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Stocks rally as jobs data spurs optimism
(Reuters)
Reuters - Wall Street closed a stellar week on Friday after recent economic data, including a stronger-than-expected labor market report, bolstered optimism that the economy would not fall back into recession.
Taxpayers likely to face initial loss on GM IPO: sources
(Reuters)
Reuters - The U.S. government is likely to take a loss on General Motors Co in the first offering of the automaker's stock, six people familiar with preparations for the landmark IPO said.
Payrolls data offer ray of hope for recovery
(Reuters)
Reuters - U.S. employment fell for a third straight month in August, but the drop was far less than expected and private hiring was a positive surprise, relieving concerns about a stalling economic recovery.
China tells state companies to explore Potash bid
(Reuters)
Reuters - Chinese officials have ordered state companies to meet investment bankers to explore ways to block BHP Billiton's $39 billion bid for Potash Corp, a source with direct knowledge of the matter said.
Obama to address new economic ideas next Wednesday
(Reuters)
Reuters - President Barack Obama said on Friday he would outline new measures next week to boost the U.S. economy, but analysts were skeptical he would be able to deliver a big enough package to lift growth significantly.
Ex-hedge fund manager charged with insider trading
(Reuters)
Reuters - A former hedge fund manager has been accused by a U.S. regulator of illegal insider trading in MedImmune Inc securities prior to the acquisition of the pharmaceutical company by Britain's AstraZeneca Plc.
Broke youth anti-crime groups want federal cash
(AP)
AP - A $1.6 billion congressional bailout of sorts could help financially flailing groups that fight to keep young people out of trouble, yet lawmakers are reluctant to take up the expensive proposal amid a sour economy and other, more pressing issues.
Campbell reports Q4 profit rise on better margins
(AP)
AP - Summer is rarely a hot sales season for Campbell Soup Co., and this year's sweltering June and July made that even more true, but the company said Friday that cost-cutting and strong drink sales helped its net income climb.
Experts see trouble ahead for developed world
(AP)
AP - Is the global economy out of the woods? Two years after near-meltdown, with the U.S. looking sluggish, equity markets groggy and Europeans fighting a debt crisis, experts gathered in Italy offered a generally gloomy outlook — especially for the United States and much of the industrialized world.
Petrobras sells 64 bln dlrs of stock to fund oil exploration
(AFP)
AFP - Brazil's Petrobras unveiled one of the world's biggest share offerings Friday, a sale of up to 64 billion dollars in new stock to finance oil exploration aimed at turning Brazil into a leading oil exporter of the 21st century.
Spending cuts before 2011 could hurt recovery: IMF, ILO
(AFP)
AFP - The IMF and the UN labour agency are urging advanced economies not to cut government spending before 2011, warning that a move to tighten fiscal policies could hurt the global recovery.
Walgreen August same-store sales rise 2.1 percent
(AP)
AP - Walgreen Co. reported same-store-sales rose 2.1 percent for August on Friday, just shy of Wall Street estimates.
MGIC added $1.2B in mortgage coverage in August
(AP)
AP - Private mortgage insurer Mortgage Guaranty Insurance Corp. said Friday it added $1.2 billion in new primary insurance coverage in August and the number of delinquent loans it insures declined.
What now for Gulf? Fire complicates drill debate
(AP)
AP - What now for the Gulf? News of another oil rig fire in the Gulf of Mexico, so soon after the BP oil spill, has set off a wave of anxiety along the Gulf Coast and prompted calls for the government to extend its six-month ban on deepwater drilling.
Stranded actor Paul Hogan in Australia tax deal
(Reuters)
Reuters - Actor Paul Hogan, star of the "Crocodile Dundee" movies, has struck a deal with Australia's tax office which will allow him to return home to his family in Los Angeles, his lawyer said on Friday.
Court reinstates markup law for Wisconsin gasoline
(AP)
AP - A federal appeals court on Friday reinstated Wisconsin's 71-year-old minimum markup law on gasoline, a decision that could save some jobs but increase the cost of gas.
Crafting a Career in Eco-Chic Jewelry
(BusinessWeek)
BusinessWeek - Goldman Sachs may not have a lot of friends in the White House these days, but one of its former employees has made a good impression. After three years as an analyst in Goldman's fixed-income, currencies, and commodities division, Monique Pean began her own jewelry line that can now be found in Barneys, Jeffrey New York, and around the neck of Michelle Obama.