Dollar halts a 5-day advance vs. yen

The dollar weakened against the yen, ending a five-day advance, amid speculation its recent climb was too rapid. The greenback pared declines after fewer Americans than forecast filed applications for unemployment benefits last week. The dollar has advanced at least 4 percent against all its 16 major counterparts this year and extended gains Wednesday after a report showed the world's biggest economy grew at the fastest pace in more than a decade.

Fewest in seven weeks file jobless claims

Fewer Americans than forecast filed applications for unemployment benefits last week, a sign the job market is making progress as the year ends. Jobless claims dropped by 9,000 to 280,000 in the week ended Dec. 20, the fewest since early November, from 289,000 in the prior period, a Labor Department report showed. The median forecast of 47 economists surveyed by Bloomberg called for 290,000. Rising demand is encouraging businesses to hold the line on dismissals and take on more workers.

Report: Coca-Cola to cut up to 2,000 jobs

Coca-Cola reportedly plans to cut 1,000 to 2,000 jobs in the coming weeks as part of a $3 billion cost-cutting effort. Analysts speculated to the Atlanta Journal-Constitution last month that the cuts would be as much as 2,000 as the world's largest soft drink company tries to rein in costs in the face of challenges to growing sales. Coke has a global workforce of more than 130,000. The Wall Street Journal reported Wednesday, citing people familiar with the job cuts, that the reductions will be significant at the company's headquarters in Atlanta and global regional offices, but bottling and distribution divisions will be largely unaffected, for now. Notices are expected to go out to North American staffers by Jan. 8 and international employees will be given a timeline for cuts by Jan. 15, according to the report.

Sears e-commerce chief resigns

Sears Holdings e-commerce chief Imran Jooma has resigned, creating a vacancy in a key position as the struggling retailer banks on technology to turn around its flagging fortunes. Jooma, who joined Sears Holdings in 2007, resigned Dec. 17 and will leave the company Feb. 6, the firm said in a regulatory filing. Jooma served as executive vice president and president of online, marketing, pricing and financial services. A Sears internal communication obtained by the Tribune said Jooma will "pursue a new opportunity in 2015" and "Imran will assist in transitioning different parts of his organization to new leadership."

Mortgage rates edge up from record lows

Fixed mortgage rates ticked up this week but remain near lows for the year, according to Freddie Mac's weekly survey of lenders. The average rate for a 30-year loan hit 3.83 percent, up from its 2014 low of 3.8 percent last week, the mortgage finance giant reported. Lenders, on average, offered a 15-year fixed mortgage for 3.10 percent, compared to 3.09 percent a week earlier. Experts expected mortgage rates to climb this year, but instead they're closing out below 2013 levels.

Banks sued over subprime securities

Wells Fargo & Co., HSBC Holdings PLC, Bank of New York Mellon Corp. and Deutsche Bank AG were sued by an Irish securities firm that claims the banks failed to protect investors in their role as trustees of securities backed by home loans that defaulted after the 2008 credit crisis. Phoenix Light SF Ltd. accused the banks, in complaints filed Wednesday in Manhattan federal court, of failing to safeguard the interests of investors as required by their contracts. The securities were sold from 2005 to 2007. The suits are part of a move by investors to target trustees of mortgage securities over their role in the crisis.

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