Red ink: The U.S. trade deficit increased in October because exports fell by a larger margin than imports, a sign that slower global growth could weigh on the U.S. economy. The trade deficit grew 4.8% in October from September to $42.2 billion, according to a Commerce Department released this morning. Exports dropped 3.6% to $180.5 billion. Sales of commercial aircraft, autos and farm products all declined. More details can be found in the full story here.
On a wing: Delta Air Lines announced this morning its plans to buy almost half of Virgin Atlantic for $360 million as it seeks a bigger share of the lucrative New York-to-London travel market. Delta intends to form a joint venture with Virgin Atlantic, in which the two airlines would share money from the flights operated under the partnership. In order to coordinate their schedules, the two airlines will need antitrust approval from U.S. and European regulators. The full story is here.
Out of the vault: The Treasury Department says it has sold all of its remaining shares of American International Group Inc., a move that wraps up the government’s biggest bailout of the 2008 financial crisis. The Treasury reports having received $32.50 per share for its 234.2 million remaining AIG shares, which represented a 16% ownership stake in the giant, New York City-based insurance company. Click here for the full story.
