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The Ticker

Jul 24, 2007

** Hopkinton-based EMC Corp.'s second-quarter profit rose nearly 20 percent as the data storage vendor recorded double-digit sales gains at its biggest businesses and posted its largest revenue gain in more than two years.

** Biogen Idec Inc. swung to a second-quarter profit on strong sales of two key drugs. The biotechnology firm raised its financial expectations for the year.

** The U.S. Senate voted 95-0 to require colleges and student- loan providers to follow ethical guidelines, toughening regulations after some schools received payments and perks from the industry. The lenders would have to disclose any expense payments to college employees, who would be barred from receiving gifts of more than "nominal value."

** The state Senate unanimously passed legislation that advocates say will curb foreclosures by placing felony provisions on unfair mortgage-lending practices and establishing an employer-assisted housing program.

** Commercial insurers are exhibiting "completely irrational behavior" in cutting prices to win customers, Liberty Mutual Group Chief Executive Edmund "Ted" Kelly said. Some insurers are offering coverage for less than what they'll likely pay out in claims, Kelly said the Boston-based Liberty Mutual released its second-quarter results.

** Second-quarter profit at Liberty Mutual rose 5 percent to $339 million on growth in its U.S. home and auto insurance business, lower catastrophe losses and higher investment income.


(c) 2007 Boston Herald. Provided by ProQuest Information and Learning. All rights Reserved.

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