ING Groep NV had a net loss of 478 million euros ($609 million) in the third quarter, compared with a profit of 2.31 billion euros in the year-ago period, the Associated Press reported. The Dutch-based company, with operations in Des Moines, recorded 1.51 billion euros worth of losses on devalued investments and assets, mostly in stocks. It also has seen a decrease in investor demand for its products, lower fee income and pressure on banking margins. The company recently received a 10 billion euro investment from the Dutch government to help boost its cash reserves.

Johnston-based Pioneer Hi-Bred International Inc. is launching an electronic instant hedging and cash grain commodity transaction service in collaboration with Farms Technology LLC, which is partly owned by Pioneer, Reuters reported. The “e-Pit” is an extension of Pioneer’s MarketPoint Web site where growers post grain for sale to local buyers. The program is designed to speed up the process through which grain buyers hedge their purchases with futures contracts by allowing buyers to automatically purchase cash commodities from growers, company officials said.

Washington Mutual Inc. said in a regulatory filing yesterday that it can’t complete its quarterly earnings report because of bankruptcy, the Puget Sound Business Journal reported. The company filed for bankruptcy with more than $8 billion in debt and was sized by federal regulators and its assets sold to JPMorgan Chase & Co. three days before the end of its third quarter on Sept. 30. Now the bank said it has no employees to complete the report and that its results will be much different from those of the previous year due to significant changes that make it “unable to provide a reasonable estimate of its results.” The third-quarter report would give details of Washington Mutual’s historic 10-day, $16.7 billion bank run that happened just before its collapse as well as the bank’s financial condition during its remaining months.

The Greater Des Moines Convention and Visitors Bureau (CVB) celebrated its 100th anniversary at Hy-Vee Hall last night with the launch of a new Web site, the recognition of CVB predecessors and the naming of the 2007/2008 fiscal year award recipients. Award winners, recognized for their commitment to the community and the CVB, include Barbara Eslick, Renaissance Savery Hotel, Friend of Hospitality; Des Moines Radio Group, Media Friend of Hospitality; Traffic and Transportation Department, city of Des Moines, Civic Friend of Hospitality; Bob Egr, USSSA, Sport Friend of Hospitality; Freeman Decorating, Corporate Friend of Hospitality; Matt Homan, Iowa Events Center, Partner of the Year; John and Mary Pappajohn, Spirit of Community; and CVB airport information booth volunteers, Volunteer of the Year. Click here to view photos of the event.

Iowa students who want to compete in the 2008 Pappajohn New Venture Business Plan Competition must submit an “intent to compete” form by Friday, Dec. 12, to one of the five Pappajohn entrepreneurship centers. The competition is open to any Iowa college student or team interested in starting a business. Students must pitch an innovative business plan to a team of professional investors and three finalists will each receive a $5,000 cash award. Participants also will receive free business counseling. For more information, go to www.isupjcenter.org/programs/newventure.