daily briefing

daily briefing

November 08, 2008

Under Armour makes Texas Tech deal

Under Armour Inc. is set to announce Monday an $11 million agreement with Texas Tech University to become the university's exclusive performance footwear and apparel outfitter. The five-year agreement gives Under Armour the right to provide uniforms, apparel and footwear to each of the university's 17 varsity athletic teams. The Baltimore sportswear company, which has signed similar deals with the University of Maryland and other schools, will make the announcement at a news conference Monday.

Andrea K. Walker

Consumer borrowing rose in September

The Federal Reserve says consumers boosted their borrowing in September, defying expectations of a cutback. The Federal Reserve's report, released yesterday, says consumer credit increased at a 3.2 percent annual pace in September. That was up from a 2.9 percent rate of decline in August and marked the biggest increase since July. Economists expected consumers to trim their borrowing at a 0.5 percent pace in September. The Fed's measure of consumer borrowing does not include any debt secured by real estate, such as mortgage or home equity loans.

Associated Press

Berkshire earnings fall 77% in third quarter

OMAHA, Neb.: Warren Buffett's Berkshire Hathaway Inc. reported a 77 percent drop in third-quarter earnings yesterday, hurt by declining insurance profits and a $1.05 billion investment loss. Net income fell to $1.06 billion, or $682 per Class A share, in the quarter ending Sept. 30. That is down sharply from year-ago profit of $4.55 billion, or $2,942 per share, which included a $2 billion gain aided by the sale of PetroChina stock. A subsidiary of Berkshire, MidAmerican Energy Holdings Co., wants to purchase Baltimore-based Constellation Energy Co. in a $4.7 billion deal. Operating profit in Berkshire's insurance underwriting business, which includes Geico and General Reinsurance, plunged to $81 million from $486 million a year ago.

Associated Press

Regulators close banks in California, Texas

WASHINGTON: Regulators have shut down Houston-based Franklin Bank and Los Angeles-based Security Pacific Bank, in the 18th and 19th failures this year of federally insured banks. Franklin Bank's $3.7 million in deposits as of Sept. 30 will be assumed by Prosperity Bank of El Campo, Texas, which will also assume about $850 million of the bank's $5.1 billion assets. The FDIC will retain the remaining assets for eventual sale. All of Security Pacific Bank's $450.1 million in deposits as of Oct. 17 will be assumed by Pacific Western Bank, a unit of San Diego-based PacWest Bancorp. The FDIC did not elaborate on Security Pacific's $561.1 million in assets.

Associated Press

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