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Bond insurers post further losses, shares drop

NEW YORK, Nov. 5, 2008 (Reuters) — Bond insurers MBIA Inc and Ambac Financial Group reported large third-quarter losses on Wednesday, hurt by further writedowns and limited new business, sending both companies' shares into a tailspin. ...  > full story

GMAC has $2.52 billion loss; ResCap unit may fail

NEW YORK, Nov. 5, 2008 (Reuters) — Finance company GMAC LLC lost $2.52 billion in the third quarter, hurt by slumps in the housing and auto markets, and said its Residential Capital LLC mortgage unit may fail. ...  > full story

Treasury to expand borrowing with 3-year note

WASHINGTON, Nov. 5, 2008 (Reuters) — The Treasury said on Wednesday it will resurrect the 3-year note and conduct more frequent auctions of 10-year notes and 30-year bonds to cope with staggering borrowing needs that some say could reach $2 trillion in the current fiscal year. ...  > full story

Glaxo cuts 1,000 jobs from U.S. sales force

LONDON, Nov. 5, 2008 (Reuters) — GlaxoSmithKline , the world's second biggest drugmaker, is cutting approximately 1,000 U.S. sales jobs by the end of 2008 as it reshapes the operation to compete in an increasingly tough market. ...  > full story

Molson Coors profit up on market share gains

NEW YORK, Nov. 5, 2008 (Reuters) — Molson Coors Brewing Co reported a higher quarterly profit on Wednesday that met Wall Street expectations, helped by market share gains in Canada and Britain. ...  > full story

Time Warner profit beats, but cuts outlook

NEW YORK, Nov. 5, 2008 (Reuters) — Time Warner Inc posted a higher-than-expected third-quarter profit, helped by strong advertising sales at its cable networks including CNN, and the summer blockbuster movie "The Dark Knight." ...  > full story

Marsh & McLennan posts net loss

NEW YORK, Nov. 5, 2008 (Reuters) — Marsh & McLennan Cos Inc , the second-largest global insurance brokerage by assets, posted a third-quarter loss, compared with a large profit a year earlier, when it got a boost from the sale of Putnam Investments. ...  > full story

Medco profit rises 38 percent on generics

NEW YORK, Nov. 5, 2008 (Reuters) — Medco Health Solutions Inc posted a 38 percent increase in quarterly profit on Wednesday, as the pharmacy benefit manager dispensed more generic and mail-delivery prescriptions. ...  > full story

Planned layoffs jump to near five-year high

NEW YORK, Nov. 5, 2008 (Reuters) — Planned layoffs at U.S. firms surged to their highest in nearly five years during October, with cuts in the financial and auto sectors leading the charge as the economic outlook worsened, a report by outplacement firm Challenger, Gray & Christmas said on Wednesday. ...  > full story

Ambac posts $2.4 billion quarterly loss

NEW YORK, Nov. 5, 2008 (Reuters) — Bond insurer Ambac Financial Group reported a much bigger third-quarter loss, hurt by heavy investment write-downs and market losses. ...  > full story
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