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CINCINNATI, July 21 (UPI) -- The Ohio Bureau of Workers' Compensation reports losing nearly $11 million in an investment account managed by Cincinnati's biggest bank since 2001.
The Fifth Third Bank is one of about 150 firms managing portions of the bureau's $14.3 billion in investment assets. The state fund provides the financial underpinnings of worker insurance sold to all but the largest Ohio companies. The income that it earns from investments helps keep premiums low.
According to bureau documents, the agency placed $100 million with Fifth Third in March 2001 and added $10 million in February 2002.
As of May, the bureau had $18 million in trading losses in the Fifth Third fund, partly offset by $7 million in gains, bureau spokesman Jeremy Jackson told the Cincinnati Enquirer.
He said the bureau withdrew $50 million that month, leaving $49.2 million in the account, or $10.8 million short of the remaining $60 million invested.
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ABUJA, Nigeria, May 23 (UPI) --
The Nigerian government has "aggressive" investment programs in place to provide a major boost to the oil and natural gas sector, a minister said.
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MELBOURNE, Fla., May 23 (UPI) --
Northrop Grumman says its Military Airworthiness Certification is closer for its re-engined EC-8 Joint Surveillance Target Attack Radar System aircraft.
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The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
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What if Europe turned out to be the new Japan?
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