Howrah News Service -  Latest news and headlines on Howrah,West Bengal and World: AIG posts Q1 loss of $7.8b

AIG posts Q1 loss of $7.8b
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newsbyte on 09 May, 2008 06:14:11
 
New York: American International Group Inc. says it will raise $12.5 billion in
the coming months as the insurer looks to shore up a capital base that has been
rocked by deterioration in the credit markets. AIG shares tumbled $3.27, or 7.4
percent, to $41.45 in after-hours trading on Thursday after the company
disclosed it needs fresh cash and reported a first-quarter loss of $7.81
billion. The capital raising effort will be a two-step process, with the first
portion estimated to raise $7.5 billion through an offering of common stock and
equity units.
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US Housing Bill may face veto
Washington: The US House of Representatives has approved a bill that lawmakers
hope could stem the tide of home foreclosures due to the subprime mortgage
crisis, but it faces a presidential veto. The Democratic-controlled chamber
passed by a vote of 266 to 154 the bill which would create a $300 billion
federal guarantee for new mortgages for people who may be at risk of losing
their homes. "This legislation, in short, will expand the FHA (Federal Housing
Administration) program," said Democratic majority leader, Mr Steny Hoyer.
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Qatar Airways to sue Boeing
Dubai: Qatar Airways will seek cash compensation from Boeing Co. over a delay
in the delivery of its 787 Dreamliner, the press quoted its chief executive as
saying on Thursday. Mr Akbar al-Baker also said the Doha-based airline was
looking into ordering more of the A380 superjumbos manufactured by Airbus. "We
are going to seek compensation for the delay, as it is always stated in our
contracts," Mr Baker was quoted by Emirates Business 24/7 daily as saying. In
November, the government-owned airline had confirmed orders for 30 Dreamliners.
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Venezuela oil reserves UP
Caracas: Venezuela’s proven crude oil reserves had swelled to 130 billion
barrels as of late April, marking a rise of 30 billion from its prior estimate,
energy and oil minister Mr Rafael Ramirez said on Thu-rsday. Mr Ramirez, who
also runs Vene-zuela's state oil giant Petroleos de Vene-zuela SA, made the
announcement at a regional energy summit as world oil prices continued to strike
record highs. "As of April 2008 we have increased by 30 billion barrels of oil
our additional proven crude reserves" north of the Orinoco River, Mr Ramirez
said.