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LONDON – Global markets reacted positively Monday after Greece’s parliament approved a new set of austerity measures required by international lenders in exchange for a bailout that would save the country from bankruptcy next month.

Drastic cuts in civil service jobs, minimum wages and welfare were among the reforms that lawmakers approved in Athens, where anti-austerity rioters clashed with police and torched dozens of buildings. The protests, part of a surge in sentiment against the foreign demands for cuts, saw 68 police and 70 protesters hospitalized.

Eurozone finance ministers will meet Wednesday to discuss progress in making Greece’s debt talks, though the approval of the euro130 billion ($170 billion) bailout package is not expected before early March.

Greek party leaders will have to make a commitment in writing to adhere to the austerity reforms even after an April general election and identify another euro325 million ($431 million) in savings. Parliaments in Germany, Finland and the Netherlands will then have to vote on the bailout package, at then end of February, before it can be formally approved.

Eurozone countries also want to see what percentage of Greece’s private creditors take up the offer for a related bond swap before they clear more help for Athens.

Without the bailout and the bond swap deal, Greece will be pushed into a disorderly default on bond repayments on March 20, likely pressing it into a disruptive exit from the euro common currency. That would see cause the country’s financial sector to collapse, fueling further social unrest and destabilizing the wider European and global markets.

Analysts at Credit Agricole CIB noted in an email to clients that the parliament vote “did not come without major cost in the form of escalating protests and violence within Greece.”

“At least for today the market tone will be a positive one as attention shifts to a meeting of EU finance ministers on Wednesday,” the note said.

Britain’s FTSE 100 was up 0.9 percent at close to 5,905.7 while Germany’s DAX added 0.7 percent to 6,738.47 and France’s CAC-40 was up slightly at 3,384.55 after Japan’s Nikkei 225 closed 0.6 percent higher at 8,999.18.

Wall Street also higher, with the Dow Jones industrial average up 0.4 percent to 12,848.1 and the S&P 500 gaining 0.5 percent to 1,348.79.

Looking ahead, investors will also prepare for the release of European economic growth figures on Wednesday. They are expected to show economic activity in the 17-nation eurozone contracting in the fourth quarter, leaving the region with one foot in recession — the bloc is widely expected to have shrunk again in the first quarter. Those figures will not be available until the spring.

In Asia, Hong Kong’s Hang Seng gained 0.5 percent to 20,887.40 and South Korea’s Kospi added 0.6 percent to 2,005.74.

In mainland China, the benchmark Shanghai Composite Index ended virtually unchanged at 2,351.86 while the Shenzhen Composite Index gained 1 percent to 912.31. Benchmarks in Taiwan, Singapore and Indonesia also rose.

Chinese property shares plummeted after the city of Wuhu in eastern China, announced it was suspending plans it announced last week to subsidize some home purchases and give tax breaks to help support the local market.

That news, suggesting an easing of curbs on the real estate market, pushed property and related shares higher late last week.

State-run newspapers carried prominent coverage Monday of comments by Premier Wen Jiabao reaffirming the central government’s determination to keep curbs on the real estate market to prevent a resurgence of the property speculation that helped drive prices to levels unaffordable for most Chinese families.

Benchmark crude for March delivery was up $1.42 at $100.10 in electronic trading on the New York Mercantile Exchange. The contract fell $1.17 to settle at $98.67 on the Nymex on Friday.

In currency trading, the euro was up to $1.3198 from $1.3170 late Friday in New York. The dollar was relatively flat at 77.50 yen.

___

Pamela Sampson in Bangkok and Elaine Kurtenbach in Shanghai contributed to this report.

HERE’S THE DRILL: Cyprus has launched a second licensing round for offshore exploratory drilling as hopes grow that potential oil and gas discoveries will buoy the eurozone country’s sagging economy.

GROWING INTEREST? An initial licensing round in 2007 generated interest only from U.S. company Noble Energy. Officials predict more interest in the second round following Noble’s discovery of an estimated 5-8 trillion cubic feet of natural gas.

