MID-DAY UPDATE: Egypt, Australia , and job numbers
Egyptian protesters in Cairo — both opponents and supporters of President Mubarak’s leadership — are clashing today after the leader conceded to step down from office at the end of his term. Internet coverage is slowly returning to the country, and businesses are reacting to the new political landscape.
Just as Northern Australia began to recover from record flooding two weeks ago, the country now is bracing for Cyclone Yasi. Analysts are already concerned about the cyclone’s economic impact, especially on the agriculture and insurance industries.
We heard two key job reports in anticipation of Friday’s numbers from the Labor Department. Payroll processing company ADP said private employers added 187,000 jobs last month. And job placement firm Challenger Gray and Christmas reported that employers laid off fewer employees last month than they have in any January month since record-keeping started in 1993.
Finally, even Citigroup can’t buy famed-record label EMI love. EMI owns music by Pink Floyd, Frank Sinatra, and of course, the Beatles. But the record label was also at the center of a flawed takeover deal, indicative of the music industry’s financial problems.
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