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American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. As of 2023, AIG employed 25,200 people. The company operates through three core businesses: general insurance, life & retirement, and a standalone technology-enabled subsidiary. General Insurance includes Commercial, Personal Insurance, U.S. and International field operations. Life & Retirement includes Group Retirement, Individual Retirement, Life, and Institutional Markets. AIG is the title sponsor of the AIG Women's Open golf tournament. In 2023, for the sixth consecutive year, DiversityInc named AIG among the Top 50 Companies for Diversity list.

AIG's corporate headquarters are in New York City and the company also has offices around the world. AIG serves 87% of the Fortune Global 500 and 83% of the Forbes 2000. AIG was ranked 60th on the 2018 Fortune 500 list. According to the 2016 Forbes Global 2000 list, AIG is the 87th largest public company in the world. On December 31, 2017, AIG had $65.2 billion (~$79.7 billion in 2023) in shareholder equity.

Karachi, the financial hub of Pakistan

The economy of Pakistan is categorized as a developing economy. It ranks as the 24th-largest based on GDP using purchasing power parity (PPP) and the 46th largest in terms of nominal GDP. With a population of 241.5 million people as of 2023, Pakistan’s position at per capita income ranks 161st by GDP (nominal) and 138th by GDP (PPP) according to the International Monetary Fund (IMF). (Full article...)

"Men who promoted these large corporations were in many cases financiers or merchants, who previously had dealt almost exclusively with money and goods. They had bought in the cheapest markets and sold at the best price they could get. Their natural tendency, therefore, was to apply to the purchase of labor the same rules which they had applied to the purchase of materials, namely, to buy it as cheaply as possible. The great difficulty which stood in the way of accomplishing this result was that there was no exact means of measuring the labor received, and the best that could be done was to buy a man's time, on the theory that time consumed was a measure of labor performed. While this is in a measure correct if the workman feels that he is being equitably rewarded for the work done, it may be far from correct when he does not have this feeling. When he realizes, as is often the case, that the employer, taking advantage of his necessity, gives him the smallest hourly rate he can be hired for, he naturally does only just enough work to hold his job.

Moreover, there has seldom been any attempt to keep a record of the work any man did in order that a more equitable compensation might be accorded him; and, whether he did much or little, he was accorded the hourly rate of wages common to his class. The railroad companies, perhaps more than any other organizations, have offended in this manner, and the rates of wages, which they were willing to pay for different classes of workmen were not only fixed by employers, but maintained with all their power. A mechanic, therefore, had but little chance of getting a higher compensation than his class rate, no matter how industrious or conscientious he might be.

The introduction of piece work, by which the workman was paid for the work he did, instead of the time he worked, promised better results; but, as piece prices were commonly set on a basis of what had been done by a man dissatisfied with his daily wage, it soon became clear that the men could do much more work than had been done, and earned correspondingly higher wages, with the result that the employer reduced the price per piece. This "cutting" of piece prices was common practice whenever the workman earned much more than his class rate; and the capable workman, recognizing the impossibility of increasing his compensation through more, or better work, soon ceased to make any effort in that direction, and devoted his spare time to the organization of a union with the object of advancing the class rate."

—Henry Gantt, Industrial Leadership, 1916

• ... that "gig" in "gig economy" comes from the slang term for individual appearances by performing artists?
• ... that topics on Recess Therapy have included the economy, climate change, and peeing your pants?
• ... that in 1958, Virginia Ali and her husband Ben Ali founded Ben's Chili Bowl, a landmark Washington, D.C. restaurant where Martin Luther King Jr., Jesse Jackson, and Stokely Carmichael would often eat?
• ... that the creator of Comic Sans also designed a levitating man in a business suit?
• ... that Eliane Capobianco's election to the Bolivian Constituent Assembly reflected the propensity of the country's agribusiness elites to occupy positions that granted them influence over land reform policy?
• ... that Eleanor Hadley, a 29-year-old doctoral candidate in economics, was recruited by the Supreme Commander for the Allied Powers to implement antitrust policies in occupied Japan?

April 29:

• 1938 - Bernard Madoff, an American businessman and financier, was born on this day.

• ... that the spread of Limicolaria flammea (pictured) is potentially damaging to the multi‐billion dollar horticultural industry in Singapore?

• ... that at the time of her completion in 1918, American cargo ship West Lianga held the distinction of being both the fastest-launched and the fastest-constructed ocean-going ship in the world?

• ... that American Student Assistance is the oldest guarantor of student loans in the United States?

• ... that the Newfoundland Butter Company of Newfoundland manufactured only margarine, and was the first margarine manufacturing plant allowed in Canada?

• ... that The New York Times moved in 1858 to a building at 41 Park Row, making it the first newspaper in New York City housed in a building built specifically for its use?

• ... that all U.S. Presidents from Dwight D. Eisenhower through Ronald Reagan ordered glassware from Fostoria Glass Company of Moundsville, West Virginia?

• ... that the Adriatic LNG terminal is the world's first offshore liquid natural gas terminal?F

Wikinews Economy and business portal

• July 21: Technological University Dublin senior lecturer Dr Lorcan Sirr speaks to Wikinews on housing market in Ireland
• July 15: California governor signs new state budget, eligible Californians to get stimulus payments
• July 4: 130 OECD countries agree to back global corporate tax rate
• June 30: 'Each makes the other more difficult to recover from': University of Sussex professor L. Alan Winters speaks to Wikinews on trade, COVID-19, Brexit
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• April 23: Irish Finance Minister Donohoe criticises OECD's global minimum corporate tax rate
• April 17: People protest in Berlin against German Court overturning five-year rent cap
• March 5: Chancellor Rishi Sunak announces UK budget 2021
• February 10: Disney to shut down Blue Sky Studios, animation studio behind 'Ice Age'
• January 24: World Trade Organization declares US tariff hike illegal, rules in South Korea's favour