TURKEY TENSION: Neighboring Turkey, which doesn’t recognize Cyprus as a sovereign state, is watching developments. Cyprus was split into an internationally recognized Greek-speaking south and a breakaway Turkish-dominated north in 1974.

ARCHIVES

At a Government Executive Leadership Briefing this morning, two chief human capital officers at major agencies had a fairly blunt message for federal managers: Get with the program on hiring reform. Asked what was the biggest impediment at this stage to meeting or beating the Obama administration’s goal of driving average time to hire down to 80 days, both John Sepulveda of Veterans Affairs and Robert Buggs of Education pointed the finger at the managers who are ultimately responsible for deciding who they want to add to their teams.

Both Sepulveda and Buggs were quick to point out that staffers in HR offices must make sure that paperwork gets processed in a timely manner, but they said the real bottleneck is with managers who fail to act quickly enough to make decisions about open positions. Asked directly about managers who allow hiring certificates to languish on their desks, Sepulveda said he had some sympathy, knowing that there are many competing demands on managers’ time. But Buggs was less conciliatory, saying managers simply need to find a way to make time for keeping the process moving. The key, both Sepulveda and Buggs said, was to hold managers accountable in the performance appraisal process for handling their hiring responsibilities.

Tom Shoop is vice president and editor in chief at Government Executive Media Group, where he oversees both print and online editorial operations. He started as associate editor of Government Executive magazine in 1989; launched the company’s flagship website, GovExec.com, in 1996; and was named editor in chief in 2007.

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Hacked Off

Network intruders with an ax to grind are making it hard for public officials to protect their personal data.

Going on a Cash Diet

The government’s spending problem means smaller portions for agencies and managers for the foreseeable future.

NEW YORK – After uncharacteristically tepid sales in the July-to-September quarter, Apple came back with a vengeance in last three months of 2011, vastly exceeding analyst estimates and setting new records.

Apple Inc. on Tuesday said it sold 37 million iPhones in the quarter, double the figure of the previous quarter and more than twice as many as it sold in last year’s holiday quarter.

The result may make Apple the world’s largest maker of smartphones. Samsung Electronics, which held that position for most of last year, has said it expects to report shipping about 35 million smartphones in the October to December quarter.

October saw the launch of the iPhone 4S, and the addition of Sprint Nextel Corp. as an iPhone carrier in the U.S.

Apple said net income in the fiscal first quarter was $13.06 billion, or $13.87 per share. That was up 118 percent from $6 billion, or $6.43 per share, a year ago.

Analysts polled by FactSet were expecting earnings of $10.04 per share for the latest quarter, Apple’s fiscal first.

Revenue was $46.33 billion, up 73 percent from a year ago. Analysts were expecting $38.9 billion.

The Cupertino, Calif., company shipped 15.4 million iPads in the quarter, again more than doubling sales over the same quarter last year.

Apple shares rose $33.03, or 7.9 percent, to $453.53 in extended trading, after the release of the results.

Chief Financial Officer Peter Oppenheimer said the company expects earnings of $8.50 per share in the current quarter, and sales of $32.5 billion. Both figures are above the average estimate of analysts polled by FactSet, even though Apple usually low-balls its estimates.

Apple ended the quarter with a cash balance of a staggering $97.6 billion. For years, investors have been frustrated with Apple’s unwillingness to put the cash to use. Complaints have been muted as Apple continues to generate record-breaking results and as the stock price keeps rising. Apple executives have said the cash hoard gives the company flexibility to make acquisitions and long-term supply deals.

If the stock rally in extended trading survives into regular trading Wednesday, Apple will retake the position of most valuable company in the world from Exxon Mobil Corp. Apple first unseated Exxon last summer, and the two have been trading places since then.

WASHINGTON – Federal regulators have accused BankAtlantic Bancorp Inc., the parent of one of Florida’s biggest banks, and its chief executive of misleading investors about the bank’s financial health as its holdings of commercial real estate loans soured in 2007.

