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USAA policies to get more expensive

By TIMES WIRES
Published December 23, 2006

Florida regulators have scaled back a 40 percent homeowner's insurance rate increase proposed by the USAA group, but policyholders covered by the companies' insurers will still see a statewide average 16.3 percent increase. The new rate hike is scheduled to begin on Feb. 8. The premium increase by USAA, Florida's fourth largest homeowners insurer with nearly 300,000 policies, follows increases by several of the state's largest insurers this year. Insurers pin the increases on hurricane risks.

Two media titans settle their feud

Two of the most powerful men in the media business, Rupert Murdoch and John Malone, formally ended a long-running feud. Under a deal announced Friday, Malone's Liberty Media Corp. will give its 16.3 percent stake in Murdoch's company back to News Corp., putting an end to what Murdoch had seen as a potential threat to the control of his globe-spanning media empire. In exchange, Liberty will get a controlling stake in DirecTV Group Inc., plus three regional sports networks and $550-million in cash.

Consumers spend more in November

Consumers boosted their spending in November by the largest amount in four months. Consumers are a major force shaping overall economic activity and so far, they seem to be holding up fairly well to the strains from the real-estate bust. The Commerce Department reported Friday that consumer spending rose 0.5 percent last month. That was up from a 0.3 percent gain in the previous month and was the strongest showing since July. With Christmas falling on Monday, Saturday is expected to be the busiest shopping day.

IRS advises how to get tax breaks

The Internal Revenue Service on Friday advised taxpayers on how to file for deductions passed by Congress too late to be included in 2006 forms. Nearly 1-million taxpayers may not have their returns processed until early February, the agency warned. The instructions signed into law this week: for state and local sales taxes in states, such as Florida, that don't have income taxes, for higher tuition costs and for educator expenses. The tax agency urged taxpayers seeking the three deductions to file electronically. Software will be updated to include the three tax provisions and taxpayers "will get their refunds faster through e-file," said IRS Commissioner Mark W. Everson.

Some airline fares taking off

Heading into the Christmas holiday, some major carriers have raised air fares to offset added cost pressures. American Airlines, raised its ticket prices Thursday between $10 and $40 for round-trip fares, depending on the miles traveled. Also Thursday, Delta Air Lines Inc. raised its one-way fares by $10 in most domestic markets. Also, 17 Delta creditors who hold $2.25-billion in unsecured claims against the airline in its bankruptcy case urged the carrier Friday to consider alternatives to its stand-alone reorganization plan.

[Last modified December 22, 2006, 23:34:26]