| Fortis Earns $30.8 Million in Third Quarter
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Nov. 2, 2007) - Fortis Inc. ("Fortis" or the "Corporation") (TSX:FTS - News), reported net earnings applicable to common shares of $30.8 million, or $0.20 per common share, for the third quarter of 2007, compared to earnings of $38.8 million, or $0.37 per common share, for the same quarter last year. Year-to-date earnings applicable to common shares were $113.8 million, or $0.86 per common share, compared to earnings of $113.3 million, or $1.09 per common share, for the same period last year. .
Citigroup CEO resigns
NEW YORK – Citigroup Inc. chairman and chief executive Charles Prince, beset by the company's billions of dollars in losses from investing in bad debt, resigned Sunday and is being replaced as chairman by former U.S. treasury secretary Robert Rubin. The largest U.S. banking company announced Prince's widely expected departure in a statement following an emergency meeting of its board. Citi also said Sir Win Bischoff, chairman of Citi Europe and a Member of the Citi management and operating committees, would serve as interim CEO. Rubin, a former co-chairman of Goldman, Sachs & Co., has served as the chair of Citi's executive committee and it was also expected he would take a greater role in leading the company. In a separate statement, Citi, which took a hit of $6.5 billion from asset writedowns and other credit-related losses in the third quarter, said it would take an additional $8 billion to $11 billion in writedowns.
Ministers warn PM of English resentment
GORDON Brown has received repeated warnings from Cabinet colleagues that he must act to stem growing English resentment over the fruits of devolution, Scotland on Sunday can reveal. Jack Straw, the Justice Secretary, and Peter Hain, the Welsh Secretary, have stressed to the Prime Minister in a series of recent conversations the need to address English concerns on public spending and Scottish MPs voting on English laws that do not directly affect them. .
Quick Money Sunflashes Column
The Bank of Montreal has joined the array of big banks hurt by the U.S. subprime mortgage crash, revealing that it will book half a billion dollars in writedowns partly connected to disorder in world credit markets. The bank said yesterday that $320 million in writedowns come from debt-instrument woes at BMO Capital Markets, and $185 million from the bank's credit card loyalty program. DOUBLE WHAMMY FOR TD Toronto Dominion Bank was hit with a double dose of bad news yesterday. .
Westpac enhances KiwiSaver
Westpac has made saving for retirement even easier for its customers by introducing hotpoints from its credit card rewards programme as a form of KiwiSaver contribution. Westpac customers earn credit card rewards through the hotpoints programme on every Westpac credit card purchase they make. And now customers can convert their hotpoints into contributions towards a Westpac KiwiSaver account of their choice, be it their own or someone else’s. .
Fraudster used stolen identities to open bank accounts
A Tauranga woman swindled finance institutions out of nearly $200,000 by using stolen identities to open accounts, a court was told. In Tauranga District Court Gina Odelle Potae, 33, admitted seven charges of obtaining a document with intent to defraud, 14 of using a document with intent to defraud, one charge of obtaining a pecuniary by deception, and also admitted breaching her release conditions. .
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