| U.S. jobs growth quickens, giving Obama some relief Posted: 02 Nov 2012 09:08 AM PDT  WASHINGTON (Reuters) - U.S. employers stepped up hiring in October and the jobless rate ticked higher as more workers restarted job hunts, a hopeful sign for a lackluster economy that has been a drag on President Barack Obama's re-election chances. Employers added 171,000 people to their payrolls last month, the Labor Department said on Friday. The government also said 84,000 more jobs were created in August and September than previously estimated. The jobless rate edged up a tenth of a point to 7.9 percent, but that was due to workers surging back into the labor force. ...
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| Wall Street ticks lower despite strong payrolls Posted: 02 Nov 2012 08:43 AM PDT  NEW YORK (Reuters) - Stocks edged lower on Friday, erasing earlier gains spurred by a stronger-than-expected payroll report, as they were pressured by weakness in energy and materials shares. Employers added 171,000 people to their payrolls last month, the Labor Department said on Friday. The number outpaced forecasts, and the government also said 84,000 more jobs were created in August and September than initially estimated. Still, sustained job gains of this magnitude would only bring the unemployment rate down slowly. ...
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| Factory orders rise but still point to weak investment Posted: 02 Nov 2012 07:04 AM PDT  WASHINGTON (Reuters) - Demand for U.S. factory goods rose in September by the most in over a year, although a gauge of business investment plans pointed to lackluster momentum in the economic recovery despite a slight upward revision. New orders for manufactured goods climbed 4.8 percent, the Commerce Department said on Friday. That was just higher than analysts' expectations and the biggest gain since March 2011. The increase was driven by a sharp gain in volatile aircraft orders that was telegraphed in last week's report on orders for long-lasting manufactured goods. ...
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| Chevron profit drops on lower oil output, maintenance Posted: 02 Nov 2012 07:03 AM PDT  (Reuters) - Chevron Corp posted much lower-than-expected quarterly earnings on Friday as maintenance exacerbated a steady decline in oil and natural gas production and as a huge fire at one of the company's California plants hit the refining business. Shares of the second-largest U.S. oil company fell more than 1 percent in early trading. Increasing output has been a struggle for many big oil companies, including Exxon Mobil Corp and Royal Dutch Shell Plc. ...
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| Hyundai, Kia overstated mileage on over 1 million cars Posted: 02 Nov 2012 08:43 AM PDT  (Reuters) - Hyundai Motor Co and its affiliate Kia Motors Corp overstated the gasoline mileage for more than 1 million 2011-2013 model year cars in the United States and Canada, and will offer debit cards to customers to make up the difference. The companies did not disclose how much the program would cost other than to say it would be "certainly millions" of dollars, according to John Krafcik, president and chief executive of Hyundai Motor America. The South Korean automakers have submitted a plan to the U.S. ...
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| Chesapeake says debt-paring target may be pushed into 2013 Posted: 02 Nov 2012 08:04 AM PDT  (Reuters) - Chesapeake Energy Corp's target to pare its debt to $9.5 billion or less by the end of the year may be pushed into 2013, along with some planned deal closings, the company's chief financial officer told analysts Friday. Shares of Chesapeake slumped 6 percent to $18.85 in morning trading on the New York Stock Exchange. "We remain absolutely committed to reducing our net long term debt to no more than $9. ...
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| GM's Opel to hire former VW manager as CEO: sources Posted: 02 Nov 2012 06:37 AM PDT  BERLIN/HAMBURG (Reuters) - General Motors' Opel division may appoint former Volkswagen manager Karl-Thomas Neumann as chief executive next year, company sources said, as the U.S. car maker aims to revamp its loss-making European business. Neumann, previously head of VW's China operations, may sign a contract with Opel in 2013, two sources at VW group said on Friday on condition they not be identified because the matter is still private. ...
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| Delta says key revenue measure up in October, but storm hurt Posted: 02 Nov 2012 07:12 AM PDT  (Reuters) - Delta Air Lines said on Friday that a key revenue measure improved in October, helped by corporate travel and cancellations in the wake of superstorm Sandy. The airline, which canceled more than 3,500 flights last month because of the storm, said Sandy had hurt October revenue by $45 million and likely shaved about $20 million from the carrier's October profit. It estimated that the storm's effect on November revenue and profit would be less than October. Unit revenue, a measure of pricing power and how full planes are, rose 5.5 percent in October from a year earlier. ...
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| Too soon to estimate insured losses from Sandy: RMS Posted: 02 Nov 2012 06:38 AM PDT  (Reuters) - The damage from the powerful storm Sandy is so widespread that it is too soon to estimate losses, a leading disaster assessment firm, RMS, said on Friday, in contrast to rivals projecting possible insured losses of $7 billion to $20 billion. Evidence was mounting that the storm that hit the northeastern United States on Monday, including the biggest city of New York, caused severe damage in some areas, Risk Management Solutions (RMS) said in a statement. ...
