| (AFX UK Focus) 2007-11-16 16:00 GMT: TFN NEWS BRIEFING: Banking and insurance highlights to 15:45 GMT
2007-11-16 15:43:45 Stocks fluctuate amid lackluster news NEW YORK (AP) - Stocks fluctuated Friday as lingering concerns about the health of consumer spending, the banking sector and the overall economy zapped an early rally. 2007-11-16 15:39:41 Fannie execs defend accounting change WASHINGTON (AP) - Fannie Mae executives on Friday defended a change in how the mortgage lender discloses losses on home loans after a news article raised the possibility it could be masking the true magnitude of credit-related hits to its profits. 2007-11-16 15:32:43 Fannie exes defend accounting change WASHINGTON (AP) - Fannie Mae executives on Friday defended a change in how the mortgage lender discloses losses on home loans after a news article raised the possibility it could be masking the true magnitude of credit-related hits to its profits.
HELLO & GOOD BUY
LISTEN up, ladies: The time to pay down that credit card debt is now. Seventh on Sale, which last happened in 2005, starts Friday and, oh, what a bonanza of bargains. The fashion industry (galvanized by sale founders Council of Fashion Designers of America, Vogue and a small battalion of powerhouse sponsors) has donated 30,000 items, more than $9 million worth of Dolce & Gabbana, Michael Kors, Kenneth Cole, Diane von Furstenberg, Ralph Lauren and hundreds of other designers - at 70 percent off. �There's going to be some great Marc Jacobs handbags that I'm really excited about," says Danielle Billinkoff, one of the 300 volunteers staffing the show. �And a few luxury pieces that I can never afford in real life, like Oscar de la Renta and Carolina Herrera." The 69th Regiment Armory will be set up like a department store, but you can't just drop by: Shoppers must buy tickets in advance for a time slot (two hours Friday and Saturday; three hours Sunday, $20 admission) at 7thonsale.eBay.com.
Progressive Rises As Offering Cheered
Shares of Progressive Gaming International Corp. climbed Tuesday as investors cheered a public offering of 20 million shares that will be used to help pay down debt. The supplier of casino management software said the offering was priced at $2.50 per share. .
Union National Bank reports Dh833.3m nine-month profit
ABU DHABI � Union National Bank (UNB) achieved a net profit of Dh833.3 million for the first nine months up to September 2007 as compared to Dh833.6 million for the corresponding period of 2006. The results are strong, given that income from capital market related activities was included in 2006, which has not been the case so far in 2007. On a core business comparative basis, the bank's net profits have risen by 45 per cent over this period. The net profit for the three months period ended September 30, 2007 was Dh295.2 million, compared to Dh206.3 million for the same period in 2006, representing an increase of 43.1 per cent quarter-on-quarter reflecting solid growth in business and income from the core banking activities. The net loans and advances have grown by 36.4 per cent to reach Dh35.0 billion as of September 30, 2007 (September 30, 2006: Dh25.7 billion) on the back of sustained deal generation.
CCHL plans to lift Orion's debt
The ratepayer-owned Christchurch City Holdings, the city's largest company, is looking at taking cash out of its electricity networks company, Orion, which has little debt. Orion is one of six trading companies owned by CCHL. CCHL chief executive Bob Lineham said yesterday having little debt was not efficient for that business and the council was looking at ways to restructure the balance sheet and return capital from Orion to the council. CCHL is the investment and trading arm of Christchurch City Council; along with the six companies it has a smaller stake in a forestry company, Selwyn Plantation Board. The six companies include Orion, Lyttelton Port Co, Christchurch Airport, contractor City Care and Red Bus. CCHL has released its annual report for the year to June 2007 and says it wants to invest in more infrastructure for the city.
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