Deficit doubles for government pension insurer

The government insurer of bankrupt companies' pension funds says its deficit this year nearly doubled to $22 billion. The weak economy put the Pension Benefit Guarantee Corp. on the hook for pensions from 144 new pension plans during the year.

WASHINGTON (AP) -- The government insurer of bankrupt companies' pension funds says its deficit this year nearly doubled to $22 billion....

The government insurer of bankrupt companies' pension funds says its deficit this year nearly doubled to $22 billion. The weak economy put the Pension Benefit Guarantee Corp. on the hook for pensions from 144 new pension plans during the year. Low interest rates also pushed down its future revenue projections.» E-Mail This     » Add to Del.icio.us

Things are really humming along in Greece, complete with an official denial of instability in the Greek banking system. Please consider Government Doubles Bank Guarantees State guarantees to Greek commercial banks are to double from 30 billion to 60 billion euros in order to secure liquidity in the market, Finance Minister Evangelos Venizelos told lawmakers in Athens on Monday.

The federal government insures the private pensions of 43 million Americans—shielding their retirements from the fallout of a bankrupt employer, or a labor union investment portfolio that goes belly up.

Swiss insurer Zurich Financial Services said Tuesday it had reached a $1.67 billion deal with Banco Santander to acquire 51 percent of the Spanish bank's insurance and pension operations in Latin America.The deal will see Zurich acquire the stake in Santander's life insurance, pension and general insurance operations in Brazil, Mexico, Chile, Argentina and Uruguay, the insurer said in a statement.The two companies also signed a 25-year strategic distribution agreement, giving Zurich access to Santander's network of 5,600 branches.

U.S. mobile ad revenues were up 111% last year, according to IAB's 2012 Internet Advertising Revenue Report. That growth pushed mobile ad spend to $3.4 billion last year, up from $1.6 billion in 2011.