Finance Watch -- WSJ
04 Novembre 2016 - 08:02AM
Dow Jones News
FANNIE MAE
Treasury to Receive $3 Billion Dividend
Fannie Mae said it would send a $3 billion dividend payment to
the U.S. Treasury in December. It also reported that revenue
declined in its latest quarter but profit soared due to accounting
benefits and fluctuating interest rates.
The mortgage-finance company posted net income of $3.2 billion
for the third quarter, up from $1.24 billion a year earlier.
Revenue dropped 4.1% to $5.61 billion.
Fannie and Freddie's regulator and some lawmakers have expressed
concern over their dwindling capital reserves. Under the terms of
the companies' bailout agreement with the Treasury, they send
profits above their established capital reserve to the government,
but these buffers are slated to wind down to zero dollars by 2018.
So far, that drop in reserves hasn't caused Fannie or Freddie to
require more bailout money. Fannie reported net worth of $4.2
billion as of Sept 30.
Still, any blip in the housing market or volatility in the
derivatives values could cause Fannie or Freddie to need taxpayer
funds.
--Austin Hufford
HSBC
French Prosecutors See Tax-Evasion Case
French prosecutors recommended that HSBC Holdings PLC should
stand trial for allegedly helping people evade taxes in France, a
person familiar with the matter said Thursday.
If French judges decide to follow prosecutors' advice, HSBC
could stand trial in Paris in the first half of next year. The
judges also could dismiss the case.
Prosecutors began investigating HSBC in 2014 as part of a
widening probe into whether the bank helped recruit customers in
France, possibly breaching laws authorizing only French-registered
lenders to sign up customers in the country. The investigation also
examined whether the bank was complicit in laundering the proceeds
of any tax evasion.
"We will continue to defend ourselves vigorously," a spokeswoman
for the British bank said Thursday.
--Noemie Bisserbe
S&P GLOBAL
Sale of J.D. Power Drives Up Profit
S&P Global Inc.'s bottom line more than tripled in the third
quarter, boosted by the sale of J.D. Power, and the
financial-information and analytics firm again raised its outlook
for the year in anticipation of continued strong bond issuance.
S&P Global, formerly McGraw Hill Financial, reported
third-quarter profit rose to $923 million, or $3.36 a share, from
$281 million, or 92 cents, a year earlier.
Excluding a gain on the sale of J.D. Power and other items,
adjusted earnings rose to $1.43 a share, topping analysts'
expectations of $1.34. Revenue reached $1.44 billion, just above
estimates.
For 2016, the company raised its adjusted earnings estimate to
$5.15 to $5.25 a share based on strong year-to-date results.
--Anne Steele
(END) Dow Jones Newswires
November 04, 2016 02:47 ET (06:47 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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