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AP Business NewsBrief at 9:35 a.m. EST
(AP Online Via Acquire Media NewsEdge) Employers cut 533K jobs in Nov., most in 34 yearsWASHINGTON (AP) _ Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession. The new figures, released by the Labor Department Friday, showed the crucial employment market deteriorating at an alarmingly rapid clip, and handed Americans some more grim news right before the holidays.
Merrill Lynch shareholders approve sale to BofACHARLOTTE, N.C. (AP) _ Merrill Lynch & Co. shareholders on Friday approved the investment bank's sale to Bank of America Corp., in a move that will create the nation's largest financial-services firm. During a special shareholders meeting at company headquarters in New York, Merrill shareholders approved the sale of the company to the Charlotte, N.C.-based bank. Bank of America shareholders are set to vote on the acquisition at 11 a.m. EST.
Stock futures extend decline after jobs reportNEW YORK (AP) _ News of a rapidly weakening job market put Wall Street on track for a sharply lower open Friday. The Labor Department's report that employers slashed 533,000 jobs in November had investors worrying about a long and deep recession. The job loss took investors by surprise, coming in much higher than the 320,000 economists had expected. Meanwhile, the unemployment rate soared to a 15-year high of 6.7 percent from 6.5 percent in October.
Auto bailout could be tied to gov't-run overhaulWASHINGTON (AP) _ The government would order a major restructuring of Detroit's struggling Big Three auto companies in exchange for a multibillion-dollar bailout under a plan circulating in Congress. Skeptical lawmakers are weighing whether to dole out as much as $34 billion in aid to the automakers as the once-mighty companies make their second round of pleas for government help to keep them from collapsing by year's end and potentially deepening the nation's already painful recession.
GM to lay off 2,000 more workers at 3 factoriesDETROIT (AP) _ General Motors Corp. says it will lay off about 2,000 more factory workers early next year as the U.S. auto sales slump continues to wreak havoc on domestic automakers. Spokesman Chris Lee says the company will cut shifts at car factories in Lordstown, Ohio; Orion Township, Mich.; and Oshawa, Ontario, in February due to slowing demand for their products.
AP IMPACT: Some bailout holdings down $9 billionStock intended to eventually earn taxpayers a profit as part of the Bush administration's massive bank bailout has lost a third of its value _ about $9 billion _ in barely one month, according to an Associated Press analysis. Shares in virtually every bank that received federal money have remained below the prices the government negotiated. Most of the Treasury Department's investments since late October have been in preferred bank stocks, more than $180 billion worth, with investments in giants like Citigroup and JPMorgan Chase, and many small community banks. But the government also negotiated options to buy up to 1.2 billion shares of common bank stock that was valued at $27 billion.
Oil plummets on dire US jobs figuresVIENNA, Austria (AP) _ Oil prices plummeted Friday as the already battered market reacted to unexpectedly high U.S. unemployment figures _ the latest dramatic evidence of recession in the world's largest market for crude. With cold weather settling in parts of the U.S. and the rest of the Northern hemisphere, this time of year is normally bullish for the market. But the weak US jobs report added to the gloom spread by other dire economic data to counteract the usual trend for increased winter demand.
FDA: Risks of new asthma drugs varyWASHINGTON (AP) _ The Food and Drug Administration says Advair, a widely used asthma drug, does not appear to have an increased risk of serious complications seen with some newer medicines. The agency analyzed reams of clinical data on four drugs: Advair, Foradil, Serevent, and Symbicort. All carry strong warnings already, but the findings could lead to more specific instructions for patients.
Brown-Forman reports 11 pct rise in 2Q earningsLOUISVILLE, Ky. (AP) _ Brown-Forman Corp. said Friday its second-quarter profit rose 11 percent on gains by its Jack Daniel's Tennessee Whiskey and Finlandia vodka brands. The liquor company also raised its full-year earnings projection due to a predicted net gain from the expected sale of its Bolla and Fontana Candida wine brands.
US, China pledge to jointly tackle global crisisBEIJING (AP) _ The United States and China pledged Friday to work together to tackle global financial turmoil as they wrapped up economic talks but left open whether the high-level dialogue will continue under President-elect Barack Obama. Ending the fifth meeting of the two-year-old Strategic Economic Dialogue, the two sides promised $20 billion to finance imports by developing countries and cooperation on regulating financial risks. Beijing said it would let local subsidiaries of foreign banks trade stocks in its market and Washington promised to speed up licensing of Chinese banks.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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