Business News

WASHINGTON, Nov. 6 (UPI) -- Outstanding consumer credit fell by $14.8 billion in September, dropping for the eighth consecutive month, the U.S. Federal Reserve said Friday.

LONDON, Nov. 6 (UPI) -- Individual bankruptcies in Britain rose in the third quarter, while business bankruptcies declined, a government agency said Friday.

DETROIT, Nov. 6 (UPI) -- General Motors Co. Chief Executive Officer Fritz Henderson said the U.S. automaker could use federal money to support its struggling European operations.

AUBURN HILLS, Mich., Nov. 6 (UPI) -- The head of the largest U.S. auto dealership group, Mike Jackson, said he was confident in Chrysler Group's ability to make a comeback.

ANN ARBOR, Mich., Nov. 6 (UPI) -- U.S. retailer Borders Group Inc. said it would close 200 Waldenbooks outlets in a cost-cutting move that would eliminate 1,500 jobs.

NEW YORK, Nov. 6 (UPI) -- The U.S. firm with the largest federal bailout package by far, American International Group, said it posted a profit in the third quarter of $455 million.

SAN FRANCISCO, Nov. 6 (UPI) -- U.S. Internet auction giant eBay and founders of online calling service Skype have agreed to end legal challenges over the sale of Skype last month.

LONDON, Nov. 6 (UPI) -- British Airways said Friday it would cut 3,000 jobs as it lost more than $484 million from April through the end of September.

NEW YORK, Nov. 6 (UPI) -- U.S. credit card companies have done an end run around tighter credit card laws that take effect in February, Rep. Barney Frank, D-Mass., said.

Markets down unemployment news ... U.S. unemployment soars to 10.2 percent ... U.S. slaps duties on Chinese oil pipes ... Retailers settle lead paint case in Calif. ... News from United Press International.

OAKLAND, Calif., Nov. 6 (UPI) -- Three of the largest U.S. retail firms, Target, Kmart and Toys R Us agreed to settle a lawsuit in California over selling toys that exceed lead paint standards.

WASHINGTON, Nov. 6 (UPI) -- The U.S. unemployment rate jumped 0.4 percentage points to 10.2 percent in October, far higher than expectations, the Department of Labor said Friday.

U.S. markets bounced Thursday on positive, but unremarkable news, a sign that pent up demand was hovering in the wings waiting for a signal.

OTTAWA, Nov. 6 (UPI) -- Canada's unemployment rate rose 0.2 percentage points to 8.6 percent in October, reflecting a loss of 43,000 jobs, Statistics Canada reported Friday.

BEIJING, Nov. 6 (UPI) -- Beijing reacted strongly against the U.S. decision to slap preliminary anti-dumping duties of up to 99 percent on some Chinese oil pipe imports.