WorldCom names Capellas new chairman and CEO
Michael Capellas takes over WorldCom as chairman and chief executive vowing to raise ethics and steer the Clinton Mississippi company out of bankruptcy. He leaves Hewlett-Packard after a $19 billion Compaq deal and will lead amid scrutiny, promising no breakup of the company and a culture of zero tolerance.
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Texans see flat October jobless rate despite 65,000 extra hires
Texas unemployment stood at 6.2 percent in October, unchanged from September after seasonal adjustments. The Texas Workforce Commission reported 65,000 more jobs, mainly from holiday hiring, while unemployment fell to 626,700 and employment rose to 10.15 million. Construction shed 4,300 jobs and manufacturing 3,400, with border plant closings driving earlier losses. Local metro rates followed September figures, non-seasonally adjusted.
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Wall Street gains as consumer sentiment lifts market
Stronger than expected consumer sentiment gave Wall Street a lift, aiding a sixth straight weekly advance for the Dow. Traders weighed terror fears and downgrades of GE and Intel amid mixed economic data, including a surprise rise in wholesale prices and a drop in industrial production.
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