In today’s news updates we provide links on health care, international women’s day and AIG sale to MetLife.
Obama to appeal for public support on health care
WASHINGTON — With the fate of his signature legislative initiative far from certain, President Barack Obama is taking his last-ditch push for health care reform on the road.
In a speech Monday in Philadelphia, Obama will try to persuade the public to back his plan to remake the nation’s health care system, while also urging uneasy lawmakers to cast a “final vote” for a massive reform bill in an election year.
Obama’s pitch in Philadelphia, along with a stop in St. Louis Wednesday, comes as the president begins an all-out effort to pass his health care proposals. Though his plan has received only modest public support, Obama has implored lawmakers to show political courage and not let a historic opportunity slip away.
World Marks International Women’s Day
(CNN) — The world marks International Women’s Day on Monday, an annual celebration that highlights their economic, political and social achievements.
“International Women’s Day is the story of ordinary women as makers of history; it is rooted in the centuries-old struggle of women to participate in society on an equal footing with men,” the United Nations says.
AIG in $15.5 billion unit sale to MetLife
NEW YORK (CNNMoney.com) — 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 leaves AIG as the second-largest shareholder of MetLife, with a stake of more than 20% in the company.
In today’s news update we will hear from AIG, Freddie Mac, Fannie Mae, Toyota and updates on the job market.
AIG Plans to Sell Remaining Transatlantic Stake
American International Group Inc. plans to sell its remaining 13.8% stake in casualty reinsurer Transatlantic Holdings Inc. held by its American Home Assurance Co. subsidiary.
The 9.19 million shares AIG wants to sell would be worth about $494 million based on Translantic’s closing share price on Thursday.
Transatlantic shares were down 3.7% in recent trade at $51.77, while AIG rose 4.3% to $27.87 amid a broad market gain.
Rep. Frank questions safety of Fannie Mae, Freddie Mac investments
An influential voice on Capitol Hill has unexpectedly called into question the safety of investing in Fannie Mae and Freddie Mac, raising the specter that investors who have lent money to the two firms or bought their mortgage-backed securities could one day suffer losses.
The comments by Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, come despite the assumption of many investors that investments in the two mortgage finance giants are risk-free. Until now, federal officials — who took over Fannie and Freddie two years ago to save them from collapse — have signaled to the market that lending the companies money is just about as safe as lending to the U.S. government itself.
Toyota incentives rouse would-be buyers
NEW YORK (CNNMoney.com) — Toyota’s new incentive plan appears to have piqued the interest of buyers looking to snag a good deal, reports showed Thursday, even as the automaker’s recall woes linger.
Edmunds.com and kbb.com, Web site of Kelly Blue Book, both reported significant increases in traffic among users expressing serious interest in Toyota vehicles since the automaker announced a new incentive plan on Tuesday.
Jobs report shows unemployment unchanged
NEW YORK (CNNMoney.com) — As severe winter storms crippled East Coast cities, the U.S. economy shed thousands of jobs in February, according to a government report released Friday. But the unemployment rate remained unchanged.
The Labor Department said the economy lost 36,000 jobs in the month, fewer than the 68,000 jobs economists were expecting, according to a survey conducted by Briefing.com.
