AIA Profit Nearly Doubles on Asian Growth
AIA Group's full-year net profit beat expectations thanks to growth by the Asian insurance heavyweight in Hong Kong, Thailand, Singapore and Malaysia.
AIG posts $4 billion loss on sale of aircraft unit ILFC
Insurer American International Group Inc reported a fourth-quarter loss of $4 billion on Thursday on the sale of its aircraft leasing business, ILFC, though its underlying results beat Wall Street expectations.
Found more than 1 month ago on channel Reuters
Online Banking: More Site Outages and Cyberattacks Coming?
Increasingly, banks want people to use digital means of conducting their banking business. When everything works as planned, it’s cheaper and more efficient for customers as well as banks. When it doesn’t, huge infrastructures can grind to a standstill, and the customers stuck in a holding pattern are the collateral damage. Bank of America customers trying to log into the bank’s website on Friday, February 1, found that both the desktop and mobile versions of the site were down for much of the day — an especially frustrating situation given that it was the first of the month, when people might have wanted to check on bill payments or paycheck deposits. On Friday and into Saturday, the @BofA_Help Twitter feed was jammed with queries from panicked customers. ”When a bank goes down, customers are basically frantic,” says Jacob Jegher, research director at consulting firm Celent. ”We’re seeing an unfortunate trend to having down time on bank websites.” (MORE: The Rise of ...
The TIME at Davos Debate: The Rewards of Mastering Risk
With political gridlock and economic malaise troubling the U.S., Europe and China, the buzzword for this year’s World Economic Forum in Davos is uncertainty. Who or what will spur the innovation that leads to jobs and growth? Our roundtable discussion on Jan. 23, hosted by TIME and moderated by Jim Frederick, editor of TIME International, included John Chambers, CEO of Cisco; Walmart CEO Mike Duke; Anand Mahindra, managing director of Mahindra & Mahindra; Martin Senn, CEO of the Zurich Insurance Group; Harvard Business School professor Clayton Christensen; and Bain & Co. chairman Orit Gadiesh. Their view? In this difficult economy, even the meaning of innovation remains unclear. — Roya Wolverson (PHOTOS: Are Today’s Business Leaders Too Afraid of Risk?) LEADING THROUGH RISK Are leaders too risk-averse in their efforts to bring the economy back on track? JOHN CHAMBERS: In our industry, my competitors from 15 to 20 years ago are all gone. And by the way, Cisco could get left behind in ...
Wendy’s Doubles Down on Dollar Menu
Although it bumped Burger King out of second place by positioning itself as a more upscale fast-food burger chain, now Wendy’s is super-sizing its value menu by adding a second tier of under-$2 items in addition to a core group of 99-cent offerings. The company missed analysts’ earnings expectations last quarter, even as rival McDonald’s recovered from an October dip in sales by heavily promoting its dollar menu. (The thousands of McDonald’s stores that stayed open on Thanksgiving helped lift sales, too.) Wendy’s appears to be taking a page from McD’s playbook. Industry publication Burger Business reports that the chain plans to roll out its “Right Price Right Size” value menu, now being tested in some locations, systemwide next year. (MORE: How Wendy’s Finally Knocked Burger King Down A Notch) In a conference call last month, president and CEO Emil Brolick told investors, “we have lost some share in the Value Menu area,” and that the new menu will help the company ...