20 million-plus collect
unemployment checks in '09 WASHINGTON (AP) -- A record
20 million-plus people collected unemployment benefits at some point in 2009, a
year that ended with the jobless rate at 10 percent. As the pace of layoffs
slows, the number of new applicants visiting unemployment offices has been on
the decline in recent months. But limited hiring means the ranks of the
long-term unemployed continues to grow, with more than 5.8 million people out
of work for more than six months. The number of new claims
for jobless benefits dropped last week to 432,000, the Labor Department said
Thursday, down sharply from its late March peak of 674,000. The decline signals
that the economy could begin adding a small number of jobs in January, several
economists said. Stocks fall sharply as
investors close out 2009 NEW YORK (AP) -- The stock
market has closed out a remarkable 2009 with a loss as investors bet the
improving economy will lead the government to pull back on its stimulus
measures. But stocks still managed their best year since 2003 as they recovered
from the financial crisis and recession. Thursday's trading, which
came on extremely light pre-holiday volume, was a fitting end to a tumultuous
year. Stocks fell to 12-year lows by early March on investors' increasing
pessimism, then rallied on growing signs of recovery in what turned out to be
Wall Street's biggest comeback since the Great Depression. The thin volume exaggerated
the market's moves. According to preliminary calculations, the Dow Jones
industrial average fell 120.46, or 1.1 percent, to 10,428.05. For the year, the
Dow rose 1,651.66, or 18.8 percent. Treasury winds down bank
bailouts with $29M outlay WASHINGTON (AP) -- The
Treasury Department said Thursday it has pumped $29.3 million into 10 banks,
which will be the last to receive investments as part of the taxpayer-funded
program to shore up the financial system. The aid comes from a $700
billion financial bailout program created last year during the height of the
financial crisis. The investments in the 10
banks are the last under Treasury's so-called Capital Purchase Program,
Treasury officials said. By law, the Treasury must report the transactions --
which occurred on Tuesday -- within two business days. Although the government
anticipated winding down support for banks, Treasury Secretary Geithner
recently extended the publicly derided bailout program, saying it will now
focus on helping homeowners avoid foreclosures and small businesses get loans. AT&T is latest to end
Tiger Woods sponsorship NEW YORK (AP) -- AT&T
Inc. said Thursday it would no longer sponsor Tiger Woods, joining Accenture in
dropping support for the world's top golfer, who's taking a break from the
sport to focus on his marriage after his admitted infidelity. The phone company hasn't
used Woods' image extensively in advertising, but its logo appeared on his golf
bag. That deal had been billed as a "multiyear" agreement when it was
signed early in 2009, after Buick ended its endorsement one year early because
of its financial woes. Woods has also been the
host of the AT&T National PGA Tour event since it started in 2007. Tour
spokesman Ty Votaw said that since Woods is on indefinite leave from
professional golf, he will not serve as host for the 2010 event. However, his
Tiger Woods Foundation will continue to be the beneficiary of the AT&T
National, under a contract that runs through 2014. Customers back
ammonia-treated beef after report Restaurant chains and beef
processors defended their products' safety Thursday after a report that an
ammonia treatment thought to kill harmful germs in meat isn't as effective as
the industry and regulators believed. The New York Times reported
Thursday, citing government and industry records, that E. coli and salmonella
were found dozens of times in testing for the federal school lunch program on ammonia-treated
beef from Beef Products Inc. The meat was not served. Fast-food chains McDonald's
Corp. and Burger King Holdings Inc. and agricultural conglomerate Cargill Inc.
