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WASHINGTON, May 20- The U.S. Senate should cut crop insurance subsidies, the most expensive part of the farm safety net, by $1 billion a year before it passes the new farm bill, the White House said on Monday. The House would make the biggest food stamp cuts in a generation, $20 billion, compared to $4 billion in the Senate.
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Hard-hit bond insurer Ambac Financial Group's plans to raise at least $1.5 billion in new capital are not enough to fix its capital adequacy problem, analysts at Goldman Sachs and J.P. Morgan Securities said.
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After Ambac's bailout went bust, what can possibly help the struggling financials?
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Ambac's plan to raise up to $1.5 billion in capital is nearly complete, bankers say, which should help the troubled bond insurer keep its crucial triple A debt rating.
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Ambac Financial Group announced plans to raise up to $1.5 billion in capital in an attempt to keep its crucial triple A debt rating.
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Shares in Ping An Insurance opened sharply higher on Thursday after shareholders approved the company's plan for an equity issue that could raise some $17 billion.
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In a series of exclusive live appearances on CNBC's Squawk Box this morning, Warren Buffett told us that by a "common sense definition", the U.S. economy is already in a recession, even if it hasn't met the technical definition of two consecutive quarters of negative growth. He restated, however, his view that over the long-run the U.S. economy will do fine and that each generation will live better than the one before it.
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Warren Buffett's just-released annual letter to shareholders features a blistering attack on what he calls the "fanciful figures" of Corporate America's accounting, especially when it comes to assumptions about pension fund returns. He says those assumptions are far too optimistic, designed to boost short-term earnings at the expense of future retirees.
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THIS IS A LIVE BLOG OF WARREN BUFFETT'S APPEARANCE ON CNBC'S SQUAWK BOX DURING THE 6am ET HOUR. BUFFETT IS LIVE AT THE NEBRASKA FURNITURE MART (A BERKSHIRE HATHAWAY SUBSIDIARY) IN OMAHA WITH OUR BECKY QUICK TO ANSWER YOUR EMAIL QUESTIONS.
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American International Group shares fell 7 percent on Friday, a day after the world's largest insurer reported a $5.29 billion quarterly loss.
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Swiss Re, the world's biggest reinsurer, made better than expected 2007 net profit, as it escaped further subprime writedowns in the fourth quarter, and gave a confident earnings outlook.
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Billionaire investor Wilbur Ross will take a stake of up to a billion dollars in bond insurance company Assured Guaranty.
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AXA, Europe's second biggest insurer, undershot expectations with its 2007 profit rise, knocking its shares lower, but said it expected further growth in 2008 despite a tough business environment.
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European earnings failed to drive broader European markets higher, as disappointing numbers from bigger names and cautious guidance mostly pushed shares in reporting companies lower.
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In a live on-set interview during today's Closing Bell on CNBC, MBIA's new CEO Jay Brown told us he's "comfortable" going up against Warren Buffett's new bond insurance company, although he acknowledges that Berkshire Hathaway can be "tough" competition. In response to a question about Buffett "going after" his business, Brown suggested Buffett might not be in it for the long haul.
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Cramer makes the call on viewers' favorite stocks.
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Insurer UnitedHealth Group won U.S. antitrust approval on Monday to buy Sierra Health Services, despite criticism of the deal.
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QBE Insurance Group, Australia's top insurer by premium income, missed market estimates with a 30 percent rise in full-year profit because of negative currency movements, sending its shares down more than 13 percent.
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A federal jury has found five former insurance company executives guilty of a scheme to manipulate the financial statements of the world's largest insurance company.
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Four former executives of Berkshire Hathaway's General Re have just been found guilty in a closely watched criminal fraud trial that could have brought Warren Buffett to the witness stand. A former executive of American International Group was also convicted by the jury, following a one-month federal court trial in Hartford, Connecticut.
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Munich Re is aiming to achieve net profit of up to 3.4 billion euros ($5 billion) in 2008 despite its expectations of a tough year for financial markets, it said on Monday.