The calls have all been similar pranks: A frantic man urges hotel desk workers or guests to set off a fire sprinkler, sound an alarm or bust windows. It’s always the same: Do it now! And, authorities said, they did. …
Credit default swaps are “instruments of destruction” that should be outlawed, billionaire investor George Soros said on Friday. Soros said the asymmetry of risk and reward embedded in CDS exerted so much downward pressure on the bonds underlying the contracts …
Hartford Financial Services Group Inc. said it will take as much as $3.4 billion of federal bailout money and sell up to $750 million of common stock to bolster capital after large losses on investments. The 199-year-old life and property …
New York City developers may soon be able to renew building permits at stalled construction sites for up to four years, as long as they agree to safety monitoring and inspections while the projects are stalled. Mayor Michael R. Bloomberg …
Zachary Weiss, chairman of the New York State Workers’ Compensation Board, will resign next month to become a federal administrative law judge. He became chairman of the board in October 2007, and was instrumental in implementing the state’s workers’ compensation …
“The G8 summit should resist pressures to resort to economic nationalism and should further strengthen international cooperation to meet the challenges posed by the global recession, climate change and product counterfeiting,” said a bulletin from the International Chamber of Commerce …
The Bermuda-based Max Capital Group Ltd. Has decided to throw in the towel on its efforts to merge with IPC Holding Ltd. Following the decisive rejection of its amalgamation proposal by IPC shareholders on Friday [See IJ web site – …
Legislators from around the world called on G8 nations on Friday to take the lead on climate change by slashing their carbon output and promising hundreds of billions of dollars to help poorer countries adapt. One hundred parliamentarians from rich …
The worst of the global economic crisis may be yet to come, International Monetary Fund chief Dominique Strauss-Kahn said on Monday. Finance ministers of the Group of Eight nations agreed over the weekend that the global economy was showing encouraging …
A new report from Lloyd’s – “Global Recession: The Magnifying Glass for Political Instability” – written with Control Risks, concludes that the “global economic recession is likely to cause increasing geopolitical instability that may pose problems for international businesses.” Richard …
