U.S. jobless rate hits 26-year high of 9.8 percent
U.S. employers unexpectedly cut more jobs in September than in August, underscoring the fragility of the economy's recovery from its worst recession in 70 years as businesses remain cautious about the future. Read Full Article here.
CIT debt swap could cost U.S. more than $1.8 billion
If CIT Group exchanges its debt under an offer aimed at averting a bankruptcy filing, the U.S. government could lose nearly 80 percent of its $2.33 billion investment in the troubled commercial lender. Read Full Article here.
IMF, World Bank warn global cooperation could falter
The International Monetary Fund and the World Bank warned on Friday that the global economic recovery might falter as complacent policymakers lost their will to cooperate. Read Full Article here.
Greenspan says Fed balance sheet an inflation risk
Former Federal Reserve Chairman Alan Greenspan said on Friday that the Fed risks igniting a burst of inflation if it does not withdraw its extensive support for the economy at the right moment. Read Full Article here.
Lawmakers urge delay in Internet gambling rules
U.S. House Financial Services Committee Chairman Barney Frank and other lawmakers on Friday urged regulators to delay the December 1 implementation of financial rules to enforce a ban on Internet gambling. Read Full Article here.
Bank of America names team to oversee CEO search
Bank of America Corp has appointed a six-member group of directors to oversee the search for Kenneth Lewis' replacement. Read Full Article here.
FINRA head urges BofA to be open on CEO search
The head of the main U.S. securities industry regulator said on Friday the board of Bank of America Corp should make public its intentions as it searches for a new chief executive. Read Full Article here.
Amazon settles Kindle lawsuit over 1984 copy
Amazon.com Inc has settled for $150,000 a lawsuit brought by a high school student and another consumer who claimed the online retailer illegally deleted from their Kindle devices digital copies of George Orwell's 1984. Read Full Article here.
GM cleared by EU to buy parts of Delphi
U.S. auto maker General Motors received approval from European Union antitrust regulators on Friday to acquire parts of bankrupt U.S. car parts company Delphi. Read Full Article here.