US rate on 30-year mortgage hits record 3.83 pct.

WASHINGTON (AP) — Average U.S. rates for 30-year and 15-year fixed mortgages fell to fresh record lows this week. Cheap mortgage rates have made home-buying and refinancing more affordable than ever for those who can qualify.
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan ticked down to 3.83 percent. That's the lowest since long-term mortgages began in the 1950s. And it's below the previous record rate of 3.84 percent reached last week.
The 15-year mortgage, a popular option for refinancing, dropped to 3.05 percent, also a record. That's down from last week's previous record of 3.07 percent.
Low mortgage rates haven't done much to boost home sales. Rates have been below 4 percent for all but one week since early December. Yet sales of both previously occupied homes and new homes fell in March.
There have been some positive signs in recent months. January and February made up the best winter for sales of previously occupied homes in five years. And builders are laying plans to construct more homes in 2012 than at any other point in past 3 1/2 years. That suggests some see the housing market slowly starting to turn around.
Still, many would-be buyers can't qualify for loans or afford higher down payments required by banks. Home prices in many cities continue to fall. That has made those who can afford to buy uneasy about entering the market. And for those who are willing to brave the troubled market, many have already taken advantage of lower rates — mortgage rates have been below 5 percent for more than a year now.
Mortgage rates are lower because they tend to track the yield on the 10-year Treasury note. Slower U.S. job growth and uncertainty about how Europe will resolve its debt crisis have led investors to buy more Treasurys, which are considered safe investments. As demand for Treasurys increases, the yield falls.
To calculate the average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.
The average rage does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for 30-year loans was 0.7 last week, down from 0.8 the previous week. The fee on 15-year loans also was 0.7, unchanged from the previous week.
The average on one-year adjustable rate was 2.73 percent last week, down from 2.7 percent the previous week. The fee on one-year adjustable rate mortgages was 0.5, down from 0.6.

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US rate on 30-year mortgage rises to 3.71 pct.

WASHINGTON (AP) — Average rates on fixed mortgages rose this week, the first increase in seven weeks. But mortgage rates remain near historic lows, boosting prospects for home sales this year.
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan increased to 3.71 percent. That's up from 3.67 percent last week, the lowest since long-term mortgages began in the 1950s.
The average rate on the 15-year mortgage, a popular refinancing option, rose to 2.98 percent. That's up from 2.94 percent last week, also a record low.
The rate on the 30-year loan has been below 4 percent since early December. Low rates are a key reason the housing industry is showing modest signs of a recovery this year.
In April, sales of both previously occupied homes and new homes rose near two-year highs. Builders are gaining more confidence in the market, breaking ground on more homes and requesting more permits to build single-family homes later this year.
Low rates could also provide some help to the economy if more people refinance. When people refinance at lower rates, they pay less interest on their loans and have more money to spend.
Still, the pace of home sales remains well below healthy levels. Economists say it could be years before the market is fully healed.
Many people are still having difficulty qualifying for home loans or can't afford larger down payments required by banks. Some would-be home buyers are holding off because they fear that home prices could keep falling.
The economy is growing only modestly and job creation slowed sharply in April and May. U.S. employers created only 69,000 jobs in May, the fewest in a year.
Mortgage rates have been dropping because they tend to track the yield on the 10-year Treasury note. Uncertainty about how Europe will resolve its debt crisis has led investors to buy more Treasury securities, which are considered safe investments. As demand for Treasurys increase, the yield falls.
To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.
The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for 30-year loans was 0.7 point, unchanged from last week. The fee for 15-year loans also was unchanged at 0.7 point.
The average rate on one-year adjustable rate mortgages slipped to 2.78 percent from 2.79 percent last week. The fee for one-year adjustable rate loans was 0.5, up from 0.4.

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US fixed mortgage rates fall to new record lows

WASHINGTON (AP) — Fixed U.S. mortgage rates fell again to new record lows, providing prospective buyers with more incentive to brave a modestly recovering housing market.
Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan dropped to 3.62 percent. That's down from 3.66 percent last week and the lowest since long-term mortgages began in the 1950s.
The average rate on the 15-year mortgage, a popular refinancing option, slipped to 2.89 percent, below last week's previous record of 2.94 percent.
The rate on the 30-year loan has fallen to or matched record low levels in 10 of the past 11 weeks. And it's been below 4 percent since December.
Cheap mortgages have provided a lift to the long-suffering housing market. Sales of new and previously occupied homes are up from the same time last year. Home prices are rising in most markets. And homebuilders are starting more projects and spending at a faster pace.
The number of people who signed contracts to buy previously occupied homes rose in May, matching the fastest pace in two years, the National Association of Realtors reported last week. That suggests Americans are growing more confident in the market.
Low rates could also provide some help to the economy if more people refinance. When people refinance at lower rates, they pay less interest on their loans and have more money to spend. Many homeowners use the savings on renovations, furniture, appliances and other improvements, which help drive growth.
Still, the pace of home sales remains well below healthy levels. Many people are still having difficulty qualifying for home loans or can't afford larger down payments required by banks.
And the sluggish job market could deter some would-be buyers from making a purchase this year. The U.S. economy created only 69,000 jobs in May, the fewest in a year. The unemployment rate rose to 8.2 percent last month, up from 8.1 percent in April.
The government reports Friday on June employment.
Mortgage rates have been dropping because they tend to track the yield on the 10-year Treasury note. A weaker U.S. economy and uncertainty about how Europe will resolve its debt crisis have led investors to buy more Treasury securities, which are considered safe investments. As demand for Treasurys increase, the yield falls.
To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.
The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for 30-year loans was 0.8 point, up from 0.7 percent last week. The fee for 15-year loans also was 0.7 point, unchanged from the previous week.
The average rate on one-year adjustable rate mortgages fell to 2.68 percent, down from 2.74 percent last week. The fee for one-year adjustable rate loans rose to 0.5 point, up from 0.4 point.
The average rate on five-year adjustable rate mortgages was unchanged at 2.79 percent. The fee stayed at 0.6 point.

