Losses Beyond Imagination

Posted September 15th, 2008 by admin

Aluminum producer, Alcoa Inc., announced an unexpected loss of $497 million, its second loss in a row. The Pittsburg-based company blamed the unprecedented economic downturn and the continuing decline of metal prices The company is exploring ways to save money and is cutting costs to show at least a marginal profit in the next quarter.

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Filed under:Turnover

Resistant Business Model

Posted August 12th, 2008 by admin

Former AIG chief executive Maurice Greenberg contended it was the management that succeeded him that failed and not the business model. The Congressional panel probing the AIG collapse heard Greenberg say that it was going to be difficult for AIG to repay the billions received as bailout from the taxpayers’ fund.

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Filed under:Business