Asian stocks rose and oil was up $3 a barrel on Wednesday after the Federal Reserve said it would bail out American International Group in a dramatic about-face as victims of the financial crisis kept piling up. After reports about the plan surfaced, investors bought back equities while selling the government bonds and yen they
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An $85 billion government rescue of insurer American International Group Inc looked increasingly likely on Tuesday to stave off a bankruptcy that would have thrown world markets back into turmoil. The Federal Reserve will extend AIG $85 billion in exchange for a nearly 80 percent stake to bail out the troubled insurance giant, a person
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Commercial General Insurance Ltd has reached an agreement with the Greek insurance company EFG Eurolife General Insurance SA for the disposal to the latter of its wholly owned subsidiary in Greece, Activa Insurance SA. The agreement will be completed upon securing the necessary approvals by the competent regulatory authorities. EFG Eurolife is a subsidiary company
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Amazon.com said on Monday that its subsidiary, Internet Movie Database, would allow users to watch feature films and TV shows for no charge on its website, imdb.com. Over 6,000 titles will be available, the company said, citing recent episodes of popular television shows like "24" and "Heroes" or classic films like "Some Like It Hot."
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U.S. consumer prices dropped 0.1 percent in August, the first decline in nearly two years as energy costs fell in a sign that a slowing global economy is relieving some inflation pressures, government data showed on Tuesday. The August decline in the Consumer Price Index was in line with forecasts by Wall Street economists surveyed
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Investors dumped equities, oil and emerging market assets on Tuesday, unleashing a panic rush to secure short-term cash as the financial turmoil escalated a day after Lehman Brothers collapsed. A global exodus from risky assets extended into a second day after Lehman filed for bankruptcy protection and Bank of America agreed to buy Merrill Lynch
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Quarterly profits at top U.S. investment bank Goldman Sachs slid 70 percent on and shares in Britain's HBOS plunged by about a third as financial sector carnage snowballed beyond insurer AIG. The cost of borrowing between banks surged as financing troubles piled up for U.S.-based American International Group and as markets faced the fallout from
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Greece's conservative government has fallen behind the socialist opposition for the first time in years, hit by corruption allegations and a slowing economy, an opinion poll showed on Tuesday. Prime Minister Costas Karamanlis narrowly won re-election last year, weathering scandals and deadly forest fires. However, a new wave of graft accusations and tax hikes to
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Bank of Cyprus announced that it has been notified by Morgan Stanley that on Wednesday 10 September 2008 Morgan Stanley & Co International Ltd and Morgan Stanley & Co Incorporated New York decreased their participation in Bank of Cyprus shares by 0,364%. Following the above mentioned decrease, on 10 September 2008, Morgan Stanley & Co
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Asian stocks dropped, with markets in Japan and Hong Kong down 5 to 6%, and government debt prices climbed on Tuesday, on investor fears that trouble at American International Group will spread globally so soon after Lehman Brothers filed for bankruptcy. European stock markets were expected to open down as much as 3%, according to
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