Behind AIG’s Nasty Surprise
American International Group’s (AIG) financial results took a sharp turn for the worse in the first quarter and sent a shock wave through the equity markets, renewing concerns that there’s likely to be more fallout from the credit crisis.
After the market close on May 8, the world’s largest insurance company reported a net loss of $7.81 billion, or $3.09 per share, in the first quarter, vs. a profit of $4.13 billion, or $1.58 per share, in the year-earlier period. Excluding mark-to-market writedowns and other asset impairment charges, the company had an operating loss of $3.56 billion, or $1.41 per share, in the latest quarter, compared with adjusted net income of $4.39 billion, or $1.68 per share, a year ago. Read the rest of this entry »
China welcomes jumbo jet company
BEIJING, May 11 (UPI) — China Sunday inaugurated its first jumbo passenger aircraft company, Commercial Aircraft Corp. of China Ltd., officials said.
The company will be responsible for researching, developing, manufacturing and marketing large passenger aircraft with more than 150 seats, the state-run Xinhua news agency reported.
CACC has registered capital of $2.7 billion, the report said. The state-owned Assets Supervision and Administration Commission is the fledgling company’s biggest shareholder.
Other shareholders include China Aviation Industry Corp. I, the country’s largest aircraft producer, and China Aviation Industry Corp. II.
The company will be chaired by Zhang Qingwei, a former minister of the State Commission of Science, Technology and Industry for National Defense.
Government officials approved the creation of the company in February 2007.
Local Letter Carriers Stamp Out Hunger
Local letter carriers went door to door Saturday, collecting donations for the largest one-day food drive in the nation.
The National Association of Letter Carriers hosted 16th annual “Stamp Out Hunger” food drive to benefit local food banks.
“I still got a long time four or five hours to go ill still end up filing up the truck more than likely,” said Socorro Vega, a local letter carrier.
They had hoped to collect more than 75,000 pounds of donations for local food banks. Final counts won’t arrive until Monday. However, letter carriers say the community is responding this year.
“We’ve been getting the word out dropping off pamphlets, bags, a lot of people don’t use bags they use their own bags, cardboard boxes, I see them all,” said Vega.
Officials say it’s all coming at an important time.
Food bank stock has been at an all time low with a decrease in USDA commodities and supply from the Oregon Food Bank.
They say in the summer, fewer people donate meaning all the donations collected through this food drive, will have to last through the fall.
“It’s a message we have to keep putting out in front of people we always think of that when situation we think about holidays its heard around the need is year round,” said Philip Yates, of Access Incorporated.
It’s a time when many people need help.
“A lot of people think food bank people are ones not working unemployment far from truth a lot of people work 40 hours a week, and those are the ones I see in line at the food banks,” Vega said.
Neighborhoods throughout Medford, White City, Central Point and Ashland participate every year. This is the first year neighborhoods in Talent, Gold Hill and Shady Cove are also taking part.
Food bank officials say they’re optimistic about this year’s food drive. Last year more than 40,000 pounds of food was collected in Southern Oregon, on Saturday afternoon, more than 40,000 had already been collected, and there was more coming in.
“This community is amazing come throughout every year if they know the need is they’ll respond,” said Yates.
If you missed Saturday’s food drive.
News10 has teamed up with the CBS Early Show for the “Facing Hunger” project.
You can drop off your non-perishable food items here at the NEWS10 studios on Monday until 5 p.m. At 1440 Rossanley Drive or you can stop by Access Incorporated on Aviation Way behind Costco in Medford.
U.S. First-Class Stamp, Other Postal Services to Rise Tomorrow
May 11 (Bloomberg) — The price of a first-class stamp will increase one penny to 42 cents tomorrow, the U.S. Postal Service said in a reminder on its Web site.
Prices for other mailing services, including standard mail, periodicals, package services and special services, will also increase tomorrow, the Postal Service, an independent federal agency, said. The agency first announced the price increase on Feb. 11.
Forty-two-cent stamps will be required on first-class mail weighing an ounce (0.02 kilograms) or less, while first-class mail weighing as much as two ounces will increase 1 cent to 59 cents, the Postal Service said.
The last first-class mail increase was in May 2007, to 41 cents from 39 cents.
Cablevision near deal to buy Newsday: report
NEW YORK (Reuters) – Tribune Co is close to a deal to sell Newsday to Cablevision Systems Corp for $650 million, the Long Island paper reported on its website on Sunday, citing people familiar with the negotiations.
The report comes a day after Rupert Murdoch’s News Corp said it was backing out of its $580 million bid for Newsday. The paper said a deal could be announced as early as Monday.
A Tribune spokesman declined to comment. Cablevision was not immediately available for comment and the company’s outside adviser on the deal declined to comment.
It is unknown whether New York Daily News owner Mortimer Zuckerman, who also bid $580 million for Newsday, plans a last-minute higher bid. A Daily News official had no comment.
(Reporting by Robert MacMillan, Yinka Adegoke and Kenneth Li; Editing by Maureen Bavdek)
Health Insurance and Healthy Living in Ohio
Ohio has slipped a bit in the ranking of the health of its residents. In 2007 Ohio was the 29th healthiest state in which to live, but it fell slightly from 2006 when it was the 24th healthiest state. Based on 20 different criteria, Ohio made it to the top ten only in one category. Ohio is 8th in the nation for the percentage of citizens that are covered by health insurance.
