Finance topics

The British government is partnering with Facebook Inc. to solicit ideas from the public on ways to cut the budget deficit and make government spending more efficient.

“The Spending Challenge,” announced jointly by Facebook and British Prime Minster David Cameron, will give the 26 million British Facebook users access through the Democracy UK page to "microsites" specially tailored to focus on key issues, as well as to official government websites.

More than a million people used the Democracy UK Page during the 2010 General Election campaign no fax payday advance.

“There's enormous civic spirit in this country where people want to take control and do things in a different way. We are giving people an opportunity with Facebook and I am sure that they will take it," Cameron said in a statement.

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The Securities and Exchange Commission announced Friday that it obtained an asset freeze and other emergency relief against the estate of a Jacksonville fund manager who authorities say stole $34 million from investors.

The SEC alleges Kenneth Wayne McLeod defrauded active and retired government employees and law enforcement agents with a Ponzi scheme to bilk investors of at least $34 million since 1988 through his benefits consulting firm, Federal Employee Benefits Group, Inc. (FEBG), and his registered investment adviser, F&S Asset Management Group, Inc.

McLeod was found dead of an apparently self-inflicted gunshot wound June 22 in a Mandarin park, according to published reports.

Instead of purchasing bonds for an estimated 260 investors, McLeod is accused by the SEC of using the retirement savings to pay himself and to splurge on lavish entertainment, including annual trips to the Super Bowl for himself and 40 friends. The SEC alleges that McLeod offered investors guaranteed returns of 8 to 10 percent through a purported tax-free “FEBG Bond Fund” or “FEBG Special Fund.”

He told investors that their principal would be 100 percent invested and secured by government bonds, the commission alleges. McLeod told investors that the fund invested in government securities provided a 13 percent return and falsely claimed that the 3 percent to 5 percent would be used to expand FEBG and other businesses.

The SEC alleges he told investors that the principal would be locked up for various periods of up to 8 years due. He also issued some investors false FEBG Bond Fund account statements, which showed fake interest earnings and gave investors options to reinvest their quarterly earnings instead of receiving distributions, which many investor did.

The expectation of return spurred some investors to retire from law enforcement or public service. Some investors rolled over their retirement and savings accounts into the bond fund or invested their inheritances and their children’s tuition savings.

A hearing is set for July 6 in Miami to determine whether the emergency asset freeze and other relief should stay in effect.

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KBR Inc. has been awarded a contract by Tierra Del Fuego Power & Chemical Co. Ltd.

Financial terms of the agreement were not disclosed.

The Houston engineering construction and services company will provide licensing and process design for a grassroots ammonia plant in Tierra Del Fuego, Argentina.

The plant will use natural gas to produce high-yield fertilizer. KBR (NYSE: KBR) plans to begin work on the project in July.

Tierra Del Fuego Power & Chemical is the largest Chinese investment in Argentina, made up of a joint venture between Shaanxi Coal and Chemical Industry Group Co. Ltd., Shaanxi Xinyida Investment Ltd. and Jinduicheng Molybdenum Group Co. Ltd.

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New York Attorney General Andrew Cuomo is launching an investigation into some of Wall Street’s top firms to determine whether they provided misleading information to credit rating agencies.

A total of eight firms are part of the probe, including Goldman Sachs, Morgan Stanley, Deutsche Bank, Credit Suisse (CS), Citigroup, UBS, Credit Agricole and Merrill Lynch, which has since been acquired by Bank of America (BAC, Fortune 500).

Cuomo’s office confirmed that it is launching the investigation, which was initially reported by The New York Times, but would not comment further.

Bank of America spokesman Bill Halldin said the bank is "cooperating with the attorney general’s office on this matter," and Credit Agricole released a statement confirming it too is part of the investigation and will cooperate with authorities. Credit rating agency Fitch said it also plans to cooperate in the investigation.

Goldman Sachs, UBS and Citigroup declined to comment. Spokespeople for the other institutions named were not immediately available.

Critics have repeatedly suggested that the relationship between Wall Street firms and the credit rating agencies was a key factor contributing to the economic meltdown.

Hungry for business, rating agencies assigned top marks to securities issued by banks that would eventually turn toxic. Financial firms, on the other hand, would employ a wide variety of techniques to get higher ratings on their investment products, according to the critics.

Critics have long grumbled that the rating agencies were also slow to lower the debt ratings for troubled financial firms and warn of the risks of bonds and other securities tied to subprime mortgages.

A separate report published Thursday revealed that federal prosecutors are expanding a criminal probe into whether big banks misled investors about their participation in mortgage-bond deals, according to the Wall Street Journal.

The newspaper, citing a person familiar with the matter, said JPMorgan Chase (JPM, Fortune 500), Citigroup (C, Fortune 500), Deutsche Bank (DB) and UBS (UBS) have received civil subpoenas from the Securities and Exchange Commission.

