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Business News

Weekly jobless claims surge to 16-year high (Reuters)

A man registers to begin his search for a job at the Verdugo Jobs Center in Glendale, California, November 7, 2008. (Fred Prouser/Reuters)Reuters - The number of U.S. workers filing new claims for jobless benefits surged last week to their highest level in 16 years, Labor Department data showed on Thursday, as a harsh economic environment forces employers to cut back on hiring.


Alwaleed to boost Citigroup stake to 5 percent (Reuters)

Pedestrians walk past a Citibank branch in Singapore November 18, 2008. (Vivek Prakash/Reuters)Reuters - Citigroup Inc won a vote of confidence from Saudi Prince Alwaleed bin Talal, its largest individual investor, who said on Thursday he plans to boost his stake in the U.S. banking giant to 5 percent from less than 4 percent.


Stocks open lower on autos and jobless data (Reuters)

A share trader reacts while checking share prices in front of the German share price index DAX board at the German stock exchange in Frankfurt, November 20, 2008. (Kai Pfaffenbach/Reuters)Reuters - Stocks opened lower on Thursday as investors worried that failure by automakers to get a government bailout would add to the economy's woes, worries


Oil dives below $50 as investor confidence sinks (Reuters)

A man waits to be served at a petrol station in Dhaka October 27, 2008. (Andrew Biraj/Reuters)Reuters - Oil plunged below $50 a barrel on Thursday, deepening losses over the previous four sessions as battered financial markets reflected ever lower confidence in the world economy and evidence mounted of falling fuel demand.


GM shares drop as bailout hopes dim (Reuters)

U.S. flags flutter in the wind in front of the General Motors Corp headquarters in Detroit, Michigan November 7, 2008. (Rebecca Cook/Reuters)Reuters - Shares of General Motors Corp fell more than 8 percent to hit a new 66-year low on Thursday as the prospects dimmed that lawmakers would reach a compromise on a proposed $25 billion bailout for U.S. automakers before Congress adjourns this week.