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☆ Factbox: The biggest financial crises of the last four decades
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +4 min

Fears of banking contagion remain, and investors are worried that global economies will suffer if the effects of higher interest rates torpedo more lenders. Michael Milken had helped popularize the financial instrument, with many using it as a way of funding leveraged buyouts. The country ended up getting external financial support from the International Monetary Fund and a $50 billion bailout from the United States. GLOBAL FINANCIAL CRISIS OF 2008The biggest financial crisis since the Great Depression was rooted in risky loans to shaky borrowers, which started to lose value after central banks raised interest rates in the period leading up to the crisis. EUROPEAN DEBT CRISISSpurred by the 2008 financial crisis, surging debt at some of the major European economies led to a loss of confidence in the region's businesses.

☆ U.S. states urge Hyundai, Kia to do more to tackle theft risk
▼ + stars: | 2023-03-20 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

In Chicago there were over 7,000 thefts of Hyundai and Kia vehicles in 2022 accounting for 10% of Kia and 7% of Hyundai vehicles registered in the city, the letter said. Ellison said in Minneapolis in 2022 Kia and Hyundai vehicle thefts were tied to five homicides and 265 motor vehicle accidents. The free upgrade will be offered for 3.8 million Hyundai and 4.5 million Kia vehicles, the automakers and NHTSA said. Many Hyundai and Kia vehicles have no electronic immobilizers, which prevent break-ins and bypassing the ignition. All Hyundai vehicles produced since November 2021 are equipped with an engine immobilizer as standard equipment.

☆ More than 20 U.S. states urge Korean automakers to do more to address theft-prone vehicles
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Hyundai booth displays the company logo at the North American International Auto Show in Detroit, Michigan, U.S. January 16, 2018. REUTERS/Jonathan ErnstWASHINGTON, March 20 (Reuters) - More than 20 U.S. state attorneys general on Monday urged Hyundai Motor (005380.KS) and Kia Corp (000270.KS) to do more to address millions of U.S. vehicles that are prone to theft. Last month, the Korean automakers said they would offer software upgrades to 8.3 million U.S. vehicles to help curb increasing car thefts using a method popularized on TikTok and other social media channels. The states said the automakers had failed to take adequate steps to address the alarming rate of theft and urged them to accelerate the implementation of the software upgrade and provide free alternative protective measures for owners whose cars cannot support the software upgrade. Reporting by David Shepardson Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Rebecca Cook/File PhotoMarch 6 (Reuters) - American carmakers will lean on technology to keep the horsepower wars going among their electric muscle cars, a tectonic shift from the big, rumbling motors of the past. GM and Dodge have both issued timelines to stop selling gas-powered muscle cars and replace them with electric variants that will wear the same badges. Dodge's Charger and Challenger muscle cars will not be made next year, while Chevrolet has laid out plans for an electric Corvette. Brands such as Polestar and Mercedes-Benz (MBGn.DE) have announced optional power upgrades to their sedans that improve acceleration and total horsepower via paid OTA (over-the-air) software updates. Dodge has said it will transition its muscle cars to an electric platform, and is working to differentiate those models.

☆ Stock pickers continue to shine after a better year and here are their favorite names in 2023
▼ + stars: | 2023-02-28 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The Wall Street investment bank analyzed the holdings of 543 mutual funds with $2.4 trillion of assets under management at the start of 2023, based on regulatory filings. It then compiled a basket of the most popular bets, called "Mutual Fund Overweight basket," consisting of 50 stocks in which mutual funds are the most overweight. Year to date, 43% of large-cap mutual fund managers have outperformed their benchmarks, well above the long-term average of 38%, Goldman said. Goldman's mutual fund overweight basket has gained 2% in 2023, in line with the S & P 500's performance. Credit card duo Mastercard and Visa were the two most loved names by mutual funds at the start of 2023, according to Goldman.

☆ AIG Margins Improve but Earnings Hit by Weak Markets and Bad Weather
▼ + stars: | 2023-02-16 | by ( Leslie Scism | ) www.wsj.com time to read: 1 min

Insurer American Insurance Group had some of the best underwriting performance in its history although net income fell. American International Group Inc. had improved profit margins in its core property-casualty unit and rising sales of some products, which were offset by volatile markets and severe winter weather that hurt results in some other areas. AIG , one of the biggest insurers by premium volume of businesses worldwide, had some of its best underwriting performance in history, continuing the company’s multiyear turnaround. The unit showed improvement in a key profitability metric that measures how much of each premium dollar is sent out the door in claims and related costs. For the full-year, AIG held those costs to below 90 cents, a long-held goal.

