News / Business
Speak with other shareholders about: (NYSE: MER), (NYSE: XL), and (NYSE: DNB) .
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Merrill Lynch & Co., Inc. (NYSE: MER) is launching a two-year euro-denominated certificate that pays a return based on the average temperature in Rome, Italy, in a deal the firm says is the first of its kind. The note aims to offer companies a way to hedge some of their exposure to the risk of hot weather and offers retail investors an alternative to stocks and bonds. Jens Boening, head of EMEA weather derivatives structuring at Merrill, said the coupon on the note is based on the average temperature in Rome as measured over the course of a year from mid-September. If the average temperature is over 16.38 degrees Celsius, the certificate will pay interest of up to 16 percent, with the full payout achieved if the average reaches 17.38 degrees, he said.
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Bermuda-based insurer and financial services provider XL Capital Ltd. (NYSE: XL) on Tuesday said that its second-quarter earnings jumped more than 44 percent and easily beat Wall Street estimates. The company reported net income available to ordinary shareholders of $544.5 million, or $3 per share, compared with $377.1 million, or $2.10 per share, last year. Earnings excluding net realized gains and losses were $2.84 per share. Analysts polled by Thomson Financial expected a profit of $2.47 per share. Net investment income jumped to $567.2 million from $473.6 million. XL said its combined ratio, which measures the percentage of every dollar earned that is paid out in claims; fell to 86.3 percent from 91.9 percent a year ago.
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Business information and services provider Dun & Bradstreet Corp. (NYSE: DNB) resolved a tax issue, which will result in a second-quarter gain of $31.2 million, according to a regulatory filing Tuesday with the Securities and Exchange Commission. The Internal Revenue Service had challenged certain amortization expense and royalty expense deductions taken by the company and also classified certain royalties as taxable income. In 2006, Dun & Bradstreet made a deposit to the IRS of $39.8 million to stop the accrual of statutory interest on additional taxes allegedly due from 1997 to 2002. In June, the IRS determined that the company's deficiencies totaled about $16 million. As a result, the company is reversing $45 million of net reserves related to the dispute and increasing its reserves by $13.8 million, net of taxes, to cover the company's deficiencies. The actions result in a net non-core gain of $31.2 million.
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Release date: 25 Jul 2007
