The largest U.S. insurance giant has poised to repay the U.S. government almost $37 billion of bailout money it received from the government during the financial crisis. AIG has sold its two overseas insurance units and is planning to use the proceeds to pay down the government debt. On Monday AIG closed the sale of [...]
Less people applied for unemployment benefits in the U.S. last week compared to the previous 12 weeks, a sign the job market may be on its way to improvement. Economists, however, warn that this trend will have to continue for a couple of more weeks before conclusions could be reached that the companies have started [...]
Many U.S. companies are now looking to cut employer-provided health benefit plans as a result of the new health care law. Some leading manufacturers have announced plans to increase employee costs because of the new law while some states are moving to allow employers to get out of the company health plans by transferring workers [...]
U.S. industrial output has fallen unexpectedly in September amid slow spending by both consumers and businesses, which led many U.S. factories to hold back production, according to a report issued Monday. Since consumer spending has helped the companies to boost economy out of recession last year, many of them have now been forced to slow [...]
The Canadian dollar has reached parity earlier this morning with its U.S. counterpart for the first time since April. The late morning trading has put the Canadian dollar ahead 0.18 of a cent at 99.67 cents U.S. and backed off a gain, briefly passing parity with the greenback. The loonie, as it often referred to [...]
The largest Swiss bank UBS said on Thursday it was not planning to sue its ex-management including Board Directors for the massive losses the bank incurred during the financial crisis in the U.S. Kaspar Villiger, UBS’s Chairman, said in an interview that the current management will not be suing its former executives for the loss [...]
Jerome Kerviel, a Societe Generale’s former trader was sentenced to five years in prison, of which two years have been suspended. He has also been ordered to pay €4.9 billion in damages to his former employer for his role in one of the largest rogue trading scandals. The amount appeared to be so shockingly big [...]
Foreign Policy Magazine has published the Global Cities Index that ranks most attractive cities in the world in five different categories. The detailed ranking has been developed by the Chicago Council on Global Affairs in close cooperation with the global consulting company A.T. Kearney. The index was first made public in 2008, the year the [...]
The tallest skyscraper in Boston and New England, known as the Boston Tower or John Hancock Tower, has been sold. The building has been acquired by the Boston Properties, a company belonging to the famous publisher and real estate tycoon Mortimer Zuckerman, for an estimated $930 million. While the transaction is not expected to close [...]
The Wall Street’s “Flash Crash” on May 6, 2010, which caused the U.S. stock market to lose nearly 1 trillion dollars in just 15 minutes was triggered by one trading firm trying to sell futures contracts worth about $4.1 billion. A report issued by the U.S. financial authorities last Friday blamed the stock market crash [...]
