August 7 Biz Minute

AIG reported it's first quarterly profit since 2007, while Magna International posted a second quarter loss and the Royal Bank of Scotland reported more losses as investment banking profits failed to offset bad debts... and in another move to improve its finances, CIT Group is suspending dividends on four series of preferred stock
BUT Investors finally got some good news on unemployment....Employers sharply scaled back layoffs in July, and the unemployment rate dipped for the first time in 15 months.
It's official campers - today President Obama signed into law an extension for the "cash for clunkers" program - you still have time for car shopping and at a special meeting this morning, shareholders of drugmakers Merck and Schering-Plough overwhelmingly backed a merger of the two companies - which would make the new company second largest in the world.

Category:

News & Politics

Tags:

• AIG
• Magna International
• Royal Bank of Scotland
• RBS
• CIT Group
• CIT
• Investors
• unemployment
• President Obama
• Cash of Clunkers
• Merck
• Schering-Plough
• drugmaker