BUSINESS NEWS JANUARY 7th 2016
U.S. JOBLESS CLAIMS DECLINE
The number of Americans filing for first-time unemployment benefits fell in the last week. Initial jobless claims, a proxy for layoffs across the U.S., fell by 10,000 to a seasonally adjusted 277,000 in the week ended January 2nd. Economists believe that the rise in claims was due to seasonal volatility around holiday employment.
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U.S. TRADE GAP NARROWS IN NOVEMBER
The U.S. trade gap narrowed 5% in November from the prior month to $42.37 bn, according to the Commerce Department. Imports and exports have hit their lowest level in years, hinting at a domestic slowdown and poor demand for U.S. products abroad. Business investment has seen a slowdown and consumers are still showing signs of caution.
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Q1 INCOME FOR WALGREENS RISES
Drugstore chain Walgreens' first fiscal quarter net income rose 30.6% from a year ago as it reported higher retail sales. Net income for the firm came in at $1.1 bn vs $850 mn a year ago. Sales increased 48.5% to $29 bn. Walgreens expects to close its acquisition of Rite Aid in the second half of calendar year 2016.
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YAHOO COULD LAY-OFF 10% WORKFORCE
Yahoo is planning to cut at least 10% of its workforce as part of a reorganization. Over 1,000 employees could be let go as early as this month, according to sources quoted in a Business Insider report. Yahoo declined to comment. The news comes a day after a Yahoo shareholder called for a shakeup in the firm's management, including a replacement for embattled Chief Executive Marissa Mayer.
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