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| Florida |
| Thrifts able to eke out profit in last quarter
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| Century Bank, a thrift and the largest financial institution based in Sarasota County, has been hit hard by the regional recession and has been the subject of a cease-and-desist order.
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| @ Sarasota Herald Tribune | Posted: 08/27/09 at 0201 EDST
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| Florida’s $50B masquerade party
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| Gov. Charlie Crist is responsible for the illusion he is allowing to go out are the insurance coverage declaration pages of Florida’s carriers. All of them are depending on an underfunded Florida Hurricane Catastrophe Fund to back up the money they will have to pay out. The coverage limits of Florida policyholders represent real money at risk and when the winds blow, will have to be paid. However, there is not anywhere near the amount needed in the fund to pay the claims that will eventually come.
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| @ Bradenton Herald | Posted: 08/27/09 at 0315 EDST
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| South Florida industrial and retail complexes reeling
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| In Palm Beach and Broward counties, 52 office, industrial and retail complexes worth nearly $800 million -- including Pembroke Lakes Mall -- are considered troubled assets, according to Real Capital Analytics and Grubb & Ellis Co.
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| @ Miami Herald | Posted: 08/27/09 at 0320 EDST
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| FPL: Rate increase will save customers money in the long run
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| The CEO of the state's largest utility wrapped up three days of testimony on a proposed $1.3 billion a year rate hike insisting that residential electricity rates will go down. Armando Olivera, Florida Power & Light Co.'s CEO, said the utility needs the rate hike to preserve its credit rating or customers will pay more in the long run.
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| @ Palm Beach Post | Posted: 08/27/09 at 0330 EDST
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| Midwest |
| Northern Trust repays $87 million warrant
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| Northern said it repurchased the warrant issued to the U.S. Treasury to buy 3.8 million shares of common stock that were part of the TARP Capital Purchase Program. Two months ago, Northern repurchased the 1,576 million shares of its preferred stock that also was issued as part of the government's program.
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| @ Chicago Tribune | Posted: 08/27/09 at 0345 EDST
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| Wisconsin's WMEP tallies economic benefit from its programs
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| The Wisconsin Manufacturing Extension Partnership says advice from its consultants helped the companies save $17 million through efficiencies, resulting in $46 million in increased sales. The group said the changes also resulted in 277 jobs created and 521 retained.
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| @ Wisconsin State Journal | Posted: 08/27/09 at 0400 EDST
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| Minnesota foreclosures spark bidding wars
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| Those bidding wars help explain a finding Wednesday from the Minneapolis Area Association of Realtors that sellers of foreclosed homes and short sale properties during July had slightly better luck than other sellers in getting close to their asking price. Bidding wars aren't the only reason banks received 94.2 percent of their average list prices last month, compared with 88.9 percent during July 2008. Demand for foreclosed homes has spiked thanks to a combination of low prices, a federal tax credit for first-time buyers and a relative lull in new foreclosures.
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| @ St. Paul Pioneer Press
| Posted: 08/27/09 at 0415 EDST
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| Iowa exporters feel Russia's pull
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| Russia ranked as the fifth-largest market for the state's exports of farm machinery, food and other products last year, according to Commerce Department data. Iowa's exports to Russia soared from less than $49 million in 2004 to $379 million in 2008, fed in part by the growing Russian appetite for American pork.
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| @ DesMoines Register | Posted: 08/27/09 at 0419 EDST
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| National |
| Sales of New Homes up 9.6% July over June
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| This is 13.4 percent (±12.9%) below the July 2008 estimate of 500,000. The median sales price of new houses sold in July 2009 was $210,100; the average sales price was $269,200. The seasonally adjusted estimate of new houses for sale at the end of July was 271,000. This represents a supply of 7.5
months at the current sales rate.
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| @ U.S.Census Bureau | Posted: 08/27/09 at 0419 EDST
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| FDIC rules changes open way for private investors to buy failed banks
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| Squeezed by rising bank failures, regulators made it easier Wednesday for private investors to buy failed institutions. The Federal Deposit Insurance Corp.'s board voted 4-1 to reduce the cash that private-equity funds must maintain in banks they acquire.
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| @ Chicago Tribune | Posted: 08/27/09 at 0419 EDST
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| One in six UK homes 'has no work'
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| This is the highest rate since 1999, the Office for National Statistics (ONS) said. The number of workless households hit 3.3 million in April to June, a 240,000 rise compared with a year earlier.
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| @ BBC | Posted: 08/27/09 at 0646 EDST
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| Europe Launches Major Push for New Banker Bonus Rules
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| France, Germany and the EU are launching a major offensive to change the system of bonuses paid out to bank employees. Knowing that it won't work anywhere if it isn't implemented everywhere, they are hoping to make it a major issue at the upcoming G-20 summit in Pittsburgh.
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| @ Der Spiegel | Posted: 08/27/09 at 0652 EDST
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| Bank profits on mortgages reach record level
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| Bank profits on fixed rate mortgages have hit record levels as the difference between the cost of bank lending and home loans reached a 21-year high.
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| @ Daily Telegraph - UK | Posted: 08/27/09 at 0655 EDST
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