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Freedom Bank of Commerce seized by FDIC
Commerce-based Freedom Bank of Georgia was seized by state and federal regulators late Friday, with Lavonia, Ga.-based Northeast Georgia Bank and will take control of the branches and deposits of the failed bank.
bizjournals

Hedge fund to close after run of redemptions
Gandhara Capital, a $2.25bn London and Hong Kong-based hedge fund, is to close after 40 per cent of its investors asked for their money back
FT

Why the Bank of England may have just signed free banking
Could Britain's falling base rate, now at another historic low, spell the end of free banking? In a post-credit crunch world, where banks are being urged to return to their traditional business model,...
Big News Network

Georgia bank closed in 17th failure of 2009
SAN FRANCISCO (MarketWatch) -- Commerce, Ga.-based Freedom Bank of Georgia was closed by regulators Friday, marking the 17th bank failure of the year, the Federal Deposit Insurance Corporation said in a statement. Lavonia-based Northeast Georgia Bank has assumed all of the failed bank's deposits, the FDIC said. As of March 4, Freedom Bank of Georgia had roughly $173 million in assets and $161 million in deposits. The FDIC estimated the cost of Freedom Bank's failure to its deposit insurance fund will be $36.2 million. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
MarketWatch.com

Savers face prospect of zero rates
Interest rates on savings accounts are predicted to fall an average of a quarter of a percentage point after Thursday's cut in the benchmark base rate to a record low
FT.com

Sterlite Signs New Agreement to Purchase Operating Assets of ASARCO ... - Earthtimes
MUMBAI, India - (Business Wire) Sterlite Industries (India) Limited ("Sterlite"), a subsidiary of Vedanta Resources plc, the London-based FTSE 100 metal and mining group, today announced that it has signed a new agreement with ASARCO LLC ...
Feed Digest

Helios Strategic Mortgage Income Fund, Inc.: Helios Strategic Mortgage Income Fund, Inc. Monthly Dividend Declaration
NEW YORK, NEW YORK (MARKET WIRE) Helios Strategic Mortgage Income Fund, Inc. (the 'Fund') (NYSE: HSM) today announced that its Board of Directors declared a monthly dividend of $0.0725 per share, payable on March 26, 2009 to stockholders of record on March 18, 2009. The ex-dividend date is March 16, 2009. Based on the NYSE closing price of $5.28 on March 5, 2009, the Fund's yield was 16.48%. As of February 28, 2009, the Fund's average duration, as measured on a net asset basis, was 3.6 years.
Market Wire

Sterlite into agreement with Asarco for over $1.1bn buyout
NRI billionaire Anil Agarwal-led Sterlite Industries said it has entered into an agreement with copper producer Asarco to buyout the US-based company for $ 1.1 billion in cash and promissory note worth $600 million.
The Times Of India

0% rates beckon on mortgages and savings
This week's base rate cut leaves tens of thousands of borrowers paying nothing for their home loans - but brings more misery for savers
Financial Times

Immelt meets Buffett in market roiled by credit swaps
Warren Buffett and Jeffrey Immelt are among a handful of chief executive officers whose companies are rated AAA. Yet Buffetts Berkshire Hathaway Inc and Immelts General Electric Co are being treated like junk in the market for credit-default swaps. Contracts that protect investors against a default on bonds of Omaha, Nebraska-based Berkshire, which has $25.5 billion in cash, cost as much as those of KB Home, the homebuilder that lost money for seven consecutive quarters.
Business Standard

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