Monday, September 30, 2002

Sagging Stocks in Japan Put Life Insurers at Risk As Japan fumbles for ways to stabilize its wobbly banks, another potentially destabilizing crisis is brewing in the nation's life insurance industry, the world's largest, which has also been hurt by the weak stock market, record-low interest rates and the sour economy. Like the banks, the insurers hold huge amounts of stocks and bonds, and the collapse of one or more of them — something analysts say is a distinct possibility — could further rattle jittery investors. The potential for such a meltdown has risen as stock prices have fallen to near 19-year lows and left most insurers with losses in their portfolios. 12:55:51 PM  Google It!  comment  []

Consumer Spending Slows in August Consumers, upset by a falling stock market and rising job layoff notices, trimmed their spending a bit in August even as their incomes were picking up, the government said Monday. The Commerce Department reported that personal consumption spending, which accounts for two-thirds of total economic activity, rose by only 0.3 percent in August following a red-hot 1 percent surge in July. 12:54:15 PM  Google It!  comment  []