US-BUSINESS Summary
Stocks rise after improved jobs, housing data
NEW YORK - U.S. stocks edged up on Wednesday after data pointed to stabilizing labor and housing markets, considered two big headwinds slowing down a recovery. Sales of newly built U.S. single-family homes rose to their highest level in a year in October. Also, consumer spending increased more than expected, while new claims for jobless benefits fell sharply, suggesting the recovery was gaining traction.
U.S. consumer spending rises, jobless claims tumble
WASHINGTON - U.S. consumer spending and housing sales rose more than expected in October while new claims for jobless benefits fell sharply last week, suggesting the economic recovery was gaining traction. An unexpected decline in orders for long-lasting U.S. manufactured goods, however, tempered some of the optimism and was a reminder that recovery from the most brutal recession in 70 years would be gradual.
U.S. new home sales rise sharply in October
WASHINGTON - Sales of newly built U.S. single-family homes in October rose more than expected to their highest level in a year, data showed on Wednesday, pointing to a stabilizing housing market after a three-year slump. The Commerce Department said sales jumped 6.2 percent to a 430,000 annual pace, the highest since September last year, from an upwardly revised 405,000 in September.
GM grapples with Saab, Opel futures
STOCKHOLM/WIESBADEN - General Motors <GM.UL> cast around for fresh options for Sweden's loss-making Saab on Wednesday after the collapse of its sale added another dimension to tortuous European restructuring plans. Earlier this month the U.S. automaker backtracked on months of talks to sell a majority stake in Opel to a consortium led by Canada's Magna International <MGa.TO>, opting to keep and revamp the business itself.
Tiffany adds shine to holiday view, shares rise
NEW YORK - Tiffany & Co <TIF.N>, which resisted the temptation to deeply discount its jewelry in the recession, posted earnings showing its upscale shoppers around the world are coming back to life. Tiffany's quarterly profit beat Wall Street expectations and the company raised its full-year forecast on Wednesday, saying early trends in November were encouraging ahead of the holiday shopping season. Its shares rose 4 percent.
Dubai seeks debt delay, to restructure conglomerate
DUBAI - Dubai will ask creditors of two of its flagship firms for a standstill on debt worth billions of dollars as a first step toward restructuring Dubai World, the conglomerate which spearheaded the emirate's breakneck growth. The government's announcement on Wednesday, which also said consultants Deloitte had been appointed to help with the restructuring, sent the cost of insuring Dubai's debt against default soaring and bond prices tumbling.
Deere posts loss, forecasts tough 2010
CHICAGO - Deere & Co <DE.N>, the world's largest maker of tractors and harvesters, reported a quarterly net loss on Wednesday on weak equipment sales and a series of one-time charges. The company also provided a disappointing first glimpse of 2010, saying it expected farmers in North America and Europe to remain cautious because of the unsettled economic situation.
Tribune lenders propose competing plan of reorganization
NEW YORK - Debtholders of bankrupt Tribune Co <TRBCQ.PK> have asked a judge to deny the media company's request for more time to present a plan of reorganization so the lenders themselves can offer a plan, according to court filings. Tribune Cos, owner of the Chicago Tribune and Los Angeles Times newspapers, have asked U.S. Bankruptcy Judge Kevin Carey to extend the time in which it can exclusively file a so-called Chapter 11 plan.
U.S. consumer mood turns less bleak late November: survey
NEW YORK - U.S. consumer sentiment improved slightly in November from earlier in the month, but it was weaker than October as deep anxiety lingered over personal finances, a survey showed on Wednesday. This uneasiness foreshadows another tough year-end holiday season for retailers, some of which already slashed prices to lure shoppers.
Porsche SE heads for another multi-billion euro loss
STUTTGART, Germany - Porsche SE <PSHG_p.DE> is headed for a second consecutive annual loss in the billions of euros as the hangover lingers from a failed takeover of Volkswagen AG. The indebted automotive holding company created as a vehicle for the acquisition will stay deeply in the red as it is forced to deconsolidate its Volkswagen <VOWG.DE> stake and much of its Porsche AG sports car business, officials said on Wednesday.