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Financial Markets

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Hartford soars on higher outlook, strong capital

NEW YORK, Dec. 5, 2008 (Reuters) — Hartford Financial Services Group Inc raised its 2008 profit forecast and said it had more than enough capital to withstand significant further deterioration in equity markets, sending its shares up as much as 52 percent. ...  > full story

U.S. job losses worst since 1974 as downturn deepens

WASHINGTON, Dec. 5, 2008 (Reuters) — U.S. employers axed payrolls by 533,000 jobs in November, the most in 34 years and far more than expected, government data on Friday showed, as the year-old recession hammered every corner of the U.S. economy. ...  > full story

China, U.S. pledge cooperation after "robust" talks

BEIJING, Dec. 5, 2008 (Reuters) — China and the United States pledged on Friday to boost efforts to tackle the turmoil engulfing global markets and to continue high-level cooperation when President-elect Barack Obama takes office. ...  > full story

Bank Julius Baer CEO dies unexpectedly

ZURICH, Dec. 5, 2008 (Reuters) — Alex Widmer, the chief executive of Bank Julius Baer and a well respected figure in Swiss private banking, has died unexpectedly at the age of 52, the bank said. ...  > full story

Treasury says bank rescue a success so far

WASHINGTON, Dec. 5, 2008 (Reuters) — The Treasury's program to give banks billions of dollars in fresh capital has been a success in helping stabilize financial markets, a senior Treasury official said on Friday. ...  > full story

"Number of headwinds" to hurt EPS of insurance brokers: JPM

Dec. 5, 2008 (Reuters) — A number of headwinds will dampen earnings per share prospects for U.S. insurance brokers unless an improvement in insurance pricing takes place, an analyst at J.P. Morgan Securities said. ...  > full story

Harvard plans $600 million bond issue: report

Dec. 5, 2008 (Reuters) — Harvard University is preparing a $600 million bond issue to partly repay existing debt and also to cancel certain interest rate swap agreements, the Wall Street Journal said. ...  > full story

Toshiba to halt chip output due to weak demand

TOKYO, Dec. 5, 2008 (Reuters) — Toshiba Corp <6502.T>, the world's No. 2 maker of NAND flash memory, will halt chip production at two plants for nine days due to weak demand, in its first output break in seven years, broadcaster NHK reported on Friday. ...  > full story

Asian shares edge up

HONG KONG, Dec. 5, 2008 (Reuters) — Asian shares edged higher on Friday following record rate cuts by central banks in Europe, though plenty of caution remained, lifting the dollar ahead of what is expected to be dismal U.S. employment data. ...  > full story

U.S. must ensure market aid is temporary: SEC's Cox

WASHINGTON, Dec. 4, 2008 (Reuters) — The federal government must plan an exit strategy for several programs it has put in place to help rescue the financial system, the chairman of the U.S. Securities and Exchange Commission said on Thursday. ...  > full story
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