Archive for the “Financial” Category
Full Story at money.cnn.com
NEW YORK (CNNMoney.com) — The car company that is off to the worst start of 2010 isn’t Toyota. It’s Chrysler Group.
Industry experts say that even though Chrysler’s overall sales are down only 3% during the first two months of the year, estimates show more than half of Chrysler’s sales have been to fleet customers, such as rental car companies.
No Comments »
Full Story at money.cnn.com
On Monday, the insurer announced that it would sell foreign life insurance business Alico to MetLife (MET, Fortune 500) for $15.5 billion. Last week, AIG said it reached an agreement to sell Asian life insurance giant AIA for $35.5 billion.
That’s $51 billion that AIG said will eventually be used to pay down its debt to the government. The two sales mark the most significant progress that AIG has made to-date in its efforts to repay its bailout, which is worth up to $182 billion.
No Comments »
Full Story at msnbc.com
NEW YORK – In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave.
This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions.
No Comments »
Full Story at money.cnn.com
NEW YORK (CNNMoney.com) — Two of the world’s oil-rich countries may make it harder for oil companies to do business with them.
Both Brazil and Nigeria currently offer fairly good contract terms to international oil giants like Exxon Mobil (XOM, Fortune 500) and Royal Dutch Shell (RDSA) that operate within their borders. But now they’re hoping to collect a much bigger chunk of the profits from the oil produced in their countries.
No Comments »
Full Story atmoney.cnn.com
NEW YORK (CNNMoney.com) — Federal safety regulators said Wednesday they have received 10 complaints from drivers alleging sudden acceleration in Toyota vehicles that have already been repaired under the automaker’s recent recall.
The National Highway Traffic Safety Administration said it has reached out to the consumers in question to gather more information about the complaints, which were not immediately verifiable.
No Comments »
Full Story at msnbc.com
WASHINGTON – The post office is renewing its drive to drop Saturday delivery — and plans a rate increase — in an effort to fend off a projected $7 billion loss this year.
Without drastic action the agency could face a cumulative loss of $238 billion over 10 years, Postmaster General John Potter said in releasing a series of consultant reports on agency operations and its outlook.
“The projections going forward are not bright,” Potter told reporters in a briefing. But, he added, “all is not lost … we can right this ship.”
No Comments »
Full Story at money.cnn.com
NEW YORK (CNNMoney.com) — Tax season is upon us. And while nobody likes shelling out their hard-earned dollars to the IRS, this year the government is offering up some new opportunities that could save you big money.
As part of the American Recovery and Reinvestment Act, or stimulus bill, Congress introduced several new tax goodies that could help millions of Americans save — as long as they know to claim them.
“The purpose of these credits is to give back the maximum amount of money to taxpayers so that Americans spend a little more and help the economy,” said Jerry Morphis, CPA and owner of Accutax & Accounting, “but the new credits are not common knowledge.”
No Comments »
Full Story at money.cnn.com
NEW YORK (CNNMoney.com) — A wave of disappointing economic reports has revived fears that the recovery is unsustainable, upping the ante for this week’s batch of economic news, including the big February jobs report Friday.
A strong rally in the last nine months of 2009 was fueled by a copious amount of fiscal and monetary stimulus, but also on bets that 2010 was a big recovery year. So far, the results have been so-so, and that’s left markets vulnerable and volatile.
No Comments »
Full Story at money.cnn.com
Starting Monday, the jobless will no longer be able to apply for federal unemployment benefits or the COBRA health insurance subsidy.
Federal unemployment benefits kick in after the basic state-funded 26 weeks of coverage expire. During the downturn, Congress has approved up to an additional 73 weeks, which it funds.
These federal benefit weeks are divided into tiers, and the jobless must apply each time they move into a new tier.
No Comments »
Full Story at msnbc.com
WASHINGTON – A House lawmaker said Friday that internal Toyota documents show the automaker deliberately withheld key vehicle design and testing evidence in lawsuits filed by Toyota drivers injured in crashes.
In a letter to Toyota’s top North American executive, House oversight committee Chairman Edolphus Towns accused Toyota of shielding its testing data on potential problems with Toyota vehicles.
No Comments »
Full Story atmoney.cnn.com
NEW YORK (CNNMoney.com) — After two straight profitable quarters, AIG is expected to report a substantial loss for the fourth quarter when the troubled insurer announces its latest financial results Friday morning.
The company has previously said it expected to take a financial hit of about $5 billion for restructuring costs in the fourth quarter. Analysts surveyed by Thomson Reuters estimate AIG will report a loss of $1.5 billion for the quarter on revenue of $23.3 billion.
No Comments »
Full Story at money.cnn.com
NEW YORK (CNNMoney.com) — California’s high speed rail plan is eye candy for anyone who likes big, fast shiny things.
If built, it would connect Los Angles to San Francisco via one of the fastest trains in the world. Traveling along its own separate track, proponents say the bullet train would hit speeds exceeding 220 miles per hour, stopping periodically to pick up passengers in a network of sparkling steel and glass stations.
No Comments »
|