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FOMC announces it will expand its December meeting to two days

The Federal Open Market Committee on Thursday announced it would expand its December meeting to two days to allow additional time for discussion. The upcoming meeting, previously planned as a one-day meeting, will begin on the afternoon of Monday December 15 and conclude on Tuesday December 16. The Committee's statement will be released as previously planned, around 2:15 p.m. EST on detalii


ING announces agreement with Dutch consumer organisations on universal life cost charges

ING announced today that Nationale-Nederlanden and its other Dutch insurance subsidiaries reached agreements with the Stichting Verliespolis and Stichting WPC and their related consumer organisations to resolve a dispute regarding the cost charges related to individual universal life insurance products ("particuliere beleggingsverzekeringen") sold to customers in the Netherlands. The agreement is in line with an arrangement that was previously reached by another company in the Dutch insurance sector. Under the terms of the agreement, ING's Dutch insurance subsidiaries will offer compensation to policyholders where individual universal life policies have a cost charge in excess of an agreed maximum. The costs of the settlement have been valued at EUR 365 million. As adequate detalii


Testimony of Chairman Bernanke on the Troubled Asset Relief Program and the Federal Reserve's liquidity facilities

Chairman Ben S. Bernanke Troubled Asset Relief Program and the Federal Reserve's liquidity facilities Before the Committee on Financial Services, U.S. House of Representatives November 18, 2008 Chairman Frank, Ranking Member Bachus, and other members of the Committee, I appreciate having this opportunity to review some of the activities to date of the Treasury's Troubled Asset Relief Program, or TARP, and to discuss recent steps taken by the Federal Reserve and other agencies to support the normalization of credit markets. The legislation that created the TARP put in place a Financial Stability Oversight Board to review the actions of the Treasury in administering the program. That Oversight Board includes the Secretary of the Treasury, the Secretary of Housing and Urban detalii


The UniCredit Shareholder's meeting approved the share capital increase

Today UniCredit S.p.A held the Extraordinary and Ordinary Shareholders’ Meeting in Rome. The Extraordinary Shareholders’ Meeting approved a paid-in share capital increase of an overall amount of up to Euro 3,000,000,000, to be completed in one or more tranches, by issuing up to 973,078,170 new ordinary shares offered preemptively to shareholders, pursuant to article 2441 of the Italian Civil Code and to other investors who may purchase the rights. The new ordinary shares will be offered at a price of Euro 3.083 per share (equal to the reference price of UniCredit ordinary shares at the time of closing of the Mercato Telematico Azionario of Borsa Italiana S.p.A. on October 3, 2008), including a share premium of Euro 2.583. It is expected that the offer of shares will be completed detalii

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