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AP Business NewsBrief at 9:39 a.m. EST
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| Copyright: | The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. | | Source: | Associated Press | | Wordcount: | |
Stocks drop after unemployment rate tops 10 pct
NEW YORK (AP) _ Stocks are tumbling in early trading after a government report showing more jobs were lost in October than expected. The report bodes poorly for consumer spending, a major component of economic activity.
Jobless rate tops 10 pct. for first time since '83
WASHINGTON (AP) _ The unemployment rate has surpassed 10 percent for the first time since 1983 _ and is likely to go higher. Nearly 16 million people can't find jobs even though the worst recession since the Great Depression has apparently ended. Many economists worry that persistently high unemployment could undermine the recovery by restraining consumer spending, which accounts for 70 percent of the economy.
AIG posts 2nd consecutive quarterly profit
NEW YORK (AP) _ AIG said Friday it was profitable for the second straight quarter as its core insurance operations continue to stabilize after the company's bailout by the government last year. American International Group Inc. also said the amount of government financial assistance it still has dropped by 4 percent during the quarter.
Oil falls below $78 as US unemployment rises
Oil prices lost over $2 to stumble below $78 a barrel Friday as rising U.S. unemployment figures renewed concerns about the economic recovery and consumer demand. By mid-afternoon in Europe, benchmark crude for December delivery was down $2.16 to $77.46 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 78 cents to settle at $79.62 on Thursday.
China criticizes US over pipe duties
BEIJING (AP) _ China criticized Washington for imposing anti-dumping duties on Chinese-made steel pipes and launched a probe Friday of imported U.S. autos, adding to trade tensions two weeks before President Barack Obama visits Beijing. The latest moves ratchet up disputes over market access for goods from poultry and tires to Hollywood movies. But Beijing and Washington are confining the conflicts to diplomatic channels, apparently hoping to avert a trade war that could damage wide-ranging cooperation on issues such as the global economic crisis, North Korea and climate change.
Taxpayers risked trillions at height of crisis
WASHINGTON (AP) _ Government officials put trillions of taxpayer dollars on the line to guarantee risky bank assets _ a strategy that could cause permanent and costly market distortions, a government watchdog says. At the peak of the financial crisis, taxpayer money guaranteed assets worth $4.3 trillion to help banks ride out the panic. The programs, which essentially provided insurance against losses, helped stabilize financial markets but put far more taxpayer dollars at risk than Congress intended, according to the Congressional Oversight Panel.
British Airways posts H1 loss of $346 million
LONDON (AP) _ British Airways PLC on Friday reported a net loss of 208 million pounds ($346 million) in the six months ending in September as the global economic downturn continued to take its toll on revenues. The first-half net loss compared with a loss of 42 million pounds a year earlier.
Royal Bank of Scotland posts $3 billion Q3 loss
LONDON (AP) _ Government-controlled Royal Bank of Scotland Group PLC on Friday reported a net loss of 1.8 billion pounds ($3 billion) despite an improvement in underlying profits and said lending to small- and medium-sized companies increased 5 percent. Full recovery from its near collapse a year ago will take years, its chief executive Stephen Hester said.
Citi files plans to spin off Primerica in IPO
NEW YORK (AP) _ Citigroup Inc. filed plans for an initial public offering of its Primerica Inc. life insurance unit late Thursday, and said it will sell the rest of the unit after it goes public. Divesting Primerica is part of Citi's effort to simplify its operations and raise cash. The bank, one of the hardest hit during the credit crisis and recession, has reported huge losses in the past two years as its investments and consumer loans and credit cards soured.
Fannie Mae seeks $15 bln in US aid after 3Q loss
WASHINGTON (AP) _ Fannie Mae is asking for an additional $15type:bold,italic; billion in government aid after posting another big loss in the third quarter as the taxpayer bill from the housing market bust keeps rising. The government-controlled company continued to see a dramatic surge of borrowers fall behind as the unemployment rate climbs. At the end of last month, about 4.7 percent of Fannie Mae's borrowers had missed at least three payments.
This is a news service of Thomson Business Intelligence Service ©2006. This content is for your personal use only, subject to Terms and Conditions. No redistribution allowed.
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