US-BUSINESS Summary
GE lifts Wall St despite rising unemployment
NEW YORK - U.S. stocks rose on Friday as investors took heart after the government said monthly payroll losses slowed, even as unemployment rose above 10 percent. General Electric Co <GE.N> shares jumped more than 5 percent after a brokerage upgrade, and helped lead the industrial sector higher. The S&P industrials <.GSPI> gained 1.1 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 quarterly profit, topping expectations and reversing a year-earlier loss, and said it expects to do more deals following an improvement in the lending markets. The company, which has immense real estate and private equity assets, has increased its 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.
G20 to stay the course on economic stimulus
ST ANDREWS, Scotland - The Group of 20 leading nations will agree this weekend it is too early to pull the plug on emergency support for the global economy and launch a new system of checks to help rebalance world growth and prevent future crises. British finance minister Alistair Darling is hosting the third meeting of G20 finance ministers and central bankers this year in St Andrews, Scotland from later on Friday, aiming to put flesh on the bones of agreements made at a leaders' summit in Pittsburgh in September.
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.
RBS's Q3 loss halves but more bad debts to come
LONDON in the third quarter as impairments fell, but less favorable trading battered investment banking profits. Part-nationalized RBS said impairment losses totaled 3.3 billion pounds, down 30 percent from 4.7 billion in the second quarter and were showing signs of leveling off.