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Kenyan house prices rise in Q3 on interest rate drop

NAIROBI (Reuters) - Kenya's house prices rose by 7.1 percent in the third quarter of 2012 compared to the same period last year, a real estate firm said on Wednesday, as lower mortgage rates on the back of falling interest rates spurred demand for prime real estate.
Housing has been one of Kenya's fastest growing sectors over the last decade, fuelled by a burgeoning middle class with higher disposable incomes. Returns on investments in the sector have easily outpaced those of equities and government securities.
HassConsult, a real estate firm which publishes the only regular property price index in the country, said a reduction in lending rates by commercial banks was expected to spur further growth of the property market and help support an upward movement of house prices.
"The week that the central bank dropped the rates, activity peaked up (September)," said Sakina Hassanali, marketing manager at HassConsult.
"Confidence in the property market has come back ... If the last six weeks are any clue, then the coming (quarter), so long as mortgages continue going down, we are in a better place than we were six months ago."
The central bank has cut its benchmark rate twice since July by a total of 500 basis points to 13 percent, having raised the rate to 18 percent last year to fight double-digit inflation and stabilise the shilling.
Inflation fell to 5.32 percent in September from 6.09 percent previously, having peaked at 20 percent late last year, while the shilling has largely oscillated at 85 to the dollar this year, from a record low of 107 in October last year.
The lending rates in commercial banks have dropped to about 19 percent, from as high as 30 percent earlier in the year, easing the cost of funding for both house developers and buyers.
"Even the psychological satisfaction of (investors) knowing that the rates are coming down, makes (investors) make that buying decision instantly," said Caroline Kariuki, the managing director of The Mortgage Company.
The east African nation of 40 million people has a massive housing shortage with annual demand at 250,000 units per year against a supply of 60,000 units, a World Bank study showed.
Kariuki said a steady rise of diaspora remittances to a record high of $891.1 million in 2011, had boosted development of the real estate sector, while China was singled out as one of the top foreign investors in east Africa's biggest economy.
"... We have seen (Chinese investors) getting financing at very cheap rates for their projects, so you will find that they have became significant players in Kenya," said Kariuki.
China is one of the main players in the construction of Kenya's infrastructure such as roads.

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New exhibition explores our love and hate of money

NEW YORK (Reuters) - How does money make you feel? Fearful, stressed, happy?
U.S. financial guru Suze Orman has teamed with the producer of the popular Body Worlds exhibits for a new traveling show to look at how we relate to and understand money.
Orman, media star and author of best-selling books on personal finance, described the finance-themed exhibit as "an extension of my life's work as a financial educator, and an innovative way to teach people about money".
The interactive, multi-media exhibit, "Economia: Money Matters," will begin a five-year, nationwide tour in the fall of next year, starting in Chicago. The admission-charging show will move on to other venues that include science and natural history museums.
Gail Vida Hamburg, who designed and developed the exhibition, said she hit on the idea several years ago.
"I found a study about worry, stress and depression and their links to money or rather the lack of money ... I realized that I could synthesize all of this information into a designed exhibition with multimedia and interactives (displays)," said Hamburg, who designed the Body Worlds traveling exhibition of preserved human corpses that has toured Europe, North America and Asia.
The Money Matters exhibit spans 7,000 square feet with galleries on phases of life ranging from College Road to Third Phase, or retirement. It aims to meet national and state financial literacy goals for children and adults.
Hamburg, who founded museum exhibit firm Rainworks Omnimedia in 2010, believes the show's appeal is universal because money is something that everyone has a relationship with throughout life.
Orman has described the show as a walk through the life of money, and the effect it can have on you.
"It will be entertaining," she said in a statement, "and when you're having fun learning, the lessons stay with you."
Hamburg said she addressed finance's fear factor by engaging people with various exhibits and displays.
"How do you make it easy for visitors to understand the power of compounding?" she asked, adding that it has traditionally been taught with graphs or charts or calculators.
She decided to approach it differently using visitor prompts, and entry into a computer terminal and to show the results through the growth of actual physical objects.
"We should all be so smart with money and channel our inner Suze Orman. But we're not and we don't. Unless you're an MBA or an economist or a freak, you don't want to read about SEP-IRA or social security or student loan interest rates."
The goal of the exhibition "is to give visitors the tools and resources for financial self actualization," she added.

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Analysis: Mortgage demand too much for U.S. banks, who respond slowly

