According to the Federal Deposit Insurance Corp., LandMark Bank and Southshore Community Bank in Florida have failed and will be taken over by American Momentum Bank in Tampa. Bank of Choice in Colorado is being taken over by Bank Midwest NA of Kansas City, Mo.
NEW YORK – A jury has convicted a former investment manager known as Wall Street’s “bad boy” in a $140 million scheme.
The verdict against Ross Mandell came Tuesday. The trial featured testimony about a hard-partying lifestyle by brokers during the dot-com boom of the late 1990s and early 2000s.
An attorney for the Brooklyn-born Mandell promised to appeal the verdict.
Prosecutors are asking that Mandell and a co-defendant who was convicted with him be jailed immediately. The judge said he’ll decide at a later date whether Mandell can remain free on bail.
Prosecutors portray Mandell and the co-defendant as con men.
Mandell has embraced his “bad boy” image. H
Property and Casualty insurer Chubb Corp. (CB) has reported second quarter operating earnings of $1.27 per share, substantially outpacing the Zacks Consensus Estimate of $1.02. The results embedded 72 cents per share impact of catastrophes. However, earnings were lower than $1.41 reported in the prior-year quarter, when the impact of catastrophes was 38 cents per share.
Net premiums written was up 5.9% year over year to $3.1 billion, based on an increase across all of its business lines – Commercial, Specialty and Personal.
Underwriting income, however, dropped 49% year over year to $135 million owing to higher operating expenses, which increased 7.4% year over year, coupled with a 52% surge in deferred policy acquisition costs.
Property and casualty investment income after tax upped 2% year over year to $318 million, with about half of the increase ensuing from the favorable currency impact.
Chubb’s net income came in at $419 million or $1.42 per share, down from $518 million or $1.59 per share recorded in the prior-year quarter. Net
Citi Trends (CTRN – Analyst Report) declared its guidance for the second quarter of fiscal 2011. The company expects to incur net loss in the range of 60 cents to 70 cents a share for the quarter.
After reporting declining comparable stores sales of 12% in the months of May and June, the company now estimates second quarter comps to decline 11%. Increase in clearance markdowns attributable to weak sales led to the loss in the quarter.
Citi Trends clarifies that despite its many difficulties, it has a solid cash position with $80 million of cash and investments and no outstanding debt. The company is focused on reducing operating cost and capital expenditure allocation. Full Post…
Unilever, the leading consumer goods company in India, is planning to set up a venture capital fund to invest outside its core business in the field of media and technology in the country. [1]
Unilever Ventures Ltd., along with its two closely associated partner companies, Unilever Technology Venture and Langholm Capital, have been investing in the west in healthcare, clean tech, water, media and environmental services through seed capital in startups, expansion capital in established businesses and by supporting management buyouts in companies seen as strategic additions to its existing portfolio. [2]
Unilever which competes with Procter & Gamble, Colgate-Palmolive and Kimberly-Clark now plans to extend its model to emerging economies beginning with India and China.
We value Unilever’s stock at a Trefis price estimate of $35, roughly at a 10% premium to the current market price.
Why India?
While India is the second most populous nation, it has a young demographic with almost half of the population under 25 years. T Full Post…