| Wachovia exec acknowledges bad timing on Golden West purchase
CHARLOTTE -- Wachovia's general bank president on Wednesday highlighted the positives of last year's acquisition of Golden West Financial but acknowledged "our timing was not good" in light of a severe housing downturn. "We continue to feel that this acquisition will prove itself very positive when we get to the other side of the cycle," Ben Jenkins told an audience at the Merrill Lynch banking conference in New York. In his presentation, Jenkins noted that Golden West's branches are helping the Charlotte bank reach a goal of adding 1 million net new checking accounts this year. He also said the bank expects to gain market share in the mortgage business. Wachovia has previously said that it expects to set aside more money than expected in the fourth quarter to protect against problem loans in a weakening housing market.
Bankers see potential in women-owned businesses
Stephanie Zhang had an epiphany. "I was working in the cell phone store one day when I said to myself, 'I could own this place,'" said Zhang, who now owns not one but two wireless stores as president of Best Wireless in San Francisco. Like many entrepreneurs before her, she turned to family to help make her dream a reality. In this case, she accepted $20,000 from her father. She then turned to Wells Fargo Bank for small business banking services such as a company checking account. Zhang represents an important market segment that institutions such as Wells Fargo and Wachovia Bank are heavily courting with a range of such services. .
TriState Bank to open Cleveland office
TriState Capital Bank, a Pittsburgh-based startup bank that launched in January 2007, said it will open a Cleveland office on Nov. 15. Andy Randall, who previously oversaw north and central Ohio for U.S. Bank, has been named president of TriState in Ohio. The office will employ nine. .
(AFX UK Focus) 2007-11-22 03:43 GMT: Tokyo shares end morning off lows as bargain-hunting trims losses - UPDATE
TOKYO (Thomson Financial) - Japanese shares ended Thursday morning in the red but off their lows as bargain-hunting helped trim losses in a market still hounded by worries over the US credit crisis and a strengthening yen. The blue chip Nikkei 225 Stock Average was down 59.75 points or 0.4 percent at 14,777.91, off a low of 14,669.78. The broader Topix was down 11.93 points or 0.8 percent at 1,426.79, after touching 1,417.47. Decliners outnumbered gainers 1,038 to 581, with 98 issues unchanged. Volume reached 1.08 billion shares. The Dow industrial average fell more than 210 points in the US on Wednesday after the Conference Board cut its economic growth forecast for next year due to concerns over the housing sector and the credit crunch. The yen was trading at the mid-108 levels against the dollar, which put pressure on Japanese exporters.
Tuesday newspaper round-up: Emap, Rio Tinto, Resolution
LONDON (SHARECAST) - Publishing giant Reed Elsevier has emerged as a surprise suitor for Emap's business publishing division, which is valued at about �1.2bn-�1.4bn, writes the Telegraph. Reed submitted a first-round bid for the whole of Emap's business-to-business publishing unit, which publishes titles such as Retail Week, and has been given access to carry out due diligence. BHP Billiton yesterday raised the stakes in its $153 bn (�74 billion) battle for control of Rio Tinto by offering to buy back $30bn of shares if it succeeds. In a move designed to raise the pressure on Rio�s board to agree to talks and secure a recommended offer, BHP is taking its sweetened proposals directly to key investors that hold cross-shareholdings in both of the mining giants, says the Times. The property market is set for a more severe slowdown than in 2005, with house prices are already falling in almost all areas of the UK while even the rampant London market has recently hit the buffers.
Business News
Registered investment adviser Tina Anders opened Anders Financial Planning in Petaluma, which provides fee-only financial planning services.
Travis Credit Union will open a new branch in the Clayton Valley region of Concord. The credit union has branches in Solano, Napa, Contra Costa and Merced counties.
Food & Beverage Santa Rosa-based Eagle Distributing Co. will now distribute TeaZazz Sparkling Teas throughout Marin, Sonoma, Mendocino and Lake counties.
The Republic of Tea, headquartered in Novato, will create an original product line exclusively for Whole Foods Market�s Whole Trade Guarantee program.
Nonprofit & Community Organizations The Napa Valley Vintners� Auction Napa Valley, held annually in June, granted $6.4 million this year to various local organizations, including Queen of the Valley and St.
Nigeria: 'Climate Change Can Spur Deforestation, Environmental Imbalance'
The threat of global climate change is yet to sink into the minds of Nigerians. Abimbola Akosile spoke with an expert, Professor B. Oso of Arati Environmental Limited on possible fallout from a changing world. Excerpts: The issue of climatic change is real and an integral part of man's activities on Earth. Hence, it is real that the climate is being destroyed reflected in the meteorological imbalance in most countries recently. .
(AFX UK Focus) 2007-11-19 15:27 GMT: London shares lower midafternoon; NY opens down; Northern Rock slumps
LONDON (Thomson Financial) - UK blue-chips remained lower midafternoon with Northern Rock plummeting over 20 pct after it said last week's bids were "materially below" Friday's market cap and as Wall St opened lower. At 2.59 pm, the FTSE 100 was down 67.3 points at 6,223.9 off a high of 6,331.7, while the FTSE 250 was 273.6 points lower at 10,490.6. Volume was average with 1.679 bln shares changing hands in 552,686 trades. Trading Central, a technical analysis service see key support levels at 6,270, 6,225, 6,170 and 6,110, with resistance seen at 6,380, 6,460 and 6,510. "The credit markets are still having an impact on the markets. Libor is creeping up which signifies banks have a mistrust in borrowing from each, which means normal commercial business can not be financed," said Ed Menashy, strategist at Charles Stanley.
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