(Reuters) - Big U.S. banks are hiring mortgage bankers to meet a surge in demand for home loans and refinancings, but they are still struggling to process applications, which could undermine the Federal Reserve's attempts to stimulate the economy.
Since the Fed announced its plan in September to buy up to $40 billion of mortgages a month, consumer mortgage rates have fallen more slowly and by less than they would have done in more normal times.
On average, 30-year home loan rates are down just 0.18 of a percentage point this week from September 13, when the Fed announced its latest stimulus program. Some analysts estimate that in more normal markets, rates would have fallen by roughly 0.31 of a percentage point or more. That could save a home buyer thousands of dollars over the lifetime of a mortgage.
The dysfunction in the mortgage market, which has yet to fully recover after its battering in the U.S. housing bust and subsequent financial crisis, means most benefits from the Fed's new stimulus plan may be accruing to banks instead of consumers.
Banks still committed to the home loan business are hiring to meet increased demand, but fewer banks are committed to the business after the 2007-2009 mortgage crisis pulverized some of the biggest lenders in the United States and wounded many others.
Capacity constraints work in the banks' favor. Profit margins for home lending are more than double their usual level, JPMorgan Chief Executive Jamie Dimon told investors last Friday. The major U.S. banks, including JPMorgan Chase & Co, Wells Fargo & Co and Citigroup Inc, all said mortgage operations boosted third-quarter profits.
Lenders making mortgages say they do not want to hire too many staffers only to lay them off when volume declines. The Mortgage Bankers Association estimates that banks will make $1.47 trillion of home loans this year for home purchases and refinancings, but then just $1.04 trillion in 2013, a decline of nearly a third.
"We are trying to ... not over hire," Andy Cecere, chief financial officer at U.S. Bancorp, said in an interview on Wednesday.
Top U.S. mortgage lender Wells Fargo added about 2,000 people in the third quarter as volume surged. Chief Financial Officer Tim Sloan said in an interview the bank is responding to the impact of the Fed's plan. Chase has increased its number of loan officers by 23 percent over the last year, and expects to keep hiring aggressively, said Kevin Watters, head of mortgage originations at JP Morgan Chase.
But mortgage applications are also jumping, rising nearly 17 percent in the week ended September 28. With demand that strong and no staffers to handle extra business, banks have little reason to cut rates much. In a speech on Monday, New York Federal Reserve President William Dudley acknowledged that difficulty, noting the Fed's efforts to stimulate the economy in recent years would have had a bigger economic impact if consumer mortgage rates were falling more.
Bank staffing issues are a headache for mortgage applicants already struggling with tough appraisals and wary lenders. Many borrowers tell Kafka-esque stories of bureaucracy, where what used to be a 30- to 60-day process has stretched to 90 days or more.
PROFIT BONANZA
The mortgage business has grown much more concentrated. The top two mortgage lenders made 14 percent of mortgage loans in 2000, 29 percent of mortgages in 2006, and 44 percent in the first half of 2012, according to Inside Mortgage Finance data.
Wells Fargo and JPMorgan Chase are the top two lenders now, and their predecessor companies were the top in 2000.
In 2006, Countrywide Financial Corp - now owned by Bank of America Corp - and Wells were the top. Bank of America last year stopped buying loans from other banks after suffering billions of dollars of losses from its exposure to home loans, which has cut its volume in half and limited smaller banks' capacity to lend.
Bankers are unsure how long the refinancing bonanza will last.
JPMorgan Chase CEO Dimon told investors the mortgage boom will continue "next quarter, maybe for a couple of quarters after that but it won't last for that much longer."
Citigroup Chief Financial Officer John Gerspach told investors on Monday that figuring out how long the refinancing boom will last is "one of the big questions facing a lot of institutions at this point in time."
Smaller banks are struggling with the same questions.
Matt Williams, president of Gothenburg State Bank in Gothenburg, Nebraska, and incoming chairman of the American Bankers Association, said his bank was not adding staff even though its 28 employees were "stressed to the max right now."
Williams said his bank, with $125 million in assets, expects rates eventually will go up, cutting demand for refinancing.
Mortgage demand was rising even before the Fed announced its latest plan to buy home loans, but that announcement immediately lowered bank funding costs. The effect on bank revenues will take longer to show up, because it takes months to process and close mortgage applications.
For consumers, capacity constraints among mortgage lenders mean rates are not falling as much as they theoretically could.
The average 30-year consumer mortgage rate was 3.37 percent, Freddie Mac said on Thursday - about 1.13 percentage points higher than rates investors in mortgage bonds would accept, as measured by the "secondary rate" for mortgages guaranteed by Fannie Mae.
In the second half of 2011, the gap between consumer mortgage rates and the secondary rate averaged closer to about 0.9 percentage point, suggesting lenders could cut rates another 0.23 point. However, Freddie Mac and Fannie Mae boosted fees for guarantees by 0.1 of a percentage point in August, meaning the difference may be only about 0.13 of a percentage point.

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Zurich puts Sandy storm damage claims at $700 million

 Natural gas distributor Laclede Group Inc is buying two utilities from Energy Transfer Equity LP for $1 billion, doubling its customer numbers and boosting its exposure to more stable state-regulated income.
More than 91 percent of Laclede's earnings will come from rate-regulated business after the acquisition of Missouri Gas Energy and New England Gas Co, owned by Energy Transfer's affiliate, Southern Union Co.
About 68 percent of Laclede's operating revenue of $1.12 billion came from its regulated gas distribution business in the year ended September 30.
"With lower ... prices, more and more customers are interested in using natural gas," Chief Executive Suzanne Sitherwood told Reuters. "The other emerging market that is taking place is with natural gas vehicles."
Gas prices have fallen sharply from their peak of more than $13 per million metric British thermal unit (mmBtu) to about $3 now due to vast supplies from shale fields in North America.
This has prompted increased use of gas for heating and power generation. Westport Innovations Inc , General Motors Co , Caterpillar Inc and Ford Motor Co are some of the companies developing technologies to drive the use of the fuel in vehicles.
Laclede too has been working on fueling natural gas vehicles and has received a lot of interest for possible partnerships, Sitherwood said. She did not name the interested parties.
GOOD PRICE FOR ETE
Missouri Gas and New England Gas, which had combined revenue of about $517 million for the year ended September 30, serve more than 500,000 customers in western Missouri and about 50,000 in Massachusetts.
The acquisition, which includes debt of about $20 million, will take Laclede's customer base to 1.2 million, the company said in a statement.
Laclede expects the acquisition to be neutral to its earnings per share in the first full year after close, likely in the third quarter of 2013.
Energy Transfer Partners LP , a unit of Energy Transfer Equity and a party to the deal, said the transaction was part of the company's efforts to divest non-core assets.
The gas utilities passed into Energy Transfer's hands when it bought pipeline operator Southern Union Co last year.
"For the Energy Transfer family, this (deal) compares favorably to our previously modeled $710 million sale estimate," analysts at Robert W. Baird wrote in a note to clients.
St Louis, Missouri-based Laclede said Wells Fargo Bank will provide a $1 billion bridge facility for the purchase.
Laclede shares were down about 2 percent at $39.12 in afternoon trading on Monday on the New York Stock Exchange. Shares of Energy Transfer Equity and Energy Transfer Partners were slightly up.
Wells Fargo Securities LLC advises Laclede, while Credit Suisse Securities LLC is advising Energy Transfer and Southern Union. Moelis & Co gave the fairness opinion to Laclede.

