20 March, 2015 by The TZ Newswire Staff Comments Off on AIG investors’ $970.5 million settlement wins U.S. court approval
AIG investors’ $970.5 million settlement wins U.S. court approval
American International Group Inc (AIG.N) shareholders won approval on Friday of a $970.5 million settlement resolving claims they were misled about its subprime mortgage exposure, leading to a liquidity crisis and $182.3 billion in federal bailouts. U.S. District Judge Laura Taylor Swain in Manhattan granted final approval at a hearing to what lawyers for the investors call one of the largest class action settlements to come out of the 2008 financial crisis. The U.S. Justice Department and U.S. Securities and Exchange Commission closed related probes involving AIG in 2010.
20 March, 2015 by The TZ Newswire Staff Comments Off on Yuan level appropriate, reflects fx supply, demand: China central bank
Yuan level appropriate, reflects fx supply, demand: China central bank
The current level of China’s yuan (CNY=CFXS) is appropriate because it reflects foreign exchange supply and demand and economic fundamentals, a top central bank researcher said on Saturday, playing down talk of suspected official intervention. On Friday, the yuan ended its best week since 2007 after a rush of dollar sales over the past few days by major state-owned banks, possibly acting on behalf of the central bank. Many forex traders suspected the turnaround was engineered by the central bank to deter speculators who had been betting on further yuan falls.
20 March, 2015 by The TZ Newswire Staff Comments Off on China to curb risks from short-term local debt: vice finance minister
China to curb risks from short-term local debt: vice finance minister
China will take steps to rein in possible risks from short-term local government bonds, including converting such bonds into long-term debt, the country’s vice finance minister, Zhu Guangyao, said on Saturday. On March 8, the ministry announced local governments would be permitted to swap 1 trillion yuan ($161.2 billion) of maturing, high-interest local debt for new official municipal or provincial bonds, to help cut interest costs. Zhu said local governments were burdened by piles of short-term debt, including that raised through trust products.
20 March, 2015 by The TZ Newswire Staff Comments Off on The World’s Best CEOs
The World’s Best CEOs
Our 11th annual list adds eight bosses, but includes only seven from our first list, after a turbulent decade that’s been tough on CEOs.
20 March, 2015 by The TZ Newswire Staff Comments Off on Investors eye data as stocks approach records
Investors eye data as stocks approach records
Concern about the Federal Reserve’s path of rate increases and the soaring U.S. dollar have resulted in big swings in the S&P 500 on a daily basis, even though overall expectations for volatility remain low. Bolstered by reduced expectations of approaching rate hikes, the S&P 500 (.SPX) and Nasdaq Composite (.IXIC) came close to record closing highs on Friday. “Any piece of economic data that speaks to the pace of job creation or inflation will be watched very closely.
20 March, 2015 by The TZ Newswire Staff Comments Off on Fidelity on Apple Time
Fidelity on Apple Time
The mutual-fund giant synchronizes new app to Apple watch launch.