| Author | Message | ||
     One Hero Username: One Post Number: 12631 Registered: 09-2008 Posted From: 193.200.150.82 Rating: N/A |
yea..they playing tactics..but its not good.....obama create +ve attitude in market..market rocking this days...eveyr one making money all over | ||
| Onlytruth Legend Username: Onlytruth Post Number: 47542 Registered: 01-2007 Posted From: 173.62.3.123 Rating: N/A |
poddhuna ee news chudagane ashton ye gurthochaadu http://twitter.com/ap2usa | ||
| Mrhyderabad Side Hero Username: Mrhyderabad Post Number: 2846 Registered: 01-2008 Posted From: 167.230.38.118 Rating: N/A |
toxic assets, departmetns ni profitable units ni devide chesaaru. Most of the companies are following this strategy these days If god doesn't like the way I live, let him tell me, not you | ||
| One Hero Username: One Post Number: 12629 Registered: 09-2008 Posted From: 193.200.150.82 Rating: N/A |
aa earnings ani peda bushhhhh la vundi ee sari..how it is possible with in months every thing change that much...how how how???? dont trust....fuckX off O-BOMB-MA | ||
| Ashton Comedian Username: Ashton Post Number: 1623 Registered: 05-2008 Posted From: 208.53.157.30 Rating: N/A |
http://www.bloomberg.com/apps/news?pid=20601087&sid=anPPxyg5 I_oI Aug. 7 (Bloomberg) -- American International Group Inc., the insurer rescued by the U.S. government, reported its first profit in seven quarters as investment losses narrowed. The stock gained 5.6 percent in early trading. Second-quarter net income of $1.82 billion, or $2.30 a share, compares with a net loss of $5.36 billion, or a split- adjusted $41.13, a year earlier, New York-based AIG said today in a regulatory filing. Operating income, which excludes some investment results, was $2.57 a share, beating the average estimate of five analysts surveyed by Bloomberg by $1.07. The results may ease pressure on Robert Benmosche, AIGâs fifth chief executive officer since 2005. The former MetLife Inc. head, who replaces Edward Liddy next week, has to dismantle AIG to repay loans within a $182.5 billion bailout. The insurer posted more than $100 billion in net losses driven by failed housing market bets in the six quarters ended March 31. âThis buys him more time because its shows theyâre getting some traction,â said Haag Sherman, who helps oversee $7.3 billion as chief investment officer of Houston-based Salient Partners. âHe can use the operating profit to show that they have good assets and they just need more time to divest them in an orderly fashion to get the best prices for shareholders and the U.S. government.â Share Surge AIG gained $1.27 to $23.80 at 7:42 a.m. in New York. The insurer surged 71 percent this week through yesterday in New York Stock Exchange composite trading on speculation results would improve. The stock plunged more than 95 percent in the past 12 months. AIG in June gave investors one new share for every 20 they turned in, a so-called reverse split the company said would help keep the stock above $1 and avoid delisting. AIG closed at $22.53 yesterday. Realized investment losses narrowed to $859 million from about $4 billion a year earlier. Shareholdersâ equity, a measure of assets minus liabilities, rose 27 percent to about $58 billion from $45.8 billion on March 31. Rivals including MetLife, the largest U.S. life insurer, and Aflac Inc., the top seller of supplemental coverage, recorded gains in book value as fixed-income holdings rebounded. AIG Financial Products, the unit that sold credit-default swaps blamed for the insurerâs near collapse, reported a $132 million operating loss in the quarter, narrowing from a $6.2 billion loss a year earlier. The results included $636 million in unrealized market valuation gains on its swap portfolio. Under Liddy, appointed by the government in September, AIG started a plan to shed most businesses excluding property- casualty operations. He was forced to adjust the plan to include placing three major divisions into special purpose vehicles and seek relaxed terms on AIGâs government loans as the credit crisis hobbled potential buyersâ ability to make bids. Credit Line The company has struck deals through yesterday to raise about $7.4 billion by selling assets including a U.S. auto insurer, an equipment guarantor and a Japanese building. That compares with $42.2 billion the company owed on a Federal Reserve credit line as of last week, in addition to a $40 billion Treasury investment. AIG said it will hand over stakes in two of its biggest non-U.S. life insurance units in exchange for a $25 billion reduction of its Fed debt. The company said today it may take a pretax charge of about $5 billion in connection with the transactions. Life insurance and retirement services units reported a 42 percent decline in operating profit before some investment results to $1.52 billion on lower assets under management and declining sales of new policies. âNegative AIG Eventsâ âWhile our insurance companiesâ operating results remain challenged, largely driven by weak economic conditions and the lingering effect of negative AIG events earlier in the year, performance trends stabilized from the first quarter,â Liddy said in the statement. In the property and casualty insurance division, earnings excluding some investment results fell 40 percent to $1.02 billion. Sales declined about 19 percent as the economy slowed and clients bought coverage from competitors. For every dollar in premiums collected, the company used 98.2 cents to pay claims and expenses, up from 92.2 cents a year earlier. Rates charged for U.S. commercial insurance slipped 4.9 percent in the second quarter, according to the Council of Insurance Agents and Brokers. Prices have fallen in every period since 2004 as insurers compete for business. The insurerâs property-casualty unit was renamed Chartis Inc. and may eventually sell a minority stake to a buyer or in a public offering. Plane Leasing AIGâs plane-leasing business, International Lease Finance Corp., and its consumer lender, American General Finance Corp., were downgraded by Moodyâs Investors Service last month to the lowest investment grade and may be reduced to junk on prospects they may have difficulty getting funding. The insurer is seeking to find buyers for both. AIG reported that operating profit at Los Angeles-based ILFC declined 4.8 percent to $335 million on depreciation expenses. American General posted an operating loss of $202 million in the quarter, compared with a $40 million loss a year earlier. The Evansville, Indiana-based lender has been selling receivables to improve liquidity after cutting back on lending. American General said last month it would get as much as $975 million selling mortgage-backed certificates to Credit Suisse. The insurer will skip the conference call presentation and question-and-answer session that accompanied results in the past, Christina Pretto, an AIG spokeswoman, said this week. Benmosche starts on Aug. 10. New CEO Benmosche, 65, was CEO of MetLife Inc., the largest U.S. life insurer, for eight years through 2006 and oversaw the companyâs change to a publicly traded business from a policyholder-owned firm. Before joining MetLife, he was an executive vice president at PaineWebber Inc. where he directed the merger with Kidder Peabody, AIG said. Benmosche has been on the board of Credit Suisse Group AG since 2002. AIG needed a U.S. rescue in September after handing over more than $18 billion in collateral tied to credit-default swaps sold to banks including Goldman Sachs Group Inc. and Societe Generale SA. The swaps protected against declines on securities backed by U.S. subprime mortgages. AIGâs maximum risk on a separate book of swaps sold to European banks narrowed to $177.5 billion as of June 30, compared with $192.6 billion at the end of March. The insurer said in June that declines in the value of assets tied to the swaps could have a âmaterial adverse effectâ on results and that the risk of losses on the derivatives may last âlonger than anticipated.â European Swaps The average weighted length of the swaps protecting residential loans is more than 24 years, while the span tied to corporate loans is about 7 years, the company said. The governmentâs rescue includes a $60 billion credit line, $52.5 billion to buy mortgage-linked assets owned or insured by the company, and a Treasury investment of as much as $70 billion. AIG agreed to turn over a stake of almost 80 percent as part of the initial bailout, diluting private shareholders. Oy Oy |
