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AP source Ruth Madoff asked to take fur coat
Disgraced financier Bernard Madoff's wife asked to stay in her $7 million Manhattan penthouse and wanted to take a fur coat with her before federal marshals seized the property.
A federal official informed of Ruth Madoff's departure from her apartment Thursday tells The Associated Press that when marshals said she couldn't take her coat, she left carrying just a straw bag.
The official wasn't authorized to discuss the details of Ruth Madoff's departure and spoke on condition of anonymity.
Marshals seized the property at about noon Thursday; a judge says it must be sold...
Like many unemployed older workers, 64-year old Allan Kellum fears his age has made it harder to find a new job. At a recent job fair, Kellum expressed interest in a supervisory role coordinating an international health assistance program. A recruiter set him straight: "The people applying for that are young."
So now Kellum, who lives in McLean, Va., takes no chances. He's deleted his college graduation date from his resume and reduced the number of years it covers. He's hoping that will help move his resume past any screeners who would be put off by his age.
Kellum, who's ...
A dour report on job losses in June sent stocks sharply lower Thursday.
Major stock indexes fell more than 2.6 percent after the government said the U.S. unemployment rate hit a 26-year high. The Dow Jones industrials closed at their lowest level in six weeks.
Trading on the New York Stock Exchange was extended until 4:15 p.m. Eastern time in order to execute customer orders impacted by system irregularities, an NYSE spokeswoman said.
As investors sold off stocks amid fresh concerns about the economy, they moved into the safety of bonds, pushing Treasury yields...
Americans lucky enough to still have a job are noticing something unpleasant in their paychecks: They're making less money.
Employers cut 467,000 jobs in June, far more than expected, and the jobless rate hit a 26-year high of 9.5 percent. Just as worrisome, wages shrank to their lowest in nearly a year.
The bleak news Thursday from the Labor Department underscored one of the big threats to an economic turnaround: Rising joblessness and falling wages for those still working could send Americans back into spending hibernation and short-circuit any recovery.
President...
Federal marshals took possession of disgraced financier Bernard Madoff's $7 million Manhattan penthouse on Thursday in a move that forced his wife to move elsewhere.
Proceeds from a sale of the property and its contents could be used to help reimburse those who lost billions of dollars investing with Madoff before he confessed to running a Ponzi scheme.
U.S. Marshal Joseph Guccione said the marshals arrived at the property at noon with a court order permitting them to take custody of the apartment and to make anyone living there move out.
Guccione said Madoff's wife...
The U.S. Marshals Service on Thursday took possession of disgraced financier Bernard Madoff's $7 million Manhattan penthouse in a move that forced his wife to move elsewhere.
U.S. Marshal Joseph Guccione said the marshals arrived at the property at noon with a court order permitting them to take custody of the apartment and to make anyone living there move out.
Guccione said Madoff's wife Ruth had been advised in advance of the marshals' plans and was leaving the residence and surrendering all personal property.
"She will be leaving," he said. "Restitution for the vi...
The U.S. Marshals Service has taken possession of the $7 million Manhattan penthouse where financier Bernard Madoff and his wife lived.
U.S. Marshal Joseph Guccione said Thursday that the marshals were at the property pursuant to a court order.
Madoff was sentenced Monday to 150 years in prison for a fraud that cost thousands of investors billions of dollars.
...
Orders to U.S. factories jumped in May by the largest amount in nearly a year, further evidence that the nosedive in manufacturing is nearing an end.
The Commerce Department says total orders rose 1.2 percent in May, better than the 0.8 percent increase that economists had expected. The April performance was revised slightly lower to a gain of 0.5 percent, from 0.7 percent.
The May increase was the best showing since a 2.1 percent rise last June. The back-to-back increases in April and May were the first consecutive gains in nearly a year.
...
Stocks fell early Thursday after a new report showed more job losses than expected in June.
The U.S. unemployment rate also hit a 26-year high, following a similarly weak reports on jobs from overseas.
Recession-weary employers cut a larger-than-expected 467,000 jobs in June, suggesting that the economy's road to recovery will be bumpy. The number was much worse than the 363,000 that economists expected.