They join fellow Wall Street firms Goldman Sachs (GS, Fortune 500) and Morgan Stanley (MS, Fortune 500), which are believed to be under the scrutiny by U.S. prosecutors and regulators.

The paper said the U.S. Attorney’s office in New York and the SEC are working together to see whether these firms made proper disclosures when they created and sold complex investments tied to home loans, better known as collateralized debt obligations, or CDOs.

The U.S. Attorney’s office in New York declined to comment on the Journal report, as did Citigroup and UBS. Spokespeople for the other institutions named in the story were not immediately available.

The reports of the widening criminal probes of Wall Street banks weighed on bank shares Thursday. Most of the companies were trading lower.

Goldman shares are down about 22% since the SEC filed fraud charges against it last month.

Morgan Stanley shares tumbled Wednesday when reports that it was being investigated first surfaced, but the stock pared losses and ended the day just 2% lower. Shares were slightly higher Thursday.

– CNNMoney.com’s David Ellis and Grace Wong contributed to this story. 

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First-quarter profits more than doubled at M&T Bank Corp. on lower credit costs and wider net interest margin.

Net income totaled $151 million, compared with $64 million in the year-earlier quarter, the Buffalo-based company (NYSE: MTB) reported Monday. Earnings per share were $1.15, up from 49 cents in the comparable period of 2009.

Net operating income for the period ended March 31, 2010 rose to $161 million, up from $75 million.

At the end of the quarter, M&T had total assets of $68.4 billion, up 5.3 percent from $64.9 billion a year ago.

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Teen Xpress, a program offered by the Howard Phillips Center for Children & Families, will be awarded the 2010 Children’s Week Community Innovation Award in Tallahassee on April 12.

The Howard Phillips Center, an advocacy and outreach program, is part of Orlando Health’s Arnold Palmer Hospital for Children.

Teen Xpress is a mobile health care unit bringing free physical and mental health care to teens and adolescents who may otherwise not have access to such resources.

United Way of Florida and The Lawton Chiles Foundation designed the Community Innovation awards program and luncheon at the capitol to recognize the collaborative work being done in communities across the state.

Four collaborative projects were reviewed and selected by the independent Southeast Evaluation Association from a statewide pool of applicants. The award winners consist of four or more organizations who worked together to address and solve specific problems in their communities.

The Howard Phillips Center is supported by the Arnold Palmer Medical Center Foundation and serves Central Florida through the following programs: The Developmental Center for Infants & Children/Early Steps, Healthy Families Orange, Orange County Children’s Advocacy Center, the Child Protection Team, the Healing Tree and Teen Xpress.

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Thailand’s consumer confidence fell for the first time in four months on concern political tensions may derail the nation’s economic recovery.

An index measuring sentiment fell to 70.9 last month from 71.9 in January, the University of the Thai Chamber of Commerce said in Bangkok today. The gauge tracks a nationwide survey of 2,232 respondents.

The Bank of Thailand kept its benchmark interest rate unchanged at a five-year low of 1.25 percent yesterday ahead of a mass rally by anti-government protesters this weekend. The government invoked an internal security law from today until March 23 to control the situation and maintain order.

“Politics is the key concern weighing on confidence,” said Sauwanee Thairungroj, an economist at the university. “We are watching the protest this weekend closely as it will be the key for economic conditions in the next period.”

The government predicted last month the economy may grow as much as 4.5 percent this year after contracting 2.3 percent in 2009. The forecast didn’t take into account any further street protests or violence, and Finance Minister Korn Chatikavanij said Feb. 22 any political unrest that hurts investor confidence may disrupt the recovery.

The United Front for Democracy Against Dictatorship, whose members wear red shirts and support ex-leader Thaksin Shinawatra, has pledged to rally peacefully. Similar demonstrations by the group last year led to riots that were quashed by the military.

Grenade Attacks

Prime Minister Abhisit Vejjajiva, who canceled a trip to Australia because of the planned rally, said yesterday the government is ready to handle the situation and won’t agree to the protesters’ demand for a fresh election totally free credit score.

All commercial banks have tightened their security after grenade attacks at four branches of Bangkok Bank Pcl, the nation’s largest, on Feb. 27, a day after a court seized $1.4 billion of Thaksin’s fortune. A small bomb exploded near Abhisit’s office on Feb. 13.

Thailand’s economy exited a yearlong recession last quarter and may grow 5 percent in the three months through March, driven by rising exports and stronger local consumption, Korn said last month.

Exports, which are equivalent to about 60 percent of the economy, surged 31.4 percent in January, the biggest gain in 18 months. Industrial production rose for a fifth straight month, the central bank said Feb. 26.

