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First-time unemployment claims drop
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First-time unemployment claims drop
First-time claims for jobless benefits dropped last week to a seasonally adjusted 502,000, the Labor Department said Thursday. That's the fewest claims since the week ending Jan. 3 and is below economists' estimates. Claims would have to fall to the high 400,000s to indicate the economy could soon produce even a slight gain in jobs, estimates Abiel Reinhart, an economist at J.P. Morgan Chase. That level of claims could be reached by January, he said, and the economy should start gaining jobs sometime in the first quarter of 2010.
Fed tightens rule on ATM, debit overdraft feeBanks will have to secure customers' consent before charging large overdraft fees on ATM and debit card transactions, according to a new rule announced Thursday by the Federal Reserve. The rule responds to complaints from consumer groups and others that the overdraft fees are unfair because many people assume they can't spend more on a debit card than is in their account. Instead, many banks let the transactions go through, then charge fees of up to $35. Under the Fed's new rule, which will take effect July 1, banks will be required to notify customers of their overdraft services and give them the option of being covered. If customers don't "opt in," any debit or ATM transactions that overdraw their accounts will be denied, Fed officials said.
BK franchisees fit to be fried over promotionBurger King franchisees sued the hamburger company this week over its $1 double cheeseburger promotion, saying they're losing money on the deal and the company can't set maximum menu prices. The National Franchise Association, a group that represents more than 80 percent of Burger King's U.S. franchise owners, said the $1 promotion forces restaurant owners to sell the quarter-pound burger with at least a 10-cent loss.
Intel to pay AMD $1.25 billion to settle suitsThe world's two biggest chipmakers, whose Silicon Valley headquarters are separated only by a few miles, have put an end to one of the high-tech industry's longest and costliest legal battles. But Intel's agreement to pay Advance Micro Devices $1.25 billion to drop multiple lawsuits Thursday won't stop investigations by U.S. and European antitrust watchdogs. The regulators are investigating allegations Intel used bribes and bullying tactics to maintain its dominance in the highly concentrated chip industry.
Boeing finishes fixing 787 structural flawsBoeing Co. said Thursday it has finished fixing structural flaws in the first of its long-delayed 787 jetliners. The problem forced Boeing to postpone test flying the jet for a fifth time earlier this year.
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Lights out at U energy conference. Irony police notified.
Just as Lawrence Kazmerski, a top official at the National Renewable Energy Laboratory, was about to give the keynote address at the University of Minnesota's annual E3 conference at the RiverCentre in St. Paul, the lights went out, bathing the audience in darkness and a deep sense of irony.
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