, the Central Bank said on its website. Banks will have to pay off $16.5 billion in principal debt in the fourth quarter and $2 billion in interest payments. Companies working in other sectors will have to pay $26 billion in principal debt and $3 billion in interest payments. The payments will decline in 2009. Banks will have to pay foreign debt of $13.6 billion in the first quarter of 2009, $12.9 billion in the second quarter, $8.3 billion in the third quarter and $13.2 billion in the fourth quarter, the Central Bank said. Other companies are planning to pay $16.

AIG hits up Fed for $37.8 billion more

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110 banks have asked for $170b under bailout plan

WASHINGTON (Agencies): At least 110 banks have requested more than $170 billion from the Treasury Department's rescue fund, and many more are expected to have submitted applications before Friday's deadline. The requests would come from the $250 billion the Treasury set aside from the $700 billion fund to purchase stock in banks. Analysts at Keefe, Bruyette & Woods estimated that 62 banks have received full or preliminary approval from the Treasury for $173 billion from the Troubled Asset Relief Program. The government said Monday that American International Group Inc. also would receive $40 billion from the program. That $40 billion, however, won't come from the $250 billion set aside for the banks. Another 48 banks have applied for about $6.

Earnings: Nokia Profit Down 30 Percent; Sales, Market Share Down

Nokia (NYSE: NOK) reported third quarter earnings today, which saw its net income fall 30 percent to 1.09 billion euros ($1.47 billion), from 1.56 billion euros ($2.10 billion), compared to a year ago. Third quarter earnings per share came in at 0.29 euros, down from 0.40 euros year on year, missing analyst forecasts of 0.31 euros. Sales were down 5 percent to 12.2 billion euros ($16.4 billion), falling short of analyst expectations of 12.7 billion euros ($17.1 billion). The handset maker shipped 117.8 million units, up 5 percent year on year and down 3 percent sequentially.

Apple earnings climb 26%, iPod, Mac sales rise

on Tuesday reported a fiscal fourth-quarter profit of $1.14 billion, or $1.26 a share, on revenue of $7.9 billion, up from of $904 million, or $1.01 a share, on $6.22 billion in sales in the same period a year ago. Analysts surveyed by FactSet Research had forecast Apple to earn $1.10 a share on revenue of $8.02 billion. Apple said that when adjusting to eliminate the impact of subscription-based accounting related to certain products, it would have earned $2.44 billion on $11.68 billion in sales. For its first quarter, Apple estimates it will earn between $1.06 to $1.35 share on revenue in a range of $9 billion to $10 billion. End of Story

CORRECT: Vodafone cuts sales outlook as profit falls

the world's largest mobile operator by sales, on Tuesday said first-half net income fell 35% to 2.14 billion pounds, or 4.02 pence a share, from 3.29 billion pounds, or 6.19 pence a share, earned in the year-earlier period. Profit in the latest period was hit by an impairment loss of 1.7 billion-pound impairment related to the group's Turkish business. Excluding one-time items, adjusted earnings came in at 7.52 pence a share, up 17% from a year earlier. Sales rose 17% to 19.9 billion pounds. The company also lowered its outlook for the year. It now expects revenue in the range of 38.8 billion pounds to 39.7 billion pounds, instead of its previous forecast of around 39.8 billion pounds, and adjusted operating profit of 11 billion pounds to 11.

Vodafone cuts sales outlook as quarterly profit falls 35%

the world's largest mobile operator by sales, on Tuesday said first-half net income fell 35% to 2.14 billion pounds, or 4.02 pence a share, from 3.29 billion pounds, or 6.19 pence a share, earned in the year-earlier period. Profit in the latest period was hit by an impairment loss of 1.7 billion-pound impairment related to the group's Turkish business. Excluding one-time items, adjusted earnings came in at 7.52 pence a share, up 17% from a year earlier. Sales rose 17% to 19.9 billion pounds. The company also lowered its outlook for the year. It now expects revenue in the range of 38.8 billion pounds to 39.7 billion pounds, instead of its previous forecast of around 39.8 billion pounds, and adjusted operating profit of 11 billion pounds to 11.

AIG may tap another $37.8 billion from Federal Reserve

American International Group Inc., the insurer taken over by the government, may access $37.8 billion from the Federal Reserve Bank of New York, in addition to the $85 billion loan that helped it stave off bankruptcy.

AIG may tap Federal Reserve for another $37.8 billion

American International Group Inc., the insurer taken over by the government, may access $37.8 billion from the Federal Reserve Bank of New York, in addition to the $85 billion loan that helped it stave off bankruptcy.

Germany unveils $681 billion bank rescue plan

LONDON (MarketWatch) -- German Chancellor Angela Merkel on Monday outlined a 500 billion euro ($681 billion) rescue package for German banks. The plan includes 400 billion euros to guarantee loans and up to 80 billion euros to be used to recapitalize the German banking sector. In addition the package includes a 20 billion euro provision to cover potential losses. Merkel said the plan is aimed at stabilizing markets and added banks that take advantage of the plan will have to abide by certain requirements, including restrictions on management pay and a commitment to maintain lending. She also said countries need to work more closely on overseeing international firms and the IMF should take a bigger supervisory role when dealing with those firms.

