Briefs: U.S. trade deficit highest since July
WASHINGTON -- The U.S. trade deficit rose to the highest level in three months, with record oil prices and a flood of toys and other imports from China swamping a solid gain in American exports. The Commerce Department reported Wednesday the deficit for October increased to $57.8 billion, the highest level since July and 1.2 percent above the September imbalance. The widening deficit was slightly worse than expected and occurred even though U.S. exports of goods and services rose for an eighth consecutive month, climbing 0.9 percent to an all-time high of $141.7 billion.
Crude futures up on supply concerns
NEW YORK -- Energy futures rose sharply Wednesday after the government reported unexpected declines in supplies of crude and heating oil last week and the Federal Reserve announced a plan to help banks weather the credit crisis. Light, sweet crude for January delivery rose $4.37 to settle at $94.39 a barrel on the New York Mercantile Exchange. It was crude's highest close since Nov. 27.
Subprime crisis called 'manageable'
CHICAGO -- Billionaire investor Sam Zell on Wednesday compared the current credit-fueled crisis in U.S. real estate to the savings-and-loan meltdown of the late 1980s but said it was a "manageable" problem that would not drag the wider economy into a recession next year. Zell, who made his fortune in real estate, also predicted the U.S. property market would begin to recover modestly in 2009. Zell said the key to the housing market's health going forward would be the strength of the U.S. job market. He expressed confidence that as long as unemployment rate stays below 5.5 percent, it was "very, very unlikely" that the subprime contagion would spread.
Levi's chairman to retire next year
SAN FRANCISCO -- Levi Strauss & Co. Chairman Robert Haas is stepping down from the position early next year, marking the first time in the jeans maker's 154-year history that its board of directors won't be led by a descendant of the company's founder. Haas's retirement is effective Feb. 8.