Morning Business Headlines: 10-21-13
Thursday, November 21, 2013 11:47 AM
Manufacturing rebounds in November to 8-month high
Reuters: Manufacturing rebounded this month after hitting a one-year low in October and output grew at its fastest pace in nine months, according to an industry report. The overall pace of improvement in the goods-producing sector remained modest, though, and hiring in November slowed. Financial data firm Markit said its "flash," or preliminary, U.S. Manufacturing Purchasing Managers Index rose to 54.3, an eight-month high, from 51.8 in October. November's reading comfortably beat economists' estimate of 52.4. Output grew at its fastest clip in nine months after nearly flat-lining in October. The subindex jumped to 57.1 from 50.6.
Google launches prepaid debit card
CNNMoney: Google Inc. announced the launch of a physical prepaid card on Wednesday. The new Google Wallet Card will be tied to a customer's Google Wallet account and can be used to make purchases and withdraw money from ATMs. Google Wallet, which has been around since 2011, is a virtual wallet that is funded by transfers from other Google Wallet users or money transferred from other bank and credit card accounts. Consumers can then use that balance to pay with a mobile phone at certain retailers.
Ally Financial repays $5.9 billion in bailout aid
Reuters: Auto lender Ally Financial Inc. has repaid the U.S. government $5.9 billion in federal bailout aid it received during the financial crisis, the Treasury Department said on Wednesday. With the payment, the government has received $12.3 billion from Ally, more than 70 percent of the total aid provided by the government, the Treasury Department said in a news release. Ally, the former lending arm of General Motors, received a $17.2 billion bailout during the financial crisis.
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