Credit Research News - June, 2007

Spending, incomes disappoint

Consumer spending and incomes grew less than expected in May, the Commerce Department said Friday.

Financial Services Outsourcing: Not If, But When

Doing more with less is the mantra for all financial services executives today.

Discover Financial Services Names Additional Directors

Discover Financial Services today announced the addition of Gregory C. Case, Chief Executive Officer of Aon Corporation, and E. Follin Smith

Mellon Investor Services Recognized for Providing an Outstanding Customer Service Experience

Mellon Investor Services (MIS), a Mellon Financial Corporation provider of company equity and investor services, has been recognized for a second consecutive year

TRADEX Global Financial Services, Inc. Announces Lower Clearing Costs for TRADEX, Inc.

TRADEX Global Financial Services, Inc. (PINKSHEETS: TDXG), a holding company that owns TRADEX, Inc. ("TRADEX"), a financial services company that provides access to the U.S.,

House passes financial services spending bill

The House Thursday defied the Bush administration by voting to ease restrictions on agricultural sales to Cuba, provoking yet another veto fight

Blunt: More of the Same Reckless Spending in Financial Services Bill

House Republican Whip Roy Blunt (Mo.) released the following statement this evening after Democrats passed another in a series of spendthrift appropriations bills

StreamBase Named Best Streaming Data Management Vendor by Financial Services Community

2 out of 3 Worldwide Readers of Waters Magazine Select StreamBase Complex Event Processing (CEP) Over Progress Software, Vhayu, and Others

BBB issues financial-services warning

The Better Business Bureau of Upstate New York is warning consumers about a financial-services firm.

Discover Financial Services CEO David Nelms To Ring New York Stock Exchange Opening Bell

Ceremony Highlights Former Morgan Stanley Unit’s Status as Independent Company; Discover Expected to Begin “Regular Way” Trading Monday, July 2

Component Change Made to Dow Jones Financial Services Titans 30 Index

Dow Jones Indexes, a leading global index provider, today announced a component change in the Dow Jones Financial Services Titans 30 Index.

REFILE-WRAPUP 1-US Treasury to review financial services rules

U.S. Treasury Secretary Henry Paulson on Wednesday said the Treasury will launch a "very important" review of U.S.

Wolters Kluwer Financial Services Identifies Top 10 Criticisms on Insurance Market Conduct Exams

Wolters Kluwer Financial Services' Insurance Compliance Solutions group has identified the top 10 reasons insurers

S&P Volatility: Financial Services Group

As the first half of the year winds down, the financial services industry group of the S&P 500 has demonstrated more volatility than the index as a whole.

S&P Volatility: Financial Services Group

As the first half of the year winds down, the financial services industry group of the S&P 500 has demonstrated more volatility than the index as a whole.

US Treasury to review financial services rules

The U.S. Treasury Department on Wednesday said it was launching a review of the U.S. financial regulatory structure as part of its efforts to ensure the competitiveness of U.S. capital markets.

GE Healthcare Financial Services Arranges $1.3 Billion Credit Facilities for Medical Innovations

GE Healthcare Financial Services announced today it closed a $1.3 billion senior secured credit facility for Inverness Medical Innovations, Inc. (AMEX:IMA)

Congressman Gregory W. Meeks Announces the House Financial Passing of Diversity Initiative

US Rep. Congressman Gregory W. Meeks (D-NY) announces that the House Financial Services Committee has passed House Concurrent Resolution (H. Con. Res.) 140

U.S. Stocks Decline, Led by Energy Producers, Homebuilders

Most U.S. stocks fell for the fourth time in five days, dragged down by drillers and homebuilders on a drop in oil and signs the housing slump will persist.

Team Conyers Dill & Pearman Wins the 2007 Financial Services Challenge

The third annual Financial Services Challenge took place at Nanny Cay Marina on Sunday, June 24. It also proved to be third time lucky for Conyers Dill & Pearman (Conyers).

AAA Appoints Doug Bower as Vice President of Travel and Financial Services

AAA, North America’s largest travel organization, announced the appointment of Douglas E. Bower as Vice President, Travel and Financial Services

Three scenarios explore how globalization and innovation will reshape the financial services sector

The pace of technology-led innovation and globalization is fundamentally changing the financial services landscape.

