| Completion of Barret Banking School will earn six credit hours toward MBA at ASU
The College of Business at Arkansas State University in Jonesboro has entered into an agreement with the Paul W. Barret School of Banking in Memphis to award six credit hours toward the master of business administration degree to individuals who complete the Barret Banking School program. Harold Perrin, who serves on the McAdams Frierson Chair of Bank Management Advisory Board at ASU, was instrumental in bringing the two institutions together. Perrin is also a former member of the ASU Board of Trustees and a faculty member at the Barret School of Banking. Chris Kelley, executive director for the Barret Banking School, stated that this agreement will provide recruiting benefits for both institutions. Dr. David Kern, who serves as McAdams Frierson Chair of Bank Management at ASU, added that "this agreement provides an excellent opportunity for bankers in our region who want to pursue an MBA degree.
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Pleased as it is with strong half-time sales growth, management at paper maker James Cropper has warned the second half is likely to be hit by rising prices of paper pulp and energy. These creeping costs are projected to mostly affect the speciality papers division, which enjoyed 6% sales growth during the first half. Price increase have been scheduled to absorb some of the impact, but the next six months are expected to be roughly flat. Another external influence on the company has been weakness of the dollar, which quashed most of the benefits of the internal investment at the converting division. Thus profits were only in line with last year despite sales rising 6%. With half its sales made across the pond, performance at technical fibre products was similarly dampened by the weak greenback: profits were flat despite 30% turnover growth within the division.
Analysts worry that mortgage troubles could spread to auto loans
DETROIT (AP) Rising delinquency rates on car and truck loans have some industry analysts concerned that subprime mortgage troubles could spill into the automotive finance business. In a note to investors Monday, Lehman Brothers analyst Brian Johnson said his analysis of auto loan-backed securities sold by Ford Motor Credit Co. and GMAC Financial Services showed some higher delinquency rates for October and September compared with recent years. "As unemployment remains low, this deterioration in the auto ABS credit conditions may be evidence of a likely spill over of the mortgage woes onto the auto credit world," Johnson wrote. Spokeswomen for both Ford Motor Credit and GMAC said they experienced slight increases in delinquencies in the third quarter, but those were unrelated to the subprime mortgage problems.
AT&T mobile banking goes nationwide
AT&T Inc. fulfilled its promise of nationwide mobile banking on Tuesday, rolling out a service for customers of two banks that uses an application residing on the user's handset. Although Web-based online banking is widely used, mobile banking is still getting off the ground in the U.S. Some national banks, including Bank of America, already offer mobile banking services that customers can reach on their browsers. But the service AT&T will offer with Wachovia and SunTrust Banks uses software that will either come with the phone or be available for download. This approach will make it easier to find and use the banking feature, according to the carrier. .
BANKING: Know what's insured by FDIC coverage
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. What's insured: Checking accounts (including money market deposit accounts), savings accounts (including passbook accounts), revocable trust accounts (including payable-on-death accounts or living trust accounts), certificates of deposit (CDs), and certain IRA retirement accounts in FDIC-insured banks or federally insured credit unions. What's not insured: Mutual funds, annuities, life insurance policies, stocks and bonds, treasury securities and safe deposit boxes. For more information about FDIC insurance or to request a guide to FDIC insurance coverage, call (877) 275-3342 or go to www.fdic.gov/deposit. send a letter to the editor. .
Mobile banking options growing
The mobile banking market in Wichita is about to get more competitive as Wachovia beefs up its mobile banking service. On Tuesday, AT&T announced a partnership with Wachovia and five other banks and credit unions in the country to offer mobile banking services. For Wachovia, which began doing business here last month after the acquisition of World Savings Bank, the deal means it will have a mobile banking service on par with the likes of its biggest competitor, Bank of America, which launched its mobile banking service in May. Wachovia will have access to some of AT&T's 65.7 million wireless customers, Wachovia spokesman Matt Wadley said. "Partnering with AT&T opens up the door for us to reach new clients and customers," Wadley said.
Global credit crisis wipes £37bn off stock market value
The UK's FTSE-100 share index plummeted by 155.6 points to 6070.9 yesterday - wiping about £37bn off the total stock market value of constituent companies - as the global credit crisis haunted the banking sector. The Footsie was weighed down yesterday afternoon by a bad opening on Wall Street. New York's Dow Jones Industrial Average hit an intra-day low of 12,820.42 before falling even further. It closed 211.10 points lower at 12,799.04 The interest rates at which commercial banks are willing to lend to each other have been rising sharply again as fears over the credit crisis have increased oonce more - putting pressure on those banks reliant on wholesale markets for funding. .
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