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Banks in Ga., Mich., Minn., Mo., Calif. closed
CHARLOTTE, N.C (AP) _ Regulators on Friday shut banks in Georgia, Michigan, Minnesota, Missouri, and California, bringing the number of bank failures this year to 120 amid the struggling economy and a cascade of defaults on loans. The Federal Deposit Insurance Corp. took over United Commercial Bank in San Francisco, with $11.2 billion in assets and $7.5 billion in deposits. East West Bancorp Inc., parent company of East West Bank based in Pasadena, Calif., is buying all of the deposits and most of the failed bank's assets.
Berkshire Hathaway says 3Q profit triples to $3.2B
OMAHA, Neb. (AP) _ Paper gains on derivative contracts helped Berkshire Hathaway Inc. triple its third-quarter profit as its insurance businesses did well, but Warren Buffett's company said Friday that many of its other operating businesses struggled. The Omaha-based company delivered relatively flat results made to appear spectacular by the unrealized investment gains. The strength of its insurance businesses like Geico offset weakness in those more tied to the economy, like NetJets and Berkshire's manufacturing businesses.
Obama calls holdouts on health care
WASHINGTON (AP) _ Short on votes, House Democratic leaders offered fresh concessions Friday night to anti-abortion lawmakers and worked to ease the concerns of Hispanic holdouts as they struggled to round up the support needed to pass sweeping health care legislation. President Barack Obama lobbied by phone to save his top domestic priority, an expansion of coverage that Democrats have sought for more than a half-century.
Freddie Mac loses $6.3B in 3Q
WASHINGTON (AP) _ Freddie Mac's losses narrowed to $6.3 billion in the third quarter, but the government-controlled mortgage finance company didn't need a federal cash infusion. The McLean, Va.-based company has received about $51 billion since it was seized by federal regulators in September 2008, but said it didn't need any more money for the second-straight quarter.
Stocks post modest gains as job losses slow
NEW YORK (AP) _ Investors undaunted by a surprisingly weak jobs report found enough positive news to nudge stocks higher Friday. News that the nation's unemployment rate rose above 10 percent last month for the first time in 26 years didn't derail the stock market's strong gains in the week, which lifted major indexes more than 3 percent.
Consumer borrowing drops $14.8B in September
WASHINGTON (AP) _ Consumers borrowed less for a record eighth straight month in September amid rising unemployment and tight credit conditions. Economists worry the declines in borrowing will drag on the fledgling recovery. The Federal Reserve said Friday that borrowing fell at an annual rate of $14.8 billion in September. That's the biggest decline since July and was larger than the $10 billion drop economists expected.
What recovery? Unemployment shoots past 10 percent
WASHINGTON (AP) _ Just when it was beginning to look a little better, the economy relapsed Friday with a return to double-digit unemployment for only the second time since World War II and warnings that next year will be even worse than previously thought. The jobless rate rocketed to 10.2 percent in October, the highest since early 1983, dealing a psychological blow to Americans as they prepare holiday shopping lists. It was another worse-than-expected report casting a shadow over the struggling recovery.
Obama signs bill assisting homebuyers, jobless
WASHINGTON (AP) _ President Barack Obama signed a $24 billion economic stimulus bill into law Friday, giving tax incentives to prospective homebuyers and additional jobless benefits to those idled by the business slump. The bill-signing came a day after the House, displaying rare bipartisan agreement over the troubling employment picture nationally, voted 403-12 to pass the measure. The Senate had approved it unanimously on Wednesday.
AIG posts 2nd consecutive quarterly profit
NEW YORK (AP) _ AIG said Friday it was profitable for the second straight quarter as its core insurance operations continue to stabilize after the company's bailout by the government last year. American International Group Inc. also said the amount of its government financial assistance dropped by 4 percent during the third quarter. Its results got a lift from the increasing value of investments it still holds that soured last year and helped drive it to the brink of collapse.
Oil settles lower after US unemployment report
NEW YORK (AP) _ Oil prices tumbled Friday after the government said the U.S. unemployment rate topped 10 percent for the first time since 1983. Benchmark crude for December delivery gave up $2.19 to settle at $77.43 a barrel on the New York Mercantile Exchange. In London, Brent crude for December delivery shed $2.12 to settle at $75.87 on the ICE Futures exchange.
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