Business News

WASHINGTON - Newly laid-off workers signed up for unemployment benefits at a faster pace last week as companies try to cope with sluggish growth in the national economy.

WASHINGTON (Reuters) - New jobless claims rose a larger-than-forecast 11,000 last week, government data on Thursday showed, but analysts said the labor market remained on solid ground despite other signs of slower growth.

WASHINGTON - The U.S. economy — despite a painful housing slump — should not fall into recession this year, the International Monetary Fund's top economist said Thursday.

WASHINGTON (AFP) - The US economy will overcome a housing slowdown and avert recession, while the rest of the global economy is in sound health, IMF chief economist Simon Johnson said Thursday.

BEIJING - China told banks Thursday to increase their reserves for the third time this year, cutting the amount of money available for lending in a new effort to cool an investment boom that Beijing worries could lead to a financial crisis.

NEW YORK (Reuters) - Stocks inched up in light trading before a holiday weekend on Thursday, with investors buying shares of companies that perform better in a slowing economy.

NEW YORK - Wall Street edged higher in light pre-holiday trading Thursday as investors, awaiting the release of March employment figures, remained cautiously optimistic after their recent buying streak.

Wall Street stocks were slightly firmer in early afternoon trade on Thursday, with investors in a cautious mood ahead of monthly employment data due on Friday when the market will be closed in observance of Easter.

NEW YORK (Reuters) - Stocks were little changed on Thursday as crude oil prices stayed near $64 a barrel and investors were cautious before jobs data that could shed light on the economy and outlook for profits.

Wall Street stocks were mixed at mid-morning on Thursday, with investors in a cautious mood ahead of monthly employment data due on Friday when the market will be closed in observance of Easter.

FAIRPORT, N.Y. - Constellation Brands Inc., the world's largest wine maker, said Thursday its fourth-quarter profit grew 26 percent, as strong wine sales helped offset heightened competition in Britain and a drop in sales of imported beer.

NEW YORK (Reuters) - Constellation Brands Inc. posted a quarterly profit that topped estimates on Thursday, as a lower-than-expected tax rate offset a decline in operating margin due to higher material costs and pricing pressure in Britain's wine market.

TOKYO (Reuters) - Japanese video game maker Nintendo Co. (7974.OS) raised its sales and profit forecasts for the fourth time on Thursday for the business year just ended, thanks to robust demand for its DS handheld games, sending its shares higher.

MINNEAPOLIS - Everyone knew Circuit City was having a bad fourth quarter. Which made Best Buy's good one a little bit of a surprise. The results reported by the nation's two largest electronics chains on Wednesday showed Best Buy increasing its lead over its smaller rival, with profit up 18 percent, while Circuit City lost money.

SAN FRANCISCO (Reuters) - Top U.S. memory chip maker Micron Technology Inc. posted a quarterly loss on Wednesday due to falling prices but forecast strong demand for the rest of the year, and its shares rose 4 percent.

CHICAGO (AFP) - Billionaire investor Kirk Kerkorian's investment group said Thursday it had offered DaimlerChrysler 4.5 billion dollars to buy its struggling Chrysler unit.

DETROIT - Billionaire investor Kirk Kerkorian's Tracinda Corp. on Thursday made a $4.5 billion cash offer for DaimlerChrysler AG's troubled U.S.-based Chrysler unit.

ImClone Systems (NasdaqGS:IMCL - News) and Bristol-Myers Squibb said Apr. 4 that their cancer drug Erbitux can improve the odds of survival in patients on chemotherapy whose head and neck cancers have spread. Investors bid up ImClone's stock nearly 5% to $42.49 on the Nasdaq, while Bristol-Myers Squibb, which is responsible for most of Erbitux's development and marketing costs, rose 0.9% to $27.78.

Swiss pharmaceutical giant Novartis said Mar. 30 it's suspended its U.S. marketing and sales of Zelnorm, a treatment for constipation caused by irritable bowel syndrome. The Food and Drug Administration suggested the treatment carries with it a risk of heart problems or strokes.

DENVER - During the period when former Qwest Communications chief executive Joe Nacchio is accused of illegally selling stock, he wanted to resign from the company because one of his son's attempted suicide, Qwest founder Phil Anschutz testified Thursday.

Monster Worldwide (NasdaqGS:MNST - News) warned investors on Apr. 4 that it won't generate quite as much revenue during the March quarter as initially promised. The New York company, whose job search business is exposed to economic volatility, cited reduced growth rates in its North America careers and Internet advertising and fees businesses.

ImClone Systems (NasdaqGS:IMCL - News) and Bristol-Myers Squibb said Apr. 4 that their cancer drug Erbitux can improve the odds of survival in patients on chemotherapy whose head and neck cancers have spread. Investors bid up ImClone's stock nearly 5% to $42.49 on the Nasdaq, while Bristol-Myers Squibb, which is responsible for most of Erbitux's development and marketing costs, rose 0.9% to $27.78.

After the U.S. Justice Dept. and Internal Revenue Service said they were suing 24 people at five Jackson Hewitt Tax Services franchises for depriving the Treasury of $70 million on Apr. 3, the company's stock price tumbled 18%. But the stock recovered some ground Apr. 4 after Jackson Hewitt emphasized that the lawsuit involves only a sliver of its business, and one analyst reportedly upgraded the stock following its plunge. Market players bid up the shares by 8.9% to $28.89 on the New York Stock Exchange Apr. 4.

NEW YORK (Reuters) - Despite U.S. regulators' efforts to prevent trading on information obtained illegally, suspicions of such activity have marred some of the year's biggest takeovers, including the First Data Corp. deal announced this week.

WASHINGTON (Reuters) - Here's a multiple-choice question for savers and investors: What's a more frightening prospect now, inflation or recession?

WASHINGTON - Newly laid-off workers signed up for unemployment benefits at a faster pace last week as companies try to cope with sluggish growth in the national economy.

NEW YORK - As home foreclosures mount, mortgage companies are knocking on doors, sending letters and making phone calls with a simple message for struggling homeowners: They'd rather modify your loan than foreclose.

DETROIT (Reuters) - Ford Motor Co. , which posted a loss of $12.7 billion last year, said on Thursday that Chief Executive Alan Mulally received $28.18 million in compensation in 2006, including an $18.5 million bonus.

NEW YORK - Two leading retail industry associations have teamed up with the Federal Bureau of Investigations to create a national online database that will allow merchants to share information to fight organized retail theft.

DETROIT - Billionaire investor Kirk Kerkorian's Tracinda Corp. on Thursday made a $4.5 billion cash offer for DaimlerChrysler AG's troubled U.S.-based Chrysler unit.