☆ Insurer AIG profit shrinks as storm-related costs, weak investment returns hit
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +2 min

Last month, property and casualty insurer Travelers Companies Inc (TRV.N) also reported a slump in quarterly profit, due to losses arising from the winter storm. AIG's underwriting income climbed 27% to $635 million from $499 million a year earlier, while net premiums written in its general insurance business fell 6%. The general insurance accident year combined ratio improved to 88.4% from 89.8% a year earlier. The metric excludes catastrophe losses, and a ratio below 100 shows the insurer earns more from premiums than it pays out in claims. Reporting by Manya Saini in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Key inflation data in the week ahead will offer clues to future Fed rate moves and the market's path
▼ + stars: | 2023-02-11 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Looking forward The January consumer price index (CPI) , which calculates the average change over time in prices that shoppers pay for goods and services, is slated for Tuesday. Economists and investors will use the number to gauge the odds of a soft landing or hard landing for the economy. The producer price index (PPI) for January, which calculates the change in selling prices received by producers of goods and services, is out on Thursday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ How 6 workers are using ChatGPT to make their jobs easier
▼ + stars: | 2023-02-11 | by ( Madison Hoff | Jacob Zinkula | ) www.businessinsider.com time to read: +11 min

"It's absolutely true that AI applications like ChatGPT can very much improve workers' lives," Mark Muro, a senior fellow at the Brookings Institution previously told Insider. But if used correctly, ChatGPT can help some workers with tasks and save them time while doing so. Insider spoke with six workers in sectors that include education and real estate who are using ChatGPT to make their jobs easier. A realtor with eXp Realty also used ChatGPT for a listing in Iowa that was highlighted in a CNN post. Now two months later, LaRue told Insider she uses ChatGPT "everyday" to help write proposals, video scripts, and press releases.

☆ Third Point owns Salesforce stake, talks Bath & Body Works changes
▼ + stars: | 2023-02-08 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Third Point declined to comment on its stake, which was first reported by the Wall Street Journal. These firms have said publicly and privately that they would like to see changes at Salesforce. Third Point on Wednesday updated its own investors about other investments, including one in Bath & Body Works (BBWI.N) , where the firm hinted last year that it might mount a boardroom challenge. In the letter, Third Point's founder billionaire investor Daniel Loeb wrote that he sees a chance to work "constructively" with Bath & Body Works to "address its apparent governance issues and help it realize its significant potential." Last years biggest losers included Walt Disney Co and Amazon.com while Bath & Body Works counted among its biggest winners.

☆ GM’s Fourth-Quarter Profit Soared as Supply-Chain Problems Eased
▼ + stars: | 2023-01-31 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

An new Corvette showed at the North American International Auto Show last year. General Motors Co. reported a 15% rise in fourth-quarter net income, as vehicle output rebounded from supply-chain troubles and pricing held strong despite mounting consumer pressures. GM said strong results in North America helped offset weakness in China to lift its net profit during the October-to-December period to $2 billion, from $1.7 billion a year earlier. One-time losses from an exit of some Russian operations and payments to buy out some U.S. Buick dealerships cut more than $1 billion from the bottom line.

☆ AIG Terminates Interim Finance Chief Mark Lyons
▼ + stars: | 2023-01-31 | by ( Kathryn Hardison | ) www.wsj.com time to read: +1 min

American International Group Inc. said it terminated Mark Lyons from his position as the interim chief financial officer and executive vice president, global chief actuary and head of portfolio management after the company became aware that he violated his confidentiality and nondisclosure obligations. AIG said it entered into a settlement agreement with Mr. Lyons. Mr. Lyons joined the company in 2018 and previously served as the CFO. Mr. Lyons couldn’t immediately be reached for comment. AIG said Sabra Purtill has been named interim CFO and Turab Hussain has been named the interim global chief actuary.

☆ Stocks making the biggest moves midday: GM, McDonald's, UPS, Pulte, International Paper and more
▼ + stars: | 2023-01-31 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

The company reported an adjusted $2.12 per share on $43.11 billion in revenue. Analysts surveyed by Refinitiv were looking for $1.69 in earnings per share on $40.65 billion in revenue. Smith — Shares skyrocketed 13.7% after the manufacturing company reported earnings of $0.86 per share, beating consensus estimates. UPS also raised its dividend and sanctioned a new $5 billion stock repurchase plan. Pentair — Shares of Pentair surged 9.2% after the water treatment company reported earnings that topped Wall Street estimates for earnings and revenue.

