Archive for February, 2008
Northrop-EADS beats Boeing to construct United States tanker
WASHINGTON - The United States Air Force has said on Friday it had picked a transatlantic team led by Northrop Grumman, instead of Boeing, to start constructing a new aerial refueling fleet in a surprise choice worth about $35 billion.
Posted: February 29th, 2008 under General Business.
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Berkshire net down 18 percent, Buffett eyes successors
NEW YORK - Warren Buffett’s Berkshire Hathaway Inc has said on Friday quarterly profit fell 18 percent, hurt by lower earnings from insurance underwriting and a decrease in investment gains.
Posted: February 29th, 2008 under General Business.
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Wall St tumbles on recession fears, AIG
NEW YORK - Stocks tumbled on Friday as another round of weak economic data added to United States recession fears and a record loss at insurer AIG underscored worries about more write-downs in the financial sector.
Posted: February 29th, 2008 under General Business.
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Fed officials vow to keep watch on inflation
NEW YORK - The Federal Reserve’s rapid-fire interest rate reductions were warranted, but the central bank must reverse course quickly once calm is restored to financial markets, Fed officials has said on Friday.
Posted: February 29th, 2008 under General Business.
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Ross to put up to $1 billion into rival to Ambac, MBIA
NEW YORK - Billionaire Wilbur Ross has agreed to invest up to $1 billion in Assured Guaranty Ltd , bypassing large bond insurers like Ambac Financial Group Inc in favor of a rival that has largely avoided the credit problems plaguing the industry.
Posted: February 29th, 2008 under General Business.
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PDVSA says Exxon’s asset freeze based on fantasy
LONDON - Venezuelan state oil firm PDVSA told a UK court on Friday that a $12 billion freeze on its assets should not have been granted to Exxon Mobil as the oil major’s arguments were “sheer fantasy land”.
Posted: February 29th, 2008 under General Business.
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Dow, S&P fall 2 percent as economic worries weigh
NEW YORK - The Dow industrials and S&P 500 index fell more than 2 percent on Friday on fears of recession and a huge loss at insurer American International Group .
Posted: February 29th, 2008 under General Business.
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Ambac rating still on review for downgrade: Moody’s
NEW YORK -Moody’s Investors Service on Friday has said ratings on the insurance arm of Ambac Financial Group remain on review for downgrade, adding the insurer is around $2 billion short of its “target” capital level for an “Aaa” company.
Posted: February 29th, 2008 under General Business.
Comments: none