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AT&T to cut jobs, spending

NEW YORK — Pressured by the economic turmoil and the mounting loss of traditional phone customers, AT&T Inc. is cutting 12,000 jobs, about 4 percent of its work force.

Area’s jobless rate highest in state

The Scranton/Wilkes-Barre area recorded the highest unemployment rate among the state’s labor markets, ranking at the bottom of the list with 6.8 percent of job-seekers out of work in October.

Colleges’ portfolios shrinking

NEW YORK — College endowments and state pension funds plowed billions of dollars into hedge funds and private-equity investments as a way to balance their stock holdings, and for a time they got supercharged returns.

Group: Some still tainted

NEW YORK — After the high-profile recalls of millions of lead-contaminated toys last year, a watchdog group said Wednesday that its tests found fewer toys with high levels of chemicals in them this year. But about a third of the toys tested still contained a worrisome level of chemicals.

Stocks go higher again despite bad economic news

NEW YORK — Wall Street withstood another stream of bad economic readings Wednesday, closing sharply higher as investors shuttled between pessimism about the recession and hopes that the nation might start seeing relief soon. The major indexes saw big swings throughout the day, but all closed up more than 2 percent, giving the market its second straight advance.

Associated Press

Publishing house Bloomsbury acquires Wisden - 12/05/2008

Bloomsbury Publishing PLC announced Friday it had acquired John Wisden & Co., publisher of Wisden Cricketers' Almanack. Bloomsbury did not disclose the purchase price. John Wisden & Co. was bought by the billionaire Paul Getty in 1993. Since his death in 2003, the company has been owned by his son, Mark.

Iraqi oil minister says Iraq's safe for investment - 12/05/2008

Iraq's oil minister on Friday appealed to international oil companies to help Iraq to develop its petroleum sector, saying his country is now safe for investment. In return, Oil Minister Hussain al-Shahristani promised "full cooperation and a competitive environment for fair business." He also said his country pro

US foundations giving record amounts globally - 12/05/2008

U.S. charitable foundations gave money to international causes at record levels in 2007 and their contributions are likely to increase again this year, says a report by an organization that monitors philanthropy. International giving by U.S. foundations totaled about $5.4 billion last year, according to the report released Thursday by

CEO of Australia's Fairfax Media resigns - 12/05/2008

The chief executive of Fairfax Media, publisher of the Sydney Morning Herald, quit Friday after three years at the helm of a company that has lost advertising dollars to the Internet and is now grappling with an economic downturn. David Kirk, a former captain of New Zealand's All Blacks rugby team, gave no explanation for stepping dow