New jobless claims fall unexpectedly to 457K
WASHINGTON (AP) — The tally of newly laid-off workers seeking unemployment benefits fell unexpectedly for the fifth straight week, a hopeful sign that the job market is slowly improving. Still, claims remain above the levels that most analysts say would be consistent with an economy that is adding jobs. The unemployment rate is at 10.2 percent and expected to keep climbing into next year.
Comcast to buy controlling stake in NBC Universal
PHILADELPHIA (AP) — Comcast Corp. announced Thursday it plans to buy a majority stake in NBC Universal for $13.75 billion, giving the nation's largest cable TV operator control of the Peacock network, an array of cable channels and a major movie studio. Although the deal could mean that movies could reach cable more quickly after showing in theaters, and that TV shows could appear faster on cell phones and other devices, it was already raising concerns that Comcast would wield too much power over entertainment.
Early retail reports suggest sluggish November
NEW YORK (AP) — Many merchants suffered through November as a modestly positive start to the holiday shopping season wasn't strong enough to offset weak spending the rest of the month. Sales for many that are even weaker than last November, which was marked by a consumer spending clampdown spurred by the financial meltdown, are an ominous sign for an economy in the early stages of a fragile recovery.
Productivity up at 8.1 percent rate in 3Q
WASHINGTON (AP) — Productivity surged in the third quarter by the largest amount in six years while labor costs fell. While that indicates inflation is remaining under control, it also signals that workers' wages are getting squeezed, raising doubts about the durability of the economic recovery. The Commerce Department said Thursday productivity was rising at an annual rate of 8.1 percent in July-September period, the biggest jump since 2003, while unit labor costs were falling at a 2.5 percent rate.
Stock futures rising on BofA news, jobs report
Wall Street is looking at a stronger open as the government reported new jobless benefit claims fell unexpectedly for the fifth straight week. Total laid-off workers seeking unemployment benefits fell by 5,000 to a seasonally adjusted 457,000. It's a hopeful sign that the job market is slowly improving.
Lifting of pay restraints to ease BofA CEO search
NEW YORK (AP) — Bank of America Corp. has been having a tough time finding a new CEO willing to accept the restrictions that came as a condition of bailout funds. But recruitment is sure to be easier now that the bank plans to pay back its $45 billion in aid in just a few days to free itself from government oversight and pay restraints. The bank said in a statement Wednesday it will use available cash and raise $18.8 billion in capital to repay the money, which it received during the height of the credit crisis last year and after its purchase of Merrill Lynch & Co. earlier this year.
Toll Bros. loses $111 million in Q4, but sees hope
HORSHAM, Pa., (AP) — Toll Brothers Inc. lost $111.4 million in the fiscal fourth quarter, but the luxury homebuilder is seeing signs of a turnaround in the housing market. The company's loss of 68 cents a share was largely due to continued write downs on the value of its land holdings and staff reductions. Excluding those charges, the builder almost broke even. In the year-ago quarter, which included a larger amount of write downs, Toll lost $78.8 million, or 49 cents a share.
American, partners offer $1.1B to Japan Airlines
TOKYO (AP) — American Airlines upped the ante in the tug-of-war over Japan Airlines, vowing Thursday to lead a $1.1 billion investment in the struggling carrier to prevent it from falling into the orbit of rival Delta. American's chief financial officer, Tom Horton, told reporters that the offer is "far superior" to the $1 billion rival proposal from Delta Air Lines and its SkyTeam partners.
Up for second term, Fed chief heads to Congress
WASHINGTON (AP) — He angered Congress and the public for bailing out Wall Street. He failed to detect early signs of the housing collapse. And now, he may be helping feed another speculative bubble. Yet Ben Bernanke is all but certain to win Senate approval for another term as chairman of the Federal Reserve.
Oil rises above $77 despite weak US demand signs
Oil prices rose above $77 a barrel Thursday as the effects of a weak dollar offset the news that U.S. crude and gasoline supplies have jumped, suggesting demand remains sluggish. By early afternoon in Europe, benchmark crude for January delivery was up 48 cents to $77.08 in electronic trading on the New York Mercantile Exchange.
