AIG Books $61.7 Billion Quarterly Loss
Markets in Europe and Asia opened down this morning on news that AIG posted a loss of $61.7 billion for the quarter. Described as a “system risk”, this is the largest quarterly loss in corporate history. More
In addition to the $150 billion already supplied to AIG, the US government announced another $30 billion in emergency funding.
UK Factories Continue to Slow Production
Latest results from the Purchasing Managers’ Index (PMI) shows that manufacturers cut jobs and outut at a record pace in February falling to 34.7 from 35.8 in January. More
Consumer Spending Jump in January Not Expected to Continue
After six straight months of declines, consumer spending rose a modest 0.6 percent in January due mostly to increased food prices and other nondurable goods. Experts expect the increase to be short-lived however, and predict falling consumer spending for the next several months. More
EU Votes Against Bailout for Eastern Europe
European Union leaders voted against providing a bailout to several Eastern European countries over the weekend driving the euro down against the dollar. More
