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December 10, 2014 05:41 AM

Wednesday Morning Business Brief


Shares were higher today as European and Chinese markets clawed back losses from selloffs the day before. But Japan's benchmark extended its retreat after government surveys showed deteriorating business and consumer confidence in the world's third-largest economy. Wall Street futures are little changed. Benchmark U.S. crude oil fell below $63 a barrel. The dollar fell against the yen and then euro.

  • WASHINGTON (AP) - The Treasury is scheduled later today to release federal budget figures for November. The country's fiscal outlook has improved in recent months. The government reported earlier that the deficit for the just completed 2014 budget year was $483 billion, the lowest of President Barack Obama's six years in office. The deficit as of Sept. 30, the end of the fiscal year, was the lowest since 2008 when measured against the size of the economy.
  • SAN FRANCISCO (AP) - California prosecutors have filed a lawsuit against Uber over the ridesharing company's background checks and other allegations, adding to the popular startup's worldwide legal woes. Meanwhile, San Francisco County District Attorney George Gascon says Uber competitor Lyft has agreed to pay $500,000 and change some of its business practices to settle its own lawsuit. Los Angeles District Attorney Jackie Lacey partnered with Gascon in a probe of the nascent ridesharing industry.
  • GENEVA (AP) - The global airline industry expects its profits to leap to a record high next year, helped by strong passenger demand, increased efficiency and a continued fall in jet fuel prices. The International Air Transport Association forecasts 2015 will bring $25 billion in net profit - well above the $19.9 billion this year and the $10.6 billion in 2013 and $6.1 billion made in 2012.
  • TOKYO (AP) - Mazda is expanding its U.S. recall for Takata air bags that may explode to the entire country, following Japanese rival Honda in the decision. Mazda Motor Corp. says it will officially notify the U.S. National Highway Traffic Safety Administration soon, but was still compiling details including the exact vehicle numbers requiring recall. NHTSA is demanding nationwide air bag recalls. The recalls have concentrated on regions with high humidity.
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