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Laclede to double customers in $1 billion deal with Energy Transfer

 Natural gas distributor Laclede Group Inc is buying two utilities from Energy Transfer Equity LP for $1 billion, doubling its customer numbers and boosting its exposure to more stable state-regulated income.
More than 91 percent of Laclede's earnings will come from rate-regulated business after the acquisition of Missouri Gas Energy and New England Gas Co, owned by Energy Transfer's affiliate, Southern Union Co.
About 68 percent of Laclede's operating revenue of $1.12 billion came from its regulated gas distribution business in the year ended September 30.
"With lower ... prices, more and more customers are interested in using natural gas," Chief Executive Suzanne Sitherwood told Reuters. "The other emerging market that is taking place is with natural gas vehicles."
Gas prices have fallen sharply from their peak of more than $13 per million metric British thermal unit (mmBtu) to about $3 now due to vast supplies from shale fields in North America.
This has prompted increased use of gas for heating and power generation. Westport Innovations Inc , General Motors Co , Caterpillar Inc and Ford Motor Co are some of the companies developing technologies to drive the use of the fuel in vehicles.
Laclede too has been working on fueling natural gas vehicles and has received a lot of interest for possible partnerships, Sitherwood said. She did not name the interested parties.
GOOD PRICE FOR ETE
Missouri Gas and New England Gas, which had combined revenue of about $517 million for the year ended September 30, serve more than 500,000 customers in western Missouri and about 50,000 in Massachusetts.
The acquisition, which includes debt of about $20 million, will take Laclede's customer base to 1.2 million, the company said in a statement.
Laclede expects the acquisition to be neutral to its earnings per share in the first full year after close, likely in the third quarter of 2013.
Energy Transfer Partners LP , a unit of Energy Transfer Equity and a party to the deal, said the transaction was part of the company's efforts to divest non-core assets.
The gas utilities passed into Energy Transfer's hands when it bought pipeline operator Southern Union Co last year.
"For the Energy Transfer family, this (deal) compares favorably to our previously modeled $710 million sale estimate," analysts at Robert W. Baird wrote in a note to clients.
St Louis, Missouri-based Laclede said Wells Fargo Bank will provide a $1 billion bridge facility for the purchase.
Laclede shares were down about 2 percent at $39.12 in afternoon trading on Monday on the New York Stock Exchange. Shares of Energy Transfer Equity and Energy Transfer Partners were slightly up.
Wells Fargo Securities LLC advises Laclede, while Credit Suisse Securities LLC is advising Energy Transfer and Southern Union. Moelis & Co gave the fairness opinion to Laclede.

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Sun Life sells U.S. annuity business, shares drop

 Sun Life Financial Inc will sell its U.S. annuity business for $1.35 billion to a firm connected to Guggenheim Partners in a deal that should reduce the exposure of the insurer's earnings to market swings and boost its cash levels.
While the deal could bring long-term benefits to Sun Life, whose earnings have been derailed by wild market swings during recent years, investors pulled the company's shares down by nearly 4 percent as the financial terms fell short of initial expectations.
"The stock's sort of correcting back because the deal isn't quite as big a windfall as I think the market was anticipating," said National Bank financial analyst Peter Routledge.
Delaware Life Holdings, owned by certain Guggenheim clients and shareholders, will rename itself Delaware Life Insurance Co following the cash purchase. Guggenheim will provide investment management services to the new company.
Sun Life, Canada's No. 3 insurer, said last year it would stop selling variable annuities and individual life products in the United States to focus more on group insurance and voluntary benefits.
Variable annuities - retirement products that guarantee the investor a minimum monthly payment - became a source of earnings volatility for Sun Life in the wake of the 2008 financial crisis. That is because low interest rates and Canadian accounting rules force insurers to take upfront losses on products that will not come due for years.
"The business makes money, but not enough," said Routledge.
Weak equity markets and low bond yields sent Sun Life's profit down 87.5 percent during the second quarter of 2012 and caused losses during the third and fourth quarters of 2011.
EARNINGS HIT
The deal will cut Sun Life's profit by 22 Canadian cents a share annually and reduce book value by C$950 million ($965 million), the company said in a statement. According to Thomson Reuters I/B/E/S, Sun Life was expected to earn C$2.53 a share on a net basis in 2013.
The deal has also prompted Sun Life to take a second look at its 2015 financial targets, which include a goal of C$2 billion in operating profit.
In an interview, Sun Life Chief Executive Dean Connor said he would update the market on the targets after the deal closes, which is expected during the second quarter next year.
"I'm not saying we will necessarily reduce them. I'm not saying we will necessarily leave them as they are, because we don't know yet," he said.
The deal is also expected to reduce the company's earnings sensitivity to equity markets by 50 percent and its sensitivity to interest rates by 35 percent, compared with estimates on September 30.
It will raise Sun Life's cash position to C$1.9 billion.
"Over time, we'll redeploy that cash to fund growth," said Connor. He said the growth could include acquisitions on the "smaller end of the spectrum."
Sun Life, which also owns U.S. asset manager MFS Investment Management, is targeting growth in its Asian business.
SHARES DOWN
Sun Life shares, which have outperformed its rivals with a 47 percent year-to-date rise coming into Monday's session, ended down 3.9 percent at C$26.74 on the Toronto Stock Exchange. Despite the strong rise this year, the stock still trades at less than half its all-time high set in 2007.
Robert Sedran, an analyst at CIBC World Markets, said in a research note that the earnings and book value reductions were worse than he had expected.
"Moreover, while the decline in the earnings sensitivity to market variables improves the risk-reward profile, we did not view those sensitivities as excessive to begin with," he said.
However, he said the deal will free up time and capital that would otherwise have been engaged in what is essentially a closed business, which is a positive.
Morgan Stanley & Co advised Sun Life on the transaction financials.
Law firm Debevoise & Plimpton LLP was legal adviser to Sun Life, while Skadden, Arps, Slate, Meagher & Flom advised Guggenheim Partners.