GE unit invests in N.Y. Noble wind power parks

General Electric Co.'s (GE.N: Quote, Profile , Research) GE Energy Financial Services unit will invest in three Noble Environmental Power

PrecisionIR Names Steven L. Schneider Chief Executive Officer

Veteran Financial Services Executive to Lead PrecisionIR to Next Level of Growth and Success through Expansion of Products and Services

US panel to ask SEC about proxy access, hedge funds

All five commissioners of the U.S. Securities and Exchange Commission are to appear on Tuesday at a Congressional hearing

Fidelity National Information Services Acquires Applied Financial Technology

Fidelity National Information Services, Inc. , announced today that it has acquired Applied Financial Technology (AFT), one of the fastest-growing providers of intelligent

Newtek Announces Agreement with Discover Financial Services

Newtek Business Services, Inc. a provider of business services and financial products to the small business market, today announced that its electronic payment

A.M. Best Upgrades Ratings of The Hartford Financial Services Group, Inc.

A.M. Best Co. has upgraded the ICR to “a” from “a-”, the senior debt ratings to “a” from “a-” and commercial paper rating to AMB-1 from AMB-2 of The Hartford Financial Services Group, Inc.

Online Marketing Manager, Financial services organisation

You will be responsible for driving sales and growing business by developing and enhancing their online presence and implementing new products;

Oracle Financial Services Global Business Unit to Deliver Comprehensive and Integrated Solutions

Oracle today announced that its new Financial Services Global Business Unit will provide an integrated suite of standards-based industry specific applications for banks

How can you retire rich and early as banks and financial services sector collapse?

Retiring rich and early is in everyone’s mind. But it not an easy proposition. The banks and financial services sectors have started their decent towards major catastrophe.

Banks and financial services sector reeling after 80 year banking cycle top causing 28% of stock

The last time the banking and financial services sector had a mega top (part of a 80 year cycle ) was between 1926 and 1929.

Principal Global Investors To Acquire Leading Stable Value Manager, Morley Financial Services

Principal Global Investors, LLC, a leading global asset manager and a member of the Principal Financial Group® (NYSE:PFG) today announced a definitive agreement to acquire Morley Financial Services, Inc. (“Morley Financial”),

AEP And Allegheny Receive Approval For 765-kV Transmission Line From PJM

American Electric Power Co. Inc. (AEP) on Friday said that it has received approval from PJM Interconnection or PJM for its 765-kilovolt

Discover Financial Services initiated with "neutral"

Analyst M Orenbuch of Credit Suisse initiates coverage of Discover Financial Services (ticker: DFS) with a "neutral" rating. The target price is set to $31.

Major Financial Services Company Expands Headquarter Operations in Miami-Dade

The Beacon Council, Miami-Dade County's official economic development partnership, is pleased to announce that United Automobile Insurance Group (UAIG)

Enterprise Testifies on HOPE VI Reauthorization Before House Financial Services Committee

Doris Koo, president and CEO of Enterprise Community Partners, testified today before the House Financial Services Committee's Subcommittee on Housing and Community Opportunity

Jefferies Acquires Putnam Lovell Global Financial Services Investment Banking Business

Acquisition Expands Jefferies’ Overall Presence Serving Financial Services Industry

Retroactive tax fix alarms financial-services lobby

A retroactive tax change that the Senate Finance Committee passed Tuesday as part of an energy tax package has provoked a backlash from financial-services lobbyists

Oracle Financial Services Global Business Unit to Deliver Comprehensive and Integrated Solutions

Oracle today announced that its new Financial Services Global Business Unit will provide an integrated suite of standards-based industry specific applications for banks, insurance companies and capital markets firms.

Paulson Pushed on Shareholder Suit Issue

Treasury Secretary Henry Paulson said Wednesday he personally initiated his department's role in a Supreme Court case

US government told Korea FTA to aid financial services access, telecoms, exports

A panel of government trade experts was told in Washington today that approval of the US-Korea free trade agreement (FTA)

EZCORP Inc. To Present At Jefferies Financial Services Conference; Webcast At 4:00 PM

EZCORP Inc. (EZPW | charts | news | PowerRating) CEO Joe Rotunda will host a presentation at the Jefferies Financial Services Conference.

Investors Financial Services Stockholders Approve Acquisition Of Co. By State Street Corp.

Investors Financial Services Corp. (IFIN | charts | news | PowerRating) announced that its stockholders approved the acquisition of the Company by State Street Corporation

Investors Financial Services Corp. Receives Vote to Merge With State Street and Merger Receives Appr

Investors Financial Services Corp. (NASDAQ: IFIN) announced today that its stockholders approved the acquisition of the Company by State Street Corporation (NYSE: STT).

