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Breaking News

Russia launched intercontinental ballistic missile during attack on Ukraine, Kyiv says
Business

BUSINESS BRIEFS

By
Post Wire Report
Published Feb. 26, 2009, 6:53 a.m. ET

Red Ambac

Ambac Financial Group, which guaran teed billions in risky re packaged subprime mortgage bonds, had a fourth-quarter loss of $2.34 billion, or $8.14 a share, as the bond in surer set aside nearly $1 billion more for losses tied to bad debt. In the year-ago period, Ambac lost $3.27 billion, or $32.03 per share.

Nacchio loses

A Denver federal ap peals court denied an appeal by Qwest Com munications’ former CEO Joseph Nacchio of his 2007 insider-trading conviction. Nacchio must serve six years in prison.

Nadel bail

A federal judge in Man hattan set a $5 million bond, house detention and other conditions of bail for accused Florida hedge-fund manager Ar thur Nadel, who authori ties say was on the run for two weeks in January before the FBI arrested him. Nadel was charged with securities fraud and wire fraud.

Loans down

The Mortgage Bank ers Association said its weekly mortgage appli cation index slid 15.1 percent for the week ended Feb. 20, as refin ancing volume fell 19.1 percent.

Zale zapped

Jeweler Zale Corp. posted a net loss of $23.6 million, or 74 cents per share, for the quarter ended Jan. 31, vs. net earnings of $60.8 million, or $1.34 per share, a year earlier. Sales sagged 17.9 percent to $679.4 million.