The U.S. Labor Department's unemployment figures also showed that the jobless rate rose to 9.5 percent last month from 9.4 percent in May. Economists had predicted a...
Stocks are falling in the opening moments of trading after a new report showed more job losses than expected in June.
The U.S. report Thursday follows a similar weak jobs report from overseas.
The Labor Department's unemployment figures showed the jobless rate rose to 9.5 percent last month from 9.4 percent in May.
Recession-weary employers cut a larger-than-expected 467,000 jobs in June, suggesting that the economy's road to recovery will be bumpy.
A report in Europe showed unemployment in the 16 countries that use the euro rose to a 10-year high in...
Stock futures are extending their decline as the June unemployment rate hit a 26-year high.
Ovserseas markets are also lower after a report showed unemployment in the 16 countries that use the euro rose to a 10-year high in May. That reinforced concerns that any recovery in the global economy will take time.
The U.S. Labor Department's unemployment figures showed the jobless rate rose to 9.5 percent last month from 9.4 percent in May.
Dow Jones industrial average futures are down 87 at 8,361. Standard & Poor's 500 index futures are down 10 at 910, while Nasdaq 100 index...
Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent, suggesting that the economy's road to recovery will be a bumpy one.
Economists had expected 363,000 job cuts last months, and that the jobless rate would rise to 9.6 percent from 9.4 percent in May.
If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.5 percent in June, the highest on records dating to 1994.
THIS IS A BREAKING NEWS UPDATE. Check back...
World stocks mostly fell Thursday as investors braced for a crucial U.S. jobs report that could set the tone in markets for the coming few days at least.
In Europe, the FTSE 100 index of leading British shares was down 34.99 points, or 0.8 percent, at 4,305.72 while Germany's DAX fell 76.79 points, or 1.6 percent, to 4,826.85. The CAC-40 in France was 35.77 points lower, or 1.1 percent, at 3,181.21.
Wall Street was also set to open down, following modest gains on Wednesday, though that may all change in the wake of the jobs data. Dow futures were 50 points, or 0.6 percent,...
The European Central Bank has left its benchmark interest rate unchanged at 1 percent.
The bank wants to wait and see whether its recent massive infusion of credit into the banking system will help the euro zone's struggling economy before making another move.
Markets will be looking to bank President Jean-Claude Trichet's press conference afterwards to learn more about his outlook.
Elsewhere in Europe, the Swedish central bank cut its own key interest rate by a quarter of a percentage point to 0.25 percent. Iceland's central bank left official interest rates unchanged ...
Stock futures are slumping ahead of a key monthly unemployment report.
Investors are awaiting the Labor Department's June unemployment figures. Economists expect the nation's jobless rate rose to 9.6 percent last month from 9.4 percent in May. That would mark a 26-year high.
The rate is seen as a key barometer in the nation's economic recovery. The report is due out at 8:30 a.m. EDT.
World markets were also lower Thursday after a report showed unemployment in the 16 countries that use the euro rose to a 10-year high in May.
Dow Jones industrial average futures wer...
California's controller will start paying many of the state's bills with IOUs as soon as Thursday after lawmakers failed to close the state's worsening budget deficit, adding a new measure of indignity to a state sinking deeper into dysfunction.
Lawmakers' failure to act on Tuesday, the end of the fiscal year, also widened California's deficit from what already had been a whopping $24.3 billion _ more than a quarter of its general fund.
The failure to balance the state's main checkbook and the looming IOUs prompted Gov. Arnold Schwarzenegger on Wednesday to declare a fisca...
Most Asian markets fell Thursday as investors tread cautiously ahead of a key U.S. jobs report expected to show unemployment hit a 26-year-high despite signs of recovery in the world's largest economy. European markets opened lower.
Markets across Asia zigzagged in thin trade throughout the day before closing mostly lower, suggesting investors were reluctant to place bets for now. Oil prices slipped below $69 a barrel, while the dollar gained modestly against the yen and euro.
Investors will be watching closely U.S. jobs figures, due out later Thursday, that economist say...
Out-of-work with no place to land, the legions of America's unemployed are growing.
The Labor Department is scheduled to release a report Thursday expected to show the nation's unemployment rate edging closer to double digits. Wall Street economists predict the jobless rate will rise to 9.6 percent in June from 9.4 percent in May. That would mark a 26-year high.
