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Breaking News

Jussie Smollett’s conviction for racist, homophobic attack hoax tossed in stunning reversal
Business

Business briefs

By
Post Staff Report
Published Nov. 7, 2009, 5:00 a.m. ET

Gold rises

Gold futures jumped to a record, topping $1,100 an ounce, on mounting speculation that low US borrowing costs will drive down the dollar, boosting gold’s appeal as an alternative invest ment.

AIG falls

AIG, the insurer bailed out by the US, fell the most in two months — $3.80, or 9.7 percent, to $35.48 — in New York trading, after posting sales declines at its property- casualty and life insurance divisions. Net income of $455 million compared with a net loss of $24.5 bil lion a year earlier on fewer writedowns. AIG tapped the Treasury for another $4.2 billion to help restructure its mort gage guarantor unit.

AOL names

AOL named Susan Lyne, the former CEO of Martha Stewart Living Omnimedia, to its board as the Internet company prepares to be spun off from Time Warner.

Banks closed

Five US banks failed last night and were taken over by the FDIC. The banks were: United Commercial Bank of San Francisco, Gateway Bank of St. Louis, Prosperan Bank of Minnesota, Home Federal Savings Bank in Detroit and United Security Bank in Georgia.

Freddie earns

Freddie Mac, the mort gage-finance company in government conserva torship, posted a $5 bil lion third-quarter loss and said it has no imme diate need for more US Treasury aid. The loss narrowed from a record $25.3 billion loss a year earlier, the company said in an SEC filing.