Fannie Mae posts $29 billion loss in third quarter

on Monday said its third-quarter loss widened to $29 billion, or $13 a share in its fiscal third quarter ending Sept. 30, from a loss of $1.52 billion, or $1.56 a share in the year-ago period. Fannie Mae also reported a decrease in the non-GAAP estimated fair value of its net assets, from a positive $35.8 billion on Dec. 31 to a negative $46.4 billion on Sept. 30. Third-quarter results were driven primarily by a $21.4 billion non-cash charge to establish a valuation allowance against deferred tax assets, as well as $9.2 billion in credit-related expenses arising from the ongoing deterioration in mortgage credit conditions and declining home prices, the Washington, D.C. lender said. On Sept. 6, Fannie Mae began operating under the conservatorship of the Federal Housing Finance Agency.

Central Bank foreign currency reserves during the first quarter of 2008 increasing by $ 400 million to reach $ 35 billion marking a 1.35 % increase above their level three months ago.

Central Bank foreign currency reserves during the first quarter of 2008 increased by $ 400 million to reach $ 35 billion marking a 1.35 % increase above their level three months ago. That was announced by the Central Bank Governor, Dr. Farouk Al Oqda, confirming that imports during FY 2007/ 2008 reached $ 52.7 billion & that compares with $ 29.4 billion leaving the country with $ 23.3 billion balance of trade deficit. Dr. Al Oqda revealed that total foreign indebtedness as at 6/30/2008 reached $ 33.9 billion apart from local indebtedness put at L.E. 666.1 billion as at the same date. N.B. The daily Al Akhbar of the same day (P. 4) has quoted Dr. Al Oqda indicating that the said foreign currency reserves cover 8 months' imports. Utmost interesting statements of the Governor were regarding the Egyptian expatriates transfers (earlier repeate

Banks pressed over AIG fund; Prudential seeks AIG assets

Banks are facing criticism over possible losses suffered by thousands of their private banking clients on a supposedly low-risk investment fund run by AIG. The AIG Enhanced Fund suffered a run of redemptions last month in the wake of the Lehman Brothers collapse and AIG’s bailout but investors have been able to liquidate only 50 per cent of their holdings. Seperately, Prudential is talking to potential overseas investors about helping it acquire some of AIG’s Asian assets, appointing Credit Suisse to sound out potential backers.

Equine Artists sought for 2009 Equine Art Gala's at HITS Thermal and HITS Ocala

SAUGERTIES, NY (October 3, 2008)—After resounding successes at HITS Saugerties and HITS Ocala, HITS is taking its Equine Art Gala to the West Coast where it will debut during the 2009 HITS Desert Circuit in Thermal, California.

NRDC Rates Energy Efficiency of Video Game Consoles

An anonymous reader writes "Today, more than 40 percent of all homes in the United States contain at least one video game console. Recognizing that all that gaming could add up to serious demand for electricity, NRDC and Ecos Consulting performed the first ever comprehensive study on the energy use of video game consoles and found that they consumed an estimated 16 billion kilowatt-hours per year — roughly equal to the annual electricity use of the city of San Diego. Through the incorporation of more user-friendly power management features, we could save approximately 11 billion kWh of electricity per year, cut our nation's electricity bill by more than $1 billion per year, and avoid emissions of more than 7 million tons of CO2 each year. In this November 2008 issue paper, NRDC provides recommendations for users, video game console manu

Telefonica O2 CR third-quarter sales up 5%

Czech incumbent Telefonica O2 CR posted revenues of CZK16.8 billion (USD840.4 million) in the three months to 30 September 2008, up 5% on the corresponding period of 2007. Fixed line sales accounted for CZK7.9 billion of the total, up 7.5% year-on-year, and mobile turnover increased less sharply by 2.2% to CZK8.2 billion. Consolidated operating income before depreciation and amortisation (OIBDA) dipped by half a percentage point to CZK7.2 billion, yielding a margin of 43%, while operating income expanded 6.7% to CZK4.1 billion, and net income rose 18.4% to CZK3.2 billion. Third quarter CAPEX was CZK1.7 billion (down 7.3%).

Vodafone lowers FY outlook, updates strategy

Vodafone Group has lowered its outlook for revenues in the fiscal year to March 2009 due to the economic slowdown in Europe. The mobile operator now expects annual sales of GBP 38.3-39.7 billion, down from an earlier outlook of around GBP 39.8 billion. The company left its adjusted operating profit outlook unchanged at GBP 11.0-11.5 billion, supported by cost reductions and foreign exchange effects, and slightly increased the free cash flow target to GBP 5.2-5.7 billion. The capex budget was trimmed to GBP 5.2-5.7 billion due to the lower revenue outlook. The more difficult economic environment has contibuted to the new CEO Vittorio Colao updating the company's strategy, first laid out in May 2006. Colao plans to focus more on flat-rate pricing to build loyalty among high-end customers, improving execution in the operator's emerging marke

JPMorgan, Wells Fargo top profit forecasts

JPMorgan Chase & Co. and Wells Fargo & Co. posted better-than-expected earnings yesterday despite higher credit losses, underlining their standing as among the strongest big banks in the battered U.S. financial sector. Though quarterly profit fell 84 per cent at JPMorgan and 25 per cent at Wells Fargo, investors were heartened tighter credit and a souring economy didn't hurt more. Both banks added deposits as nervous customers fled weaker rivals. Quarterly profit at JPMorgan fell to $527-million (U.S.) from $3.37-billion a year earlier. Revenue fell 9 per cent to $14.74-billion. At Wells Fargo, profit dropped to $1.64-billion from $2.17-billion a year earlier. Revenue rose 5 per cent to $10.38-billion. JPM (NYSE) fell $2.22 to $38.49. WFC (NYSE) fell 17 cents to $33.

