Archive for August, 2009

John Paulson buying Citigroup shares: report (Reuters)

Thursday, August 27th, 2009 | Finance News

(Reuters) –
Hedge fund manager John Paulson, who bet against financial companies after foreseeing the credit crisis, has been buying Citigroup Inc (C.N) shares over the past few weeks, the New York Post reported, citing sources.

Paulson bought around a 2 percent stake in Citigroup, a source told the paper. An investor with a 5 percent or higher stake in a company would have to make a disclosure with the U.S. Securities and Exchange Commission.

Sources told the paper Paulson believes Citigroup's assets are undervalued. A spokesman for Paulson declined to comment to the paper on the hedge-fund manager's investment activities.

Paulson's investment moves are monitored by investors after he predicted the implosion of mortgage markets in 2007 and the collapse of banks and other financial companies in 2008.

A spokesman for the hedge-fund manager was not available to comment.

(Reporting by Ajay Kamalakaran in Bangalore; Editing by Dan Lalor)


Time Warner Cable to test TV on the Internet: report (Reuters)

Wednesday, August 26th, 2009 | Finance News

(Reuters) –
Time Warner Cable Inc has signed up at least seven large media companies for a test that will offer television programs on the Internet to paying subscribers, the Wall Street Journal said on Thursday, citing people familiar with the matter.

Networks participating in the trial are expected to include General Electric Co's Syfy, Time Warner Inc's TNT, Cablevision Systems Corp's AMC and the British Broadcasting Corp's BBC America, the people told the paper.

Other companies that could be involved in the trial are CBS Corp, Discovery Communications Inc and Viacom Inc, the paper cited some of the people as saying.

The test involves TV shows being made available on the Web to a limited number of homes, the paper said.

In July, Comcast Corp signed up CBS along with 17 more cable networks to participate in the cable company's trial to make more television shows available to its subscribers on the Web.

Time Warner Cable could not immediately be reached for comment by Reuters outside regular U.S. business hours.

(Reporting by S. John Tilak in Bangalore; Editing by David Holmes)


Feinberg to formally approve AIG CEO pay next week: report (Reuters)

Wednesday, August 26th, 2009 | Finance News

(Reuters) –
The $10.5 million pay package for American International Group Inc's (AIG.N) new chief executive Robert Benmosche will likely be approved formally by the U.S. government's compensation czar Kenneth Feinberg next week, the Wall Street Journal said, citing people familiar with the matter.

Benmosche's pay will likely be approved before other rulings about pay at AIG are made, the paper said.

AIG, the recipient of $80 billion in taxpayer loans, said last week that its pay agreement for Benmosche had been approved in principle.

The bailed-out insurer said it will pay Benmosche, who became CEO on August 10, a salary of $3 million in cash and $4 million in fully vested stock. He also could receive a bonus valued as high as $3.5 million.

(Reporting by Ajay Kamalakaran in Bangalore; Editing by Muralikumar Anantharaman)