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US earns $12bn profit on Citigroup bailout

The treasury announced on Monday that it has sold its last 2.4 billion shares of the Citigroup at $4.35 per share to private investors, thus earning $10.5 billion.

Should You Sell Kraft Foods Today?

 Should you sell Kraft (NYSE: KFT) today? The decision to sell a stock you've researched and followed for months or years is never easy. If you fall in love with your stock holdings, you risk becoming vulnerable to confirmation bias -- listening only to information that supports your theories, and rejecting any contradictions.

 

Third quarter productivity up 2.3 percent

Washington -- The U.S. Bureau of Labor Statistics revised its non-farm labor productivity figure for the third quarter to 2.3 percent Wednesday.

The preliminary report had pegged productivity at a gain of 1.9 percent over the second quarter.

Factory output was revised higher from 3 percent growth to 3.7 percent, after growing 2.6 percent in the second quarter.

In the quarter, the cost of wages and benefits rose 2.2 percent, slightly higher than reported in November. That put labor costs per unit at a decline of 0.1 percent July through September, unchanged from a month ago.

In the past four quarters, labor unit costs have fallen 1.1 percent, a typical pattern after a recession that creates a leaner workforce.

U.S. shuts down BitTorrent Web sites

Washington-- U.S. investigators said the government seizure of a number of Web sites this week was part of an ongoing investigation into online music and video piracy.

An unspecified number of sites were shut down by Immigration and Customs Enforcement agents that allegedly made unauthorized copies of movies and music available to visitors.

"ICE office of Homeland Security Investigations executed court-ordered seizure warrants against a number of domain names," ICE said in a written statement. "As this is an ongoing investigation, there are no additional details available at this time."

Irish pilots throttle back over rosters

Dublin-- Pilots at Ireland's Aer Lingus said a work-to-rule union action planned for Sunday was still in effect as the union continued to wait for the summer schedule.

The airline said it did not expect the job action to cancel any flights, The Irish Times reported Saturday.

A work-to-rule action is a union tactic of having its members perform only the job duties in the contract and nothing more.

Irish Airline Pilots Association spokesman Capt. Evan Cullen said the airline had weeks to respond to a request for summer schedules, but had not provided any.

Cabin crews are involved in a similar dispute, The Irish Times said.
Aer Lingus called the work-to-rule action "outrageous."

Here's How Cellcom Israel Is Making You So Much Cash

 Although business headlines still tout earnings numbers, many investors have moved past net earnings as a measurement of a company's economic output. That's because earnings are very often less trustworthy than cash flow, since earnings are more open to manipulation based on dubious judgment calls.

 

Is Ford Motor Making You Any Cash?

 Although business headlines still tout earnings numbers, many investors have moved past net earnings as a measure of a company's economic output. That's because earnings are very often less trustworthy than cash flow, since earnings are more open to manipulation based on dubious judgment calls.

 

Homebuilding executive spared prison

Los Angeles -- A California home-construction executive was spared a federal prison term Wednesday for manipulating his company's stock options.

Bruce Karatz's sentence was five years probation, the Los Angeles Times reported. He must spend eight months of that sentence confined to his home and pay a $1 million fine.

Karatz was the chief executive of KB Home, based in Los Angeles, for 20 years. The company, founded in Detroit in 1957, grew into a Fortune 500 company and the first home building firm to be listed on the New York Stock Exchange.

Weekly jobless claims drop by 24,000

Washington -- The U.S. Department of Labor said Wednesday first-time claims for jobless benefits fell by 24,000 in the week ending Nov. 6.

The four-week rolling average of initial unemployment benefit claims fell by 10,000 to 446,000, the lowest point in more than two years.

The unemployment rate nationally was unchanged in October at 9.6 percent with the addition of 151,000 jobs in the month.

The department said the biggest increases in claims for the week ending Oct. 30 were reported by California with 6,387 additional claims, Kentucky, which added 2,901 and Wisconsin, which added 2,644.

Fisherman reels in gun from Hudson River

JersyCity -- New Jersey authorities say they are checking a barnacle-encrusted gun fished out of the Hudson River for a connection to any crimes.

Jersey City police said a 71-year-old man was fishing off a pier facing Lower Manhattan Wednesday when he reeled in a .32-caliber semiautomatic handgun, The Jersey Journal of Jersey City, N.J., reported.

The fisherman carried the gun to a nearby hotel, where a doorman told him to drop the weapon, reports said. The man complied and went back to fishing.
Police say the gun was partially covered with duct tape and had barnacles on it. They interviewed the fisherman, relying on his son as an interpreter because he speaks only Chinese, reports said.