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FactSet forecasts second-quarter results largely below estimates, shares fall

FactSet Research Systems Inc reported lower-than-expected first-quarter revenue, and the financial information provider forecast current-quarter results largely below estimates as banks and brokerages cut costs.
FactSet shares fell 5 percent before the bell on Tuesday.
The company, which provides data to portfolio managers, research analysts and investment bankers, forecast second-quarter earnings of $1.11 to $1.13 per share, on revenue of $212 million and $215 million.
Analysts on average were expecting earnings of $1.13 per share on revenue of $216.3 million, according to Thomson Reuters I/B/E/S.
FactSet's financial sector clients are cutting staff and trimming costs to cope with increased regulation and a struggling global economy.
In the United States, financial companies have announced plans to cut 28,000 jobs through the first nine months of this year, compared with 54,000 during the same period in 2011, according to executive placement firm Challenger, Gray & Christmas.
FactSet said its net income rose to $49.8 million, or $1.11 per share, in the first quarter, from $45.5 million, or 99 cents per share, a year earlier.
The company earned $1.22 cents per share, excluding items.
Revenue rose 7.5 percent to $211.1 million for the quarter ended November 30.
Analysts on average had expected earnings of $1.11 per share, on revenue of $212.3 million.
FactSet rival Thomson Reuters Corp, the owner of Reuters News, last month reported a 15 percent fall in operating profit for the quarter ended September 30, on declining revenue and higher costs in its division that serves the financial industry.
FactSet's shares closed at $96.39 on the New York Stock Exchange on Monday.

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Jefferies results beat estimates on higher fixed-income revenue

(Reuters) - Jefferies Group Inc reported a higher-than-expected adjusted quarterly profit as the investment bank benefited from higher earnings from its fixed-income unit, and said its business expansion in Asia has started delivering.
The midsized investment bank has been expanding in China and India and recently poached bankers from the Royal Bank of Scotland to expand its business in China.
Jefferies said it also benefited from a pickup in trading across the board in September thanks to fresh stimulus plans from the U.S. Federal Reserve, and that it was gaining market share from larger rivals. The Fed had unveiled a program to purchase $40 billion in mortgage bonds.
The company saw its trading revenue more than double to $293 million from $141 million a year earlier.
"Our competitive position is very strong so across the products within fixed income I think we're gaining market share," Chief Executive Richard Handler said on a post-earnings conference call.
As the first investment bank to report earnings, Jefferies is often viewed as an indicator for larger Wall Street banks such as Goldman Sachs Group and Morgan Stanley .
Jefferies, founded in 1962 in Los Angeles to trade large stock orders away from the New York Stock Exchange, agreed last month to be bought by top shareholder Leucadia National Corp for $2.76 billion in stock.
"Combining our company with an extremely well-capitalized parent will allow us to continue to aggressively add value to our clients," Jefferies said in a statement on Tuesday.
Compensation costs at the company remained high with the company paying 59.9 percent of net revenue to employees, in line with previous periods but higher than the 50 percent industry peers generally target.
Net income rose to $72 million, or 31 cents per share, in the fourth quarter from $48 million, or 21 cents per share, a year earlier.
On an adjusted basis, earnings were 35 cents per share.
Analysts had expected the company to earn 32 cents per share, according to Thomson Reuters I/B/E/S.
Revenue for the quarter rose 39 percent to $769 million, above estimates of $722.6 million. Investment banking revenue rose 8 percent to $283 million.
Jefferies shares, which have risen 12 percent since the Leucadia deal was announced in mid-November, was trading up 2.5 percent at $18.70 on the New York Stock Exchange on Tuesday.

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Doremitickets.com Announces Tour Dates for Luke Bryan 2013 Dirt Road Diaries

The popular Country singer Luke Bryan will be back next year with an exciting tour across the US. After the enormous popularity of his album Tailgates & Tanlines.

Nashville, TN (PRWEB) December 27, 2012
Country music sensation singer Luke Bryan, one of today's most popular country music artists, has just announced the US concert leg of his acclaimed tour Tailgates & Tanlines. The popular star will kick off his upcoming tour on January 17th at Ford Center Evansville, IN. Tickets for the first solo concert tour are already on-sale.
Luke Bryan Tickets:http://doremitickets.com/Concerts-Tickets/Country-Folk/Luke-Bryan-Tickets
Luke Bryan' upcoming tour includes venues all across the country. Tour dates have been already set for Giorgia, Missouri, Florida, Texas, Illinois, Pennsylvania and Wisconsin. Considering the enormous success of his album Tailgates & Tanlines the tour promise to sold out.
The following are the dates, cities and venues included in this exciting Luke Bryan The Dirt Road Diaries Tour.
17-Jan    Ford Center - IN    Evansville    IN

19-Jan    Landers Center (Formerly Desoto County Civic Center)    Southaven    MS

25-Jan    Germain Arena    Estero    FL

26-Jan    Amway Center    Orlando    FL

7-Feb    Nassau Coliseum    Uniondale    NY

8-Feb    Bryce Jordan Center    University Park    PA

9-Feb    Charleston Civic Center    Charleston    WV

15-Feb    Huntington Center (Formerly Lucas County Arena)    Toledo    OH

16-Feb    Van Andel Arena    Grand Rapids    MI

17-Feb    Us Cellular Coliseum    Bloomington    IL

18-Feb    Us Cellular Coliseum    Bloomington    IL

21-Feb    Allen County War Memorial Coliseum    Fort Wayne    IN

22-Feb    KFC Yum! Center    Louisville    KY

23-Feb    Mizzou Sports Arena    Columbia    MO

28-Feb    Resch Center    Green Bay    WI

1-Mar    Tyson Events Center - Gateway Arena    Sioux City    IA

2-Mar    I Wireless Center (formerly Mark Of The Quad Cities)    Moline    IL

14-Mar    The Wharf Amphitheatre    Orange Beach    AL

21-Mar    Florence Civic Center    Florence    SC

22-Mar    Crown Coliseum - The Crown Center    Fayetteville    NC

23-Mar    John Paul Jones Arena    Charlottesville    VA

18-Jul    Delaware State Fairgrounds    Harrington    DE
Doremitickets.com - #1 Source for Country Music Tour 2013 Information Secure Website, Money Back Guarantee.Doremitickets.com is a retail website founded in 2009. Since launching in 2009, our website has helped connect thousands of live entertainment fans to the vast network of ticket brokers that list tickets on the doremitickets® Online Exchange. These professional ticket brokers offer more than 7.5 Million event tickets on our exchange every day.

