The nation’s stock markets are expected to resume trading on Monday, ending a four-day shutdown that followed the destruction of the World Trade Center. That means there will be no stock pages until Tuesday. Stock market officials, who made the decision to reopen the markets after meeting with representatives of the city, investment firms and local utilities, said late Thursday they would test the market systems Saturday.
Individuals, businesses and nonprofit organizations affected by Tuesday’s terrorist attacks will be given as long as 10 months to file their tax returns and pay their taxes, the Internal Revenue Service said Thursday. All taxpayers in New York City and in Arlington County, Va., where the Pentagon is located, are covered by the policy. It also applies to all individuals and businesses that can show that they were harmed because records were lost or damaged, because of death or injury, or because they assisted in the relief effort.
The Federal Reserve said Thursday it was making $50 billion available to stabilize the operations of European banks in the United States. Private economists said the unusual move could be an indication that the terrorist attack at the World Trade Center on Tuesday was having a significant impact on financial operations in New York, a major operating point for the world’s largest banks.
New claims for state unemployment insurance increased last week as the nation’s weakening economy continued to take its toll on workers. The number of workers filing new applications for jobless benefits rose 21,000 to a seasonally adjusted 431,000 for the workweek ending Sept. 8, the Labor Department reported Thursday. For the previous week, a revised 410,000 workers filed for jobless benefits. The total number of laid-off workers drawing unemployment benefits continued to climb, hitting almost 3.35 million – levels not seen in nearly a decade.
Mexico and China announced Thursday they had reached agreement on Chinese membership in the World Trade Organization, clearing one of the last stumbling blocks to the Asian colossus’ entry to the trade group. Mexico is the last WTO member to strike a deal with China on joining the rules-making body for world trade, and the agreement could offer crucial momentum as the WTO faces a self-imposed deadline next week for ironing out final details on Beijing’s entry.
Software giant Oracle Corp. reported better-than-expected first quarter earnings Thursday, but tabled discussion of the results and management’s outlook until the stock market reopens next week. The Redwood Shores, Calif.-based company earned $510.6 million, or 9 cents a share, for its fiscal first quarter ended Aug. 31, up 2 percent from $500.7 million, or 8 cents a share, in the year-ago quarter. The consensus estimate among analysts polled by Thomson Financial/First Call was 8 cents per share.
From Herald news services
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