IBM and KANA Study Shows Untapped Potential for US Financial Services Web Sites

Integrated Multi-channel Suite Helps Banking, Insurance, and Financial Markets Clients Improve the Customer Experience

Wolters Kluwer Financial Services Introduces Bank Secrecy Act and Anti-Money Laundering Regulatory

Wolters Kluwer Financial Services, through its line of PCi compliance analytics solutions, announced today a new regulatory consulting service

WINDOWS IN FINANCIAL SERVICES ANNOUNCES 2007 INNOVATOR AWARD WINNERS AT SIFMA

Leading Financial Services Technology Magazine Recognizes Outstanding Achievements and Innovations in Leveraging and Customizing Advanced Technologies for the Securities Industry

Wal-Mart says to unveil financial services plans

Wal-Mart Stores Inc. (WMT.N: Quote, Profile, Research), the world's largest retailer, said on Tuesday that it will unveil plans for its financial services business on Wednesday.

Intellidyn Hosts Executive Forum for Top Marketers in Lending and Financial Services

Program designed to help expert marketers continue to exceed their goals by adopting new strategies based on the new market conditions

GE Grows in Critical Energy Infrastructure with Acquisition of Midstream Natural Gas Master

Catapulting its growth in critical energy infrastructure, GE Energy Financial Services, a unit of GE (NYSE: GE), announced today that it has acquired interests in Regency Energy Partners LP

Financial Services Leadership Series

In just 3 days, learn real world strategies and cutting edge technologies that will help you master today's client driven world.

80% of net surfers research financial services online

A survey by the Council of Mortgage Lenders (CML) has found that 80% of people that use the internet via a broadband connection

Analyze the Dynamics of the Financial Services Industry Worldwide

Research and Markets (http://www.researchandmarkets.com/reports/c60076) has announced the addition of “Looking at Global Money Movement -

First Cash Financial Services to Participate in Jefferies and Wachovia Conferences

First Cash Financial Services, Inc. (Nasdaq:FCFS) will be a presenting company at industry conferences sponsored by two leading research and investment banking firms.

BioCryst Pharma Reports Promising Results From Two Phase I Clinical Studies Of Peramivir

AM BioCryst Pharmaceuticals Inc. (BCRX) reported positive results for the two Phase I clinical studies of an intramuscular formulation of peramivir at the Options for the Control of Influenza Conference.

Stone promoted at MidSouth Bank

Lee Moss, chairman and chief executive officer, and Ben Weatherford, president and chief operating officer, announced that Richard Stone has been promoted to assistant vice president of commercial lending.

Save the Date – Gartner Financial Services Technology Summit – New York City – August 27-29, 2007

The Gartner Financial Services Technology Summit 2007 will provide the latest information and analytical insights on the tools, technologies, best practices

BSG Alliance Launches Financial Services Initiative With Opening of New York City Office

BSG Alliance Corporation, the enterprise transformation company that helps businesses leverage on-demand strategy, software, and technology delivery

BT Names Chuck Pol to Head Global Financial Services Unit

BT today announced that Chuck Pol has been appointed to run BT’s Global Financial Services business unit, reporting to Michael Boustridge, President, BT Americas.

Kroger is offering a new mix - financial services

Kroger has launched a personal finance Web site that offers shoppers mortgages, pet insurance, home equity loans, gift cards and identity theft services, such as credit monitoring.

Online Gambling: House Financial Services Committee Hearing Review

I found this letter written by a poster named "The Engineer" which was too good to pass up.

Language Line Services Names Michael Schmidt as Chief Financial Officer

Language Line Services today announced the appointment of Michael Schmidt as Senior Vice President of Finance effective July 23, 2007 and Chief Financial Officer and Director effective August 15, 2007.

GATX Corporation to Present at Jefferies Financial Services Conference

GATX Corporation (NYSE:GMT) today announced that Robert C. Lyons, senior vice president and chief financial officer

One of the largest financial services firms in NJ, just got bigger...

Northeast Planning Corporation, a 40 year old financial services company, opened up a very special division

Advance America to Present at the Jefferies Financial Services Conference

Advance America, Cash Advance Centers, Inc. (NYSE: AEA) today announced that its management will participate in the Jefferies Financial Services Conference in New York

CPS to Present at the Jefferies Financial Services Conference

Consumer Portfolio Services, Inc. (“CPS”) (Nasdaq:CPSS) today announced that Charles E. Bradley, Jr., President and Chief Executive Officer

Jefferies to Host Inaugural Financial Services Conference June 20 in New York City

Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced that it will host its inaugural Financial Services Conference on June 20, 2007 in New York City.

SmartServ Solutions Ranked in Top Ten for Financial Services in Citysearch.com Poll

Bronx based SmartServ Solutions announced today that it has been ranked in the top ten for financial services in Citysearch.com’s annual “Best of” readers’ poll.

Hartford Financial Services Group "buy"

In a research note published yesterday, analyst Tamara Kravec of Banc of America Securities maintains ...

