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Approximately 60 percent of American International Group (NYSE:AIG) is owned by the United States Treasury due to the Federal bailout, and now the company is suing that same government to retrieve a portion of the taxes it paid more than 20 years ago, according to the Associated Press. AIG is filing at the Federal Claims Court in Washington for $30.2 million, which it claims is interest owed on an overpayment from1991. At the same time, the firm admits it underpaid taxes in 1997, 1998 and 1999.
Sirius XM Radio (NASDAQ:SIRI) shares lose what they gained after June automobile sales came in strong, due to conversion rate problems. While steady demand is mandatory, but it’s only one side of a multi-sided coin: steady conversion must also be maintained.
Top U.S. electronics retailer Best Buy Co. (NYSE:BBY) is slashing 2,400 jobs, or 1.4 percent of its total of 167,000, in order to reduce costs in the presence of increased rivalry from online retailers, and decreased sales of its bread-and-butter TVs and notebook computers. BBY’s 20,000 member Geek Squad will lose about 600 members, and the other 1,800 jobs will come from store staff.
The Taiwanese island group of Matsu will now boast the country’s first casino gambling, thanks to a Sunday referendum, says Reuters. A casino on Matsu would be only a 30-minute ferry ride from Fujian, a province of China. MGM Resorts (NYSE:MGM) and Las Vegas Sands (NYSE:LVS) have indicated interest in establishing casino on the island, to go with their highly profitable operations in Macau, reported Reuters. And to think: the U.S. and Chine were at the verge of nuclear war over Matsu and neighboring island Quemoy in the 1950s!
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