This weekend’s protests may cause economic damage of 3 billion baht ($92 million) to 5 billion baht, according to estimates from the University of the Thai Chamber of Commerce. That may rise to more than 10 billion baht if the demonstrations last a week.

“If the situation turns violent and badly hurts confidence, it may shave GDP growth this year,” Sauwanee said. “The economy may grow only 2 to 3 percent from 3 to 4 percent forecast earlier.”

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Industrial Alliance Insurance and Financial Services Inc. of Canada has launched a company in Scottsdale in what officials say “is the next phase of the company’s long-term growth strategy in the U.S.”

IA American Life Insurance Co. will be headquartered with the Quebec City company’s Industrial Alliance Pacific Life Insurance Co. U.S. division. The two will offer a range of life and annuity products.

Among IA’s first efforts was a tentative agreement to take on policies of Golden State Mutual Life Insurance Co., seized in September by California regulators. It’s also offering a new product called SecureLife Plus universal life insurance, which offers coverage to individuals up to age 120 and features such as increased maximums on term riders, a new waiver of surrender charge and an accelerated death benefit.

“We’ve laid a solid U.S. foundation and now we’re focusing on growth in underserved, middle-income markets,” said Michael Stickney, president of IA American.

“The debut of IA American marks the beginning of a new phase in our expansion in North America,” said Yvon Charest, president and CEO of Industrial Alliance guaranteed online payday loans. “Over the last few years, we’ve focused on creating a solid local management team in the U.S. Our next objective is to create a strong and vibrant organization capable of serving the insurance and financial needs of middle-income American families.”

State officials took over Golden State Mutual, the largest minority-owned life insurance company in California, after the insurer’s surplus dropped below the state’s required minimum. Golden State Mutual had posted six consecutive years of net operating losses and was operating in a hazardous financial condition, according to an announcement from Insurance Commissioner Steve Poizner. IA was the only bidder that met state requirements after a national search.

Founded in 1892, Industrial Alliance is a life and health insurance company with operations across North America. It has more than 3,400 employees and manages and over $58 billion in assets. Officials could not be reached over the weekend for further details on the Scottsdale operation.

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Austin Water will begin this week a $31.8 million stimulus-funded treatment plant project that will create 150 jobs, increase energy efficiency and reduce operational costs.

On Wednesday, the group will break ground on upgrades to the Hornsby Bend Biosolids Management Plant, which processes biosolids from treated wastewater. The zero interest, 30-year loan came from the American Recovery and Reinvestment Act's Clean Water State Revolving Fund distributed through the Environmental Protection Agency and the Texas Water Development Board.

About $7 million will be used to construct a 15-acre composting pad for "Dillo Dirt," a popular soil conditioner produced from city yard waste and treated biosolids Business Card Holders. Chasco Constructors was awarded the contract for that project in December.

The rest of the funds will upgrade biosolid treatment infrastructure and improve energy efficiency. The changes will enhance odor control, increase sludge dewatering capacity and reduce operational costs.

Once completed, the plant will use less petroleum-based polymers and increase production and capture of digester gases, which can be used to generate electricity.

Matous Constructors was chosen to complete that project.

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The parent company of Hawaiian Electric Co. and American Savings Bank posted lower earnings for fiscal 2009 compared to 2008.

Hawaiian Electric Industries (NYSE: HEI) reported a profit of $102.3 million for fiscal 2009, an 18.7 percent decrease from the $125.9 million it earned in fiscal 2008.

That figure, however, includes $19.3 million in after-tax charges related to a previous sale of the bank’s mortgage-related securities portfolio.

Total revenue was down for the year to $2.3 billion, compared to $3.2 billion the previous year.

HEI attributed the decrease to lower kilowatt-hour sales at its electric utilities, increases in utility operations and bank credit expenses.

“It was a challenging year and we made difficult decisions to curb spending and reduce risk, while continuing to progress forward with long-term strategic initiatives to move Hawaii toward a clean-energy future and improved performance and profitability at both our utility and bank,” said Constance Lau, HEI president and CEO, in a prepared statement payday advance.

Electric utility earnings were $79.4 million for the year, compared to $92 million the previous year. Kilowatt-hour sales were off 2.5 percent while operating expenses increased by $5.3 million.

Income from American Savings Bank was up 22 percent for the year to $21.8 million. But, the company said adjusted net income from the bank was $41.1 million and $53.4 million in 2009 and 2008, respectively, a 23 percent decrease for the year. The non-adjusted figures include the after-tax charge in 2009 and a balance sheet restructuring charge in 2008.

“Like many banks across the country, our bank was affected by the economic pressures in 2009,” Lau said. “However, as we have done throughout the economic crisis, we kept capital healthy and depositors’ money safe.”

Shares of Hawaiian Electric Industries stock were up 1.4 percent to $42.78 on Thursday.

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