The Wall Street Journal-20080216-Business and Finance
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Business and Finance
Full Text (273 words)Bond insurer FGIC told New York regulators that it will ask to be split into two companies. The idea would be for one company to insure safe municipal bonds and the other to insure riskier debt securities. The move could result in big losses for banks that are large holders of the riskier securities.
"Auction-rate" securities, which are carrying super-high yields, are attracting hedge funds and other investors looking for bargains.
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The Dow industrials fell 28.77 points to 12348.21 amid renewed economic concerns but ended the week up 1.4%.
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The FDA wants to allow drug makers to give doctors information about "off-label" uses of prescription drugs.
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Continental discussed a possible merger with American Airlines' parent. Delta and Northwest are in the final stages of making a deal.
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Deutsche Post said its CEO will resign, a day after prosecutors said they were investigating him for tax evasion.
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Exxon was less successful finding new fossil fuel in 2007 than in prior years.
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Publicis's Starcom unit was accused of stealing trade secrets by a company that provides the software used by most media-buying firms.
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Former Refco CEO Phillip Bennett pleaded guilty to securities fraud and other criminal charges ahead of his scheduled trial next month.
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Eni's profit almost doubled, helped by higher oil prices and acquisitions.
Gazprom's net fell 6.4%, hit by unusually warm weather and rising operating costs.
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Centro received an extension on $3.4 billion of debt coming due, but the shopping-center operator disclosed a $1.37 billion accounting error.
Developer Harry Macklowe obtained an extension on $1.4 billion in debt that fell into default last week.
