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Here are Thursday’s top stories:
American International Group Inc. (NYSE:AIG) wants to buy back a significant amount of its stock from the United States Government, which if successful, might decrease the latter’s 61 percent stake to under 50 percent by the fall. However, such a change would then cause heavier Federal Reserve oversight. The United States Treasury and New York Federal Reserve Bank have thus far made a profit of $14 billion on the bailout of AIG, which amount could exceed $18 billion by autumn, according to the Wall Street Journal.
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United Kingdom’s cabinet ministers might purchase the remaining 18 percent of The Royal Bank of Scotland Group (NYSE:RBS) that the government does not already own, reports the Financial Times. Such a move would be part of a stimulus to the faltering British economy, as then the Bank could be made to lend more money to businesses. Finance Minister George Osborne is against the sale which would cost £5 billion and also require clearance from the European Commission.
The Dutch bank ING Groep N.V. (NYSE:ING) is mulling the divestiture of its online banking operations in the United Kingdom and Canada, in order for the firm to sharpen it focus. ING is raising cash to repay a €10 billion rescue during the financial crisis, and has thus been selling off certain of its assets.
Knight Capital Group Inc. (NYSE:KCG) reports a $440 million loss from yesterday’s tech glitch that resulted from the installation of trading software that has now been removed. At mid-afternoon shares have lost more than half their value since the open, and are still falling.
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