JPMorgan, Wells Fargo top profit forecasts

JPMorgan Chase & Co. and Wells Fargo & Co. posted better-than-expected earnings yesterday despite higher credit losses, underlining their standing as among the strongest big banks in the battered U.S. financial sector. Though quarterly profit fell 84 per cent at JPMorgan and 25 per cent at Wells Fargo, investors were heartened tighter credit and a souring economy didn't hurt more. Both banks added deposits as nervous customers fled weaker rivals. Quarterly profit at JPMorgan fell to $527-million (U.S.) from $3.37-billion a year earlier. Revenue fell 9 per cent to $14.74-billion. At Wells Fargo, profit dropped to $1.64-billion from $2.17-billion a year earlier. Revenue rose 5 per cent to $10.38-billion. JPM (NYSE) fell $2.22 to $38.49. WFC (NYSE) fell 17 cents to $33.

Movers: AIG, WaMu, Circuit City, Lennar, GE

American International Group (AIG) rose 0.28 to 5.00 after AIG suspends common stock dividend. Separately, CNBC's Charlie Gasparino reported that AIG told employees in a memo that they may lose money in a deferred savings plan, as the funds could go to paying off debts. Earlier, Reuters said AIG shares were higher as CEO Edward Liddy said late Monday on CNBC that he expected AIG to emerge from a federal bailout as a leaner, stronger co. S&P reiterates hold.

Blog Buzz: AIG Gets a Bigger Bailout, Barack Obama's Attorney General Pick, the Future of the Republican Party

The Wall Street Journal reports that AIG will get a bigger bailout than originally planned; the $123 billion deal will be replaced with a $150 billion package. Bloggers are none too happy about the news—Tobin Harshaw at the New York Times says the government is helping AIG management to "further loot" taxpayers. Michelle Malkin's reaction is even stronger—"socialism [is] here and now." Another blogger thinks we need to stop "bailing out everyone in sight." Matthew Yglesias thinks a bailout for automakers, a priority for Obama, is more likely now. A conservative blogger explains what went wrong in the American auto industry.

Wachovia reports $23.89 billion Q3 loss

Wachovia, a diversified financial services company, has reported a net loss of $23.89 billion or net loss per share of $11.18, for the third quarter ended September 30, 2008, compared to net income of $1.62 billion or net earning per share of $0.85, in the corresponding period of 2007. This net loss includes a provision for credit losses of $6.63 billion to cover $1.87 billion in net charge-offs and to build reserves by $4.76 billion.

Banks have 500.5 bln rbs on CBR correspondent accounts on November 17

MOSCOW. November 17 (Interfax) - Russian banks have 500.5 billion rubles on correspondent accounts in the Central Bank as of November 17 including 343.9 billion rubles for Moscow banks. The balance on November 14 was 531.3 billion rubles and 350.5 billion rubles, respectively. Banks had 338.2 billion rubles on deposit accounts in the Central Bank on November 17 against 409.9 billion rubles on previous day. [RU ASIA EUROPE EEU EMRG CEN BNK M MMT ECI MCE]

Sony cuts forecast, blames yen, demand

Sony Corp. slashed its annual operating profit forecast by more than 50 per cent to far below market estimates in its second downward revision this year, blaming a firmer yen and slower flat TV and digital camera demand. The company said it may close some plants, reduce capital spending and cut jobs to cope with a weakening business environment. Sony cut its operating profit forecast for the year through March to ¥200-billion ($2.6-billion) from ¥470-billion, well short of the market consensus of ¥381.8-billion in a Reuters poll. Sony lowered its full-year profit forecast by 38 per cent to ¥150-billion, and trimmed its sales outlook by 2 per cent to ¥9-trillion. 6758 (Tokyo) fell ¥155 to ¥2,295.

A dancer performs at the opening ceremony of the Baoshan International Folk Arts Festival in Shanghai yesterday. The festival has attracted more than 1,900 artists from home and abroad and over the next week, more than 410 people from 18 countries and reg

A dancer performs at the opening ceremony of the Baoshan International Folk Arts Festival in Shanghai yesterday. The festival has attracted more than 1,900 artists from home and abroad and over the next week, more than 410 people from 18 countries and regions will participate in free performances across the Baoshan District and other parts of the city. The festival was first organized in 1995 with the aim of developing international cultural exchanges. So far, 68 art groups from 37 countries and regions have appeared on the stage in Baoshan. -Shanghai Daily

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