July 15, 2010 in Business

In brief: Bell-Anderson buys Pacific Insurance

 

Bell-Anderson Agency Inc. has purchased Pacific Insurance of Spokane. Terms were not disclosed.

Kent-based Bell-Anderson has operated from an office at 505 W. Riverside Ave., but it will move employees there to Pacific’s office at 8306 N. Wall, said Lorna Williams, the agency’s manager for corporate training.

The office, one of six in Washington, will have 10 agents and support staff, she said.

Bell-Anderson President Jim Hunt said the purchase will build on the company’s existing Spokane business and continue expansion of its operations around the state.

Bert Caldwell

FDIC sues ex-executives of failed IndyMac Bank

WASHINGTON – Bank regulators have accused four former executives of failed IndyMac Bank of negligence in making loans to homebuilders and are seeking a total $300 million in damages.

The Federal Deposit Insurance Corp., which took over California-based IndyMac when it collapsed two years ago, filed the civil lawsuit against the four executives in federal court in Los Angeles. The suit, filed July 2, is the FDIC’s first legal volley related to the wave of bank failures in the financial crisis, and an FDIC spokesman said Wednesday that more can be expected in the future.

Associated Press

Economic growth slowing, China says

BEIJING – China’s rapid growth is slowing as the impact of its massive stimulus eases and Beijing clamps down on a credit boom.

The world’s third-largest economy grew by 10.3 percent in the second quarter over a year earlier, down from the first quarter’s explosive 11.9 percent expansion, the National Bureau of Statistics said today.

The government is clamping down on credit to cool surging housing prices and avert a possible rise in bad debt for China’s state-owned banks after they lent record amounts last year in support of Beijing’s stimulus.

Associated Press

Briefcase

From wire reports

• American International Group Inc. says Harvey Golub has resigned as chairman, citing a bad working relationship with CEO Bob Benmosche. Robert S. Miller was named to succeed Golub, effective immediately.

• General Motors Co. is guaranteeing the battery in its Chevrolet Volt electric car for eight years or 100,000 miles in an effort to inspire confidence in the new technology. The guarantee is better than warranties on GM’s conventional car engines and transmissions, which are five years or 100,000 miles. The rechargeable Volt is due in showrooms this November. The vehicle can travel 40 miles on battery power before a small gasoline engine takes over to generate power so the car can go longer distances.

• The New Jersey Casino Control Commission gave preliminary approval Wednesday to a group led by New York-based Avenue Capital Management to own Trump Entertainment Resorts. It also approved the company’s bankruptcy court reorganization, paving the way for Trump Entertainment to emerge from its third bankruptcy by Monday.

• Marriott International Inc. tripled its second-quarter net income and boosted its full-year outlook as revenue improved, the hotel operator said Wednesday.

• Drug maker Novartis has agreed to pay $152.5 million to settle claims that it discriminated against women by paying them less than men.

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