Business News at 12 a.m.
The supervisor is Cate Chapman (800-845-8450, ext. 1680). On the photo desk: Business Photo Editors Chris Hatch and Katina Revels, ext. 7626. Multimedia and Graphics: ext. 7636.
AP stories, along with the photos that accompany them, can also be obtained from http://www.apexchange.com. For access to AP Exchange and other technical issues, contact customersupport(at)ap.org or call 877-836-9477. Reruns are also available from the Service Desk (800-838-4616).
If you have questions about transmission of financial market listings, please call 800-3AP-STOX.
DEVELOPING:
US--AMERICAN AIRLINES-US FLEET
FORT WORTH, Texas — American Airlines is in talks with aircraft manufacturers Airbus and Boeing Co. to purchase at least 250 aircraft in a deal valued at about $15 billion, The Wall Street Journal reported Wednesday. The newspaper cited unnamed persons familiar with the matter who said American wants to replace more than a third of its entire fleet. Such a large order would represent a potential windfall for both aircraft makers and would provide an extra psychological boost for Europe's Airbus if it can crack American's all-Boeing fleet of 620 planes.
TOP STORIES:
GOLDMAN SACHS-LAYOFFS
NEW YORK — Goldman Sachs Group Inc. said Wednesday that it could lay off as many as 230 workers in New York by next spring. The investment firm notified the New York State Department of Labor of the possible layoffs in a notice filed on Wednesday. By Business Writer Candice Choi.
— US--AMAZON-CALIFORNIA ASSOCIATES — Amazon to cut off California-based web affiliates to protest new online sales tax rule.
MARKETS & ECONOMY:
UNEMPLOYMENT BENEFITS
WASHINGTON — The government reports on the number of people who applied for unemployment benefits last week. The consensus forecast is that applications fell to a seasonally adjusted 422,000. Applications jumped to 429,000 in the previous week, the biggest increase in a month and the 11th straight week that applications have been above 400,000. Elevated unemployment applications are among signs that hiring has weakened from earlier this year. They had fallen in February to 375,000, a level that signals sustainable job growth, and stayed below 400,000 for seven of nine weeks. But applications surged in April to 478,000 — an eight-month high — and have been stuck above 400,000 since. By Chris Rugaber.
Eds: Report due at 8:30 a.m.
With:
— GLANCE — States with biggest changes in first-time applications, organized by industries.
MORTGAGE RATES
WASHINGTON — Freddie Mac reports on mortgage rates. Last week, the average rate on the 30-year fixed loan was unchanged at 4.5 percent and the average for the 15-year rose to 3.69 percent. Both are slightly above the yearly lows. Mortgage rates tend to track the yield on the 10-year Treasury note, which has been falling in recent weeks. By Derek Kravitz.
Eds: Report due at 10 a.m.
With:
— GLANCE — A 52-week look at mortgage rates.
— WASHINGTON — Senate Finance Committee hearing on deficit reduction.
OIL PRICES
Oil is set for its first quarterly decline since the second quarter of last year. That's largely because consumers and governments in oil-consuming nations balked at soaring gas prices. There were also echoes of last year: A crisis in Greece and questions about the global economic recovery weighed on prices. Most experts agree the price will rise again as world demand increases. The question is when. By Chris Kahn.
AUTOS:
— JAPAN-MAZDA — Mazda executives are showing a remodeled product but attention is growing on the fate of its U.S. auto production venture with Ford.
INDUSTRY:
— RUSSIA-GAZPROM — Russian oil and gas company Gazprom holds annual shareholders meeting.
INTERNATIONAL:
GREECE-FINANCIAL CRISIS
ATHENS, Greece — Lawmakers vote on the implementation bill that contains details of the midterm austerity program. Bill must pass for Greece to receive the fifth batch of bailout loans essential to prevent it from defaulting on its debts.
PORTUGAL-FINANCIAL CRISIS
LISBON, Portugal — Portugal's new coalition government presents its policy plans to Parliament as the country struggles to free itself of debt amid a 78 billion euro bailout and an economic recession aggravated by austerity measures. The center-right administration is keen to soothe investor nerves about Portugal's financial health but must also pay attention to public discontent as unions vow to fight proposals to strip workers of long-standing entitlements.
CHINA-TAX CUTS
BEIJING — Chinese legislators consider raising the minimum income for paying income tax, easing financial burdens on the country's poor.
— SKOREA-EU-FREE TRADE — Tomasz Kozlowski, chief of the EU delegation to South Korea, hold a briefing on EU-SKorea free trade agreement.
— CHINA-HIGH SPEED RAILWAY — China inaugurates yet another showcase rail link in high-speed railway building craze, linking Beijing and Shanghai.
1 comment