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Financial News Network
December 24, 2011 AT 1:52 PM
This is what's in the news for Friday, December 23, 2011. The Wall Street Journal reports the Fed could signal that it's likely to keep short-term interest rates near zero into 2014 or beyond, to bolster the fragile economic recovery. The Wall Street Journal also reports AIG (NYSE:AIG) CEO Robert Benmosche told company directors that he would like to stay beyond next year, signaling he's in for the long haul after weak markets slowed the government's exit from the bailed-out insurer. Reuters reports Malaysia's Petronas is in talks with several oil majors, including Shell (NYSE:RDS.A) and Exxon Mobil (NYSE:XOM), to develop petrochemical plants within its $20B refinery complex in the southern part of the country. Bloomberg reports GM (NYSE:GM), saved by Obama's $50B bailout, is making more money than ever, adding jobs and increasing market share, but its shares, which closed yesterday at $20.70, are less than half the $53 price that the Treasury Department needs to break even. The minimum price the Treasury Department would consider for a secondary offering is $30.