Public NewsRoom

Jobless rate at 16-year high as payrolls plunge (2009-01-09) WASHINGTON (Reuters) - The unemployment rate surged to its highest level in nearly 16 years in December as a deepening economic slump forced companies to slash payrolls by more than half a million jobs.

Citi, M. Stanley in brokerage talks; Rubin quits

(2009-01-09) NEW YORK (Reuters) - Citigroup Inc is in advanced talks to sell its Smith Barney brokerage unit to Morgan Stanley, a person familiar with the matter said on Friday, in a move that would further dismantle the financial supermarket that has been bailed out by the U.S. government.

Wall Street falls on job woe, Citi (2009-01-09) NEW YORK (Reuters) - Stocks fell on Friday after government data showed the labor market deteriorated further in December, raising investor concerns about the outlook for profits, spending and a deepening recession.

Robert Rubin quits Citigroup amid criticism

(2009-01-09) NEW YORK (Reuters) - Robert Rubin, the former Treasury Secretary, resigned from Citigroup Inc on Friday, following months of criticism of his performance at the giant U.S. bank.

MGM Mirage to take $1.2 billion writedown on Mandalay

(2009-01-09) NEW YORK (Reuters) - MGM Mirage said on Friday it would write down the value of the Mandalay Resort Group, the casino company it bought in 2005 for about $5 billion.

Detroit hosts auto show against bleak backdrop

(2009-01-09) DETROIT (Reuters) - Automakers will introduce glossy cars and new hybrids at the Detroit Auto Show, but with General Motors Corp and Chrysler LLC still teetering on the edge of failure and industry sales expected to worsen, the lure of shiny new sheet metal may not be what it was in the past.

Boeing cuts 4,500 jobs (2009-01-09) NEW YORK (Reuters) - Boeing Co became the latest U.S. industrial giant to cut jobs on Friday, shedding 4,500 workers from its commercial plane operations, or about 7 percent of the unit total, as it looks to trim costs in the face of a global recession.

GMAC's Merkin quits under Madoff cloud (2009-01-09) NEW YORK (Reuters) - Ezra Merkin, one of the most prominent hedge fund managers embroiled in Bernard Madoff's alleged fraud scheme, will resign as chairman of GMAC LLC so the finance company will be eligible to receive U.S. taxpayer funds.