US-BUSINESS Summary
Stocks flat as broker upgrades offset jobs data
NEW YORK - U.S. stocks were little changed in choppy trading on Friday as brokerage upgrades offset data showing the unemployment rate soared to 10.2 percent last month, its highest in more than 26 years. General Electric Co <GE.N>, which jumped 5.5 percent to $15.24 after a brokerage upgrade, and helped lead the industrial sector higher. The S&P industrials <.GSPI> gained 0.9 percent.
U.S. jobless rate hits 10.2 percent
WASHINGTON - The U.S. jobless rate unexpectedly jumped to a 26-1/2-year high of 10.2 percent last month, adding to pressure on the Obama administration to do more to tackle unemployment even as signs of recovery mount. The Labor Department said on Friday that employers cut 190,000 jobs in October, more than the 175,000 markets had expected but fewer than the 219,000 lost in September.
AIG posts second straight profit
NEW YORK - AIG, the giant insurer bailed out by the U.S. government, posted its second straight quarterly profit on Friday, helped by recovery in the value of its investments. American International Group Inc <AIG.N> shares, which rallied on Thursday ahead of the earnings report, fell sharply in premarket trading, despite results that topped Wall Street expectations. AIG's main insurance business remained weak.
Blackstone posts profit; sees more deals ahead
NEW YORK - Private equity firm Blackstone Group LP <BX.N> posted a forecast-beating quarterly profit and said it is gearing up for more deals and IPOs as the lending and equity markets recover. The company, which has immense real estate and private equity assets, has stepped up deal activity in the past few months, including buying Anheuser-Busch InBev's <ABI.BR> U.S. theme parks for up to $2.7 billion. It is also considering initial public offerings for a number of its companies.
GM Europe chief Forster to leave company: sources
FRANKFURT - The head of General Motors' <GM.UL> European business, Carl-Peter Forster, is leaving the company following the surprise decision by GM's board to block the sale of Opel, two sources close to the situation told Reuters. "Forster told a small group of people today that he is leaving," one of the sources said.
BofA CEO search to drag until Thanksgiving: report
CHARLOTTE, North Carolina - Bank of America Corp's <BAC.N> CEO search could last until Thanksgiving, the New York Post reported on Friday. The paper, citing sources familiar with the matter, said the Charlotte, North Carolina-based bank is struggling to find an outside candidate, and the process is creating factions among the directors.
IMF warns G20 off cutting economic support too fast
ST ANDREWS - The International Monetary Fund warned global financial leaders on Friday not to repeat the mistakes of the Great Depression and choke off emergency support for their economies too quickly. In a document prepared for a meeting of Group of 20 finance ministers and central bankers in Scotland and seen by Reuters, the IMF stressed the fragility of global recovery, saying it was largely dependent on government and central bank support.
Kraft in waiting game as Cadbury deadline nears
LONDON , sources familiar with the matter have said, before sweetening its bid later.
Calpers knew in 2003 about forex trading hits: report
- California Public Employees' Retirement System, knew it was paying uncompetitive rates on foreign-exchange trades as early as 2003, the Wall Street Journal said, citing a consultant who advised the largest U.S. public pension fund. Last month, California's attorney general sued State Street Corp <STT.N>, contending that State Street Bank and Trust overcharged Calpers and the California State Teachers' Retirement System for the costs of executing foreign currency trades since 2001.
BA hints worst over for business travel, shares up
LONDON this year. Shares in the company jumped as much as 8 percent, making it the biggest gainer on the FTSE 100 index <.FTSE>, as the company also said revenue from business travelers was back at pre-credit crunch levels by one industry measure.