Finally, a variable annuity that even a platform rep can love. Advisors have long complained that the complexity of variable annuities and the constantly changing features made them difficult to sell. As a result where bank advisors sold them at all, only Series 7 reps did so for compliance reasons... But Metlife’s Simple Solutions variable annuity, which launched last July, starts selling through Series 6 licensed platform reps this month...
Source: Financial Planning
New York Life has added three hybrid wholesalers to its retirement income security group, which sells mutual funds, annuities and guaranteed income products... [bringing] the total wholesaler count at RIS to 63...
Source: Mutual Fund Wire
Hewlett-Packard Co. said it agreed to buy networking-gear maker 3Com Corp. for $2.7 billion in cash, the latest move by H-P to bulk up its product line amid a broader push by the few remaining technology giants to turn themselves into one-stop shops for corporate customers.
The Palo Alto, Calif., company—the world's largest tech company by revenue—also preannounced positive fiscal fourth quarter results. It posted an 11% jump in operating earnings and an 8% decline in revenue from a year ago, beating analyst estimates. In a sign the tech industry is leaving the recession behind, H-P also raised its revenue ...
Source: WSJ
Jeff and Vicki Grenz celebrated their 25th anniversary on Sept. 12, 2007. The date marked another milestone for the California couple: Ms. Grenz went back to work.
After giving birth to the second of four children, Ms. Grenz, now 47 years old, stopped working as a campaign consultant full time in 1993. "Every time I had a big meeting or had to go out of town, someone had an ear infection," she said. So Mr. Grenz supported the family through his business as a custom home builder, while his wife stayed home...
Source: WSJ
It's no secret that Apple (AAPL) is doing really well at the high end of the personal computer business, but the other day I got some data that cast its recent achievements in a whole new light. In September, according to market researcher NPD Group, Macs accounted for 18.9% of all laptops and desktops sold in U.S. retail outlets. For computers priced above $1,000, Apple's share was an astonishing 89%.
The NPD numbers overstate Apple's dominance to some degree. They exclude most sales to large enterprises, which strongly prefer high-end PCs to Macs. Still, the business implications are inescapable. While competitors such as Hewlett-Packard (HPQ), Acer, and Dell (DELL) sell vast volumes of $500 laptops that yield razor-thin profit margins, Apple—whose cheapest MacBook sells for $999—is raking in the lion's share of the industry's profits...
Source: businessweek
The biggest inflow of capital to Taiwan in four years is prompting investors to bet that the central bank will give up efforts to keep the world’s second- worst performing major currency from strengthening.
Pictet Asset Management, which oversees $3.9 billion of emerging-market debt, added to holdings of Taiwan’s dollar last month even as the central bank stepped up sales, limiting gains in 2009 to 1.5 percent. A Nov. 10 ban on foreigners’ opening of time deposits won’t hurt investment in the island’s markets, HSBC Holdings Plc said. The bank predicts the currency will rise 11 percent against the U.S. dollar by the end of 2010...
Source: bloomberg
American International Group Chief Executive Robert Benmosche said on Wednesday he remains "totally committed'' to staying at the company, countering an earlier report that he was considering...
Source: IJ
Bloomberg is not responsible for paying the severance packages of the BusinessWeek staff that are let go, we've learned from source familiar with the deal.
McGraw Hill is responsible for paying the severance packages.
This will add to panic BusinessWeek staffers are feeling as they are being interviewed to keep their jobs with Bloomberg...
Source: businessinsider
Bank jettisons advisors who can’t adapt to fee-based model -- As part of a massive restructuring of its investment unit, Citibank laid off 75 predominantly lower-producing advisors, mostly in New York and California, according to Citi spokesperson Alexander Samuelson. Citi had 600 advisors before the layoffs...
The bank is implementing a two-tier system, including an automated commission-based service for mass-affluent clients and a registered-investment-advisor style, fee-only service model for high-net-worth customers...
Source: On Wall Street
Zurich North America announced that its Global Energy unit has appointed Iain Hawker as vice president - Exploration & Production and underwriting manager for London. He replaces Len Messenger...
Source: IJ
ING Groep NV’s decision to split off 12 billion euros ($18 billion) of insurance businesses is likely to have competitors jostling for its units in emerging markets on three continents, analysts said...
Source: Bloomberg
A.M. Best Co. has upgraded the issuer credit rating (ICR) to "a+" from "a" and affirmed the financial strength rating (FSR) of 'A' (Excellent) of Hannover Re (Bermuda) Ltd. with stable outlooks on...
Source: IJ
A.M. Best Co. has revised its rating outlook on Transatlantic Holdings, Inc. And its subsidiaries o stable from negative for. Best also affirmed Transatlantic's financial strength ratings...
Source: IJ
A CAUTIONARY tale for donors who entered into two time-tested, long-term giving arrangements — charitable gift annuities and donor-advised funds — has emerged from bankruptcy court... At the National Heritage Foundation, 9,000 donor-advised funds totaling $25 million in value were wiped out...
Source: NYT
American International Group Inc.'s tough talking chief executive has reportedly threatened to quit, but the giant insurer, which is showing signs of life after its brush with bankruptcy last...
Source: IJ
