| Upswing in stocks
NEW YORK (AP) "" Stocks ended higher in volatile trading Thursday as investors weighed fears about mounting tension in Iran against a report that indicated better-than-expected U.S. economic growth. The major indexes bounced around, and spent most of the session looking for direction as crude prices surged to a six-month high. Investors remain nervous about the West's response to British sailors held captive in Iran, and oil prices crossed the $66 mark. This offset the Commerce Department's final measure of fourth-quarter gross domestic product, which showed growth of 2.5 percent. That could help quell concerns the economy is slowing too quickly. At the same time, strong economic growth could make it harder for the inflation-wary Federal Reserve to cut short-term interest rates.
Fortress Investment Agrees to Buy Alea for 162 Million Pounds
April 4 (Bloomberg) -- Fortress Investment Group LLC, which manages private equity and hedge funds, agreed to buy the Bermuda- based reinsurer Alea Group Holdings Ltd. for 162 million pounds ($320 million). New York-based Fortress will pay 93 pence a share in cash, it said in a statement today. That's 1.1 percent less than Alea's closing price yesterday and a 15 percent premium over its average price for the last six months, Fortress said. The sale to Fortress will ``bring greater stability to the company,'' Alea Chairman John Reeve said in the statement. The agreed price ``represents an attractive proposal for all shareholders and offers them the opportunity to crystallize their investments in the company.'' Hamilton, Bermuda-based Alea, which is closed to new business, put itself up for sale following record storm losses in 2005.
Vestar Investment Specialists appoints Malcolm Thomas
Thomas brings 19 years' experience in the bank and finance industry to the role. He has worked with Tower and Trust Bank Bay of Plenty, and spent 12 years as a private banker and investment adviser at the BNZ. The appointment was made by Peter Jones, founder and principal of Jones Financial Services, the specialist financial services company that was recently acquired by Vestar. Jones heads Vestar's offices in Rotorua, where Thomas is based. "With such high-level and extensive knowledge of the industry, Malcolm is the ideal addition to our team," Jones said. "He is interested in people first and foremost, which is an essential quality for a good investment adviser. They need to take the time to establish what the client's unique circumstances and goals are, and what they need their money to do for them, and then tailor a plan accordingly.
Freedom Capital Equity Launches in San Diego
SAN DIEGO--(BUSINESS WIRE)--Freedom Capital Equity, a lender specializing in converting home equity into enduring wealth, opened today in Carmel Valley. Owned and operated by founders who have built long-lasting customer relationships through senior positions at local financial institutions, Freedom Capital Equity offers forward and reverse mortgages and other innovative financial products and techniques that provide financial stability and a lasting legacy. "Equity optimization focuses on strategically using home equity to provide, or prepare for, increased retirement income with the greatest safety, liquidity and rate of return," said David Loseke, DRE Broker, MBA, CMPS, president of Freedom Capital Equity. "By focusing on strategically managing home equity, we will be helping many homeowners reach their financial and retirement goals, while simultaneously increasing the safety of their most valuable assets." Freedom Capital Equity was created on the principle that home equity is greatly underutilized and should be wisely employed instead.
JennisonDryden Latest to Make 401k IO Push
JennisonDryden -- Prudential's mutual fund arm -- is making a push into the 401(k) investment-only business. And it is not alone. Last week the fund unit hired Goldman Sach's Michael Rosenberg to head its expansion into the defined contribution space. His hiring follows close on the heels of moves by similar fund firms, including JP Morgan Chase, Mellon Financial, Blackrock, Barclays and a seeming host of other fund firms. Why are so many fund giants making the push into the investment-only side of the 401(k) business (a space that retirement industry insiders call the "I-O" niche)? And, can they succeed? The why is an easy question to answer, the success in the second question is more challenging puzzle. The fund giants are making their pushes now for a number of reasons: the pension world has entered what appears to be a death spiral, regulators scrutiny of revenue sharing is opening up platforms more than ever before (some platforms that had required plan sponsors to choose funds that would place half of their plan assets in proprietary funds have sliced that requirement by half, or more), and, finally, the passage of the Pension Protection Act has created an opening for asset allocation funds.
Why corporate reporting so seldom enlightens
His opening words are always the same. “Dear Doris and Bertie," writes Warren Buffett, the second richest man in the world. It is his annual report to shareholders and the iconic boss of Berkshire Hathaway imagines he is penning a down-home letter to just two of them. They're a smart duo, Mr Buffett tells the Financial Times – and they happen to be his sisters. “They've got practically all their money in Berkshire Hathaway, so they're interested. And they don't want to be talked down to. .
'Puddle' Quilts Way to Success at Autumn Home Show
Master craftsperson Julie van der Putten's wonderful energetic style has won her a huge following for her quilting and craft seminars and workshops. Nationally renowned by her pen name 'Puddle', Julie is sometimes referred to as the Martha Stewart of patchwork and quilting. Full of undiluted passion for her craft, she never holds back from an opportunity to enthuse over the skills and secrets of this ancient art. "I have always been interested in craft and sewing and have made my own clothing and crafts since childhood," she said. "And it has given me many, many wonderful years of enjoyment!" Julie's interest has become a successful business for her, retailing patchwork and quilting fabrics and teaching patchwork classes including Meshwork, Machine Appliqué by Hand, Stack 'n Whack and many other techniques.
Liquidity Services Stock Rises on RBC Capital Analyst Upgrade ...
NEW YORK (AP) - Shares of Liquidity Services Inc. jumped Tuesday after an RBC Capital markets analyst raised his rating on the stock, citing higher-than-expected auction revenue. Shares of Liquidity, which runs an online wholesale, salvage and surplus auction marketplace, added $1.31, or 7.9 percent, to $17.99 in afternoon trading on the Nasdaq Stock Market. During the past 52 weeks, the stock has traded between $8.66 and $24.23. RBC analyst Stephen Ju raised his rating of the stock to "Outperform" from "Sector Perform" and raised his price target to $21 from $20. .
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