☆ AIG Finance Chief Takes Temporary Medical Leave
▼ + stars: | 2023-01-11 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

American International Group Inc. said Tuesday that Chief Financial Officer Shane Fitzsimons is taking a temporary medical leave of absence. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. PREVIEWMark Lyons, who previously served as the company’s CFO, has been appointed as the interim CFO. Mr. Lyons will continue to serve in his role as the global chief actuary and head of portfolio management, the insurance company said. Write to Kathryn Hardison at kathryn.hardison@wsj.comCopyright ©2022 Dow Jones & Company, Inc. All Rights Reserved.

☆ Vista to take Duck Creek Technologies private in $2.6 bln deal
▼ + stars: | 2023-01-09 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - Duck Creek Technologies (DCT.O), which serves some of the biggest clients in the property and casualty sector, will be taken private by Vista Equity Partners in an all-cash deal valued at about $2.6 billion, the insurance tech firm said on Monday. The deal for Duck Creek at a purchase price of $19 per share, represents a premium of 46% to Duck Creek's last close. Duck Creek provides cloud-based property and casualty insurance solutions to its customers including Berkshire Hathaway Specialty Insurance and American International Group (AIG.N). Duck Creek expects the deal to close in the second-quarter of this year. J.P. Morgan is acting as financial advisor to Duck Creek.

☆ AIG subsidiary files for Chapter 11 bankruptcy
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +2 min

Dec 14 (Reuters) - American International Group Inc said on Wednesday its subsidiary, AIG Financial Products (FP), had filed for Chapter 11 bankruptcy protection to complete the wind down of a business unit that was a central figure in the 2008 financial crisis. AIG Financial Products largely ceased operations in 2008, and its bankruptcy will not have a material impact on AIG or on life and retirement insurer Corebridge Financial Inc (CRBG.N), which AIG recently spun off, AIG said. AIG Financial Products issued the credit default swaps that put AIG on the hook for billions of dollars in losses during the collapse of subprime mortgage markets, according to court documents filed in U.S. Bankruptcy Court in Wilmington, Delaware. AIG Financial Products has no ongoing operations or employees of its own, but it maintained a small portfolio of financial products after largely shutting down in 2008. It owes more than $37 billion to its parent company AIG on loans related to the 2008 crash, according to court documents.

☆ GM CEO sees U.S. new-car sales rebounding in 2023
▼ + stars: | 2022-12-08 | by ( Joseph White | ) www.reuters.com time to read: +1 min

[1/2] General Motors CEO Mary Barra speaks to reporters while she waits for the arrival of President Joe Biden at media day of the North American International Auto Show in Detroit, Michigan,September 14, 2022. Barra said she expects 2023 U.S. sales of new cars and light trucks to finish at 15 million units. That would be up from an estimated 13.7 million in 2022 and in line with an expected 14.7 million in 2023, according to S&P Global Mobility. "We are seeing strong demand for our vehicles," Barra said, speaking at an Automotive Press Association event in Detroit. Barra said GM is planning “to be very conservative on costs” in its 2023 budgeting, in light of uncertainty about economic growth.

☆ Berhalter hoping to draw on Dutch lessons in last 16 tie
▼ + stars: | 2022-12-02 | by ( Hritika Sharma | ) www.reuters.com time to read: +3 min

Former American international Berhalter signed his first professional contract with Dutch side PEC Zwolle and also played for Sparta Rotterdam and Cambuur Leeuwarden during an 18-year playing career. Berhalter is not the only person in the American camp with Dutch experience. Right back Sergino Dest was born to a Dutch mother and Surinamese-American father in Almere, Netherlands and grew up in Holland. It's a very good club to develop players and he did really well there," Berhalter said. "It looks pretty good, but we'll have to see him today on the pitch to get confirmation of that," Berhalter said.

☆ AIG's Zaffino gets 5-year extension as CEO
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

Nov 10 (Reuters) - Insurer American International Group Inc's (AIG.N) Chief Executive Officer Peter Zaffino's employment term has been extended for five years through Nov. 10, 2027, the company said late on Thursday in a filing. The company's board approved a one-time grant in the form of restricted stock units (RSUs) having a grant date value of $50 million to Zaffino, according to the filing. He will also receive an annual base salary of $1.5 million and an annual cash bonus of $4.5 million based on the board's assessment of his performance. Zaffino previously served as the chief executive officer of insurance broker Marsh & McLennan Companies Inc (MMC.N). Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Insurer AIG profit slumps on hurricane costs, lower investment returns
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

