Top News: Petroleo Brasileiro Petrobras, J.C. Penney Company, American International Group Inc
NEW YORK, March 06, 2013 - vb-news.net, one of the leaders in providing investment alerts on U.S. stocks are announcing Investment Highlights on Petroleo Brasileiro Petrobras, J.C. Penney Company, American International Group Inc.
Brazil's state-led oil company Petroleo Brasileiro Petrobras SA (ADR)(NYSE:PBR) will raise the wholesale price of diesel fuel 5 percent effective midnight (0300 GMT) in an attempt to cut losses from selling fuel below world-market level prices.
Distributors can pass on the increase to their customers if they wish. The government which is the company’s controlling shareholder has forced it to keep fuel prices below international levels to control inflation.
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After a third increase on Jan. 30, diesel prices were still 14 percent below world levels. The government has said that it could erase the gap this year.
Despite two price increases last year, Petrobras recorded its first loss in 13 years in the second quarter while the refining unit of the company lost 22.9 billion reais (US$11.7 billion) in 2012.
With rising demand in the country and its own refineries working at almost full capacity, Petrobras was left with no choice but to import fuel at world prices and sell it at a loss at home. Today’s price rise will bridge some of this gap.
Shares of the company are up over 10%. Meanwhile, Martha Stewart testified in court on Tuesday saying that she had not erred by signing an agreement to open shops within J.C. Penney Company, Inc.(NYSE:JCP)’s stores across the US.
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The trial in the New York State Supreme Court is over whether the company she founded had breached its contract to sell products exclusively at Macy's when she entered a deal with Penney.
Stewart denied Macy's allegations that she did anything unethical and said that it was Macy's that had let her down. She said she had hoped the business at the store chain would exceed $400 million, but it was now "static".
In December 2011, Penney signed a pact with Martha Stewart Living to open shops at most of its stores. A month later, Macy's renewed its exclusive deal with Martha Stewart, and then sued both Martha Stewart Living and Penney.
Martha Stewart and Penney are using a loophole in the agreement that allows Martha Stewart to sell some of the products it offers in Macy's stores at Martha Stewart shops as well.
Martha Stewart Living has had five back-to-back annual losses and has been seeing sharp declines in sales.
AIG to build a loan investment unit American International Group Inc(NYSE:AIG) is launching a unit to buy individual home loans at a time when the housing market is recovering.
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AIG plans to buy loans backed by its United Guaranty Corp. unit and will be held as long-term investments by AIG insurance companies.
The company’s new unit, Connective Mortgage Advisory Co., will evaluate loans made by banks for purchase by AIG. Connective, part of United Guaranty will use data collected by the mortgage insurer to help AIG finalize on loan purchases.
AIG purchased its first residential whole loan last month as part of the new initiative. Connective will hire only 15 people initially.
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