The Securities and Exchange Commission announced it filed civil charges Wednesday against the company and its CEO and Chairman Alan Levan. The SEC said the bank and its chief used accounting gimmicks to hide losses on a key group of loans. The SEC is seeking unspecified penalties and a ban against Levan serving as an officer or director of any public company.

“This is exactly the type of information that is important to investors, and corporate executives who fail to make that required disclosure will face severe consequences,” SEC Enforcement Director Robert Khuzami said in a statement.

BankAtlantic Bancorp, based in Fort Lauderdale, Fla., is the parent of BankAtlantic, a savings bank with $3.7 billion in assets as of Sept. 30.

In a statement, Levan disputed the charges and said the parent company will contest them in court.

“We at BankAtlantic Bancorp are disappointed that the SEC has brought this action,” Levan said. “At the end, we believe the SEC’s credibility as a neutral enforcer of securities laws will be tarnished, as the case is unsupportable.”

Eugene Stearns, an attorney representing BankAtlantic Bancorp and Levan, said the sort of data on loans the SEC faulted the company for failing to disclose was confidential and rarely made public by banks.

JERUSALEM – Hackers disrupted the websites of Israel’s stock exchange and national air carrier El Al on Monday in a deepening cyber war launched earlier this month by a group claiming to be Saudis.

Neither website contains sensitive information and trading and flights were not affected. But the ongoing salvos by hackers who use anti-Israel language in their posts has revealed how vulnerable Israel is to cyber warfare, despite its sophisticated computer security units in the military and advanced high-tech sector.

The attacks began earlier this month when hackers identifying themselves as group-xp, a known Saudi hacking group, claimed on an Israeli sports website to have gained access to 400,000 Israeli credit card accounts. The group called it a “gift to the world for the New Year” designed to “hurt the Zionist pocket.”

Israeli authorities said 15,000 accounts were hacked in that episode and credit card information about 6,000 other Israelis was disclosed online a few days later by the same network.

Last week, an Israeli hacker identifying himself as a soldier in an Israeli intelligence unit retaliated by posting information online about hundreds of Saudis, Egyptians, Syrians and others.

El Al Israel Airlines took down its website after the alleged Saudi network linked to previous attacks warned that both sites would be targeted by allied pro-Palestinian hackers, a source close to the company said. The source asked not to be identified because they were not authorized to speak to the media.

The company said in a statement that it was taking security measures to protect the website and that disruptions on the site were to be expected.

Orna Goren, a spokeswoman for the Tel Aviv Stock Exchange, said the site was overwhelmed by electronic requests that slowed it down dramatically but it was still operating. Trading was not affected, she said.

Cyber experts say Israel is a common target for online attackers who oppose the Jewish state and its policies toward the Palestinians.

There have been no confirmed reports of sensitive Israeli government sites being hacked. Several weeks ago, websites of Israeli spy services and other official sites briefly went down, but the government denied hackers were to blame and characterized the event as a technical malfunction.

Israel is a world leader in cyber security, and the Shin Bet internal security agency provides advisory services to sensitive business sectors such as banks and public utilities.

The Internal Revenue Service is strong in Senior Executive Service diversity, a new report has found.

Among senior executives, the IRS “was more diverse than other federal agencies” in eight of 12 of the Office of Personnel Management’s diversity categories, according to the Treasury Inspector General for Tax Administration report released Wednesday.

Drawing on fiscal 2009 hiring data that took race, gender and disability into account, the report also found the IRS had proportionately more female executives than the rest of the federal government, with 44.1 percent compared to 30.8 percent for all federal agencies.

In fiscal 2009, white males comprised 40.8 percent of the IRS’ senior executive staff, a drop from 50.4 percent in fiscal 2004, with the percent change redistributed among other diversity categories. By contrast, 58.6 percent of all federal senior executives in fiscal 2009 were white males.

Though the IRS has different levels of SES employees, the report does not distinguish between them, said Michael R. Phillips, Deputy Inspector General for Audit at TIGTA.