The rising rate comes as recession-weary companies continue to cut workers. Economists expect a loss of 363,000 jobs in June, up from 345,000 job cuts in May. Economists believe a chunk of those cuts will be tied to...
Japanese electronics maker Hitachi Ltd. said Thursday it will supply lithium-ion batteries for hybrid vehicles to General Motors Corp. in 2010 and sharply raise production capacity to meet surging demand for gas-electric cars.
Hitachi currently makes 40,000 lithium-ion batteries per month and will lift the capacity to three million units.
"We plan to boost our production capacity for lithium-ion batteries as we expect demand for hybrid vehicles will continue to grow worldwide," said Hitachi spokesman Shinya Yamada. He declined to say when Hitachi would lift the...
Oil prices lingered above $69 a barrel Thursday in Asia ahead of the release of a key U.S. unemployment figure.
Benchmark crude for August delivery fell 14 cents to $69.17 a barrel by midday Singapore time in electronic trading on the New York Mercantile Exchange. On Tuesday, it fell 58 cents to settle at $69.31.
A rally from below $35 a barrel in March stalled last month on investor concern that a sluggish global economy may not recover fast enough to justify surging oil prices.
Traders will be eyeing the Labor Department's June unemployment report, due to be released...
Warning that the demise of General Motors Corp. would have a disastrous ripple effect over the entire U.S. economy, an attorney for the automaker called Wednesday for the speedy approval of GM's plan to sell the bulk of its assets and emerge from court oversight as a new company.
GM attorney Harvey Miller said in a bankruptcy court hearing that the automaker's only option to the sale is liquidation. He noted the Treasury Department will cut off funding for the company's operations after July 10 if the sale is not approved by then.
No other investors have stepped forward with ...
After a yearlong free fall in the American car market, the decline of sales slowed in June, offering hope to automakers that the bottom has been reached and more shoppers may slowly start returning to showrooms soon.
Still, sales were down 7.1 percent from May, which generally is a stronger sales month.
Overall, automakers sold 859,847 vehicles in June, a 28 percent drop from the same month last year, according to Autodata Corp.
Sales declines slowed for four of the six major carmakers, with Ford Motor Co. reporting the smallest drop of 10.7 percent. For many months,...
Brighter news on manufacturing is offering more hope that the longest recession since World War II is near an end. But with construction and many other segments of the economy still weak and unemployment rising, any rebound likely will be slow.
A key gauge of manufacturing showed Wednesday that industry activity declined less than expected in June. The Institute of Supply Management's manufacturing index posted a 44.8 _ the best showing since last August, a month before the financial crisis erupted with force.
Manufacturing sectors overseas also signaled a bit of a rebound,...
The stock market's third quarter began on a positive note after some reassuring data on manufacturing and the housing market.
The market's gains were tempered, though, ahead of Thursday's June jobs report. The Labor Department is expected to show another uptick in the unemployment rate to 9.6 percent.
In the last minutes of trading, the Dow Jones industrial average is up 56.00, or 0.7 percent, at 8,503.00. The Standard & Poor's 500 index is up 3.87, or 0.4 percent, to 923.19. The Nasdaq composite index is up 10.68, or 0.6 percent, at 1,845.72.
THIS IS A BREAKING NEWS U...
AP News
French investigators release report on Flight 447 By Otavio de Souza (AP)
French investigators on Thursday will present their initial findings into what caused Air France Flight 447 to drop out of the sky in the middle of the Atlantic a month ago, prompting one of history's most challenging plane crash investigations.
The Airbus A330-200 plane flying from Rio de Janeiro to Paris went down with 228 people on board in a remote area of the Atlantic, 930 miles (1,500 kilometers) off Brazil's mainland and far from radar coverage.
A burst of automated messages emitted by the plane before it fell gave rescuers only a vague location to begin their search, which has failed to locate the plane's black boxes. The chances of finding the flight recorders are falling as the signals they emit fade. Without them, the full causes of the tragic accident may never be known.
The French air accident investigation agency, the BEA, will present its preliminary report to journalists at its headquarters in Le Bourget, outside Paris. Read More...
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