Jobless benefits could end for many in January
WASHINGTON (AP) _ More than 1 million people will run out of unemployment benefits in January unless Congress quickly extends federal emergency aid, a nonprofit group said Wednesday. States typically provide 26 weeks of unemployment insurance for those who lose their jobs through no fault of their own, with weekly checks averaging about $300. Congress on Nov. 6 extended coverage for the fourth time since the recession began, granting 14 to 20 more weeks to try to keep about 1.3 million people who have been jobless for well over a year from running out of benefits before the end of 2009.
Stocks slip on technology, housing numbers
NEW YORK (AP) _ Disappointing forecasts from technology companies and an unexpected drop in home construction added to worries about the economy and sent stocks modestly lower. The drop Wednesday came a day after major stock indicators closed at 13-month highs. The Dow Jones industrial average slipped 11 points after having risen in nine of the past 11 days. A drop in technology stocks weighed on the Nasdaq composite index.
Weak home building a drag on economic recovery
WASHINGTON _ The budding economic recovery isn't getting much help from the home-building industry, which normally creates jobs and drives growth when a recession ends. Uncertainty over whether a homebuyer tax credit would be extended weighed down construction last month _ a sign of how much the fledgling recovery depends on government support.
FDA panel backs Pfizer's enhanced vaccine for kids
BETHESDA, Md. (AP) _ Federal health experts said Wednesday an updated version of Pfizer's best-selling anti-infection vaccine is safe and effective for infants and toddlers, despite company studies that failed to meet certain goals. The Food and Drug Administration's panel of vaccine experts voted 10-1 in favor of Pfizer's Prevnar 13 to protect against pneumococcal disease.
Hershey, Ferrero considering rival bid for Cadbury
HARRISBURG, Pa. (AP) _ Hershey, hoping to expand its overseas presence, has lined up a potential partner as the most recognizable name in American chocolate considers starting a bidding war for British candy maker Cadbury PLC. Italian candymaker Ferrero International SA could give The Hershey Co. the financial firepower to top a $16.4 billion hostile bid by Kraft Foods Inc.
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Reid sets markers for historic health care debate
WASHINGTON (AP) _ Setting up a historic year-end health care debate, Senate Majority Leader Harry Reid unveiled long-awaited legislation Wednesday night to extend coverage to all but 6 percent of eligible Americans and bar private industry from denying insurance because of pre-existing medical conditions. The Democrat's $849 billion measure is designed to remake the nation's health care system, relying on cuts in future Medicare spending to cover costs _ as well as on higher payroll taxes for the well-to-do and a new levy on patients undergoing elective cosmetic surgery.
Aetna cutting more than 1,000 jobs by 1st quarter
INDIANAPOLIS (AP) _ Health insurer Aetna said Wednesday it will cut 625 jobs immediately, or nearly 2 percent of its staff, and will make a similar number of cuts by the end of the 2010 first quarter due to the lagging economy and the potential impact of health care reform. Hartford, Conn.-based Aetna trimmed 977 jobs last December and currently has about 35,500 people. Several other large insurers, including Indianapolis-based WellPoint Inc. and Philadelphia-based Cigna Corp., also have announced cuts.
Cutting costs helps Limited Brands 3Q profit
COLUMBUS, Ohio (AP) _ Victoria's Secret parent Limited Brands Inc. said Wednesday that its third-quarter profit rose above its own forecast, helped by cost cuts and a tax gain. Limited Brands raised its full-year guidance, and its shares rose 48 cents, or 2.6 percent, to $18.75 during aftermarket trading.
Ariz. prosecutor files 1st employer sanctions case
PHOENIX (AP) _ Maricopa County prosecutors on Wednesday filed Arizona's first civil complaint against a business under a 22-month-old state law that prohibits employers from knowingly hiring illegal immigrants. County Attorney Andrew Thomas said Scottsdale Art Factory manager Michelle Hardas used a "subcontractor" who was an illegal immigrant to avoid the law's requirement that employees be legal workers.
Lawmakers seek Fed audit after critical AIG report
WASHINGTON (AP) _ A group of House Democrats are stepping up demands for greater transparency from the Federal Reserve after reports that the Fed mishandled the bailout of insurance giant American International Group Inc. The group, led by Rep. Elijah Cummings, D-Md., wants a congressional review of the Federal Reserve system. They want to allow congressional audits of the Fed as part of financial rules being debated by the House Financial Services and Senate Banking committees, according to a letter Wednesday to the committees' chairmen.
