One of the Palestinians who hijacked the Achille Lauro cruise ship and killed an American passenger in 1985 has been released after more than 23 years in jail, officials said Thursday. Youssef Magied al-Molqui left prison in Palermo, Sicily, on Wednesday and…

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Italy frees hijacker of Achille Lauro ship

Two Obama administration officials say Chrysler will file for bankruptcy protection after talks broke down with a small group of the company’s creditors. The officials spoke on condition of anonymity because the filing plan has not been formally announced….

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AP sources: Chrysler to file for bankruptcy

WASHINGTON (Reuters) – The number of U.S. workers filing new claims for unemployment benefits fell last week, but the weak job market continued to pressure incomes and spending in March, government data showed on Thursday.

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Jobless claims fall, but spending and income ease

The number of newly laid-off workers signing up for unemployment benefits dropped unexpectedly last week, but the number of people continuing to draw jobless aid rose to nearly 6.3 million, setting a record high for the 13th straight week. Meanwhile, consumer…

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New jobless claims unexpectedly drop to 631K

Authorities say a tanker truck carrying more than 8,000 gallons of butane flipped on its side on Interstate 405 in the Sherman Oaks area, shutting down all lanes of the freeway for nearly seven hours. California Highway Patrol Officer Alex Gonzalez says the…

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Overturned tanker truck shuts down 405 for hours

HOUSTON (Reuters) – Exxon Mobil Corp, the world’s largest publicly traded company, posted a 58 percent drop in quarterly profit, missing Wall Street estimates, as the global recession sliced into demand for crude oil and depressed prices.

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Exxon profit sinks on slumping oil demand

WASHINGTON (Reuters) – Chrysler LLC will proceed with Chapter 11 bankruptcy protection now that talks with debtholders have broken down, an administration official said on Thursday.

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Chrysler to proceed with bankruptcy: administration official

CHICAGO (Reuters) – Procter & Gamble Co and Colgate-Palmolive Co posted better-than-expected quarterly earnings on Thursday as the companies hiked prices and cut costs to help offset weaker demand in the recession.

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P&G and Colgate beat Street despite weak sales

Exxon Mobil says its first-quarter profit fell 58 percent as the world’s biggest publicly traded oil company, like smaller rivals, encountered far lower year-over-year oil and gas prices. Exxon Mobil Corp., based in Irving, Texas, said Thursday that earnings…

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Exxon Mobil 1Q profit fall 58 percent

The Philippine immigration chief warned foreign activists on Thursday that they can be deported for taking part in protests after a demonstration by bikini-clad members of the animal rights group PETA. Protesters from People for the Ethical Treatment of…

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Philippines threatens to deport foreign protesters

International Paper Co.’s first-quarter profit nearly doubled, as a huge tax credit for alternative fuel use offset sluggish sales. Like other paper makers, IP is getting a boost from a federal program designed to encourage use of alternative fuels, including…

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Fuel credit boosts International Paper’s 1Q 93 pct

HOUSTON (Reuters) – Exxon Mobil Corp, the world’s largest publicly traded company, on Thursday said its quarterly profit fell 58 percent, missing Wall Street estimates, as the global recession sliced into demand for crude oil.

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Exxon profit hit by slumping oil demand

WASHINGTON (Reuters) – The number of U.S. workers filing new claims for jobless aid unexpectedly declined by 14,000 last week, government data showed on Thursday, while continued claims notched a fresh record high as the recession chilled the labor market.

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Jobless claims fall unexpectedly

Consumer spending fell for the first time in three months while income growth slipped for a second straight month, indicating that the economy is still struggling to emerge from the recession. The Commerce Department reported Thursday that consumer spending…

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Consumer spending falls by 0.2 percent in March

DETROIT/WASHINGTON (Reuters) – Chrysler LLC rushed to clinch a deal on Thursday to stave off collapse ahead of a midnight deadline imposed on the No. 3 U.S. automaker by the Obama administration.

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Chrysler in last-ditch push for survival deal