| Magna announces second quarter and year to date results
AURORA, ON, Aug. 9, 2007 -- Magna International Inc. (TSX: MG.A, MG.B; NYSE: MGA) today reported financial results for the second quarter and six months ended June 30, 2007. We posted sales of $6.7 billion for the second quarter ended June 30, 2007, an increase of 6% over the second quarter of 2006. This higher sales level was achieved as a result of increases in our North American, European and Rest of World production sales offset in part by reductions in our complete vehicle assembly sales and our tooling, engineering and other sales. During the second quarter of 2007, our North American and European average dollar content per vehicle increased 7% and 19% respectively, over the second quarter of 2006. During the second quarter of 2007, North American vehicle production declined 2% while European vehicle production increased 1%, each compared to the second quarter of 2006.
ING Canada Reports Second Quarter Results
ING Canada Inc. (TSX: IIC - News) reported net income of $194.3 million for the quarter ended June 30, 2007, compared to $206.0 million in the same quarter last year. On a per share basis, net income increased to $1.56 from $1.54 as a result of a share buyback completed earlier this year. The growth in direct premiums written remained strong during the quarter despite overall rate reductions, and amounted to $1,205.1 million, a 3.7% increase excluding industry pools. .
New grads confronted by dizzying loan options
Karen Wons of Maryland finds herself in a quandary that is confronting many parents right now. She is struggling with how best to advise her daughter -- a recent college graduate -- on paying down $25,000 in student loans. Wons did what any wise parent would do. .
125% Home Equity Loans Now Close Concurrently with a 100% First-Second Mortgage Refinance from BD Nationwide
BD Nationwide Mortgage introduces the "125% Home Equity Refinance Loan Combination" for refinancing 1st and 2nd mortgages into a new 100% first mortgage with a 125% home equity loan that funds simultaneously. The latest home equity product from BD Nationwide helps homeowners refinance their adjustable rate mortgage to 100% loan-to-value and enables them to consolidate additional consumer debt like revolving credit cards and unsecured high rate loans with a 125% second mortgage. On average, borrowers are saving $800 a month with 1st-2nd combo loans that were clearly created to convert and consolidate adjustable rate mortgages into fixed rate no equity loans that maximize savings. .
(AFX UK Focus) 2007-08-06 13:24 GMT: Egyptian banking system outlook stable - Moody's
MUMBAI (Thomson Financial) - The outlook for Egypt's banking system is stable, reflecting continued progress with the reform programme together with improving operating environment, Moody's Investors Service said in its latest banking system outlook for the country. Moody's said the country's banking sector consolidation has intensified and the financial, operational restructuring of the state-owned banks has allowed for experienced bankers from the private sector to be recruited. Moody's expects the differentiation in ratings between private and state-owned banks to remain, as the private sector banks benefit from stronger management, better operating systems, better asset quality and higher levels of capital and earnings. With regard to private sector non-performing loans, new legislation, procedures as well as a special unit within the Egyptian central bank and the banks themselves were introduced, allowing more than 50 pct of bad loans to be rescheduled or settled.
IC BidWatch: Civica deal pulled
The current turbulence in the debt markets, and the worldwide trend towards rising interest rates, is provider succour for those who think that the equity markets need taking down a peg or two. Share prices have been inflated for months, they might argue, not by any fundamental factor such as value, but by a long boom in mergers and acquisitions that has created a 'greater fool' market. .
Retire? Way too much debt
To maintain their lifestyle after a job loss, Ginny and Jim Kallioinen built a house of plastic cards. Now it's in danger of tumbling down.
Though the Casselberry couple pay their bills on time, their overall debt -- including first and second mortgages -- has reached scary proportions, consuming nearly 70 percent of their total gross pay. That includes some debt for which they are only paying the interest, not principal.
Their story may ring true with a lot of other indebted couples. To fight inflation, the Federal Reserve has boosted short-term interest rates in recent years, and that raised rates on credit cards, home-equity loans and adjustable home loans -- squeezing people such as the Kallioinens.
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Boralex Improves Profitability Again in Second Quarter 2007
Boralex inc. ("Boralex" or the "Corporation") generated revenue of $32.4 million for the second quarter of 2007, an increase of 56% over the same period in 2006. At $6.2 million, earnings before interest, taxes, depreciation and amortization ("EBITDA") were up 27% over the same quarter in 2006. The increase in revenue from energy sales and EBITDA is partly due to a 28% increase in overall power generation, additional revenue of $4.6 million from the sale of RECs and an increase of about 3% in the average price per MWh. Including certain specific items (income tax adjustments and favourable change in market value of certain interest rate swaps), the Corporation recorded net earnings of $4.8 million or $0.15 per share for the second quarter of 2007, compared to $1.4 million or $0.05 per share for the same quarter in 2006.
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