Floods Paralyze Indonesian Capital Jakarta; at Least 4 Die

January 18, 2013Email ThisPrintNewslettersTweetArticleComments

Seasonal rains triggered massive flooding in Indonesia’s capital on Thursday, killing at least four people, triggering the evacuation of at least 20,000 and paralyzing much of the city.

Floods regularly hit parts of Jakarta in the rainy season, but the inundation following an intense rain storm was especially widespread. Few areas of the city of 14 million people were spared, with water levels up to 2-meters (6.5-feet) -high in some places. The main street through the city’s business district was under around 50 centimeters (18 inches) of water, while waters also rushed into the presidential palace.

Traffic ground to a halt as floodwater washed into homes, offices, schools and roads. Most businesses didn’t open for lack of staff.

President Susilo Bambang Yudhoyono and the country’s foreign minister were pictured standing in water up to their shins at the palace waiting for the arrival of Argentina’s President Christina Kirchner, who is on a state visit. The meeting of the two leaders apparently went ahead.

Monsoon rains, deforestation in the hills to the south of the city, chaotic planning and hundreds of rivers and waterways combine to cause floods, which expose the country’s poor infrastructure even as it posts impressive economic growth.

Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Email ThisPrintNewslettersTweetCategories: International NewsTopics: Jakarta Indonesia floodsHave a hot lead? Email us at newsdesk

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MetLife Granted Third Fed Extension to Submit Capital Plan

January 8, 2013Email ThisPrintNewslettersTweetArticleCommentsThe Federal Reserve has granted MetLife Inc a third extension to submit its capital plan as the insurer moves closer to completing the sale of its deposit-taking business to a unit of General Electric Co.’s GE Capital.

The largest life insurer in the United States said it received a letter from the Fed granting an extension until June 30 to submit the plan.

MetLife has a bank holding charter because of its online banking business and is therefore overseen by the Fed. Last March the insurer failed a stress test and was blocked by the Fed from raising dividend or buying back shares.

The sale of the deposits portion of its bank to GE Capital got approval from banking regulators in December, moving MetLife a step closer to relinquishing the bank charter, which may mean the end of Fed oversight.

The company has, however, warned that it does not expect to buy back any shares in 2013, a blow to investors who have waited since the autumn of 2011 for a return of capital.

MetLife had received an extension from Sept. 30, 2012 until Jan. 5 to resubmit its capital plan. The September deadline was also an extension of an earlier June deadline.

 

 

Copyright 2013 Reuters. Click for restrictions.Email ThisPrintNewslettersTweetCategories: National NewsTopics: bank stress test, Federal Reserve Bank stress test, Federal Reserve stress test, MetLife bank, MetLife capital plan, MetLife Federal Reserve, Metlife sale of bank, MetLife stress testHave a hot lead? Email us at newsdesk

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New Mexico Peanut Capital At Heart Of National Recall

October 19, 2012Email ThisPrintNewslettersTweetArticleComments

The eastern New Mexico town of Portales is preparing for its 39th annual peanut festival this weekend. But the festivities may be overshadowed by anxiety over the shuttering of a local plant at the heart of a national peanut butter recall.

Officials with Sunland Inc., the nation’s largest USDA certified organic peanut processing plant, say they are scrubbing from top to bottom and hope to get some operations running within a week or two. But it could be two more months before they start making peanut butter again.

The plant makes nut butters for several major retailers. It was shut and more than 200 products recalled after salmonella was found in Trader Joe’s Creamy Salted Valencia Peanut Butter. Thirty-five illnesses in 19 states have been linked to the product.

Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Email ThisPrintNewslettersTweetCategories: West NewsTopics: New Mexico, recall, USDAHave a hot lead? Email us at newsdesk

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Boisseau Named to AXIS Capital Board; Charman Resigns Seat

September 21, 2012Email ThisPrintNewslettersTweetArticleComments

Bermuda-based AXIS Capital Holdings Limited announcedthat  its Board of Directors has appointed Jane Boisseau as a member of the Board, effective December 2012. She is a former co-chair of the Insurance Regulatory Department of the law firm Dewey & LeBoeuf LLP, with substantial experience in a variety of insurance regulatory and transactional matters.

Boisseau began practicing law in 1985 at LeBoeuf, Lamb, Leiby & MacRae, the predecessor firm to Dewey & LeBoeuf. She holds a law degree from the New York University School of Law.

Boisseau will take the seat on the Board of Directors vacated by John Charman, who has resigned as a member of the Board, effective immediately. His decision follows  the action taken by the board in June to remove him from his position as Chairman of the Board.

AXIS explained that the move had been made necessary as it was unable to resolve differences with Charman

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Ratings Recap: Arab Orient, Tristar, ASSA, Arabia, ACR Capital

of United Arab Emirates-based Arab Orient Insurance Company (PSC) (Orient), both with stable outlooks. The ratings reflect Orient’s “superior risk-adjusted capitalization, solid business profile within UAE and robust operating performance,” said Best. As offsetting factors Best cited Orient’s “level of reinsurance dependence and the need for more focus on its enterprise risk management.” Best added that Orient’s superior risk-adjusted capitalization is a “reflection of constant increases in capital and surplus through high earnings retention. In 2011, its capital and surplus surpassed AED 1.0 billion

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