The plane crash in France now appears to have been caused by a pilot intentionally trying to destroy the plane. There is more news for investors on March 26, 2015.
Jobless Claims Fall
The Labor Department Thursday said the number of Americans filing new claims for unemployment benefits fell well below expectations, pointing to an expanding and healthy labor market in the United States. Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 282,000 for the week ended March 21. That is the lowest mark in a month. Economists polled by Reuters anticipated claims would drop to 290,000 last week. The four-week moving average of claims fell 7,750 to 297,000 last week. The job market outlook is expected to pick up with improving weather and the end of the West Coast port labor dispute.
Plane Crash Intentional
Prosecutors in France now say the co-pilot in charge of the Germanwings plane when it crashed in the French Alps was intentionally trying to crash the plane. The Airbus 320 disintegrated upon impact with 150 people on board. Evidence from a cockpit voice recorder indicated one pilot left the cockpit to go back into the cabin before the plane’s descent and then the cockpit door was locked against him and he could not get back in. An investigator says the audio recordings from the cockpit provide sound of the pilot trying to get back into the cockpit “trying to smash the door down.” The co-pilot in charge of the cockpit has been identified as Andreas Lubitz, who was a 28-year-old from the German town of Montabaur. Officials are yet to say the pilot responsible was trying to commit suicide.
Lululemon Reports Higher Quarterly Profits
Lululemon Athletica Thursday reported a slightly higher quarterly net profit for the fourth quarter ending February 1. A 5 percent rise in comparable store sales led the Canadian yoga wear retailer to report net earnings of $110.9 million, or 78 cents per share, from $109.7 million one year earlier. Analysts had expected earnings per share of 73 cents on revenue of $602 million. Lululemon raised its fourth-quarter guidance in mid-January citing strong holiday sales.
Tornado Claims Life in Oklahoma
A series of extremely dangerous tornadoes tore through the Tulsa, Okla. area Wednesday, killing one person and injuring several others, as power lines were knocked out throughout the area. The state Emergency management Services Authority said a person died in a mobile home park in the town of Sand Springs. Part of a gymnasium with 60 to 70 people inside also collapsed in Sand Springs, but no injuries were reported. More than 79,000 customers were without power across the state late Wednesday night.
Oil Field Services Company Dinged
The U.S. Justice Department says the world’s largest oil-field services company has agreed to pay $232.7 million to the United States for violating U.S. sanctions in Iran and Sudan. Schlumberger Ltd. will pay a $155.1 million criminal fine on top of $77.6 million in illegally obtained profits for doing business with countries the U.S. has declared off limits. Schlumberger is expected to plead guilty to conspiring to violate the International Emergency Economic Powers Act, which allows the government to block transactions with countries under sanctions. The U.S. Justice Department is trying to crack down on companies doing business with other countries that are legally de3nied from doing business with the U.S.
Auction House Offers Treasures
This weekend, the Guernsey auction house in New York will offer collectors the chance to own some great treasures from history as Urban Archaelogy puts up for sale items collected by owner Gil Shapiro for more than four decades. Urban Archaeology has transitioned from being a salvage company to a manufacturer and Shapiro is looking to consolidate his warehouse and factory into one building, explaining the selloff. Available to bidders are an Art Deco pendant light that once shone in the Chrysler building, a 15-foot gate from St. Patrick’s Cathedral, and original lighting from the Plaza Hotel and the St. Regis Hotel.