What’s new: In brief (May 13, 2004)

Financial services giant ING is posting net profit of $1.9 billion for the first quarter of this year, up from $268 million a year ago, driven mainly by growth in its banking business. The insurance division posted operating profit of $855 million for the quarter, up 6% from a year ago.

Quebec-based Desjardins Group says it will further consolidate its various operations to boost profitability and comply with new regulations on financial disclosure and Basel II capitalization standards. To do this, several executive positions are being elevated to the “group” level, and a strategic management structure committee.

The U.S. House has approved a limit of US$250,000 on non-economic damages in medical malpractice cases, as well as a cap on punitive damages of US$250,000 or two-times economic damages. Fate of the legislation is tenuous, however, given that multiple attempts to pass med mal reform have failed thus far, including Senate reforms aimed at access to pregnancy and trauma care.