“TIGTA included all SES when determining the percentages to compare with the rest of the federal government,” Phillips wrote in an email to Government Executive.

The 12 diversity categories OPM measures are gender-divided among white, black, Latino, Asian/Pacific, Native American and disabled employees.

TIGTA credited the diversity success to support from the IRS commissioner and other top-level executives, as well as its adoption of performance measures, including an awards program set up by the wage and investment division that “recognizes outstanding achievement in [Equal Employment Opportunity] and diversity.”

In the report, TIGTA made three recommendations to IRS management: add the diversity practices to specific internal policies, partner with federal executive organizations and gain further insight into diversity issues, and help minority employees into higher level positions via professional executive organizations.

Management agreed with all three recommendations and gave implementation deadlines for each ranging from late February to late December.

If the Price Is Too Good to be True, Beware

DES PLAINES, Ill., Nov. 8, 2011 /CHICAGOPRESSRELEASE.COM/ — As East Coast residents begin to rebuild and recover from Hurricane Irene and its aftermath, the National Insurance Crime Bureau (NICB) wants consumers all across the country to be alert for flood vehicles that could begin to appear on the used car market.

From Maine to North Carolina, an analysis of insurance claims processed by NICB member companies shows that during last August alone, 11,789 flood vehicle-related claims were processed.  This compares with 994 processed in August of 2010.

New Jersey generated the most claims—4,121—followed by New York (2,809) and North Carolina (2,585).

Although a flood-damaged vehicle can be an attractive purchase for a savvy consumer, it can lead to costly repairs and, potentially, life-threatening injuries. Most consumers do not have the training or the experience to spot flood vehicles.  Moreover, their judgment may be swayed by a price that is just too good to pass up.  But, like the old saying goes, if it sounds too good to be true, it probably is.

The one word that separates a good buy from a scam is disclosure.  As long as a seller discloses the fact that a vehicle is a flood vehicle, then there is no fraud.  The trouble comes when a seller hides the fact that a vehicle has been declared as such and that fact is hidden from prospective buyers.

People who fraudulently traffic in flood vehicles are good at cleaning them up and presenting them for sale as perfectly fine used vehicles.  To entice buyers even more, they are priced well below retail.  That’s a clue for you to slow down and get some expert advice.  It’s always good to hire a trusted technician to examine any used vehicle you intend to purchase—particularly if the sale is from a private party advertising online.

After Hurricane Katrina devastated New Orleans and sections of the Gulf Coast, NICB created VINCheck(SM), a free consumer protection service aimed at preventing this kind of fraud.  VINCheck allows anyone to check a vehicle identification number against the millions of claim records processed by participating NICB member insurance companies. If the vehicle was ever declared as salvage, a flood vehicle, or is an unrecovered stolen vehicle and reported by a participating insurer, you will be advised of that information in seconds.

In addition, consumers are encouraged to use additional sources of vehicle history information, including the National Motor Vehicle Title Information System (NMVTIS) which was designed to protect consumers from fraud and unsafe vehicles.  NMVTIS can be accessed at www.vehiclehistory.gov

It’s worth repeating that flood vehicle sales are perfectly legal when all parties are aware of the flood history.  Many people buy them knowing that they will need to rebuild or replace affected parts.  Yet even after that kind of post-sale investment, consumers can have a very good vehicle for a lot less than retail.  But you have to know the vehicle’s history.

NICB recommends that consumers follow these tips to avoid getting ripped off by flood vehicle fraud:

