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Profit in business comes from repeat customers, customers that boast about your project or service, and that bring friends with them. Business, that's easily defined - it's other people's money.
AIG will survive.
GENERAL insurerAmerican Home Assurance (AHA), which has a sizeable operation in Singapore, will not be sold off in the fallout from the financial crisis. The parent, American International Group (AIG), which was saved from collapse by the US government last month, said it had no plans to sell its non-life insurance businesses.
Speculation had been mounting that AIG might have been forced to sell such businesses in order to repay up to US$85billion (S$125 billion) borrowed from the US government as part of the rescue deal. AHA employs 450 staff here. Thousands of consumers have non-life policies such as health, accident and car policies with the insurer.
Last Friday, AIG said it would not be selling a majority stake in its coveted foreign life units, including AIA Singapore, which was initially hit by queues of policyholders seeking to redeem policies. AIG almost collapsed last month following credit downgrades and write-downs tied to the US housing sub-prime crisis. The US government then acquired the right to purchase 80per cent of AIG’s stock in return for a credit line of US$85 billion. So far, AIG has drawn down US$61 billion of that.
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Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body - the producers and consumers themselves. One more thing is in the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later. Remember, a business that makes nothing but money is a poor business.