Expiration of a lock-up period on shares of American International Insurance (NYSE:AIA), AIG’s (NYSE:AIG) spun-off Hong Kong listed unit, means the latter can now offload its investment in an 18 percent stake in the unit, releasing cash to pay back more of the bailout debt from the U.S. government. Though details are not available, AIG CEO Robert Benmosche had indicated earlier that the holding might be disposed of.
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Loans against Irish property have already cost Lloyds (NYSE:LYG) 11.8 billion pounds in impairment charges after the crash in the country’s real estate market. Lloyds now proposes to sell another tranche of Irish property loans worth about 2 billion euros, and may book a loss on the sale, as per Bloomberg.
A research report by Experian Plc’s auto finance research unit says sub-prime (less qualified) borrowers managed to obtain 25.4 percent of new car loans in the June quarter, up 22.3 percent y-on-y and higher than 24.9 percent during the financial crisis. Capital One (NYSE:COF) doubled its market share in loans for new vehicles during Q2 to 4.4 percent.
Innovative photovoltaic products maker Ascent Solar (NASDAQ:ASTI) is reported to be tying up with Silent Falcon UAS Technologies and Bye Aerospace to supply its photo-voltaics for solar-powering unmanned aircraft systems.
Royal Dutch Shell (NYSE:RDSA) is accused by the Singapore government of safety lapses that allegedly led to a fire at its 500,000 bbl/day refinery in the island nation. If the charges stick, Shell may have to shell out S$ 500,000 (US$ 401,7000) in fines.
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