all use the meat in their hamburgers. All said they'll keep using the meat and
that their products are safe. YRC Worldwide completes
critical debt swap deal NEW YORK (AP) -- YRC
Worldwide Inc., one of the nation's largest trucking companies, said Thursday
it has cleared a critical hurdle in its effort to avoid filing for bankruptcy
protection by completing a debt-for-equity exchange with its bondholders. The company, which operates
trucks under the Yellow, Roadway and New Penn brands, said $470 million of its
outstanding debt was tendered by holders, which it will exchange with 37 million
common shares and about 4.3 million convertible shares. Together that will make
the stakes of current shareholders virtually worthless. Now that the debt-to-equity
swap is completed, the company will be able to defer approximately $19 million
in lender interest and fees that had been due Thursday and will have access to
a $159.8 million credit line. Wells Fargo executives
denied cash bonuses in 2009 BOSTON (AP) -- Wells Fargo
& Co.'s four top executives won't get cash bonuses for 2009, but are
receiving performance-based stock awards currently worth a combined $25 million
that are designed to keep them from being lured away by rival banks. Wells Fargo announced the
compensation moves on Thursday a week after saying it had repaid $25 billion it
received under a government financial rescue program that imposes restrictions
on executive pay. The so-called
"retention" shares would be forfeited if CEO John Stumpf or three
other high-ranking executives leave San Francisco-based Wells Fargo for a
competitor. They vest after three years if the nation's fourth-largest bank
meets certain performance goals. Washington Times slashes
staff; sports section out WASHINGTON (AP) -- The
Washington Times slashed its staff by more than 40 percent and will eliminate
its sports section and most local coverage in 2010, shifting its focus to
politics, business and investigative reporting. The 27-year-old newspaper
announced the latest round of layoffs in its Thursday edition and said the last
sports section would appear Friday. Among those let go was the newsroom leader,
Managing Editor David Jones. Another round of cuts was made earlier in
December, and the newspaper published its last Sunday edition last weekend. The paper will publish a
new weekday print edition starting Monday. It will focus on the newspaper's
core strengths, including politics and cultural issues, President and Publisher
Jonathan Slevin said Wednesday in a statement. FCC urges Fox, Time Warner
Cable to settle LOS ANGELES (AP) -- The
nation's top broadcast regulator is urging Time Warner Cable and Fox to agree
to a temporary deal to keep football games on cable TV through the New Year's
long weekend. The dispute concerns how
much Time Warner Cable Inc. pays Fox owner News Corp. to retransmit signals
from 14 TV stations. They are in markets such as Los Angeles, New York, Dallas
and Orlando, Fla. A midnight Thursday
deadline looms, and Fox has threatened to pull its signal for about 6 million
cable subscribers. That could jeopardize viewers' ability to catch Friday's
college football Sugar Bowl on TV. Mortgage rates end the year
above 5 percent McLEAN, Va. (AP) --
Mortgage rates rose for the fourth straight week, ending the year above 5
percent. The average fixed rate on a
30-year mortgage was 5.14 percent this week, up from 5.05 percent last week,
Freddie Mac said Thursday. Mortgage rates are closely
tied to yields on long-term government debt. The average fixed rate on 30-year
mortgages has steadily risen since hitting a record low of 4.71 percent the
week of Dec. 3. The Federal Reserve is
pouring $1.25 trillion into mortgage-backed securities to keep rates low this
year. The program, aimed at making home buying more affordable, is set to end
next spring. Still, qualifying for a loan is hard because lenders have severely
tightened requirements. The best rates are available to those with good credit
and a 20 percent down payment. By The Associated Press The Dow Jones industrial
average fell 120.46, or 1.1 percent, to 10,428.05. For the year, the Dow rose
1,651.66, or 18.8 percent. The broader Standard &
Poor's 500 index, considered by professionals to be the market's best
barometer, fell 11.32, or 1 percent, to 1,115.10. The S&P ended the year
with a gain of 211.85, or 23.5 percent. Meanwhile, the Nasdaq composite index
fell 22.13, or 1 percent, to 2,269.15. Powered by the recovery in high-tech
stocks, the Nasdaq ended 2009 with a gain of 696.12, 43.9 percent. Benchmark crude for
February delivery added 8 cents to settle at $79.36 a barrel on the New York
Mercantile Exchange. Crude barrels, which touched $80 earlier in the day, are
71 percent more expensive than they were at the beginning of the year. In other Nymex trading in
January contracts, heating oil rose less than a penny to settle at $2.1188 a
gallon and gasoline advanced 1.19 cents to settle at $2.0525 a gallon. The
February contract for natural gas gave up 13.7 cents to settle at $5.572 per
1,000 cubic feet. In London, Brent crude for
February delivery lost 10 cents to settle at $77.93 a barrel on the ICE Futures
exchange.