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Prospects dimming for extension of UI benefits

Updated: Thursday, December 12, 2013 |
Prospects dimming for extension of UI benefits story image
WASHINGTON (AP) - Prospects are dimming for a quick extension of soon-to-expire unemployment benefits as Republican officials say they will not agree to include a renewal in any year-end budget deal.

Some congressional Democrats insisted Monday they will continue to press to make additional benefits part of the measure, but it is unclear how strongly the White House will support them.

Without legislation, benefits for 1.3 million workers unemployed for longer than 26 weeks would expire on Dec. 28, and an additional 1.9 million would experience the same fate in the first half of 2014.

The cost of extending the program is about $25 billion for one year.

Republicans have balked at renewing the program, saying unemployment has fallen steadily. They argue that weekly unemployment checks are a poor economic stimulus.
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ECONOMY-THE DAY AHEAD

UNDATED (AP) -- This week could be a make-or-break period for investors as more than 150 companies in the S&P 500 report their quarterly financial results, including such market-moving names as Apple, Ford, Visa, Pfizer and Exxon Mobil.

So far, first quarter earnings have come in softer than what investors had anticipated, which has caused analysts to write down their forecasts. Most companies have blamed the U.S. dollar as a reason why sales and profits are down.

Today, Restaurant Brands International will report earnings before the market opens; Apple reports after the market closes.

NEPAL EARTHQUAKE-GOOGLE EXECUTIVE

NEW YORK (AP) -- Dan Fredinburg, a Google executive who described himself as an adventurer, was among the hundreds who died in a massive earthquake that struck Nepal on Saturday.

Google confirmed his death. Lawrence You, the company's director of privacy, posted online that Fredinburg was in Nepal with three other Google employees hiking Mount Everest. The other three, he added, are safe.

Google would not give further details. The company says it has launched a "person finder" tool for Nepal to help people find loved ones and "is working to get updated satellite imagery to aid in the recovery effort." Google says it is committing $1 million to the quake response.

Fredinburg started at Google since 2007. He served as product manager and the head of privacy at Google X.

COD CUTBACK

PORTLAND, Maine (AP) -- New England fishermen and seafood dealers say they expect a year of meager supply and high prices for several popular species of fish as new restrictions on cod fishing get underway.

The New England Fishery Management Council voted last year to reduce the total allowable Gulf of Maine cod catch limit from 1,550 to 386 metric tons starting May 1. The stricter quota will also limit fishermen's ability to catch other key commercial groundfish species, including haddock, pollock and hake.

Regulators say the cod quota cut is necessary because the level of cod spawning in the gulf is just a tiny fraction of its target. The gulf is one of two critical areas where East Coast fishermen search for cod, along with Georges Bank off of Massachusetts.

CORINTHIAN CLOSURES

SANTA ANA, Calif. (AP) -- Corinthian Colleges will shut down all of its remaining 28 ground campuses, displacing about 16,000 students.

The announcement comes less than two weeks after the U.S. Department of Education announced it was fining the for-profit institution $30 million for misrepresentation.

In a statement Sunday, the Santa Ana, California-based company said it was working with other schools to help students continue their education. The closures include Heald College campuses in California, Hawaii and Oregon, as well as Everest and WyoTech schools in California, Arizona and New York.

Corinthian was one of the country's largest for-profit educational institutions. It collapsed last summer amid a cash shortage and fraud allegations.

The Education Department contends that Corinthian failed to comply with requests to address allegations of falsifying job placement data and altering grades and attendance records.

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