Archive for August 7th, 2009

Shares of American International Group closed Friday trading in New York at more than double their price of a week earlier. Investors had been expecting the insurer that was only saved from collapse last year by 180 billion in federal bailout funds, to report Friday its first profit since the third quarter of 2007. AIG… »

The legal cat and mouse game between UBS and the U.S. Inland Revenue Service over accusations that the Swiss bank helped thousands of Americans evade taxes plays out a little longer. U.S. Justice Department attorney Stuart Gibson asked Friday for yet another week’s delay to the trial set to begin on Monday in order to… »

Few industries benefit from rising stock and bond markets like insurance. Firms take in premiums from customers and pay most of that out as claims eventually. But until your home burns down, or your car gets sideswiped, the insurance company invests that money to earn a profit and most of it goes into stocks and… »

Online travel sites like Orbitz and Expedia are seeing demand stabilize as low airfares and reduced hotel rates entice consumers to book travel. The downside is that the value of bookings has dropped, forcing sites to keep costs low while the global recession continues to temper travel and leisure spending. Expectations are high for priceline.com… »

American International Group, the insurer that, on the brink of collapse, in 2008 received 180 billion in federal bailout funds, has reported its first profit since the third quarter of 2007. Second quarter net earnings were 1.8 billion, or 2.30 a share, against a net loss of 5.4 billion, or 41.13 a share in the… »

Fluor will demonstrate Monday whether its government contracts have been paying off during the downturn.Over the past year, U.S. military contracts have been offered to Fluor , DynCorp International and KBR , which recently said it’s expecting new contract awards for Iraq later this year or in early-2010.Wall Street is expecting the company to report… »

For the first time in many years, the life and health insurance business of Germany’s Allianz proved to be its star performer in the second quarter, as the recent rally in the markets sent its investment income soaring while leaving the property and casualty division in the shadows. The big question for the insurer is:… »

HONG KONG – In addition to its cheap labor costs, China has another comparative advantage as the world’s factory: Companies often pay almost nothing to pollute China’s air, water and soil and to poison its people.Need pliant workers to handle toxic chemicals? Wages are just 2.60 a day. If the chemicals contaminate a town? Compensating… »

While most European banks have been celebrating a second-quarter turnaround in investment-banking profits, Royal Bank of Scotland could only look on enviously on Friday. The state-controlled bank reported a whopping 1.7 billion loss for the first six months of 2009, driven by the depressed British economy and deteriorating loan values, and said it would not… »

The combination of the swine flu pandemic hitting during a global recession dragged Japan Airlines to a record quarterly loss,and is proving a more severe crisis than that it faced during the SARS epidemic six years ago. Japan Airlines reported Friday a 99 billion yen net loss in the quarter ended June, down substantially from… »