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

20 Nov 2008 at 8:51am

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 rose by a larger than expected 27,000 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)

20 Nov 2008 at 8:47am

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.


Stock futures extend losses on jobless claims
(Reuters)

20 Nov 2008 at 8:45am

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 - Stock index futures extended losses on Thursday after data showed the number of U.S. workers filing new claims for jobless benefits surged to a 16-year high last week, underscoring worries about the bleak economic outlook.


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

20 Nov 2008 at 8:39am

A man waits to be served at a petrol station in Dhaka October 27, 2008. (Andrew Biraj/Reuters)Reuters - Oil fell toward $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.


GMAC applies for bank status
(Reuters)

20 Nov 2008 at 8:07am

A GMAC sign outside a house for sale in a 2007 photo. The money-losing finance company GMAC said on Thursday it has filed to become a bank holding company, joining the growing list of lenders making such a move in a bid to secure U.S. Treasury funds. (Rebecca Cook/Reuters)Reuters - The money-losing finance company GMAC said on Thursday it has filed to become a bank holding company, joining the growing list of lenders making such a move in a bid to secure U.S. Treasury funds.


SKorean stocks fall sharply after Wall Street drop
(AP)

20 Nov 2008 at 5:33am

An employee of the Korea Stock Exchange reacts in front of a screen showing the falling Korean benchmark stock index in Seoul, South Korea, Thursday, Nov. 20, 2008. The Korea Composite Stock Price Index declined 68.13 points, or 6.7 percent, to 948.69, it's lowest close since Oct. 27.(AP Photo/Ahn Young-joon)AP - South Korean stocks fell for an eighth straight session Thursday, and the won dropped against the U.S. dollar to levels not seen in more than a decade, as a sell-off on Wall Street and worries about the world economy shook investors.


The Bank Terrorist
(Investor’s Business Daily)

19 Nov 2008 at 6:55pm
Investor’s Business Daily - Housing: For years, a self-described “bank terrorist” blackmailed banks into making bad home loans in our inner cities. Now those loans are defaulting by the millions, and he’s blaming banks.

Children’s Place profit up
(Reuters)

20 Nov 2008 at 8:20am
Reuters - Children’s Place Retail Stores Inc’s quarterly profit almost doubled, driven by higher sales and improved gross margins, but the apparel retailer said it expects a challenging holiday season.