Entergy gets OK to exit contract

Goal is to shed costly pact in ’13

Entergy Arkansas Inc. can withdraw from the costly “system agreement” it shares with five other Entergy Corp. subsidiaries, federal regulators ruled Thursday.

Bailout to help shrink deficit, Geithner says

Treasury Secretary Timothy Geithner said Thursday that the government’s $700 billion bailout program will end “as soon as we can,” and that part of it will be used to lower the record deficit.

Emergency loans drop, Fed reports

Banks borrowed slightly less from the Federal Reserve’s emergency lending program over the past week but increased their use of other credit programs designed to ease the financial crisis.

Foreclosures on prime loans surge

Job losses seen overtaking risky lending as top cause of defaults

Rising unemployment led to a spike in foreclosures on prime fixed-rate mortgage loans in the third quarter, the Mortgage Bankers Association said Thursday.

Sears Holdings trims quarterly loss

Kmart sales bump, cost-cutting help; retailer said to have long way to go

Struggling retailer Sears Holdings Corp. posted a smaller third-quarter loss Thursday as it cut costs and was helped by the first positive sales performance at its Kmart division in more than four years.

AOL offers buyouts to one-third of work force

AOL LLC, the Internet company, is looking to shed more than a third of its work force as it prepares to spin off from Time Warner Inc. next month.

Iberiabank in shape to grab failed banks

Recent takeovers double firm’s assets

A Louisiana banking company sees the worst rash of bank failures in two decades as fertile ground to expand well beyond the state line.

Utah auction draws few drillers

Difficulty obtaining leased land scares oil, gas firms, some say

Drillers say it’s getting so difficult to obtain an oil and-gas lease in the Rocky Mountains under the administration of President Barack Obama that many aren’t bothering to show up for auctions.

NEWS IN BRIEF

Verizon lays off more Alltel workers Verizon Wireless on Thursday announced that it has laid off another round of former Alltel Corp. employees, but declined to say how many.

Business news in brief

QUOTE OF THE DAY “What you’re going to have is a void of decent size banks that can loan.” Michael Rose, industry analyst for Raymond James Article, 1D

MARKET REPORT: Worrisome reports whack stocks

Signs of a subdued economic recovery sent investors out of stocks Thursday and in search of safer assets.

Dell profit falls 54%; firm loses No. 2 spot

Dell Inc. said Thursday that its net income dropped 54 percent in the latest quarter amid signs the company isn’t fully benefiting from the computer industry’s fledgling recovery.

Tax spurs repackaged tobacco products

With a simple marketing twist, tobacco companies are avoiding hundreds of millions of dollars a year in taxes that are a part of President Barack Obama’s child-health law.

Retail sales rebound, report says

Auto sales help; September purchases revised down

October retail sales in the U.S. rebounded more than forecast as demand for autos climbed, easing concern the recovery will cool after government incentives end.

Arkansas bank posts loss

First Federal Bancshares down $23 million in quarter

First Federal Bancshares of Arkansas moved more than $30 million into future loan loss provisions from capital, resulting in an overall loss of $23.2 million for the third quarter of 2009.