Other areas where Ohio shines include a high percentage of women receiving prenatal care, a solid high school graduation rate, a significant decrease in the rate of infectious disease, and a drop in the death rate from cardiovascular disease.
All these great strides and still a fall in the overall rankings, means Ohio still struggles in some areas. Ohio ranks 43rd for cancer deaths, 43rd for obesity, 41st for infant mortality rates, and 40th in the nation for preventable hospitalizations.
Weight gain is an epidemic nationwide with Ohio at the forefront. In 1990 the obesity rate was 11% amongst Ohio residents. By 2000 the obesity rate had almost doubled to over 20% of Ohio’s population. The current number of obese Ohio citizens is over 28 percent. Read the rest of this entry »
Factory Insurance: At a Glance
In today’s growing risky market place, several forms of commercial insurance have been developed that offer valuable protection to a business entity which is directly indulged in manufacturing or industrial products in a factory, plant or workshop environment.
Insurance for Manufacturers and Factory Property Factory insurance is indispensable for any factory owner or a company that involved in direct manufacturing of goods. It covers each and every aspect of production or industrial production going within a manufacturing processing area. The features of factory insurance can save from damages caused by fire, lightning, explosion of gas and boilers used for domestic purposes. It also extends to the special circumstances such as explosion, riot, malicious damage, storm, flood, impact by aircraft, road and rail vehicles, escape of water from tanks or pipes and sprinkler leakage. Read the rest of this entry »
FSA to Regulate All Sales of Travel Insurance
From January 1, 2009 some major changes will take place in the way Travel Insurance is sold. Companies which are solely in business to sell travel insurance (known as stand-alone companies) have been regulated by the Financial Services Authority (FSA) since 2005 and will not be affected.
The change will hit the companies that have been selling travel insurance as an element of a holiday package, such as travel agents, tour operators, coach companies, and airlines. Although these travel companies may already be regulated as far as selling their other travel products, there has been a double standard regarding the sale of travel insurance. In other words, the stand-alone companies have been required to be FSA regulated in order to sell travel insurance, while those selling travel insurance as part of a travel package have not. Non-regulated travel insurance has also been widely available at retail stores, supermarkets, chemists and through the Post Office. It has also been offered alongside other insurance products such as house insurance or when opening a bank account, or as part of an employee benefit package. Read the rest of this entry »
Do You Need Mortgage Payoff Insurance?
The world of insurance is a complicated one. It sometimes seems impossible to know when a policy is a wise investment or a total rip-off. When it comes to insuring a mortgage with a mortgage payoff policy it gets very complicated because there are so many different policies around.
Is it better to buy an insurance policy from a lender or from an insurance company? Should you have an accidental death policy? Or would a decreasing term insurance be best? This article will examine the two most popular types of mortgage payoff policies and shine some light on the subject of taking out an insurance policy that will pay off your mortgage in the case of a tragic event. Read the rest of this entry »
5 Home Insurance Discounts You May Not Know About- The Mystery Unveiled
“What are home insurance discounts and how can I get them?” Insurance discounts seem to be shrouded in mystery- oftentimes homeowners don’t even know about them until they find out that they qualify. Home insurance discounts are credits given to a homeowner that may actually lower their rate because their home is safer, or less prone to accidents and damage.
Here at homeinsurance.com, we believe you should know how to make your home safer and less prone to damage. So we are going to spill the beans- give you tips to make your home safer, and possibly even help you save even more money on your home insurance.
1. Lump it Together- Multi-policy discounts are an EASY way to reduce home insurance costs. (At homeinsurance.com you can save up to 15%!) Ask your home insurance agent about combining your auto and home insurance and see what type of rate you can get.
2. Drop the Habit- Cigarette smokers pay a higher home insurance premium because their bad habit has the potential to start a house fire. According to the U.S. Fire Administration, about 1,000 smokers and non-smokers are killed each year in home fires caused by cigarettes. With the hundreds of other reasons you should quit- add saving money on your home insurance to the list.
3. Update! If you live in an older home, think about updating the electrical, plumbing, heating and/or roof. The cost of preventative maintenance is always lower than the cost of increased home insurance premiums after a house fire or flood from a burst pipe. Home Insurance companies smile upon updated mechanical systems as they are safer, and make your home less prone to damage.
4. Alarms- Install a security alarm system. Home Insurance companies like to know that your home is protected from burglary and you may qualify for a lower premium because of this upgrade.
5. Another way to save money by making your home safer? Of course, in the case of serious damage to your home or an accident on your property- you should file a claim because that’s what your policy is there for! However, be mindful of filing claims for smaller problems. Paying the repairs out-of-pocket might be less expensive than a potential increase in premium. Also, many home insurance companies offer a No Claim discount for homeowners who have never filed a home insurance claim. Preventative maintenance can really pay off!
For more information Read our full article on How to Save Money on Your Home Insurance.
Actual Article: See Home Insurance Blog
