Latest Business News: Floods Hit Profits at Munich Re

German reinsurer Munich Re says first-quarter net profit fell 33%, as losses from floods in central Europe weighed on earnings. President Barack Obama will propose overhauling the U.S. mortgage finance system in a speech weighing in on a tangled and polarizing problem that was central to the devastating financial crisis in 2007-2009 and that continues to slow the economic recovery/ "2 Guns' shot to the top of the weekend box office. The Universal film starring Denzel Washington and Mark Wahlberg came in first place with $27 million. The film is based on a graphic novel of the same name and features Washington as a DEA agent and Wahlberg as a Naval Intelligence officer who must team up for an undercover operation involving drug traffickers and the CIA.
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