| Fifth Third Bancorp Reports 2007 Earnings of $2.03 Per Diluted Share
Fifth Third Bancorp Reports 2007 Earnings of $2.03 Per Diluted Share Fifth Third Bancorp (NASDAQ: FITB) today reported 2007 earnings of $1.1 billion, or $2.03 per diluted share, compared with $1.2 billion, or $2.13 per diluted share in 2006. Reported fourth quarter 2007 earnings were $38 million, or $0.07 per diluted share, compared with $325 million, or $0.61 per diluted share in the third quarter of 2007 and $66 million, or $0.12 per diluted share, for the same period in 2006. Reported results included a non-cash estimated charge of $155 million, both pre-tax and after-tax, or $0.29 per share, to lower the current cash surrender value of one of our Bank-Owned Life Insurance ("BOLI") policies. Additionally, quarterly results included a non- cash charge of $94 million pre-tax, or $0.12 per share after-tax, related to Visa members' indemnification of estimated future litigation settlements, as well as $8 million pre-tax, or $0.01 per share after-tax, in acquisition- related costs primarily associated with the acquisition of R-G Crown, which closed in early November.
Times editor to leave paper
The editor of the Los Angeles Times will leave the paper in a dispute over newsroom cuts, becoming the fourth senior executive in less than three years to depart after resisting budget reductions.
James E. O'Shea, editor since November 2006, said Sunday that he was forced out after disagreeing with Times Publisher David D. Hiller's plan to shrink the newsroom budget.
"We did not share a common vision for the future of the L.A. Times," O'Shea said.
.
Superannuation clearing houses and electronic payment facilities
A non-cash payment (NCP) facility is a facility through which a person (the client) can make a payment, or cause a payment to be made, otherwise than through the physical delivery of Australian or foreign currency: see s763D. As part of the regulatory regime, persons providing financial services in relation to NCP facilities are subject to the licensing, conduct and disclosure provisions of the Corporations Act.
The Corporations Act and Corporations Regulations 2001 exclude certain payment facilities from being financial products, and certain providers from providing a financial service. Our policy statement In November 2005, ASIC published its policy on how it would regulate NCP facilities under the Corporations Act: see Policy Statement 185 Non-cash payment facilities [PS 185] and Information Release [IR 05-60] ASIC adopts a flexible approach to the regulation of non-cash payment facilities.
|
