U.S. markets slightly higher
NEW YORK, June 25 (UPI) -- U.S. markets edged higher Thursday morning despite word from the Department of Labor first time claims for unemployment benefits turned higher this week.
Labor's weekly report said initial claims rose by 15,000 to 627,000 in the week ended June 20. In the previous week, claims had declined.
In late morning trading, the Dow Jones industrial average edged up 3.10 points or 0.04 percent to 8,302.96. The Standard & Poor's 500 added 0.90 or 0.1 percent to 901.84. The Nasdaq composite index was up 3.78 or 0.21 percent to 1,796.12.
The benchmark 10-year U.S. Treasury bond rose 3/32 to yield 3.68 percent.
The euro fell to $1.3923, compared to Wednesday's $1.3942. Against the Japanese yen, the dollar rose to 96.172 yen, compared to Wednesday's 95.47 yen.
In Tokyo, the Nikkei average gained 205.76 points to 9,796.08, up 2.15 percent.
Consumer agency gets mixed reaction
WASHINGTON, June 25 (UPI) -- U.S. President Barack Obama's proposed new consumer protection agency has split support in Washington and divided sentiment outside the beltway, reports show.
In Congress, Republicans have lined up against the proposal for a Consumer Financial Protection Agency that Rep. Jeb Hensarline, R-Texas said would allow "unelected bureaucrats" to take away choices for consumers.
"We must preserve economic liberty and consumer choice," he said.
Rep. Scott Garrett, R-N.J., said the idea was part of an "Orwellian, heavy-handed, government-knows-best mentality."
But Democrats have been largely supportive, The Los Angeles Times reported Thursday.
The Times traced the proposal to Elizabeth Warren, chairwoman of the government panel that is monitoring the government's $700 financial bailout.
"We need someone in Washington ... who looks at the products not from the point of view primarily of bank profitability, but what it means to families and the economy," Warren said.
House Financial Services Chairman Barney Frank, D-Mass., has said he expects his committee to vote on the issue before the end of July.
Outside the capital, consumer groups are largely in favor of the idea, while Edward Yingling, president of the American Bankers Association, said banks were opposed.
With two regulators, banks "will be pushed and pulled," he said.
China defends export restrictions
BEIJING, June 25 (UPI) -- China, responding to a U.S.-EU complaint about its export restrictions, says its policy is consistent with World Trade Organization rules.
The United States and the European Union have complained to the WTO that China's limits on exporting some of its raw materials are unfair.
China's Xinhua news agency quoted an unnamed Commerce Ministry official as saying the export restrictions on commodities such as bauxite, coke, magnesium, zinc and silicon metal are designed to protect the environment and natural resources.
The complaint says these restrictions create unfair advantages for Chinese industries and distort world competition.
"China's policies on these raw materials put a giant thumb on the scale in favor of Chinese producers," U.S. Trade Representative Ron Kirk was quoting as saying Tuesday.
The European Commission says China's move to reduce exports of these items could affect 4 percent of EU's industrial output, or 500,000 employees. The EU imported 4.5 billion euros ($6.3 billion) worth of these materials from China in 2008.
"Export restriction on these materials was in accordance with China's aim to establish an environment-friendly and energy-saving society," Zhao Jinping of the Chinese Cabinet told Xinhua.
He said Western countries should not complain about China's export policies, while asking China to reduce emissions and save energy.
Under WTO's dispute settlement rules, China, the United States and the EU will have a 60-day period to consult and if no solution is found, the plaintiffs can seek a WTO panel for a formal ruling.
Delta brings back Red Coats
NEW YORK, June 25 (UPI) -- U.S. carrier Delta Airlines said it was working to return personal service to its business by resurrecting the airport answer-man, the Red Coat airline agent.
Armed with communication handsets and charged with solving problems for travelers, Delta plans to hire 600 Red Coat agents to help customers in 14 airports by the end of the summer, USA Today reported Thursday.
"One of our key objectives is to continue to improve our customer service. The bringing back of the Red Coats for Delta is very symbolic of that," said Delta Senior Vice President of Airport Customer Service Gil West.
Delta, which recently moved most of its phone service from India to the United States, is bucking the technology trend that has some airlines charging more for having a person, rather than a computer, book flights.
"We, along with most of the industry, have been driving technology, and we still continue to do that," West said.
Nevertheless, Red Coats, which were phased out in the 2005 are making a comeback.
"So many of the employees appear to be doing all they can just to avoid contact … it has been a little refreshing to have even a modicum of customer service appear," said frequent flier Jay Hibbard.
