Economy, Business and Finance News Digest

AIG selling business to repay Fed

fred — Tue, 09 Mar 2010 04:40:40 +0000

AIG agreed Monday to sell its American Life Insurance Co. unit to MetLife Inc. for $15.5 billion in cash and stock, in beleaguered AIG’s second sale of an international unit in a week. AIG said it will sell the unit, known as Alico, for $6.8 billion in cash and the remainder in MetLife equity. The deal [...]

Canada allow foreign ownship in telecommunication sector

fred — Thu, 04 Mar 2010 05:21:27 +0000

Canada said Wednesday it will allow more foreign ownership in its telecommunications sector, a move that could mean more wireless players and lower rates for cell phone service. In a speech outlining its priorities for the new session of Parliament, the Conservative government said it is opening some sectors, including the telecommunications industry, to investment from [...]

Greece announces cost cutting measures

fred — Thu, 04 Mar 2010 05:18:35 +0000

Facing firm demands from the European Union and financial markets to cut its deficit, Greece announced cost-cutting measures Wednesday that will save the debt-challenged country €4.8 billion, $6.53 billion, this year. The Greek government plans to cut civil service workers’ entitlements by 12%. This includes a 30% decrease in holiday bonus payments, according to The Wall [...]