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| AIG to focus on managing debt rather than buybacks Posted: 02 Nov 2012 06:21 AM PDT  (Reuters) - American International Group Inc will focus on managing its debt coverage ratio rather than share buybacks now that the Federal Reserve has become the company's primary regulator, Chief Executive Bob Benmosche said on Friday. On a conference call with analysts, Benmosche said the Federal Reserve has begun to oversee AIG as its primary regulator, a function related to the small savings and loan that AIG owns. AIG is expected to be designated a systemically important financial institution by a federal panel, which would mean continued Fed oversight regardless of the bank unit. ...
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| US economy adds 171K jobs; rate rises to 7.9 pct. Posted: 02 Nov 2012 07:48 AM PDT  U.S. employers added 171,000 jobs in October, and hiring was stronger in August and September than first thought. The solid job growth showed that the economy is strengthening slowly but consistently.
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| US stocks are mixed following October jobs report Posted: 02 Nov 2012 07:16 AM PDT  U.S. stocks were mixed Friday after a better-than-expected report on the labor market in October suggested that the slow economic recovery remains on track.
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| Long lines, rising tempers seen at gas stations Posted: 02 Nov 2012 08:14 AM PDT  Motorists increasingly desperate for a fill-up fumed in long lines at gas stations and screamed at each other Friday as fuel shortages in Superstorm Sandy's wake spread across the metropolitan area.
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| Lower production, prices hurt Chevron 3Q profit Posted: 02 Nov 2012 08:21 AM PDT Chevron Corp. said Friday its third-quarter net income fell 33 percent as production declined and it sold oil and gas at lower prices. |
| US factory orders rise 4.8 percent in September Posted: 02 Nov 2012 09:02 AM PDT  U.S. companies boosted their orders for manufactured goods by the largest amount in 18 months in September, but companies remained cautious in ordering goods that signal plans to expand and modernize.
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| Restoration Hardware climbs in public debut Posted: 02 Nov 2012 07:20 AM PDT Shares of Restoration Hardware are up 29 percent in its public debut on the New York Stock Exchange. |
| EPA finds Hyundai, Kia overstated gas mileage Posted: 02 Nov 2012 06:25 AM PDT  Hyundai and Kia overstated the gas mileage on most of their models from the past three years in an embarrassing blunder that could bring sanctions from the U.S. government and millions of dollars in payments to car owners.
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| Judge orders Irish tycoon jailed for contempt Posted: 02 Nov 2012 08:50 AM PDT  Bankrupt tycoon Sean Quinn, once Ireland's richest man and a celebrated self-made billionaire, was sent to jail for nine weeks Friday after a judge found him guilty of stripping foreign assets from his crumbling business empire in violation of court orders.
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| Verizon says Sandy effects could be 'significant' Posted: 02 Nov 2012 06:20 AM PDT Verizon says the effects of Superstorm Sandy on its fourth-quarter earnings could be "significant." |
| Markets unmoved by upbeat US jobs news Posted: 02 Nov 2012 07:40 AM PDT Stronger than expected U.S. jobs figures in the run-up to next week's presidential election failed to boost financial markets on Friday. |
| World shares, crude oil dip despite stronger U.S. jobs Posted: 02 Nov 2012 09:03 AM PDT  NEW YORK (Reuters) - Global stocks and crude oil slipped on Friday even after a U.S. employment report for October surpassed expectations, as investors looked beyond next week's presidential election to the looming "fiscal cliff." The dollar climbed to a more-than-six-month peak against the yen and a three-week high versus the euro after U.S. employers stepped up hiring and the unemployment rate ticked higher as more workers renewed job hunts, a hopeful sign for the economy. But other data highlighted a mixed picture. Demand for U.S. ...
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| Stocks slip, erasing an early gain; insurers sink Posted: 02 Nov 2012 09:01 AM PDT Stocks are drifting lower on Wall Street in midday trading, giving up an early gain driven by a strong jobs report. |
| Mood of the Nation: Some optimism amid struggles Posted: 02 Nov 2012 09:00 AM PDT  On the eve of the 2012 elections, The Associated Press interviewed dozens of Americans to try to gauge the economic mood of the nation. People were asked about jobs, housing, gas prices, retirement and other issues.
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| Romania: 33 bankers and officials detained Posted: 02 Nov 2012 08:49 AM PDT Prosecutors on Friday detained 33 government officials and bankers on suspicion of money laundering and fraud that cost Romania €22 million ($28.5 million). |
| Canada job market stalls in October after hefty gains Posted: 02 Nov 2012 08:44 AM PDT  OTTAWA (Reuters) - Canadian job growth stalled in October after two months of strong hiring, Statistics Canada data showed on Friday, confirming expectations employment gains would ease to reflect sluggish economic growth. The economy added 1,800 jobs in the month, even lower than the small increase of 5,000 jobs forecast in a Reuters poll, while the unemployment rate held steady at 7.4 percent. Economists have argued that with the economy expanding at a rate of about 2 percent, employment growth of the magnitude seen in the previous two months was not sustainable. ...
