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The Week Ahead: A.I.G. Bailout Lawsuit, Eurozone Stimulus and U.S. Jobs Data

Posted by Unknown on Sunday, September 28, 2014


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Business Day |A.I.G. Bailout Lawsuit, Eurozone Stimulus and U.S. Jobs Data



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Business Day | The Week Ahead





Maurice R. Greenberg, the former CEO of A.I.G. Mark Lennihan/Associated Press




LAWSUIT OVER A.I.G. BAILOUT BEGINS


Six years after the government rescued the American International Group from the brink of collapse, one of the insurance company’s largest shareholders is getting his day in court this week, claiming the bailout cheated investors and violated the Fifth Amendment of the Constitution. Maurice R. Greenberg, the 89-year-old former chief executive of A.I.G. and still a large shareholder, is seeking more than $40 billion from the government, accusing it of creating an overly onerous bailout. The trial, which opens Monday in the United States Court of Federal Claims in Washington, is expected to last about six weeks. BEN PROTESS


EUROPE HOLDS HEARINGS ON COMMISSION NOMINEES


The European Parliament will begin holding hearings on Monday for nominees to the European Commission, the body that proposes and enforces European Union laws and changes leadership every five years. The parliament can reject the entire slate of 27 nominees but has no formal power to reject individuals. Closely watched hearings are expected to include those for Jonathan Hill, the British nominee who would oversee financial services, and Margrethe Vestager, the Danish nominee who would assess whether to pursue antitrust action against Google. The hearings continue until Oct. 7, with a vote expected Oct. 22. JAMES KANTER


MEETING ON EUROPE’S ONLINE REGULATION


Leaders from some of the world’s largest telecom and digital companies, like Vodafone and Netflix, will meet in Brussels on Wednesday. They will discuss a new wave of regulation, including tougher online privacy rules, that is expected to come into force across Europe next year. MARK SCOTT


STIMULUS PLANS FOR EUROZONE


The European Central Bank meets in Naples on Thursday. No action on interest rates is expected — they are already as low as they can go. However, the central bank will give more details on its plans to buy private sector assets as a way of encouraging bank lending and pumping money into the eurozone economy. Analysts will also be watching for any signs that the bank is getting closer to large-scale purchases of government bonds. JACK EWING


SEPTEMBER EMPLOYMENT FIGURES


On Friday, the Labor Department will report the latest figures on unemployment and job creation in September. According to estimates from economists, employers added around 213,000 jobs in September, up from 142,000 in August. The unemployment rate is expected to hold steady at 6.1 percent. The consensus also calls for a rise of average hourly earnings in August of 0.2 percent, another important indicator of economic health. DIONNE SEARCEY



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