Phillip Roy Financial Services and Octagon Announce Initial Results of New Groundbreaking

Phillip Roy Financial Services and Octagon, since announcing their agreement for a new groundbreaking academic fundraising program, have been overwhelmed by the response from major universities and colleges nationwide.

UMB Fund Services promotes Zader to CEO

UMB Fund Services Inc. today said John Zader has been promoted to chief executive officer.

Volvo Financial Services Selects Blue Coat for WAN Optimization, Web Security and Policy Control

Blue Coat Systems , the leader in secure content and application delivery, today announced that Volvo Financial Services has selected Blue Coat(R) ProxySG(TM) appliances to provide WAN optimization

Keynote Systems to Participate in Foreword Financial Expo’s Mobile Financial Services Webinar

Manny Gonzalez, Keynote’s Senior Director of Mobile Technologies, to Highlight a Variety of Best Practices to Gain Market Share in the Coming Mobile Financial Services Arena

Financial services have greatest outsourcing investment plans

Financial services companies plan to invest more in outsourcing in the future than other industries with new processes set to be farmed out,according to research from EquaTerra.

Discover Financial Services Partners with First Data

Discover Financial Services, a business unit of Morgan Stanley will reportedly issue Discover Network payroll cards provided by Money Network Financial, a First Data Company.

Blue Frog Solutions Receives Minority Investment from LPL Financial Services, Croft & Bender Advises

Blue Frog Solutions, a leading provider of straight-through processing and compliance solutions for the annuity and life industries, announced recently that it has received a minority investment from Linsco/Private Ledger Corp.

Carlyle Group forms team to focus on financial services

The Carlyle Group has formed a new financial institutions group that will make investments in the global financial services sector, including banking and insurance

Siemens Financial Services, Inc. Enhances Financing Capabilities in Healthcare, Energy and Industry

Siemens Financial Services, Inc. (SFS Inc.), the U.S. company within the Siemens Financial Services group, today announced a new structure to provide tailored financing solutions focusing on sectors such as healthcare

Discover Financial Services Announces Agreement with First Data to Issue Discover Network Payroll

Discover Financial Services, a business unit of Morgan Stanley (NYSE:MS), announced an agreement with First Data Corp.

Financial Services Bill Includes Pay Parity for Civil Servants

“Green” Federal Buildings & Digitized OPM Retirement Records Also.

Diaz & Hilterscheid Presents Successful Quality Assurance Solution Created for Financial Services

Diaz & Hilterscheid Unternehmensberatung GmbH announced today that they presented their Quality Assurance Solution for Financial Services Customers at the Compuware Partner Summit 2007

Amtrust Financial Services Rose Past Resistance At The Highs

Amtrust Financial Services (AFSI | charts | news | PowerRating) climbed during the first 90 minutes of Friday's session

Company Profile for Pioneer Financial Services

Pioneer Services, the military division of MidCountry Bank, offers responsible financial services and education to members of the Armed Forces that enhance their quality of life and financial independence.

Outsourcing demands on the rise in financial services industry, says EquaTerra

Financial services companies have greater future outsourcing investment plans than do other industries, according to research by EquaTerra.

Intervoice Signs $17 Million Contract With Financial Services Firm

An unnamed global financial services firm, with "operations in more than 50 countries" has extended and expanded its existing hosted services agreement withIntervoice

International Trade Commission Partially Bans Mobile Phones With Qualcomm Chips

The U.S. International Trade Commission, an independent arm of the U.S. federal government, issued a decision on Thursday that would see chips made by Qualcomm Inc.

Wal-Mart Pushes Financial-Services Menu

Acknowledging that it won't gain a bank charter anytime soon, Wal-Mart Stores Inc. is pushing ahead with plans

Financial Services Firms Bullish on Outsourcing, with Demand Increasing in Traditional Processes

Multiple EquaTerra research studies have concluded that financial services organizations plan to expand their outsourcing initiatives into new geographies

Cyprus and Jersey Financial Services sign memorandum

The Jersey Financial Services Commission and the Central Bank of Cyprus, expressing their mutual interest and willingness in establishing and promoting bilateral ties in supervising credit institutions, have signed a Memorandum of Understanding.

Evercore Partners Names Robert B. Walsh as New Chief Financial Officer

Evercore Partners announced today that it has named Robert B. Walsh, currently a Senior Partner at Deloitte & Touche LLP ("Deloitte"), as Chief Financial Officer, Senior Managing Director and Executive Vice President

House Financial Services Committee Schedules Hearing On Future of Consumer Protection

The hearing will examine consumer protection in the financial services sector in light of regulatory and judicial decisions over the past several years that have preempted state consumer protection laws for federally chartered institutions.