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Windham, ME Pest Control Specialist, Ants ETC Presents a Brief Guide to Winter Pest Control

For those who think they do not need exterminator services in the cold winter months, professional pest control provider explains why perceptions may be off.

Windham, ME (PRWEB) December 26, 2012
People tend to rely on a belief that they need to deal with bugs during the warmer and wetter spring and summer months, but that bugs are not an issue during the cold winter months—they simply go away. Unfortunately, Ants ETC—a specialist in pest control in Windham, ME—points out that this misconception simply is a misunderstanding of critters and bugs that homeowners and businesses deal with throughout the year. Numerous pests are not affected by the cold and they could easily be found hiding within the walls and between levels of a house or other building. Short of ripping out the drywall or sheetrock, though, there are a few telltale signs that will help you determine whether you need an exterminator during the winter or not.
Residents and business owners will often see a winged carpenter ant or flying ant during the summer months. If these are seen inside during the winter, however, it would indicate the potential for a more serious issue. During the warmer months, these insects are mobile and travel all around. This is not the case during the winter and seeing an ant in a home or business would most likely mean that their nest were in the same building. The same goes for those who may find termites, earwigs, or cockroaches in their home during the colder season.
It is more likely that homeowners will find rodents inside during the winter months, because mice and rats are trying to escape from the cold and snow to some place warm. They may go into the garage, in cabinets, storage closets, or in between walls. Spiders and bed bugs are two other critters that are likely to migrate into a residence during the cold winter months as well.
Keeping this in mind, it becomes readily apparent as to why Maine pest control is best done all year round. Some question the wisdom of this, because they do not see a problem with bugs during the winter season like they do during the summer. The reality is, those same people cannot see what is going on behind the walls or under the floors. Insects and rodents are making nests to keep them warm. They may be less active due to the cold, but they are certainly still around.
About Ants ETC

Ants ETC. was founded by Matt Stover in an effort to provide the highest quality pest control service in Windham, Maine and the surrounding area. With several years of experience with some of the largest exterminators in the industry, Ants ETC was started as a way to give clients that personal touch that the larger companies sometimes forget.

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First Ranked Online Supplier 123inkcartridges.ca to Expand Product Inventory to Include Easy One Touch Universal Car Mount Holder with iPhone 4/5 Smartphone Accessories

Canadian based online supply store 123inkcartridges.ca announced the latest expansion to their inventory of popular accessories for the iPhone 4 and 5 Smartphone. This is just one of the many new accessories and products geared to meeting the increased needs of their clientele.

Montreal, Quebec (PRWEB) December 27, 2012
After 123inkcartridges.ca began adding Smartphones to their product list, they found out that customers also needed a wide variety of accessories to get the greatest benefit out of their devices. For this reason they continue to add products such as the iOttie Easy One Touch Universal Car Mount Holder for the iPhone 4 and 5 Smartphone. The company continues to expand its product inventory to include such useful items in an attempt to meet customer demands. This addition, like their other products, is reasonably priced and easily ordered by customers.
The iOttie Car Mount Holder is designed of the highest quality materials and mounts easily on the dashboard or windshield of the vehicle. It is designed to hold the Smartphone so that the consumer can keep their hands on the wheel for safety’s sake. It is easy to install and uninstalls with the simple click of a button. 123inkcartridges.ca has recently added this useful car mount to their expanding line of iPhone accessories.
The Canadian based company continues to add useful gadgets to their constantly expanding product list. The entire line of products including Smartphone accessories can be viewed on their site: http://www.123inkcartridges.ca. The site is easily navigated so that consumers can find the products that they need. Their professional customer service representatives are available to help consumers locate and order the products they are looking for or answer any questions that might arise.
About 123inkcartridges.ca

123inkcartridges was founded with the intent of providing high quality products to consumers at prices that were reasonable and affordable. When the Canadian based online supplier was established they specialized in toner and ink for printers. Because of their high quality products they soon became the number one online resource for these types of items. In an attempt to meet the growing needs of their expanding customer base, they added computer related products. Presently they continue these expansions with various accessories for technological devices. The full line of products can be viewed at http://www.123inkcartridges.ca, which is their official site from which products can be ordered.

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Overcoming Procrastination Guide for Businesses Now Published Online by Marketer's Black Book

Overcoming procrastination for businesses guide is now published online by MarketersBlackBook.com. This helpful guide is designed to deliver the steps to eliminate workload distractions and achieve more results to help expand revenues online and offline.

