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Latest Business News: Weekly US Jobless Aid Applications Rise to 354K

Wochit 0:58 mins

U.S. unemployment benefit applications rose by 18,000 last week to a seasonally adjusted 354,000. Despite the gain, the level remains consistent with moderate job growth. China?s financial system is in the throes of a cash crunch. The interest rates that Chinese banks must pay to borrow money from each other overnight surged to a record high of 13.44 percent. according to official daily rates set by the National Interbank Funding Center in Shanghai. Rite Aid Corp , the No. 3 U.S. drugstore chain, posted its third consecutive quarterly profit, helped by sales of higher-margin generic drugs. The company earned $89.7 million, or 9 cents per share, in the fiscal first quarter ended June 1, versus a loss of $28 million, or 3 cents per share, a year earlier.

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