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| Global manufacturing downturn eases on U.S. support - PMI Posted: 02 Nov 2012 08:40 AM PDT LONDON (Reuters) - The global manufacturing downturn eased last month as North American economies outperformed euro zone countries and much of Asia, a business survey showed on Friday. JPMorgan's Global Manufacturing PMI, produced with research and supply management organisations, rose to 49.2 in October from September's 48.8, holding below the 50-mark that divides growth from contraction for the fifth month. The survey showed that new orders fell again in October, pushing firms to cut their workforces for the third time in four months. ... |
| UK construction ekes out growth in October - Markit Posted: 02 Nov 2012 08:40 AM PDT  LONDON (Reuters) - The British construction sector eked out growth in October, but new work and employment shrank and firms remained cautious about future business, a survey showed on Friday. The Markit/CIPS Construction Purchasing Managers' Index (PMI) rose to 50.9 from 49.5 in September, just above the 50 line that separates growth from contraction. That is the highest reading since July and better than the forecast 49.1. ...
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| Economy Weighs Heavily on North Carolina Students' Minds Posted: 02 Nov 2012 08:39 AM PDT  CHARLOTTE, N.C. - Eight-four percent of young North Carolinians say that the poor economy puts key life decisions in jeopardy, according to a statewide survey of 500 North Carolina residents aged 18 to 29.
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| Valeant revenue jumps, acquisitions hit net profit Posted: 02 Nov 2012 08:36 AM PDT (Reuters) - Valeant Pharmaceuticals International Inc , Canada's biggest public drugmaker, reported a drop in quarterly net profit on Friday, hurt by costs associated with its long string of acquisitions, but revenue jumped almost 50 percent and adjusted earnings rose. Montreal-based Valeant, whose shares were little changed after the results, has been on the acquisition trail since its 2010 takeover by Biovail Corp, which assumed the Valeant name. One of its latest deals was the $2.6 billion purchase of Medicis Pharmaceuticals Corp , a top competitor in the U.S. ... |
| Bank of England gets long to-do list for overhaul Posted: 02 Nov 2012 08:35 AM PDT  LONDON (Reuters) - The Bank of England needs to overhaul its internal structures to address a patchy forecasting record and open up to a broader range of views on the economy, three independent reviews of the central bank's operations recommended on Friday. The Bank Governor Mervyn King and his deputies signalled qualified support for a number of the suggestions and pledged to evaluate the recommendations, and some of his former colleagues agreed there was work to be done. ...
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| TSX falls as commodity prices weigh on resources Posted: 02 Nov 2012 08:34 AM PDT  TORONTO (Reuters) - Canada's benchmark stock index dropped for the first time in seven days on Friday as data showing quicker U.S. jobs growth drove bullion prices lower, pressuring gold miners, while oil and gas companies tracked U.S. crude prices. Spot gold fell to an eight-week low, below $1,700, after the U.S. dollar jumped to a seven-week high on data that showed a higher-than-expected 171,000 jobs created in October versus a forecast of 125,000. Gold miners, which are a part of the materials group, lead the index lower with Goldcorp Inc off 3.19 percent to C$43.74. ...
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| Supervalu to lay off 700 at its Shaw's chain Posted: 02 Nov 2012 08:29 AM PDT Supervalu will cut about 700 grocery store jobs at a subsidiary in New England, two weeks after it posted a loss for the second quarter and said it was considering selling the company. |
| SNC Lavalin profit declines less than expected, shares up Posted: 02 Nov 2012 08:28 AM PDT  (Reuters) - Canadian construction and engineering company SNC Lavalin Group Inc , under investigations for alleged bribery, reported on Friday a narrower-than-expected 8 percent decline in third-quarter profit, and its shares rose more than 4 percent. One of the world's largest engineering operations, the company maintained its forecast for full-year earnings after cutting it last quarter. "We are quite encouraged and relieved," said Frederic Bastien, an analyst with Raymond James based in Vancouver. ...
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| S.Africa budget airline 1time files for liquidation Posted: 02 Nov 2012 08:27 AM PDT JOHANNESBURG (Reuters) - South African budget airline 1time Holdings said on Friday it had filed for liquidation and that trading of its shares had been halted. The company said in statement it "had no reasonable prospect" of being rescued. |
| Apple rolls out iPad mini to shorter lines Posted: 02 Nov 2012 08:21 AM PDT  SYDNEY/NEW YORK (Reuters) - The launch of Apple Inc's iPad mini attracted smaller crowds from Sydney to New York on Friday than have been typical for previous Apple product debuts, events marked by people lining up for hours or even days. A proliferation of comparable rival devices may have sapped some interest for the device, which is priced above rival gadgets from Google Inc and Amazon.com Inc. A few hundred people were in line at Apple's Fifth Avenue flagship store in New York at about 8 a.m. ...
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