Business Highlights
Associated Press
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.![ext]()
Updated 3:29 p.m., Friday, November 9, 2012
WASHINGTON (AP) — President Barack Obama, laying down his marker for grueling "fiscal cliff" negotiations, said Friday that he won't accept any approach to federal deficit reduction that doesn't ask the wealthy to pay more in taxes. The stock market finished one of the worst weeks of the year Friday, pushing Washington to work out a deal to avoid the tax increases and government spending cuts set to take effect Jan. 1. The bad news keeps getting worse for the struggling department-store chain that on Friday reported a wider third-quarter loss than Wall Street expected on a nearly 27-percent drop in revenue. The poor results underscore the challenges facing Penney CEO Ron Johnson, the former Apple Inc. executive who was brought in a year ago to turn around the struggling retailer. [...] Johnson, who masterminded Apple's popular retail stores, has been working to change everything at Penney's, from its stores to its merchandise. LONDON (AP) — International Airlines Group warned on Friday that its Spanish carrier Iberia was "in a fight for survival" and unveiled a restructuring plan to cut 4,500 jobs as it reported a drop in third-quarter profit. IAG, which was formed in early 2011 by the merger of British Airways and Iberia, has given the Spanish unions a Jan. 31 deadline to reach agreement on job cuts. DETROIT (AP) — Chrysler is recalling more than 919,000 older-model Jeep Grand Cherokee and Liberty SUVs worldwide because the air bags can inflate while people are driving the vehicles. The safety agency said that a part can fail in the air bag control computer, and the front and side air bags can inflate while the SUVs are being driven. BEIJING (AP) — China's auto sales, consumer spending and factory output improved in October in a new sign of economic recovery as the Communist Party prepared to install a new generation of leaders. [...] in October, inflation eased further, giving Beijing more room to cut interest rates or launch new stimulus measures to speed a recovery with less danger of igniting politically dangerous price rises. Dutch bank ING Groep NV will hold an initial public offering of stock to spin off its U.S.-based retirement, investment and insurance business, the company said Friday. Reported by SeattlePI.com 1 hour ago.
Associated Press
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Updated 3:29 p.m., Friday, November 9, 2012
WASHINGTON (AP) — President Barack Obama, laying down his marker for grueling "fiscal cliff" negotiations, said Friday that he won't accept any approach to federal deficit reduction that doesn't ask the wealthy to pay more in taxes. The stock market finished one of the worst weeks of the year Friday, pushing Washington to work out a deal to avoid the tax increases and government spending cuts set to take effect Jan. 1. The bad news keeps getting worse for the struggling department-store chain that on Friday reported a wider third-quarter loss than Wall Street expected on a nearly 27-percent drop in revenue. The poor results underscore the challenges facing Penney CEO Ron Johnson, the former Apple Inc. executive who was brought in a year ago to turn around the struggling retailer. [...] Johnson, who masterminded Apple's popular retail stores, has been working to change everything at Penney's, from its stores to its merchandise. LONDON (AP) — International Airlines Group warned on Friday that its Spanish carrier Iberia was "in a fight for survival" and unveiled a restructuring plan to cut 4,500 jobs as it reported a drop in third-quarter profit. IAG, which was formed in early 2011 by the merger of British Airways and Iberia, has given the Spanish unions a Jan. 31 deadline to reach agreement on job cuts. DETROIT (AP) — Chrysler is recalling more than 919,000 older-model Jeep Grand Cherokee and Liberty SUVs worldwide because the air bags can inflate while people are driving the vehicles. The safety agency said that a part can fail in the air bag control computer, and the front and side air bags can inflate while the SUVs are being driven. BEIJING (AP) — China's auto sales, consumer spending and factory output improved in October in a new sign of economic recovery as the Communist Party prepared to install a new generation of leaders. [...] in October, inflation eased further, giving Beijing more room to cut interest rates or launch new stimulus measures to speed a recovery with less danger of igniting politically dangerous price rises. Dutch bank ING Groep NV will hold an initial public offering of stock to spin off its U.S.-based retirement, investment and insurance business, the company said Friday. Reported by SeattlePI.com 1 hour ago.