Friday, May 09, 2008
U.S. stocks slammed by big AIG loss
U.S. stocks slammed by big AIG loss
U.S. stocks tumble as the financial sector spouts more leaks after
American International Group Inc. reports a $7.8 billion loss and
Citigroup Inc. unveils plans to shed about half a trillion dollars in
assets.
Commodities Corner: Consumers feed run on rice
It was quite the scene at Costco when the wholesaler placed signs above
a brand new shipment of rice: "limit two bags." Fears may prompt
hoarding, but analysts say the cyclone that hit Myanmar may cause a real
shortage.
Diageo to spend $1 billion in Irish brewery revamp
Diageo plans to spend about $1 billion to revitalize a famed Dublin
brewery that makes Guinness and to build a second facility.
Citigroup aims to eliminate $500 billion in non-core assets
Citigroup unveils plans to reduce its asset base by about $500 billion
over the next several years in a bid to shore up its capital base and
rid itself of riskier investments.
Futures Movers: Oil futures touch an all-time high above $126 a barrel
Crude-oil futures blitz past $126 a barrel, poised to score a weekly
gain of more than 7% with strong demand for diesel fuel and concerns
about global crude supplies sending prices to a fresh all-time high.