TopCoder Announces Enhanced Focus on Financial Services Industry

TopCoder Financial Markets Capability Grows with Addition of Dan Houlihan as Senior Vice President

Internet Ad Spending Up 16.7%; Financial Services Leads

FIRST-QUARTER U.S. INTERNET DISPLAY AD spending hit $2.7 billion for the first quarter--a 16.7% increase over the same period last year, TNS Media Intelligence reported yesterday.

Newtek Launches New Payroll Services Offering

Newtek Business Services, Inc. , a provider of business services and financial products to the small business market under the Newtek(TM) brand, announced that Newtek will now offer Payroll Services

Westcon Group North America’s Financial Services Nets Resellers Over $80,000,000

Finance Team’s Increased Emphasis On Business Development, Customer Service and Customer Growth Results in Enhanced Business Relationships and More Loyal Customers

3rd Annual E-learning in Financial Services

We are living an age, where online world made learning available no matter where you are or what you are doing.

BankingMyWay.Com Adds Searches for New Financial Services: Site Helps Users Find Great Deals

Smart people know that local banks offer the most competitive interest rates. Now fast-growing BankingMyWay.com lets people search for both loans and savings instruments.

Phillip Roy Financial Services Contracts Octagon

Phillip Roy Financial Services has finalized an exclusive marketing partnership with Octagon to promote groundbreaking, fundraising advancements in academia.

Andrew Cuomo takes aim at US financial services

Shortly after Andrew Cuomo took office as New York attorney-general in January, his staff began briefing him on the hundreds of investigations still open

Zecco Trading Chooses Wolters Kluwer Financial Services' GainsKeeper to Meet Customers' Tax-Lot

Wolters Kluwer Financial Services today announced that its GainsKeeper(R) product, which provides automated tax-based financial tools and services to the investment community

Fitch Lowers Discover Bank IDR to 'BBB'; Assigns Discover Financial Services 'BBB' LT IDR

Fitch Ratings has lowered the Discover Bank's (DB) long-term issuer default rating to 'BBB' from 'AA-' and short-term rating to 'F2' from 'F1+'. In addition, Fitch has assigned new ratings to Discover Financial Services (DFS).

Scheid Vineyards Q1 Profit Rises; Revenues Up - Quick Facts

AM Scheid Vineyards Inc. (SVIN.PK) reported first quarter net income of $2.6 million or $2.57 per share,

The Hartford Names Beth A. Bombara Senior Vice President, Controller and Chief Accounting Officer

Bombara succeeds Bob Price who continues with the company on a reduced schedule

Newsmakers

Noble Communications promoted John Scroggins to director of integrated communications.

Good performance of stock market to impact on results

How did the company fare in the financial year ended Jan 31, 2007 (FY07) and what is your company's outlook for this year?

DaimlerChrysler Financial Services Expands Call Center Operations to Serve Hispanic Customers

Spanish Americas Contact Center Highlights Commitment to Customer Service Excellence - Automotive Finance Company Invests in Growing Hispanic Market in the United States

Goldman snaps up 5% in IL&FS arm

Goldman Sachs will pick up a 5 per cent stake in IL&FS Transportation Networks Ltd, a subsidiary of Infrastructure Leasing & Financial Services Ltd.

Deal strengthens St. Louis' financial services reputation

In Wachovia's purchase of A.G. Edwards, St. Louis is losing a big-name local company.

Discover(R) Financial Services Appoints Board of Directors

Business Wire Discover Financial Services today announced the appointment of nine designees who will serve on its new Board of Directors following the company s spin-off from Morgan Stanley (NYSE:MS) later this month.

Discover® Financial Services Appoints Board of Directors

Discover Financial Services today announced the appointment of nine designees who will serve on its new Board of Directors following the company’s spin-off from Morgan Stanley (NYSE:MS) later this month.

Westborough Financial Services, Inc. Announces Quarterly Cash Dividend

Westborough Financial Services, Inc. (OTCBB: WFSM) (the “Company”), the holding company for The Westborough Bank (the “Bank”), today announced a quarterly cash dividend on its common stock of six cents

Intervoice Secures Multi-million Dollar Renewal Contract with Leading Global Financial Services Firm

A leading global financial services firm with operations in more than 50 countries has extended and expanded its existing hosted services agreement with Intervoice, Inc. (NASDAQ: INTV) to further leverage Intervoice’s expertise and capabilities in voice portal

UN Group Seeks to Increase Access to Financial Services for Poor

A United Nations group has issued a series of key messages targeted at encouraging different audiences to boost access to financial services