MBIA to cut dividend, raise funds to stay triple-A
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MBIA Inc , the world's largest bond insurer, on Wednesday slashed its common stock dividend 62 percent and said it will raise $1 billion of new capital to preserve the "triple-A" ratings it needs to operate normally in a mortgage market under siege.
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NEW YORK, August 24 (New Ratings) - Bank of Montreal (BMO.NYS) has announced its plans to raise its quarterly dividend by $0.04 to $0.
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MBIA Inc  said on Thursday it  would have the cash to meet commitments even after reporting a  worse-than-expected loss, but rating agencies kept the pressure  on the world's largest bond insurer with a series of actions  and warnings late in the day.
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Citigroup Inc on Tuesday said it is raising at least $14.5 billion and cutting its quarterly dividend 41 percent to help shore up a capital base depleted by losses on subprime mortgages and consumer credit.
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MBIA Inc Chief Financial Officer C. Edward Chaplin said on Thursday the bond insurer would continue to work with Moody's Investors Service to keep its credit rating at "triple A" and believes the outcome of a Moody's review will be "affirmative."
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MBIA Inc. (MBI.N: Quote, Profile, Research) , a leading US bond insurer, on Tuesday reported a 2.3 percent drop in third-quarter earnings as investor demand
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MBIA replaced its chief executive with its retired chairman, Joseph W. Brown Jr., who said he would consider splitting up the firmâs insurance business.
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These companies want to shrink their share count, which could boost earnings per share.
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The company said the cuts are part of a move to consolidate three regional divisions and decentralize buying in an effort to reduce costs and lift sales.
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Canada-based Brookfield Asset Management  Inc. (BAMa.TO) has made a takeover approach for Australia's A$4  billion ($3.1 billion) Multiplex Group Ltd. , the  construction and property group said, sending its shares up 7.5  percent.
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Royal Dutch/Shell Group, the third largest publicly traded oil company, plans to raise spending to $15 billion a year, sell assets and cut costs in a bid to regain investor confidence after overstating oil reserves for six years.
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MBIA Inc  said on Thursday it will have enough cash to meet its commitments even after reporting a worse-than-expected quarterly loss, while Standard &amp; Poor's is reviewing the top ratings it gave to the world's largest bond insurer.
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McDonald's Corp. MCD.N on Wednesday   raised its annual dividend 49 percent to $1 a share, part of a   push by the world's largest restaurant company to return more   cash to its shareholders.
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Wall Street stocks were mixed after MBIA (NYSE:MBI), a bond insurer, revealed billions of dollars in exposure to high-risk securities, causing its shares to drop as much as 30 per cent.
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The mutual fund giant trims expense rates on some of its most popular funds.
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Wall Street stocks edged higher on Wednesday after DuPont's earnings outlook cheered investors but as Goldman Sachs (NYSE:GS) forecast the US economy would fall into recession this year and MBIA (NYSE:MBI), a bond insurer, slashed its dividend.
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Three keys to help you spot a dividend cut from a mile away.