  • Select a reputable car dealer.
  • Inspect the vehicle for water stains, mildew, sand or silt under the carpets, floor mats, headliner cloth and behind the dashboard.
  • Check for recently shampooed carpet.
  • Inspect the interior upholstery and door panels for fading.
  • Check for rust on screws in the console or areas where water normally doesn’t reach.
  • Check for mud or grit in the spare tire compartment, alternator crevices, behind wiring harnesses, around the small recesses of starter motors, power steering pumps and relays.
  • Check inside the seatbelt retractors by pulling the seatbelt all the way out and inspect for moisture, mildew or grime.
  • Check door speakers as they will often be damaged due to flooding.
  • Have a certified mechanic inspect the vehicle prior to purchasing it.
  • Ask about the vehicle’s history.  Ask whether it was in any accidents or floods.
  • Inspect the title and ownership papers for any potential salvage fraud.
  • Conduct a title search of the vehicle.
  • Look under the hood for signs of oxidation.  Pull back rubber boots around electrical and mechanical connections and look for these indicators:
    • Ferrous materials will show signs of rust
    • Copper will show a green patina
  • Aluminum and alloys will have a white powder and pitting.
  • Trust your instincts.  If you don’t like the answers or the deal sounds too good to be true, walk away!
  • If you suspect flood vehicle fraud, call the NICB Hotline at 1-800-TEL-NICB (1-800-835-6422).  You may also text your information to TIP411, keyword “FRAUD” and remain anonymous if you so desire.

    About the National Insurance Crime Bureau: headquartered in Des Plaines, Ill., the NICB is the nation’s leading not-for-profit organization exclusively dedicated to preventing, detecting and defeating insurance fraud and vehicle theft through data analytics, investigations, training, legislative advocacy and public awareness.  The NICB is supported by more than 1,100 property and casualty insurance companies and self-insured organizations.  NICB member companies wrote over $319 billion in insurance premiums in 2010, or approximately 80 percent of the nation’s property/casualty insurance.  That includes more than 94 percent ($152 billion) of the nation’s personal auto insurance.  To learn more visit www.nicb.org.

    SOURCE National Insurance Crime Bureau


    http://www.nicb.org

    Hurricane Irene’s Flood Waters Increase Risk for Used Vehicle Buyers | Chicago Press Release Services – Chicago’s leading press release newswire service; professional press release services, press release distribution and newswire services.



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    — Enrollment in GLYX-13 Phase II Clinical Trial Proceeding Well —

    EVANSTON, Ill., Nov. 7, 2011 /CHICAGOPRESSRELEASE.COM/ – Naurex Inc., a clinical-stage company developing innovative treatments to address unmet needs in psychiatry and neurology, today reported that its lead compound for the treatment of depression, GLYX-13, has been selected as one of Windhover’s “Top 10 Most Interesting Neuroscience Projects to Watch.”  GLYX-13, a glycine-site functional partial agonist (GFPA) selective modulator of the NMDA receptor (NMDAR), is initially being developed as a therapy for patients who are not achieving an adequate response to their current antidepressant agents.  Patient enrollment in an ongoing Phase II clinical trial of GLYX-13 is proceeding well.  Phase II results are expected in 2012. 

    Naurex’s novel GFPA class programs, which include GLYX-13 and second and third-generation compounds, have demonstrated the potential to achieve the well-documented efficacy of classic NMDAR-modulating drugs while avoiding their serious side effects.  Known NMDAR-modulating agents such as ketamine have been shown to act very rapidly — within hours of a single dose — to alleviate the symptoms of depression and bipolar disorder in multiple human trials, but their clinical utility has been hampered by their potential for abuse and behavioral impairment, including schizophrenia-like effects at doses near the therapeutic dose.

    The GLYX-13 Phase II trial is a randomized, double blind, placebo-controlled study of the efficacy and safety of GLYX-13 in subjects with treatment-resistant depression.  The trial will enroll more than 80 subjects with major depressive disorder who have demonstrated inadequate response to other antidepressants.  Outcome measures include changes in depression scores on standard scales for mood and psychiatric disorders, as well as independent evaluations of depression signs and symptoms.  Safety is also being assessed.

    GLYX-13 was selected as a “Top Project to Watch” by a committee that included Windhover Information, the publishers of IN VIVO and Start-Up, and independent CNS expert Harry Tracy, president of NI Research and editor of the neuroscience business analysis journal NeuroInvestment.  Selections were based on unmet medical need, market potential, diversity of indications, strong science, multi-level partnering opportunities, potential for applications beyond initial indications, and corporate stability.

