Recent Updates
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Insurer AIG Posts $5.3B Loss in 4Q
Business Law 02/29/2008American International Group Inc., the largest insurer in the U.S., lost more than $5 billion in the fourth quarter as bad credit ate into its investments, the company said Thursday.AIG has been thrust to the forefront of the credit crisis gripping f...
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Sprint posts big loss, stops dividend
Business Law 02/28/2008Sprint has lost tends of thousands of key customers to rivals such as AT&T Inc. and Verizon Wireless, hurt by poor customer service and lackluster selection of handsets. The company recently hired a new chief executive, Dan Hesse, to fix its aili...
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Retail sales stage unexpected rebound
Business Law 02/13/2008Sales at retailers unexpectedly rose 0.3 percent in January, partly reflecting stronger sales of new cars and gasoline, according to a Commerce Department report on Wednesday.January's sales increase followed a 0.4 percent decline in December and was...
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US DOJ won't appeal Stolt-Nielsen decision
Business Law 12/24/2007The U.S. Justice Department said on Friday it will not appeal the dismissal of its indictment of Norwegian shipping group Stolt-Nielsen in a price fixing case.Earlier this month, a Pennsylvania court threw out a criminal indictment against the compan...
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Shoppers rush to stores before Christmas
Business Law 12/24/2007The nation's shoppers -- taking advantage of deep discounts and expanded hours -- jammed stores over the last weekend before Christmas to try to grab a hard-to-find Wii or scoop up bargains on other items. But the spending surge may not be enough to ...
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News Corp. to sell 8 TV stations for $1.1 billion
Business Law 12/23/2007News Corp., the media company controlled by Rupert Murdoch, will sell eight of its Fox network-affiliated television stations in the U.S. to Oak Hill Capital Partners for about $1.1 billion in cash.The sale in small markets will leave News Corp. with...
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Investors Focus on Housing Data and Fed
Business Law 12/16/2007Stock investors smarting from months of volatility are hoping this holiday-shortened week provides signs of a badly-needed yearend rally. The days leading up to Christmas -- which in recent years have been positive for stocks -- will bring readings o...
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Qantas plead guilty to price-fixing
Business Law 11/28/2007Australian airline Qantas Airways has agreed to plead guilty to fixing prices in international air cargo shipments and pay a 61-million-dollar fine, the US Justice Department said Tuesday.Between June 2000 and February 2006, Qantas engaged in a consp...
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Virgin Mobile sinks with wider 3Q loss
Business Law 11/16/2007Despite an analysts' upgrade, shares of Virgin Mobile USA Inc. fell Friday to their lowest point since the company's recent trading debut after the company said its third-quarter loss widened as operating expenses rose.The wireless service provider's...
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Wall Street Falls After Merrill Report
Business Law 10/24/2007Stocks fell in early trading Wednesday as Wall Street grew more cautious after Merrill Lynch & Co.'s earnings revealed severe credit-related losses.The investment bank said it wrote down $7.9 billion in fixed-income instruments called collaterali...
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Charles Schwab 3rd-Quarter Profit Soars
Business Law 10/15/2007Brokerage firm Charles Schwab Corp. said Monday its third-quarter earnings soared, mainly due to a big gain on the sale of its U.S. Trust wealth management business.Schwab reported earnings of $1.53 billion, or $1.28 per share, for the quarter ended ...
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Nomura to exit U.S. residential mortgage securities
Business Law 10/15/2007Nomura Holdings, Japan's largest brokerage, said it would pull out of the U.S. residential mortgage-backed securities market and cut a quarter of its U.S. workforce, pushing it to a big quarterly loss.Nomura is the latest global investment bank force...