Seattle, Washington (PRWEB) December 27, 2012
Time is money for business owners and revenues can increase when distractions are decreased according to a new guide online. The MarketersBlackBook.com website has published a no cost guide on the topic of overcoming procrastination for businesses. This helpful information is designed to help company owners to eliminate daily distractions and focus on putting ideas into action to grow revenues. This guide can be accessed at http://marketersblackbook.com/offline/7-keys-to-stop-procrastination-and-start-taking-action.
Technological advancements have helped companies worldwide to streamline communication. These advancements have contributed to revenue increases through the ease of sharing digital information according to research. The idea phase of business creation and product launch often benefits from the use of technology.
The guide published online explores the ways that distractions can happen with use of technology and how companies can learn to overcome loss of revenue due to dormant plans.
The prioritizing of tasks is one method that is described in the published guide. Business owners that have few employees or hundreds often benefit from a prioritized list that is scanned and updated daily. The focus of time management during the idea phase and implementation phases are also explored in the new guide. The ways that revenue can be increased through online and offline marketing take a concentration of prioritizing tasks according to the guide.
The published guide for businesses online is one way that the MarketersBlackBook.com company has expanded its services online. The integration of in-person events that explore proven strategies for revenue growth has helped more companies and entrepreneurs to learn the different ways to expand product or service sales online.
Through intensive three-day sessions, the MBB team has been able to instruct event attendees on the ways to boost annual revenues without paying for expensive marketing costs.
To go with the new guides and information now presented online, a brand new YouTube channel has been launched online. This channel includes more in-depth interviews, strategies and other information that is better presented in visual form. Because these videos can be streamed online or with mobile devices, the MBB company has launched this new video channel. Those interested in viewing the videos already published can visit http://www.youtube.com/marketersblackbook.
Future in-person events are now scheduled in 2013 to help bring the live training series to more business owners and entrepreneurs that prefer this learning method over online training. These events are part of the new innovations that have taken place at this company this year.
About Marketer's Black Book
The Marketer's Black Book company added new programs and services in 2012 and future upgrades are expected in the coming year. The company was was launched only 24 months ago and is now visited weekly by thousands of entrepreneurs and business owners that are learning to increase online sales revenue. The in-person event series that was launched this year has resulted in bi-monthly events that are now used to supplement basic training offered online. The Marketer's Black Book owners are business experts that own hundreds of websites and monetize these sites daily to ensure growth in niche industry areas online.

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‘Pain Management Solutions’ shows readers how to rebuild lives

Author Debra S. Cole provides coping strategies, advice and inspiration in new nonfiction

AUSTIN, Texas (PRWEB) December 27, 2012
In her new nonfiction, “Pain Management Solutions: Managing Pain in Stages” (published by iUniverse), author Debra S. Cole presents a holistic, five-stage process to help patients through their journey of pain management.
“According to the Institute of Medicine of the National Academies (IMNC) 116 million Americans suffer from and with chronic pain,” Cole asserts. With this sobering statistic in mind, she was inspired to devise a plan to help patients looking to address pain issues from injury or medical conditions in a comprehensive, holistic manner.
“Pain Management Solutions” addresses current pain treatments and considers the various stages of dealing with pain, all the way from the “crisis stage” to the “resolution stage.” Written in easy-to read language and thoroughly researched, the coping strategies Cole offers can help patients rebuild their lives.
Praise for “Pain Management Solutions”:
“Debra Cole writes a brilliant book and gives her expertise in a step-by-step approach from understanding chronic pain to solutions for coping with this debilitating disease. Debra’s compassion, determination, and dedication to help her patients control their pain shines through on every well-written page.”
—Jeff W. Fluitt, DC, Austin Spine and Sports Rehabilitation
“Pain Management Solutions”

By Debra S. Cole

Hardcover | 5.5 x 8.5 in | 134 pages | ISBN 9781475946185

Softcover | 5.5 x 8.5 in | 134 pages | ISBN 9781475946178

E-Book | 134 pages | ISBN 9781475946192

Available at Amazon and Barnes & Noble
About the Author

Debra S. Cole is a psychotherapist and behavioral medical consultant. Cole provides psychological support for patients whose lives have been interrupted by chronic pain at her practice, Southwest Behavioral Healthcare, Austin, Texas.
iUniverse, an Author Solutions, Inc. self-publishing imprint, is the leading book marketing, editorial services, and supported self-publishing provider. iUniverse has a strategic alliance with Indigo Books & Music, Inc. in Canada, and titles accepted into the iUniverse Rising Star program are featured in a special collection on BarnesandNoble.com. iUniverse recognizes excellence in book publishing through the Star, Reader’s Choice, Rising Star and Editor’s Choice designations – self-publishing’s only such awards program. Headquartered in Bloomington, Ind., iUniverse also operates offices in Indianapolis. For more information or to publish a book, please visit iuniverse.com or call 1-800-AUTHORS. For the latest, follow @iuniversebooks on Twitter.

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Sun Life sells U.S. annuity business, shares drop

TORONTO (Reuters) - Sun Life Financial Inc will sell its U.S. annuity business for $1.35 billion to a firm connected to Guggenheim Partners in a deal that should reduce the exposure of the insurer's earnings to market swings and boost its cash levels.
While the deal could bring long-term benefits to Sun Life, whose earnings have been derailed by wild market swings during recent years, investors pulled the company's shares down by nearly 4 percent as the financial terms fell short of initial expectations.
"The stock's sort of correcting back because the deal isn't quite as big a windfall as I think the market was anticipating," said National Bank financial analyst Peter Routledge.
Delaware Life Holdings, owned by certain Guggenheim clients and shareholders, will rename itself Delaware Life Insurance Co following the cash purchase. Guggenheim will provide investment management services to the new company.
Sun Life, Canada's No. 3 insurer, said last year it would stop selling variable annuities and individual life products in the United States to focus more on group insurance and voluntary benefits.
Variable annuities - retirement products that guarantee the investor a minimum monthly payment - became a source of earnings volatility for Sun Life in the wake of the 2008 financial crisis. That is because low interest rates and Canadian accounting rules force insurers to take upfront losses on products that will not come due for years.
"The business makes money, but not enough," said Routledge.
Weak equity markets and low bond yields sent Sun Life's profit down 87.5 percent during the second quarter of 2012 and caused losses during the third and fourth quarters of 2011.
EARNINGS HIT
The deal will cut Sun Life's profit by 22 Canadian cents a share annually and reduce book value by C$950 million ($965 million), the company said in a statement. According to Thomson Reuters I/B/E/S, Sun Life was expected to earn C$2.53 a share on a net basis in 2013.
The deal has also prompted Sun Life to take a second look at its 2015 financial targets, which include a goal of C$2 billion in operating profit.
In an interview, Sun Life Chief Executive Dean Connor said he would update the market on the targets after the deal closes, which is expected during the second quarter next year.
"I'm not saying we will necessarily reduce them. I'm not saying we will necessarily leave them as they are, because we don't know yet," he said.
The deal is also expected to reduce the company's earnings sensitivity to equity markets by 50 percent and its sensitivity to interest rates by 35 percent, compared with estimates on September 30.
It will raise Sun Life's cash position to C$1.9 billion.
"Over time, we'll redeploy that cash to fund growth," said Connor. He said the growth could include acquisitions on the "smaller end of the spectrum."
Sun Life, which also owns U.S. asset manager MFS Investment Management, is targeting growth in its Asian business.
SHARES DOWN
Sun Life shares, which have outperformed its rivals with a 47 percent year-to-date rise coming into Monday's session, ended down 3.9 percent at C$26.74 on the Toronto Stock Exchange. Despite the strong rise this year, the stock still trades at less than half its all-time high set in 2007.
Robert Sedran, an analyst at CIBC World Markets, said in a research note that the earnings and book value reductions were worse than he had expected.
"Moreover, while the decline in the earnings sensitivity to market variables improves the risk-reward profile, we did not view those sensitivities as excessive to begin with," he said.
However, he said the deal will free up time and capital that would otherwise have been engaged in what is essentially a closed business, which is a positive.
Morgan Stanley & Co advised Sun Life on the transaction financials.
Law firm Debevoise & Plimpton LLP was legal adviser to Sun Life, while Skadden, Arps, Slate, Meagher & Flom advised Guggenheim Partners.

