12/13/2011

aig

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SANFORD WEILL TAPPED Charles Prince to succeed him as Citigroups chief executive Jan. 1. By selecting one of his oldest confidants and by announcing he would stay on as chairman until 006, Weill signaled he will likely continue to play a major role at the firm.


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IBM posted net of $1.7 billion, up sharply from a year-earlier period battered by charges. Revenue rose 10%, the result of acquisitions and currency gains.


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Freddie Macs accounting woes were more extensive than many people realized, a federal regulator is expected to testify today.


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A House committee launched a probe of hospital billing practices that often require uninsured patients to pay higher rates.


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J.P. Morgan beat Wall Street estimates with a 78% jump in net, but the firm warned of lower second-half profitability.


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CEOs expect some improvement in sales, employment and capital spending, a survey found. Industrial output rose in June.


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Greenspan attributed the jump in bond yields in part to investor optimism about the economy.


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Boeing is holding talks with the Air Force about resolving allegations that it used corporate espionage to win a rocket contract.


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The Dow Jones industrials fell 4.8 to 04.5 despite some good corporate-earnings news.


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AMR narrowed its quarterly loss with the help of employee pay cuts. The airline also said it plans to shrink its St. Louis hub.


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Fords quarterly net fell 7% as auto sales declined. The company cautioned that second-half results would be even weaker.


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A House panel voted to block the FCC from relaxing a limit on the number of local TV stations a national network can own.


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Shell and Total agreed to explore for natural gas in Saudi Arabia as part of a venture with state-owned Saudi Aramco.


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A BAT-led group agreed to pay $.58 billion to win an auction for Italys former state tobacco firm.


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Samsung Electronics said earnings sank 41% on weak demand for its chips and cellphones.


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Apples net fell 41%, but revenue rose 8% and the company forecast better results for this quarter.


World-wide PC shipments rose last quarter, marking the fourth- consecutive period of growth.


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Vivendi rejected MGMs sweetened $11.5 billion bid for its U.S. film and TV units as too low.


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Kraft failed to meet its earnings target, hurt by consumers switching to private-label brands.





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