Unemployment among the young
The share of young people with jobs is at its lowest level since the government began collecting statistics, in 1948. Just 54.3 percent of people ages 18 to 24 were employed in 2011, down from 62.4 percent in 2007.
UBS to recover bonuses
UBS will claw back some of the bonuses it awarded to top employees after a rogue trading scandal caused its investment banking division to post a 2011 loss. Bankers whose bonuses exceeded $2 million will lose half of the share-based compensation they received for last year.
The Wall Street Journal
The value of Apple
Apple, whose stock continues to rise on the back of impressive profits, is now worth more than Microsoft and Google combined.
Traffic rises at MySpace
The social-networking site MySpace has gained 1 million new users since December, when it added a new music player. The site, which Rupert Murdoch’s News Corp. bought in 2005 for $580 million and sold last year for $35 million, has been steadily shedding users since 2008, when it had 75.9 million unique monthly visitors. Traffic in January rose for the first time in nearly a year, to just over 25 million visitors.
China orders banks to extend government loans
China has ordered the country’s banks to give local governments more time to pay off their debts. City and provincial governments hold debts of $1.7 trillion, and more than half of the loans come due in the next three years. Extending the loans gives Beijing more time to find a solution to its debt troubles.