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FactSet forecasts second-quarter results largely below estimates, shares fall

(Reuters) - FactSet Research Systems Inc reported lower-than-expected first-quarter revenue, and the financial information provider forecast current-quarter results largely below estimates as banks and brokerages cut costs.
FactSet shares fell 5 percent before the bell on Tuesday.
The company, which provides data to portfolio managers, research analysts and investment bankers, forecast second-quarter earnings of $1.11 to $1.13 per share, on revenue of $212 million and $215 million.
Analysts on average were expecting earnings of $1.13 per share on revenue of $216.3 million, according to Thomson Reuters I/B/E/S.
FactSet's financial sector clients are cutting staff and trimming costs to cope with increased regulation and a struggling global economy.
In the United States, financial companies have announced plans to cut 28,000 jobs through the first nine months of this year, compared with 54,000 during the same period in 2011, according to executive placement firm Challenger, Gray & Christmas.
FactSet said its net income rose to $49.8 million, or $1.11 per share, in the first quarter, from $45.5 million, or 99 cents per share, a year earlier.
The company earned $1.22 cents per share, excluding items.
Revenue rose 7.5 percent to $211.1 million for the quarter ended November 30.
Analysts on average had expected earnings of $1.11 per share, on revenue of $212.3 million.
FactSet rival Thomson Reuters Corp, the owner of Reuters News, last month reported a 15 percent fall in operating profit for the quarter ended September 30, on declining revenue and higher costs in its division that serves the financial industry.
FactSet's shares closed at $96.39 on the New York Stock Exchange on Monday.

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Jefferies results beat estimates on higher fixed-income revenue

(Reuters) - Jefferies Group Inc reported a higher-than-expected adjusted quarterly profit as the investment bank benefited from higher earnings from its fixed-income unit, and said its business expansion in Asia has started delivering.
The midsized investment bank has been expanding in China and India and recently poached bankers from the Royal Bank of Scotland to expand its business in China.
Jefferies said it also benefited from a pickup in trading across the board in September thanks to fresh stimulus plans from the U.S. Federal Reserve, and that it was gaining market share from larger rivals. The Fed had unveiled a program to purchase $40 billion in mortgage bonds.
The company saw its trading revenue more than double to $293 million from $141 million a year earlier.
"Our competitive position is very strong so across the products within fixed income I think we're gaining market share," Chief Executive Richard Handler said on a post-earnings conference call.
As the first investment bank to report earnings, Jefferies is often viewed as an indicator for larger Wall Street banks such as Goldman Sachs Group and Morgan Stanley .
Jefferies, founded in 1962 in Los Angeles to trade large stock orders away from the New York Stock Exchange, agreed last month to be bought by top shareholder Leucadia National Corp for $2.76 billion in stock.
"Combining our company with an extremely well-capitalized parent will allow us to continue to aggressively add value to our clients," Jefferies said in a statement on Tuesday.
Compensation costs at the company remained high with the company paying 59.9 percent of net revenue to employees, in line with previous periods but higher than the 50 percent industry peers generally target.
Net income rose to $72 million, or 31 cents per share, in the fourth quarter from $48 million, or 21 cents per share, a year earlier.
On an adjusted basis, earnings were 35 cents per share.
Analysts had expected the company to earn 32 cents per share, according to Thomson Reuters I/B/E/S.
Revenue for the quarter rose 39 percent to $769 million, above estimates of $722.6 million. Investment banking revenue rose 8 percent to $283 million.
Jefferies shares, which have risen 12 percent since the Leucadia deal was announced in mid-November, was trading up 2.5 percent at $18.70 on the New York Stock Exchange on Tuesday

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Oracle 2Q earnings rise 18 pct as tech spending up

SAN FRANCISCO (AP) — Oracle says its latest quarterly earnings rose 18 percent as companies splurged on more software and other technology toward the end of the year.
The results announced Tuesday are an improvement from Oracle's previous quarter, when the company's revenue dipped slightly from a year earlier.
The latest quarter spanned September through November. That makes Oracle the first technology bellwether to provide insights into corporate spending since the Nov. 6 re-election of President Obama and negotiations to avoid the so-called fiscal cliff began to heat up.
Oracle Corp. earned $2.6 billion, or 53 cents per share, in its fiscal second quarter. That compares with net income of $2.2 billion, or 43 cents per share, last year.
Revenue increased 3 percent to $9.1 billion.

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