|
|
|
AP Business NewsBrief at 8:44 a.m. EST
|
 |
|
|
|
| Copyright: | The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. | | Source: | Associated Press | | Wordcount: | |
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. The Labor Department said Friday that the economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September. August job losses were also revised lower, to 154,000 from 201,000.
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 got a lift from the increasing value of investments it still holds that soured last year and helped drive it to the brink of collapse.
Stock futures drop after unemployment rate jumps
NEW YORK (AP) _ Stock futures are falling after the government says more jobs were lost in October than expected, pushing the unemployment rate above 10 percent. The Labor Department says employers cut 190,000 jobs last month, more than the 175,000 job losses economists expected. The unemployment rate jumped to 10.2 percent _ the highest since April 1983. Though investors have been expecting unemployment to rise above 10 percent eventually, the increase in October was more than expected.
Oil nears $80 a barrel amid stock market surge
Oil prices climbed toward $80 a barrel Friday, catching up with a surge in global stock markets and assisted by a slightly weaker dollar which made crude more attractive to international investors. By midday in Europe, benchmark crude for December delivery was up 23 cents to $79.85 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.
World unemployment up despite economic recovery
PARIS (AP) _ Despite signs of an economic revival gathering pace around the globe, the millions of people laid off during the worst recession in 70 years are unlikely to see relief any time soon as joblessness is still climbing in many of the world's largest economies. Unemployment data typically lags other indicators of economic health as companies hold off adding staff in the early stages of a rebound. The upturns recorded recently in the United States, France, Germany and elsewhere have been largely driven by temporary factors such as industry restocking following spending freezes, as well as the billions spent on stimulus programs.
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.
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.
|
|
|
|
|
|
|
