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Allstate chief likes Florida's insurance plan

By TIMES WIRES
Published February 1, 2007

Allstate chief executive Thomas Wilson said he supported Florida's plan to increase its hurricane catastrophe fund, which he said would make more coverage available for insurers and reduce overall costs. Wilson also said in a conference call with investors Wednesday that the new Florida legislation "won't impact our plan to grow auto (business) in Florida." He predicted "aggressive" auto insurance advertising expenditures to continue both at his company and throughout the industry.

Global Imaging acquires Astro

Global Imaging Systems, Inc. announced Wednesday that it has acquired Livermore, Calif.-based Astro Business Technologies, Inc., which is being merged with the company's Lucas Business Systems to form Global's 21st core company. The new acquisition sells and services copiers, fax and multifunction products under the Konica Minolta, Muratec and Panasonic brands.

Michael Dell takes CEO reins again

Computermaker Dell Inc. said Wednesday that Chairman Michael Dell will return to the role of chief executive, replacing Kevin Rollins effective immediately. The company also forecast fourth-quarter profit and sales below Wall Street expectations. The company said Rollins also resigned as a member of the board. During Rollins' tenure, Dell was battered by a recall of 4.1-million potentially flammable notebook batteries and by disappointing earnings. The company's accounting practices also are the subject of federal scrutiny.

Altria to spin off Kraft Foods unit

Altria Group Inc. plans to spin off its majority stake in Kraft Foods Inc. in March. That will leave Altria consisting primarily of tobacco units Philip Morris USA and Philip Morris International and a stake in beermaker SABMiller PLC. Altria's announcement Wednesday had been widely anticipated by Wall Street as the first step in a restructuring plan designed to make the company more valuable to investors.

New York, Tokyo exchanges link up

The New York Stock Exchange and Tokyo Stock Exchange announced an alliance Wednesday that extends the NYSE's global reach and could lead to an eventual combination of the world's two largest financial markets. The broad, non-exclusive agreement allows the two stock markets to cooperate on joint developments such as financial products, mutual listings and technology.

Nasdaq founder Macklin dies at 79

Gordon S. Macklin, a founder of the Nasdaq stock market and a board member for Worldcom during its notorious accounting fraud, died Tuesday of unknown causes. He was 79. Macklin helped launch the electronic stock exchange in 1971 and served as its president for nearly two decades. He held a number of executive roles on Wall Street and was one of 10 members of Worldcom's board that agreed in 2005 to pay $18-million as compensation for investor losses from an accounting scandal that caused one of the largest bankruptcies in U.S. history.

[Last modified February 1, 2007, 06:46:40]