Also . . .

Japan’s economy is worsening as plunging financial markets batter the confidence of consumers and as companies cut back on new plants and equipment, the government said in its monthly economic report. “The economy is in a prolonged slump, a very severe situation,” the Economic Planning Agency said in its report for August. That’s the second straight month the agency has lowered its view of the economy. Government measures to shore up confidence are expected to show their effect this month and October, though to what extent is uncertain.

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American Bankers Insurance Group Inc. agreed to pay $500,000 to settle allegations by the California Department of Insurance that some of its credit insurance sales practices violated state law. Credit insurance policies pay off a consumer’s loans in case of death, disability or unemployment. The alleged wrongdoing included using improperly licensed phone solicitors and unapproved policy forms. The settlement includes restitution, and funding a consumer outreach effort, the department said. Miami-based American Bankers wasn’t available for comment.