Headline News
Unemployment
Jobless Claims in US Fell 29000 Last Week to 46900
The U.S. Labor Department said today that in the week ending Feb. 27 the advance figure for seasonally adjusted initial claims was 469,000, a decrease of 29,000 from the previous week's revised figure of 498,000. The 4-week moving average was 470,750, a decrease of 3,500 from the previous week's revised average of 474,250.
This points to an improvement in the labor market that is slow to develop.
Mar 4 · 9:18:00 AM
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by Larry Etter
AIG (AIG)
AIG to Sell AIA to Prudential for $35.5 Billion
American International Group, Inc. announced today a definitive agreement for the sale of the AIA Group, Limited, one of the world's largest pan-Asian life insurance companies, to Prudential plc for approximately $35.5 billion, including approximately $25 billion in cash, $8.5 billion in face value of equity and equity-linked securities, and $2.0 billion in face value of preferred stock of Prudential, subject to closing adjustments.
This deal will provide some of the needed cash AIG sorely needs.
Mar 1 · 10:21:00 AM · Source: Company Press Release
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by Larry Etter
Verizon (VZ)
Verizon Waives Fees for Calls to Chile
Responding to the devastating earthquake in Chile, Verizon is waiving all long-distance usage charges for calls from itsresidential landline and Verizon Wireless phones to Chile, from Feb. 26 through Mar. 6.* The company will also waive all Verizon Prepaid Phone Card charges for all long-distance calls placed from the U.S. to Chile.
Mar 1 · 10:16:00 AM
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by Larry Etter
Citigroup (C)
Citigroup Names Zedillo to Board
Citigroup Inc. has named former Mexico President Ernesto Zedillo to its board of directors. Citigroup also said former AT&T Inc. executive Michael Armstrong and Xerox Corp. Chairman Anne M. Mulcahy won’t stand for re-election at the annual shareholder meeting on April 20, Citigroup said today in a statement.
The Citigroup board overhaul continues.
Feb 26 · 10:29:00 AM
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by Larry Etter
GDP
Q4 GDP Grew at 5.9%
The nation's gross domestic product, the broadest measure of the nation's economic activity, grew at an annual rate of 5.9% in the quarter, the Commerce Department reported today.
The numbers show the economy grew at a slightly faster pace than originally thought during the last three months of 2009.
Feb 26 · 10:19:00 AM
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by Larry Etter
Bemis Company (BMS)
Bemis Receives Regulatory Approval for Acquisition
Bemis Company announced that the U.S. District Court
for the District of Columbia has signed an order, approving Bemis` acquisition
of the Food Americas operations of Alcan Packaging, a business unit of
international mining group Rio Tinto plc (LON: RIO; ASX: RIO), subject to
certain conditions.
The Food Americas operations recorded 2009 net sales of
approximately $1.4 billion and operate 23 plants in North America, South
America, and New Zealand. With this agreement, Bemis has satisfied the U.S.
regulatory approval requirements necessary to complete the acquisition. Bemis
expects the transaction to close as soon as possible.
The order signed by the court requires Bemis to divest certain Alcan Packaging
Food Americas packaging assets in the United States after closing. The packaging
assets that will be divested represent approximately $100 million in annual net
sales and include two facilities with production equipment used to produce
packaging for fresh meat and retail natural cheese products.
Feb 25 · 9:15:00 PM · Source: Reuters
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by Michael Oliveto
Contango Oil & Gas (MCF)
Three Hurt in Contango Pipeline Rupture
Three workers received minor injuries and an oil-gathering platform near Houston was temporarily shutdown after a rupture of a 20-inch wide underwater oil pipeline, Contango Oil & Gas Company said Wednesday. The company implemented its emergency spill response plan, even though it said it expect little oil loss, perhaps less than a barrel.
The accident occurred when a dredge contracted by the Army Corps of Engineers to
dredge the Atchafalaya River Channel, snagged the pipeline, Contango said. The three workers were apparently employees of the private dredging company performing the dredging, and received medical treatment.
Kenneth R. Peak, Contango`s Chairman and Chief Executive Officer, said "We are
fortunate that we have received no reports of serious injury and any
environmental impact at this time appears to be minimal. We have worked closely
with the Army Corps of Engineers, the United States Coast Guard, and the
Minerals Management Service and are gratified by the assistance we have
received. A fly-over by our crew spotted a light sheen that they estimated at
less than a barrel. Repair vessels and a diving crew are en-route to the
location to assess the extent of the damage to our pipeline."
Six wells were "shut-in" but several others are unaffected, the company said. Contango is a Houston-based, independent natural gas and oil company.
This appears to be more of a headache for Contango than a long-term setback. Investigations and work in getting the pipeline back in service will take some time, but since many other wells and lines remain in service, production will likely not be severely affected.
Feb 25 · 8:53:00 PM · Source: Company Press Release
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by Michael Oliveto
Unemployment
Jobless Claims Climbing; Durable Goods Orders Weak
New orders for long-lasting U.S. manufactured goods excluding transportation unexpectedly fell in January, while the number of workers filing for jobless benefits rose last week, suggesting a loss of momentum in the pace of economic recovery.
The Commerce Department said on Thursday orders excluding transportation fell 0.6 percent last month after increasing 2.0 percent in December. That was below market expectations for a 1.0 percent rise.
However, overall orders jumped 3.0 percent, the biggest gain since July, as aircraft bookings soared. That was well above market expectations for a 1.5 percent rise. Orders increased 1.9 percent in December.
Separately, initial claims for unemployment benefits rose 22,000 to 496,000 last week, the Labor Department said.
Analysts had expected jobless claims to fall to 455,000.
Feb 25 · 5:10:00 PM · Source: CNBC
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by Michael Oliveto
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