Reuters - Stocks headed for a lower open on
Friday after a government report showed the U.S. labor market
deteriorated further in August, pushing the unemployment rate
to its highest in more than 4-1/2 years.
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Reuters - The U.S. unemployment rate
unexpectedly shot up to 6.1 percent in August, the highest in
over 4-1/2 years, as employers cut payrolls for an eighth
straight month and a decline in labor markets accelerated.
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Reuters - Bank of America Corp , said it
is ready to settle federal and state probes into the marketing
of auction-rate securities, joining eight other companies that
reached agreements.
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Reuters - Pacific Investment Management Co, the
world’s biggest manager of bond funds, named Mohamed El-Erian
as its sole chief executive after co-CEO Bill Thompson retires
at the end of the year.
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Reuters - Columbia Bancorp , the holding company
for Columbia River Bank, said it plans to close its mortgage
banking division, affecting about 39 jobs, as it strives to cut
costs amid a difficult mortgage market.
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Reuters - Merrill Lynch & Co , battered by more
than $40 billion of write-downs tied largely to mortgages, will
likely incur fresh write-downs, in addition to those assumed
after its recent sale of repackaged debt to Lone Star Funds,
said an analyst at Goldman Sachs, who cut the stock to a
“sell.”
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Reuters - Pacific Investment Management Co, the manager
of the world’s biggest bond fund, named Mohamed El-Erian as its
chief executive to replace Bill Thompson, who will retire at
the end of the year.
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Reuters - Dell Inc is trying to sell computer
factories around the world in efforts to cut cost and improve
profitability, the Wall Street Journal said.
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Reuters - Microsoft Corp kicked off a
$300 million marketing campaign on Thursday, aimed at improving
the image of its Windows Vista operating system and strike back
at Apple Inc’s “Mac vs. PC” ads.
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Reuters - U.S. private equity house Lone Star is
seriously considering suing the South Korean government if it
delays approval beyond September of the firm’s $6.3 billion
sale of shares in a local bank, a newspaper reported on Friday.
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