American International Group (AIG) came out with its first quarter report on Thursday. AIG, the world’s largest insurer, said that its earnings rose by 29 per cent in the first quarter of this fiscal year. Net profit figures were driven by growth in general insurance business and hedging activities. With a net income figure, which [...]
Ailing US automaker, reassured shareholders that its turnaround plan is on track and the company will come out propitious again with environment friendly technologies amid concerns about climate change. To run Ford vehicles on the road successfully, president and Chief Executive Alan Mulally assured that Ford has taken painful but necessary steps to streamline costs [...]
Magna International Inc., the Canadian auto-parts maker bidding for Chrysler, has announced that Russian billionaire Oleg Deripaska will buy a stake in the company to help Magna expand in Eastern Europe and Russia. Oleg Deripaska, the Russian oligarch, has purchased a $1.54 billion stake in car-parts maker Magna ahead of the Canadian company’s expected bid [...]
Entertainment group Penthouse International Inc. settled charges of accounting fraud and financial reporting violations. The U.S. Securities and Exchange Commission (SEC) revealed that Former Penthouse executive Charles Samel and former shareholder Jason Galanis were found guilty and settled fraud charges by paying $60,000 civil fine and expelled them for five years from serving as officers [...]
Largest Ever Deal in the Hotel Sector – Blackstone Buys Hilton Hotels for $26bn On more than one parameter Hilton Hotels Corp. Stands as the biggest hotel group in the world. That all changed yesterday when Blackstone Group agreed to acquire it for $26 billion (£12.8bn). This offer by the private equity firm was the [...]
Errors and Omissions Insurance is an inevitable element for your business. Whenever you, as a professional or a service provider put a harm of financial nature on your client. The E&O insurance must be needed to protect your organization and you against the claim made by your clients or on the behalf of your clients. [...]
The first quarter results of the worlds most popular online search engine reveal that even the slowing US economy does not have an adverse effect on its revenue. Google was up by a 30% in the first quarter compared to last year as its first quarter profits rose to $1.31bn. It was courtesy of the [...]
To be in the market, Detroit-based automaker Chrysler Group has signed a document with China’s biggest automaker, Chery, to build cheapest and fuel efficient car for US market. Chrysler will begin selling Chery Automobile’s A1 in the first quarter of 2008. American customers will get a 1.3-liter A1 for about half the price of Chrysler’s [...]
The troubled Wall Street investment bank Merrill Lynch, now has a new chairman and chief executive – John Thain, the chief executive of NYSE Euronext. He replaces Stan O’Neal who stepped down two weeks ago after the company announced that it was facing $7.5 billion write-down on its sub prime-related holdings. News of Mr. Thain’s [...]
Ford shareholders on Thursday provided increasing support to a proposal that would strip the company’s founding family of at least some of its authority over the stressed auto maker. A group of Ford Motor shareholders lashed out on the company condemning the company’s executive chairman, William Clay Ford Jr., at the annual meeting on Thursday. [...]