    “We are delighted that these respected industry experts agree with our view that GLYX-13 is among the most promising current candidates in the CNS field,” said Derek Small, CEO of Naurex.  “There is high unmet need for faster, more effective and safe antidepressants to help the millions of patients with inadequate response to current agents.  We are optimistic that GLYX-13 has the potential to make a dramatic difference for these patients, helping those poorly served by existing therapies and providing relief for many within hours — rather than weeks — of receiving a single dose.  We are pleased by the good rate of patient enrollment we are achieving in the Phase II trial.”

    In preclinical studies, GLYX-13 has demonstrated a robust antidepressant-like activity consistent with that of ketamine, including its rapid onset and long duration of effect, with no signs of side effects, achieving the widest therapeutic ratio between efficacy and side effects (>500:1) of any known NMDAR modulator.  In a Phase I trial, GLYX-13 was well tolerated, with adverse events for the groups receiving GLYX-13 and placebo all rated as mild.  There were no signs of the schizophrenia-like side effects associated with other drugs that modulate the NMDAR.

    For more information about the GLYX-13 Phase II trial, see http://clinicaltrials.gov/ct2/show/NCT01234558?term=glyx-13&rank=2.

    Along with inclusion in the “Top 10 to Watch” list, Naurex has been selected to present at Windhover’s Therapeutic Area Partnerships meeting, which will be held November 30–December 2, 2011 at the Westin Copley Place in Boston, MA.  More information can be found at www.tapartnerships.com/content/Main.aspx.

    About Naurex

    Naurex Inc. is a clinical-stage private company developing novel therapies to address unmet needs in psychiatry and neurology based on a new mechanism of action for modulating the NMDA receptor in a safe way — Glycine-site Functional Partial Agonists (GFPAs.)  Naurex’s lead product, GLYX-13, has shown promising signs of rapid-acting, long-lasting antidepressant activity with excellent safety in preclinical studies.  Following a successful Phase I safety trial, Naurex initiated a Phase II trial to assess GLYX-13 in patients who have had an inadequate response to an existing antidepressant treatment.  The trial is ongoing and results are expected in 2012.  Naurex’s second and third-generation programs, which comprise novel patented GFPA chemistry classes with key molecular features, represent a platform for the development of new therapies for a variety of CNS disorders.  For more information about Naurex, visit www.naurex.com.

    About TA Partnerships

    Windhover Information’s 6th Annual Therapeutic Area Partnerships is the industry’s most targeted and efficient partnering meeting for life science companies seeking partnerships in the top therapeutic areas:  Oncology, Cardiovascular/Metabolic, Neuroscience, Infectious, Inflammatory Diseases and other hot therapeutic areas.  Decision-makers focusing on these therapeutic categories can meet to develop strategic alliances in a  personal and interactive setting that combines company presentations, 1:1 meetings and networking functions.  More information is available at http://www.tapartnerships.com/content/Main.aspx

    About Windhover

    Windhover Information Inc., an Elsevier company, has provided analysis of the healthcare industry to decision-makers at all levels since the founding of its flagship publication, IN VIVO: The Business & Medicine Report, in 1983.  Windhover provides its information and analysis in many formats, including print, electronic databases, international conferences and webinars.  For more on the company’s products and services, please see www.windhover.com.

    Contacts:

     

    Corporate             

    Media

    Naurex Inc.             

    GendeLLindheim BioCom Partners            

    Ashish Khanna         

    Barbara Lindheim

    Vice President, Corporate Development           

    (212) 584-2276

    (847) 871-0377                                                  

    blindheim@biocompartners.com                

    corporate@naurex.com

     

    SOURCE Naurex Inc.


    http://www.naurex.com

    Naurex’s Novel Antidepressant GLYX-13 Recognized as One of Windhover’s 2011 Top 10 Neuroscience Projects to Watch | Chicago Press Release Services – Chicago’s leading press release newswire service; professional press release services, press release distribution and newswire services.



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