- Oil giant Royal Dutch Shell today joined the profits bonanza from record prices with a 71 per cent jump in third-quarter earnings. The firm made a mammoth 10.9 billion US dollars (£6.6 billion) between July and September – a period when oil prices hit a peak above 147 dollars a barrel.
- U.S. banks getting more than $163 billion from the Treasury Department for new lending are on pace to pay more than half of that sum to their shareholders, with government permission, over the next three years. The government said it was giving banks more money so they could make more loans. Dollars paid to shareholders don’t serve that purpose, but Treasury officials say that suspending quarterly dividend payments would have deterred banks from participating in the voluntary program.
- Economy shrinks as consumers cut back on spending…the Labor Department reported Thursday that applications for unemployment benefits remained at an elevated level last week, another sign of the economy’s struggles.
We’re being strip-mined.