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AP Business NewsBrief at 8:36 a.m. EST
(AP Online Via Acquire Media NewsEdge) Retailers see sales drop in dreary NovemberNEW YORK (AP) _ A shopping boost on the day after Thanksgiving as consumers turned their thoughts to the holiday season couldn't save a weak November for most retailers, fueling more concerns about a bleak December and beyond amid what could be a deep and long recession. As merchants reported their November sales figures Thursday, disappointments cut across all sectors as shoppers worried about layoffs and shrinking retirement funds focus on necessities.
New jobless claims drop unexpectedlyWASHINGTON (AP) _ The number of new claims for jobless benefits fell unexpectedly last week, but the number of people continuing to claim benefits reached a 26-year high. The Labor Department says initial claims for unemployment insurance dropped to a seasonally adjusted 509,000, from an upwardly revised figure of 530,000 for the previous week.
AT&T to cut 12,000 jobsNEW YORK (AP) _ AT&T Inc. joined the recession's parade of layoffs Thursday by announcing plans to cut 12,000 jobs, about 4 percent of its work force. The Dallas-based telecommunications company _ the nation's largest _ said the job cuts will take place in December and throughout 2009.
Capital One buying Chevy Chase Bank for $520MMCLEAN, Va. (AP) _ Capital One Financial says it will buy Chevy Chase Bank for about $520 million in cash and stock. Capital One will buy the regional bank using $445 million in cash and 2.56 million Capital One shares valued at $75 million, or about $29.30 per share.
ECB cuts rates, following BoE, Swedish RiksbankBRUSSELS, Belgium (AP) _ Europe's central banks moved headfirst to confront the recession brought on by the financial meltdown, slashing their interest rates Thursday as fears about the health of the continent's economies grew. In Brussels, the European Central Bank, meeting away from Frankfurt as it does twice a year, lowered its rate to 2.5 percent from 3.25 percent, putting it at levels last seen in March 2006. The cut was the most aggressive in its 10-year history as central bank to the 15 euro zone countries, a bloc of some 320 million people that accounts for more than 15 percent of the world's gross domestic product.
Wall Street points to lower openNEW YORK (AP) _ Wall Street headed toward a lower open Thursday as investors began sifting through retail sales reports that pointed to another pullback in consumer spending. The first November sales reports showed deep declines. Costco Wholesale Corp., usually a strong performer, said it had a drop in same-store sales twice as large as analysts forecast. Other retailers that saw declines in same-store sales were Bon-Ton Stores Inc., Limited Brands Inc. and Pacific Sunwear of California Inc.
DuPont to cut 2,500 jobs, trim 4,000 contractorsWILMINGTON, Del. (AP) _ DuPont says it will cut 2,500 jobs, mostly serving the U.S. and European automotive and construction markets, due to lower demand linked to the steep global decline in homebuilding, auto sales and consumer spending. The Wilmington, Del.-based chemicals maker also says it will trim 4,000 contractors by the end of this year, with additional contractor reductions expected in 2009.
Toll Brothers 4Q loss narrows, no 2009 forecastHORSHAM, Pa. (AP) _ Toll Brothers Inc. said Thursday its fiscal fourth-quarter loss narrowed slightly as it took fewer write-downs on land values, but warned that fiscal 2009 revenue will fall significantly below 2008 levels. The luxury home builder said the economic environment is too uncertain to be able to further forecast fiscal 2009 results.
Oil hits near 4-year low below $46 on weak economyVIENNA, Austria (AP) _ Oil prices sank Thursday to lows last seen nearly four years ago as more bleak news from the world's largest economy raised fears crude could tumble below $40 by the end of the year. After sinking more than $1 earlier in the day to approach levels traded at in February 2005, light sweet crude was trading at $46.10, down 69 cents in electronic trading on the New York Mercantile Exchange by noon in Europe. The contract fell 17 cents overnight to settle at $46.79.
Automakers back to try to sell Congress on rescueWASHINGTON (AP) _ U.S. automakers are returning to Congress for high-stakes hearings they hope will persuade skeptical lawmakers to save their troubled industry with $34 billion in emergency aid, but a top Senate Democrat wants to hand their problem to the Federal Reserve. Two weeks after a botched attempt on Capitol Hill, repentant leaders of General Motors Corp., Ford Motor Co. and Chrysler LLC were appealing to the Senate Banking Committee on Thursday with three separate survival plans that include massive restructuring, the ditching of corporate jets and vows by CEOs to work for $1 a year.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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