INSURANCE

TWO INSURANCE COMPANIES END PRACTICE THAT COSTS HOMEOWNERS

ALBANY, N.Y. – Two major title insurance companies have agreed to end a practice of providing rebates to major commercial property customers at the expense of homeowners and small businesses, state Attorney General Eliot Spitzer said yesterday.

Fidelity National Title Group Incorporated of Jacksonville, Fla., and First American Title Insurance Company of Santa Ana, Calif. settled an investigation by agreeing to reduce their rates to New York homeowners and small businesses by 15% for properties sold for up to $1 million, Mr. Spitzer said. Each company also agreed to pay New York $2 million in penalties.

Mr. Spitzer said real estate developers typically received free or discounted title insurance in other states in exchange for giving their New York business to the two companies. New York’s higher rates subsidized the incentives and that violated state business law, Mr. Spitzer said.

– Associated Press

WALL STREET

MASTERCARD SET FOR LONG-AWAITED IPO

MasterCard Incorporated will end four decades as a private entity Thursday when the world’s second-largest credit card brand makes its long awaited debut on the New York Stock Exchange.

The Purchase, N.Y.-based credit card association is expected to raise $2.6 billion, according to conservative estimates, in its initial public offering, making it among the biggest stock flotation’s in recent years. By comparison, Google Incorporated cashed out at $1.7 billion after its much hyped first day as a public company in 2004.

– Associated Press

COMMODITIES

COMMODITIES RISE, LED BY COPPER; RALLY SEEN STRENGTHENING

Commodities rose for a second day, led by copper and silver, on speculation that demand for raw materials may be strong enough to resume the longest rally in more than five decades. Copper climbed 12% in London, the most ever, silver had its biggest gain this month and gold rose for the first session in five. Crude oil soared 3.4% to $71.55 a barrel, partly on forecasts for Atlantic hurricanes this year. Commodities posted their biggest declines in 25 years last week as some investors bet prices were exaggerated.

– Bloomberg News

EARNINGS

COMPUTER SCIENCES 4Q PROFIT FELL 52% ON FLAT REVENUE

Computer Sciences Corporation late yesterday said its fiscal fourth-quarter profit fell by more than half from year-ago results that were boosted by the sale of a business, while revenue came in little changed. The El Segundo, Calif., information technology services company said its net profit fell to $199.4 million, or $1.05 a share, from $411.8 million, or $2.13 a share, a year earlier.

– Dow Jones Newswires