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  • LISBON, Oct 9- China's Fosun raised its offer for Portugal's Espirito Santo Saude to 5.01 euros a share from 4.82 on Thursday, above U.S. firm United Health's offer of 5 euros made directly to the bankrupt Espirito Santo family. Fosun has made its public bid for Espirito Santo Saude through its Portuguese insurance unit Fidelidade. Fosun has called United...

  • DETROIT, Oct 9- Mediation for the last, and potentially one of the biggest, settlements in Detroit's historic bankruptcy case has moved to New York City, a Detroit spokesman said on Thursday, amid a newspaper report that a potential deal with Financial Guaranty Insurance Co is still days away. Nearly a month ago, Detroit struck a deal with another bond insurer,...

  • NEW YORK, Oct 8- Sears Holding shares slumped on Wednesday following a report that three of the biggest insurance firms for its suppliers were seeking to reduce coverage. The report by Bloomberg News also said the move prompted at least one vendor to halt shipments to Sears. Sears stock was down 12 percent to $26.67 after falling as much as 17.3 percent, which would...

  • NEW YORK, Oct 7- Bond insurer MBIA was told two weeks ago about a server breach that compromised the data of thousands of local U.S. government entities, but it did not address the problem until earlier this week, according to the cyber security expert who discovered the intrusion. MBIA said on Tuesday it had been notified that some client information at its...

  • Bond insurer MBIA: Client data may have been breached Tuesday, 7 Oct 2014 | 12:46 PM ET
    MBIA sign outside offices in Armonk, New York

    Bond-insurer MBIA says client info related to MBIA's asset management subsidiary, Cutwater Asset Management, may have been breached.

  • WASHINGTON, Oct 6- The U.S. top financial risk council may tweak the way in which it identifies insurers and other companies that are not banks as systemically important, a process the industry and politicians have fiercely criticized. Insurer MetLife Inc on Friday said it would fight a plan by the FSOC to designate it as a so-called Systemically Important...

  • WASHINGTON, Oct 6- Former Treasury Secretary Henry "Hank" Paulson told a packed courtroom on Monday that AIG shareholders were singled out for punishment as part of the U.S. government's attempt to contain the contagion of the 2008 financial crisis. "AIG, either fairly or unfairly,... became a symbol for all that is bad on Wall Street," Paulson said as he testified about...

  • Oct 6- Hilton Worldwide Holdings Inc said it would sell its flagship Waldorf Astoria New York hotel to a Chinese insurance company for $1.95 billion, one of the highest prices per room ever paid for a U.S. hotel. Anbang Insurance Group Co Ltd will pay $1.38 million per room for the Manhattan hotel that was once home to Marilyn Monroe, in a deal that will see Hilton...

  • WASHINGTON, Oct 6- Former Treasury Secretary Henry "Hank" Paulson told a packed courtroom on Monday that AIG shareholders were singled out for punishment as part of the U.S. government's attempt to contain the contagion of the 2008 financial crisis. "AIG, either fairly or unfairly,... became a symbol for all that is bad on Wall Street," Paulson said as he testified about...

  • Oct 6- Hilton Worldwide Holdings Inc said it would sell the landmark Waldorf Astoria New York hotel to Chinese insurer Anbang Insurance Group Co Ltd for about $1.95 billion. The property is the flagship hotel of Hilton's luxury brand, Waldorf Astoria Hotels& Resorts, which owns 27 properties across cities such as Amsterdam, Chicago, and Shanghai.

  • Oct 6- Hilton Worldwide Holdings Inc said it would sell the landmark Waldorf Astoria New York hotel to Chinese insurer Anbang Insurance Group Co Ltd for about $1.95 billion. Waldorf Astoria New York is the flagship hotel of the company's luxury brand, Waldorf Astoria Hotels& Resorts. Hilton Worldwide will continue to manage the hotel for the next 100 years as...

  • Sears: Why the troubled chain's vendors are worried Sunday, 5 Oct 2014 | 12:22 PM ET
    Shoppers at a Sears store

    Sears' deepening financial troubles have forced insurers and banks to raise the cost of guaranteeing payment to vendors, rattling its vendors even more.

  • CHICAGO, Oct 5- Sears Holdings Corp.' s deepening financial troubles have forced insurers and banks to raise the cost of guaranteeing payment to vendors, rattling the retailer's supply chain as the company heads into the key holiday season. In the past three weeks, the retailer twice has turned to its billionaire CEO Eddie Lampert's hedge fund for a cash infusion--...

  • WASHINGTON, Oct 3- Insurer MetLife said on Friday it would fight a plan by the U.S. risk council to designate it as a firm whose demise could risk global finance, a tag that brings far greater regulatory scrutiny. The company had asked the Financial Stability Oversight Council to call a meeting at which it could give written and oral evidence of why it disagreed with...

  • DETROIT, Oct 2- Without a series of settlements, Detroit would face years of costly litigation from creditors and others, with no guarantee that the city would win, Kevyn Orr, Detroit's emergency manager, said on Thursday. The bond insurance company, which local media has reported is in settlement talks with Detroit, faces a recovery of 10 cents to 13 cents on the...

  • WellPoint boosts share buyback program by $5 bln Thursday, 2 Oct 2014 | 5:47 PM ET

    Oct 2- U.S. health insurer WellPoint Inc increased its share repurchase authorization by $5 billion, taking the total program to $6 billion, the company said in a regulatory filing. WellPoint's shares were up 1 percent after closing at $118.45 on the New York Stock Exchange on Thursday. The company plans to change its corporate name to Anthem Inc effective next...

  • WASHINGTON, Oct 2- Taking up a case closely watched by banks and insurance companies, the U.S. Supreme Court agreed on Thursday to decide whether federal housing law permits racial bias claims based on seemingly neutral practices that may have a discriminatory effect. The nine justices will consider whether the state of Texas violated the Fair Housing Act by...

  • UPDATE 2-Allianz CEO Diekmann to step aside in May Thursday, 2 Oct 2014 | 11:02 AM ET

    FRANKFURT, Oct 2- Allianz will replace its chief executive earlier than expected, promoting insider Oliver Baete from May as the insurer seeks to restore order at Pimco, its U.S. funds business beset by investor and executive defections. Baete, 49, had been seen as front runner for the job, and is currently serving as Allianz's board member for insurance...

  • Allianz to replace CEO as Gross upheaval rages Thursday, 2 Oct 2014 | 8:56 AM ET
    The logo of German insurer Allianz stands on the company's office buildings at Treptowers in Berlin, Germany.

    Allianz will replace chief executive officer Michael Diekmann next year with Oliver Baete in the wake of Bill Gross's sudden departure from Pimco.

  • FRANKFURT, Oct 1- German insurer Allianz, still smarting from the sudden resignation of Bill Gross, founder of its Pimco asset management unit, is expected to break its own age rules by extending the contract of Chief Executive Michael Diekmann on Thursday.

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