UPI NewsTrack Business

Europe's markets edge up Thursday

PARIS, Nov. 27 (UPI) -- European stock markets made gains Thursday, the DJStoxx 600 gaining for the fourth consecutive day as government interventions appeared to appease investors.

The DJStoxx 600 index rose 2.4 percent, up 4.77 points to 203.62. In London, the FTSE 100 index gained 1.77 percent, up 73.41 points to 4,226.10. In Paris, the CAC 40 gained 80.54 points to 3,250.39, up 2.54 percent.

Stocks rose in Germany. The DAX index in Frankfurt rose 2.3 percent, up 104.77 to 4,665.27.

In currency trading Thursday, the dollar gained against the euro at $1.2892 compared with Wednesday's $1.2906.

Fed approves purchase of Merrill Lynch

WASHINGTON, Nov. 27 (UPI) -- The U.S. Federal Reserve Board has agreed to allow Bank of America Corp. to purchase New York bank Merrill Lynch & Co.

Bank of America, based in Charlotte, N.C., and Merrill Lynch agreed to the $50 billion sale in September, a move that would make the largest depository bank in the country even more formidable.

With consolidated assets of $1.8 trillion, Bank of America is "the largest depository organization in the United States," the Fed said Wednesday.

Measured by deposits, BOA controls approximately $774.2 billion, "approximately 10.8 percent of the total amount of deposits," in U.S. insured accounts, the Fed said.

Merrill Lynch assets total $875 billion with deposits around $77.8 billion, the Fed statement said.

However, the Fed said, the deal, also reviewed by the U.S. Department of Justice, "would not likely have a significantly adverse effect on competition in any relevant banking market or in any relevant market."

Jaguar Land Rover announces layoffs

GAYDON, England, Nov. 27 (UPI) -- Britain's Jaguar Land Rover said it would lay off 850 workers by the end of the year, a move that follows a cut of 600 jobs earlier this year.

Jaguar Land Rover moved to a four-day per week production schedule in August, the British Broadcasting Corp. reported Thursday.

The new cuts come amid reports the company is seeking a $1.5 billion loan from the government, the BBC reported. In announcing the cuts, the car maker said it was facing "unprecedented trading conditions."

Jaguar Land Rover said, "it had to take responsible and rapid action for the challenging environment it faces."

The company, which was bought by Indian motor maker Tata in March, employs about 16,000 workers, the BBC said.

Poll: Russian leaders unscathed by crisis

MOSCOW, Nov. 27 (UPI) -- Support for Russia's top politicians and the government has remained strong through the current financial crisis, a state-run poll said.

The All-Russian Public Opinion Research Center said 78 percent of 1,600 adults polled indicated support for Prime Minister Vladimir Putin in November. A slightly smaller percentage -- 74 percent -- indicated they supported President Dmitry Medvedev, although his support dropped from 79 percent from a previous poll.

In the Nov. 22-23 poll, 53 percent indicated support for Russian government, the highest figure in two years, RIA Novosti reported.

"From our survey, we see that there is no political crisis," said poll director Valery Fedorov.

The survey results include a margin of error of plus and minus 3.4 percentage points, the polling organization said.