Business News

Jobs Report is in

The first helping of US jobs news this week suggests the American labor market is sustaining its momentum.  The US created 217,000 jobs in November, better than Wall Street economists had forecast, while October's tally was revised higher.  Although the ADP survey has not proved a consistent forecaster of the official monthly government jobs numbers, they may soothe investors nerves ahead of an important period for economic data and central bank decisions.  (FT)
Yahoo's board is planning a series of meetings this week to consider selling the company's core Internet business, and how to make the most of its major stake in Chinese E-commerce retailer Alibaba, according to the WSJ.  Growing concerns have been popping up around the company, including CEO Marissa Mayer's lack of turnaround progress, an exodus of top executives, and tax uncertainty surrounding the planned Alibaba spinoff. Mayer's job may also be on the line. (Yahoo shares +6.8% premarket). (WSJ)
The drama at Volkswagen just doesn’t stop.  Standard & Poor's has cut VW's credit rating for the second time in as many months, shortly after the automaker reported that November U.S. sales fell almost 25% from a year ago. A German auto supplier has also been accused in a new class action suit of conspiring with Volkswagen to evade diesel emissions standards in at least 11M vehicles worldwide.  (SA)
U.S. House and Senate negotiators have reached an agreement on a five-year highway bill that would also reauthorize the Export-Import Bank. The $305B bill would be partly financed by use of Fed surplus funds, and a cut in the dividends received by commercial banks that own the Fed. House Speaker Paul Ryan predicts the bill will enjoy "good majority support" when it comes up for a full vote.  (Bloomberg)

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