The challenges highlight the difficulties that bailed-out Banco Espirito Santo and its successor Novo Banco face as they try to recover some of the family's massive debts.» Read More
Top European lender HSBC Holdings, which is building up its global insurance business, may strike a distribution partnership in fast-growing China in 2008, its Asia chief said on Wednesday.
Eli Lilly announced this morning that Chairman and CEO Sidney Taurel is retiring as CEO on March 31st next year. He will stay on as Chairman and on April Fool's Day Chief Operating Officer John Lechleiter will take over as CEO. Investors, at least in early trading, seem to like the choice.
Shares of biotech behemoth Amgen are trading at a new intra-day low in the early going this morning after the company announced new data on its developmental osteoporosis drug late Friday. The Phase 3, or late-stage, study was designed to see if the twice-a-year injectable drug strengthened the bones of women with a certain type of breast cancer.
British insurance company Norwich Union was fined 1.26 million pounds (1.76 million euros; $2.54 million) on Monday for a data-protection failure that allowed criminals to cash dozens of policies held by customers.
Reinsurer Munich Re said Monday it reached a deal to buy U.S. healthcare insurer Sterling Life Insurance for $352 million (242.61 million euros) in cash, giving it more access to older Americans who want to buy health insurance.
Aon, one of the world's largest insurance brokers, said on Monday it has agreed to sell two units for about $2.75 billion and will devote the proceeds of the deal to a share buyback.
If American International Group and Capital One won't show their cards, then investors need to cash in their chips.
Last year one of our producers had the bright idea of assigning each of CNBC's beat reporters a story about seven predictions for their beat for 2007. So, now this year not only do we have to do the 8 for '08 thing for TV, but also for the blog.
The morning after the Merck annual business briefing, the analyst reviews are pouring in. For the most part, the ones that I've received at least, say it had a good beat. Only Sanford C. Bernstein's Tim Anderson says he can't dance to it. He titles a research note to clients, "Annual Business Review Uneventful--No Real Surprises, Positive Or Negative."
Reinsurer Swiss Re said it is committed to the Financial Services unit that was the source of last month's large subprime writedown and said it was likely to speed up its share buyback program.
Shares of reinsurer Munich Re rose sharply on Friday after a Swedish investment fund disclosed it acquired nearly 3 percent of the world's second-biggest reinsurer.
I don't know how they all got clustered together--maybe so many of the major pharmaceutical companies meet with Wall Street in early December so everyone can then take off on long vacations--but my hands are full with three big pharma events in as many days. Yesterday, Merck put out guidance.
Insurer Swiss Life raised its targets on Tuesday, aiming to boost earnings per share by at least 12 percent annually, and said the credit crisis will not hit its results, lifting its shares.
Mergers and acquisitions were back Monday as numerous high-profile companies announced plans to tie up despite recent tightness in the credit market and uncertainty over the strength of Western economies.
MetLife, the largest U.S. life insurer, Monday forecast fourth-quarter and 2008 earnings below analysts' expectations, sending its shares down as much as 3.4 percent.
Marsh & McLennan said Monday that Daniel Glaser will become chairman and chief executive of Marsh Inc, the insurance brokerage's main operating subsidiary, effective Dec. 10.
Swiss Life advanced a sweeping restructuring on Monday, unveiling plans to buy German investment adviser AWD in an agreed deal valuing AWD at 1.16 billion euros ($1.71 billion).
Senator Herb Kohl (D-Wisconsin), the Chairman of the Senate's Special Committee on Aging, has made public a copy of a letter he recently sent to Genentech's President of Product Development, Dr. Susan Desmond-Hellmann--a frequent guest on CNBC--regarding the company's new policy on the use of the eye drug Lucentis.
Ping An Insurance (Group), China's No.2 life insurer, bought a 4.2 percent stake in Dutch-Belgian financial services firm Fortis for $2.7 billion, the latest overseas investment by a Chinese financial firm.
Today's Wall Street Journal Heard on the Street column quotes some unnamed "people familiar with the matter" as saying Warren Buffett's Berkshire Hathaway could make big profits by throwing a "lifeline" to bond insurers hurt by excessive fears over credit market losses.
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