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Saturday, September 4, 2010 12:00 AM PDT

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Today's Business News: Stocks rally as jobs data spurs optimism Taxpayers likely to face initial loss on GM IPO: sources China tells state companies to explore Potash bid Japan Noda warns on yen, suggests joint steps difficult Payrolls data offer ray of hope for recovery European stocks drop before ECB rate call Service sector grows at slower pace in August Campbell reports Q4 profit rise on better margins Experts see trouble ahead for developed world Petrobras sells 64 bln dlrs of stock to fund oil exploration Spending cuts before 2011 could hurt recovery: IMF, ILO Exclusive: American Apparel in talks with restructuring firm MGIC added $1.2B in mortgage coverage in August BP replaces failed blowout preventer on Gulf well Stranded actor Paul Hogan in Australia tax deal Kia recalls tied to electrical issue Crafting a Career in Eco-Chic Jewelry Stocks rally as jobs data spurs optimism Fri, 3 Sep 2010 01:43 pm PDT Reuters - Wall Street closed a stellar week on Friday after recent economic data, including a stronger-than-expected labor market report, bolstered optimism that the economy would not fall back into recession. Full Story Top Taxpayers likely to face initial loss on GM IPO: sources Fri, 3 Sep 2010 04:33 pm PDT Reuters - The U.S. government is likely to take a loss on General Motors Co in the first offering of the automaker's stock, six people familiar with preparations for the landmark IPO said. Full Story Top China tells state companies to explore Potash bid Fri, 3 Sep 2010 08:09 pm PDT Reuters - Chinese officials have ordered state companies to meet investment bankers to explore ways to block BHP Billiton's $39 billion bid for Potash Corp, a source with direct knowledge of the matter said. Full Story Top Japan Noda warns on yen, suggests joint steps difficult Fri, 3 Sep 2010 08:50 pm PDT Reuters - Japanese Finance Minister Yoshihiko Noda said on Saturday Tokyo would take decisive steps to stem the yen's rise when needed, while suggesting that coordinated currency market intervention was a difficult option. Full Story Top Payrolls data offer ray of hope for recovery Fri, 3 Sep 2010 04:24 pm PDT Reuters - U.S. employment fell for a third straight month in August, but the drop was far less than expected and private hiring was a positive surprise, relieving concerns about a stalling economic recovery. Full Story Top European stocks drop before ECB rate call Thu, 2 Sep 2010 04:02 am PDT AFP - European stock markets slid on Thursday as investors took profits from recent gains amid caution before the latest interest rate decision from the European Central Bank. Full Story Top Service sector grows at slower pace in August Fri, 3 Sep 2010 08:49 am PDT AP - The U.S. service sector, the nation's predominant job generator, expanded for the eighth straight month in August although the pace of growth slowed, according to a trade group survey. Full Story Top Campbell reports Q4 profit rise on better margins Fri, 3 Sep 2010 01:48 pm PDT AP - Summer is rarely a hot sales season for Campbell Soup Co., and this year's sweltering June and July made that even more true, but the company said Friday that cost-cutting and strong drink sales helped its net income climb. Full Story Top Experts see trouble ahead for developed world Fri, 3 Sep 2010 10:37 am PDT AP - Is the global economy out of the woods? Two years after near-meltdown, with the U.S. looking sluggish, equity markets groggy and Europeans fighting a debt crisis, experts gathered in Italy offered a generally gloomy outlook — especially for the United States and much of the industrialized world. Full Story Top Petrobras sells 64 bln dlrs of stock to fund oil exploration Fri, 3 Sep 2010 01:57 pm PDT AFP - Brazil's Petrobras unveiled one of the world's biggest share offerings Friday, a sale of up to 64 billion dollars in new stock to finance oil exploration aimed at turning Brazil into a leading oil exporter of the 21st century. Full Story Top Spending cuts before 2011 could hurt recovery: IMF, ILO Fri, 3 Sep 2010 10:53 am PDT AFP - The IMF and the UN labour agency are urging advanced economies not to cut government spending before 2011, warning that a move to tighten fiscal policies could hurt the global recovery. Full Story Top Exclusive: American Apparel in talks with restructuring firm Fri, 3 Sep 2010 06:38 pm PDT Reuters - Hipster brand American Apparel Inc (APP.A) is in talks to bring in an outside restructuring firm as the manufacturer and retailer struggles to fix its flagging operations, sources told Reuters on Friday. Full Story Top MGIC added $1.2B in mortgage coverage in August Fri, 3 Sep 2010 11:50 am PDT AP - Private mortgage insurer Mortgage Guaranty Insurance Corp. said Friday it added $1.2 billion in new primary insurance coverage in August and the number of delinquent loans it insures declined. Full Story Top BP replaces failed blowout preventer on Gulf well Fri, 3 Sep 2010 10:16 pm PDT Reuters - BP Plc successfully replaced a failed blowout preventer from atop its ruptured Gulf of Mexico oil well late on Friday, the top U.S. official overseeing the spill response said. Full Story Top Stranded actor Paul Hogan in Australia tax deal Fri, 3 Sep 2010 10:31 am PDT Reuters - Actor Paul Hogan, star of the "Crocodile Dundee" movies, has struck a deal with Australia's tax office which will allow him to return home to his family in Los Angeles, his lawyer said on Friday. Full Story Top Kia recalls tied to electrical issue Fri, 3 Sep 2010 03:31 pm PDT Investor's Business Daily - The South Korean automaker is recalling 56,000 cars, the Soul and Sorento, sold in the U.S. and South Korea, because of defective wiring harnesses that could cause fires. Kia Motors said some harnesses made by Johnson Controls (NYSE:JCI - News) for lighting in '10 model-year Soul cars and 2011 model-year Sorento SUVs were improperly soldered, leading to possible electrical shorts. Kia's Soul sales had more than doubled through Aug. in the U.S. to nearly 44,000 units. Full Story Top Crafting a Career in Eco-Chic Jewelry Fri, 3 Sep 2010 05:08 am PDT BusinessWeek - Goldman Sachs (NYSE:GS - News) may not have a lot of friends in the White House these days, but one of its former employees has made a good impression. After three years as an analyst in Goldman's fixed-income, currencies, and commodities division, Monique Pean began her own jewelry line that can now be found in Barneys, Jeffrey New York, and around the neck of Michelle Obama. Full Story Top

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