Recovery more certain as job cuts slow more than expected
The Labor Department reported today that U.S. employers cut 247,000 jobs in July, fewer than analysts’ expectations. The unemployment rate also fell to 9.4 percent in July from 9.5 percent in June. Read Full Article here.
AIG shares up 21 percent pct on first profit in 7 quarters
Shares of American International Group Inc (AIG), the bailed out U.S. insurer, shot up 21 percent in pre-market trading. The insurer today reported net earnings of $1.8 billion in the second quarter, the first profit in seven quarters. Shares rose more than 9 percent in pre-market trading. Read Full Article here.
No final deal yet in tax dispute with UBS
A U.S. Justice Department official told Reuters today that the U.S. and UBS AG have not reached a final out-of-court settlement on a tax-evasion case involving thousands of U. S. accounts. A scheduled teleconference of the cases’s status has been delayed until 11:30 a.m. Friday. Read Full Article here.
Obama set to pass 'Cash for Clunkers' extension
President Obama is set to quickly sign into law the extension of the popular ‘Cash for Clunkers’ program approved by the U.S. Senate on Thursday. The senate voted 60-37 yesterday to approve an additional $2 billion for the program, which has boosted sales at auto dealerships across the country. Read Full Article here.
Citigroup mulling Phibro sale
Citigroup may sell its Phibro commodities trading business to top energy trader Andrew Hall for $100 million, among “many options” Citigroup is considering, Rreters reports citing a person with knowledge of the negotiations. Read Full Article here.