Nov 1 (Reuters) - Insurer American International Group Inc (AIG.N) on Tuesday reported a more than 39% decline in quarterly profit as investment income fell by more than $1 billion and losses from Hurricane Ian pushed up catastrophe bills. read moreAIG - one of the world's biggest commercial insurers - reported $600 million of catastrophe losses in the quarter, out of which about $450 million was attributable to Hurricane Ian, the insurer said. Total consolidated net investment income fell 28% to $2.7 billion, hurt mainly by lower alternative investment income. The metric excludes catastrophe losses, and a ratio below 100 signifies that the insurer earns more from premiums than it pays out in claims. read moreReporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Prudential Suffers Big Loss on Rising Rates
▼ + stars: | 2022-11-01 | by ( Leslie Scism | ) www.wsj.com time to read: 1 min

Rising interest rates and volatile stock markets battered insurer Prudential Financial Inc. in the third quarter, while American International Group Inc. was stung by claims from Hurricane Ian in Florida, the companies said. The two big insurers faced different challenges in the difficult quarter. Prudential’s so-called adjusted operating income slid 46% to $803 million from $1.49 billion, and it swung to a loss of $284 million on a net basis, from net of $1.53 billion in the year-earlier period.

☆ Blackstone's earnings fall 16% on sharp drop in asset sales
▼ + stars: | 2022-10-20 | by ( Chibuike Oguh | ) www.reuters.com time to read: +2 min

NEW YORK, Oct 20 (Reuters) - Blackstone Inc (BX.N), the world's largest alternative asset manager, said on Thursday its third-quarter distributable earnings fell 16% year-on-year, owing to a sharp drop in asset sales amid a downturn in the market. Distributable earnings — the cash used to pay dividends to shareholders — fell to $1.4 billion from $1.6 billion a year earlier. Financial markets have been rocked by geopolitical unrest from the Russia-Ukraine conflict and rising interest rates by central banks, which have prevented private equity firms like Blackstone from cashing out their investments for top dollar. During the quarter, Blackstone said its opportunistic real estate funds fell 0.6%, corporate private equity funds depreciated by 0.3%, and hedge funds gained 1%. Register now for FREE unlimited access to Reuters.com RegisterReporting by Chibuike Oguh in New YorkOur Standards: The Thomson Reuters Trust Principles.

☆ Blackstone invests $500 mln in Resolution Life as part of asset management deal
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

Oct 12 (Reuters) - Blackstone Inc (BX.N) signed a partnership deal to manage certain investments for Resolution Life and has agreed to invest $500 million in the life insurance group, the companies said on Wednesday. The asset manager has been executing a similar playbook in recent years, looking to boost its assets under management (AUM) by adding insurance investments in its portfolio. Register now for FREE unlimited access to Reuters.com RegisterIt also has a similar partnership with annuities and life insurance provider F&G, a unit of Fidelity National Financial Inc (FNF.N). With backing from Resolution's existing investors, Blackstone will also aid Resolution in raising another $2.5 billion of equity capital to help "rapidly scale its growth". Founded in 2003, Resolution acquires and manages portfolios of life insurance policies.

☆ Stocks making the biggest moves midday: Moderna, Pepsi, Lyft and more
▼ + stars: | 2022-10-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Pepsi products are displayed for sale in a Target store on March 8, 2022 in Los Angeles, California. Check out the companies making the biggest moves midday Wednesday:Moderna — Shares of Moderna surged 10% after the drug maker announced it will partner with Merck to jointly develop and sell a cancer vaccine. It reported preliminary month-end assets under management of $1.23 trillion as of Sept. 30. Pepsi also raised its guidance for the year as it was able to successfully raise prices on its products. Lyft — Lyft shares gained 5.8% following an upgrade from Gordon Haskett to buy from hold.

☆ Amazon and Walmart are creating huge demand for electric trucks and vans. 8 execs at up-and-coming EV outfits reveal how their strategies for winning the commercial market.
▼ + stars: | 2022-09-28 | by ( Alexa St. John | ) www.businessinsider.com time to read: +9 min

8 execs revealed how they're making the commercial EV space their priority. Which is why entrepreneurs and startups are focused on solving some of the great roadblocks to electrifying the commercial EV space. It's the first EV charging manufacturer to be run by a Black woman, CEO Natalie King. King sees opportunity in home and public charging applications, but considers development of commercial EV charging a way to further adoption in the space. "The commercial space is so important because the adoption of EV technology really needs help in its expansion," King said.

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