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)
