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...major American insurance companies are in little danger of going the way of the extinct banks, industry analysts and officials say. And policy holders are in no danger of being unable to insure their lives, homes, and property. "We don't have a liquidity crisis, we aren't experiencing a credit crisis," says Robert Hartwig, president of industry trade group The Insurance Information Institute. "We have the cash to pay claims...
...downgraded their outlook for insurance companies, but they say the companies have weathered the financial crisis better than banks and investment houses so far. While warning that "nobody is immune" in such a dismal financial market, analyst Tom Rosendale says customers aren't facing an immediate collapse of the major insurance companies. "At the end of the day," he says, "I don't think people should be panicking about their insurance companies just...
...China's .27 basis-point cut signals that the country is now less concerned with fighting domestic inflation than in joining the rest of the world in battling a global slowdown. In a report released today, the International Monetary Fund warned that the world economy has entered a "major downturn" that would likely get worse before it gets better. It said central bankers trying to get a handle on the situation were "between a rock and a hard place...
Pope Benedict XVI's mostly warm but sometimes chilly relationship with the worldwide Jewish community may have just hit a major ice patch. On Thursday, Benedict put his moral weight (though not yet his signature) behind the cause for sainthood for Pope Pius XII, the wartime Pontiff who many Jewish leaders criticize for not having done enough to oppose the Holocaust...
Because of the scrutiny the ship has been under, Kenya may ultimately have to take responsibility for the tanks and keep them, diplomats say. Proof that the tanks are headed for South Sudan would be a major embarrassment for Kenya, which not only helped broker the CPA but was one of the seven co-sponsors of a U.N. resolution that demanded a binding Global Arms Trade treaty, which would bring more transparency to the worldwide shipping of weapons. In reports to the U.N. over the past several years, Kenya has claimed no imports or exports, even though in 2007 Ukraine...