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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Business in brief: Jobless rate suggests slowing of recovery

WASHINGTON – Unemployment fell in fewer states in July than in the previous three months, a sign that the pace of job growth has slowed.

The jobless rate dropped in 18 states and Washington, D.C. last month, the Labor Department said Friday. It rose in 14 states and stayed the same in 18. That’s a slowdown from the past three months when unemployment fell in more than 30 states.

Nationwide, the unemployment rate remained stuck at 9.5 percent in July.

The report suggests many states are seeing less improvement in the job market than earlier this year. But there were also positive signs that indicate the recovery hasn’t stalled out.

MIAMI – The latest guidelines for BP’s $20 billion victims compensation fund say the nearer you are geographically to the oil spill and the more closely you depend on the Gulf of Mexico’s natural resources, the better chance you have of getting a share of the money.

Also, a second set of rules expected this fall will require that businesses and individuals seeking compensation for long-term losses give up their right to sue BP and other spill-related companies – something that could save the oil giant billions.

The new rules for the claims process were released Friday by Washington lawyer Kenneth Feinberg, who was picked by President Barack Obama to run the fund and previously oversaw claims for 9/11 victims. Beginning Monday, the claims will be handled by Feinberg rather than BP, which is still footing the entire $20 billion bill.

FORT COLLINS, Colo. – Ranchers from across the country are expected to gather in northern Colorado next week to talk about competition in the cattle industry.

Attorney General Eric Holder and Agriculture Secretary Tom Vilsack are scheduled to attend the Aug. 27 meeting in Fort Collins. It’s the fourth in a series of meetings the Obama administration has been holding across the country to discuss anti-trust issues in agriculture.

The meat packing industry has long been dominated by a handful of corporate giants and some producers accuse them of demanding unfairly low prices. Proposed anti-trust rules from the administration would make it easier for ranchers to sue.

A Montana-based ranchers’ group, R-Calf USA, is trying to get 25,000 supporters to attend.

WILMINGTON, Del. – The Tribune Co.’s plan to emerge from bankruptcy has unraveled in the wake of an independent report concluding that talks leading up to the company’s 2007 leveraged buyout bordered on fraud, attorneys said Friday.

The report forced Tribune and its creditors to rethink a settlement that formed the basis of its reorganization plan.