Source Pravda.Ru

Capital One slashes its 2007 earnings forecast by 20 percent

By Margarita Snegireva. Capital One Financial Corp. announced that its 2007 earnings will be less than the company has expected because of increased provisions for loan losses and additional legal reserves in the fourth quarter.

Capital One Financial Corp. is a McLean, Virginia-based bank holding company specializing in credit cards, home loans, auto loans, banking, and savings products. Founded in 1988 by Richard Fairbank and Nigel Morris, the firm was a pioneer of the mass marketing of credit cards in the early 1990s and is now the fourth largest customer of the United States Postal Service.

In 2002, Capital One won the Wharton Infosys Business Transformation Award for its innovative strategy specifically related to their credit card products. In 2005, Capital One entered the retail banking market with its acquisition of New Orleans, Louisiana-based Hibernia National Bank.

On March 12, 2006, Capital One announced an agreement to acquire Melville, New York-based North Fork Bank for $14.6 billion U.S. dollars. The merger was completed on December 1, 2006. Upon the completion of the merger, the bank is to be renamed as "Capital One Bank".

Capital One said it is taking a $1.9 billion provision for loan losses in the fourth quarter, including about $1.3 billion in charge-offs. The company said it will also add about $650 million to its charge-off allowance because of recent delinquencies in its consumer lending businesses and "continued deterioration" in the approximately $700 million of home equity lines of credit it holds for investment.

Russia's Ministry for Foreign Affairs is seriously concerned about the state of health of former Russian intelligence officer Sergei Skripal and his daughter Yulia. Sergei Skrypal's niece, Victoria Skripal, said that her uncle had already died.

UK wants Sergei Skripal dead

The Basmanny Court of Moscow arrested Michael Calvey, the founder of Baring Vostok investment fund, on allegations of embezzling 2.5 billion rubles from Vostochny Bank. Calvey will be held in custody until April 13

Putin informed about arrest of US investor Michael Calvey
Comments
Three types of weapons that were stolen from Russia
Russia to start testing HIV vaccine in 2019
Russia to start testing HIV vaccine in 2019
Putin addresses social issues, threatens USA with Russia's new missiles in his 15th Federal Assembly speech
The Hypocrisy of the Chinese World Dog Show
Smartphones and social networks not allowed in the Russian Army
The Hypocrisy of the Chinese World Dog Show
It was US and UK that sank Russia's Kursk submarine
Putin addresses social issues, threatens USA with Russia's new missiles in his 15th Federal Assembly speech
Putin addresses social issues, threatens USA with Russia's new missiles in his 15th Federal Assembly speech
Putin addresses social issues, threatens USA with Russia's new missiles in his 15th Federal Assembly speech
Jehova's Witnesses hunted down in Russia
Jehova's Witnesses hunted down in Russia
Jehova's Witnesses hunted down in Russia
Smartphones and social networks not allowed in the Russian Army
What Prime Minister Theresa May needs to understand
What Prime Minister Theresa May needs to understand
What Prime Minister Theresa May needs to understand
Putin addresses social issues, threatens USA with Russia's new missiles in his 15th Federal Assembly speech
Putin addresses social issues, threatens USA with Russia's new missiles in his 15th Federal Assembly speech
Putin addresses social issues, threatens USA with Russia's new missiles in his 15th Federal Assembly speech