NEW YORK CITY

American International Group, Inc. (NYSE:AIG) tagged Hong Kong investors in its Asian unit with a nasty surprise Sunday evening, announcing it will be selling a substantial amount of its stake in the subsidiary at a discount -- a move that will hurt current stockholders in the concern. AIG is pursuing the action in order to raise $6 billion, a small amount of the $182.3 billion bailout it received from the U.S. government in 2008 and is still to pay back in full.

Citigroup Chairman Richard Parsons will resign from his post and the banking giant's board, the Wall Street Journal reported Friday. Parson, who joined the board in 1996, has reportedly told fellow directors he won't stand for re-election at Cit's annual meeting in April.

The number of black and Latino students admitted to one of New York City's elite high schools has increased by 14 percent since last year, according to recent statistics released by the Department of Education. Admittance to these specialized schools including institutions such as Stuyvesant High School in Manhattan, the Bronx High School of Science and the High School of American Studies at Lehman College, is based on the results of a single standardized test distributed amongst prospective ...

Transatlantic stock exchange NYSE Euronext stands to gain whether or not its rival the London Stock Exchange snatches up hotly contested clearing house LCH.Clearnet - given that NYSE is LCH's biggest shareholder.

City Councilman Jumaane Williams and a number of other elected officials, advocates and citizens joined together in Downtown Manhattan to shed light on the injustices of NYPD's Stop And Frisk policy, according to NY1. The group further proposed new measures to reform the current policy.

City Comptroller John Liu is distancing himself from his campaign staff in response to a scandal involving his campaign treasurer, who was arrested on fraud charges, according to NY1. At a Black History Month event at Medgar Evers College in Brooklyn, Liu commented, All options are on the table. We're moving forward.

The Dow closed above 13,000 for the first time since May 2008 on Tuesday and the S&P 500 also hit a milestone, as buoyant U.S. consumer confidence data and a sharp drop in oil prices nudged the nearly five-month rally forward.

Shares of silver mining company shot up Tuesday, riding a jump in the price of silver as well as a wave of optimism that lifted most equity indexes.

Stocks rose on Tuesday on strong U.S. consumer confidence data, but gains were capped after a report showed a drop in durable goods orders.

The benchmark S&P 500 closed at its highest level since mid-2008 on Monday, extending gains for a third session as oil prices retreated after a recent rally and data showed further improvement in the U.S. housing market.

The S&P 500 rose on Friday to close at the highest level since before the collapse of Lehman Brothers in 2008, continuing a pattern of steady gains on signs of U.S. economic recovery.

Terminal 7 at New York's John F. Kennedy (JFK) airport was evacuated for two hours Friday morning following a security breach.

Bailed-out insurance giant American International Group Inc. (NYSE:AIG), boosted by a one-time accounting gain, reported fourth-quarter profit of $19.8 billion. Favorable stock market conditions also helped offset large losses stemming from Thailand floods.

Police are on the lookout for a man who fired a gun into a Bronx deli Tuesday night, injuring an 8-year-old boy.

Chip-design software maker Synopsys Inc posted a quarterly profit that beat analysts' estimates, helped by strong demand for its new products, and raised its full-year outlook.

New York City Police Department officers ventured out of their jurisdiction to monitor Muslims in Long Island and in Newark, New Jersey as part of a sweeping program to monitor and gather information on Muslims, the Associated Press reported.

A condo in the shimmering twin towers at 25 Columbus Circle in Manhattan has sold for $19.4 million, according to city records.

NYPD conducted a regional wide surveillance of Muslim student organizations from at least 16 universities in the Northeast.

Developer Edward Minskoff's obsidian and silver edifice at 51 Astor Place will soon mark the latest transformation of New York's East Village.

U.S. stocks edged higher on Friday, but investors stayed cautious before a long holiday weekend when hopes are set for Greece's bailout plan to be approved.

Macy's will add about 4,000 full-time employees this year, the retail giant's Chief Executive Terry Lundgren told a group of fashion students on Friday.