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2010/11/24

Business News for Wednesday November 24, 2010

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Fed held unscheduled video conference

WASHINGTON (UPI) -- The U.S. Federal Reserve said policymakers held a video conference Oct. 15, an unscheduled meeting before its controversial Nov. 3 gathering.

In meeting minutes released Tuesday, the Fed said, "The agenda (for Oct. 15) did not contemplate any policy decisions and none were taken."

Policymakers, instead, discussed how to communicate objectives, as "greater public understanding of the committee's interpretation of its statutory objectives would contribute...

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Six arrested from funeral insurance firm

ST. LOUIS (UPI) -- Federal authorities arrested six officers of a defunct funeral service insurance company in Missouri on charges they played fast and loose with company funds.

The six were arrested on a 50-count indictment that alleges the owners of National Prearranged Services Inc. and company officers diverted $600 million in funds that should have been held in reserve for policy users for a long list of personal and commercial uses, the St. Louis Post-Dispatch reported Tuesday...

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J. Crew sells itself for $3 billion

NEW YORK (UPI) -- U.S. clothing company J. Crew Group Inc. said Tuesday it had agreed to sell itself to two investment funds for $3 billion.

The price, at $43.50 per outstanding common share, represents a 29 percent premium over the company's average closing price in October, J. Crew said in a statement.

The buyers are TPG Capital and Leonard Green & Partners, L.P.

The firm said Chairman and Chief Executive Officer Millard Drexler would continue in his roles as ...

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Korean skirmish unnerves Wall Street

NEW YORK (UPI) -- U.S. markets headed sharply lower Tuesday as investors flinched in reaction to a border dispute between North and South Korea.

Both sides exchanged artillery fire, which left two South Korean marines dead and injured at least 16 on Yeonpyeong Island, The Wall Street Journal reported.

Investors were already on edge as finance ministers in Europe work through the details of a rescue loan for Ireland that could go as high as $129 billion.

In ...

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More Headlines

Grain futures mixed Tuesday
Crude oil prices slip on border tensions
Gold prices rise in retreat from equities
Existing home sales down in October
U.S. markets lower on skirmish in Korea
 
 
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