US jobless rate at 26-year high

US employers cut 216,000 jobs in August, pushing the unemployment rate up to 9.7%, a 26-year high, official figures show.

The unemployment rate rose after dipping to 9.4% in July but the Labor Department said the job loss figure was the smallest in a year.

Since the start of the recession in December 2007, the economy has shed 6.9 million jobs, the department said.

Jobs have been lost across manufacturing and service industries.

Total unemployment stands at 14.9 million.

Google China chief leaves company

The man who led Google's expansion into China is leaving the company to start his own business.

Lee Kai-Fu, who joined from Microsoft in 2004, will step down as president of Google in greater China in September, the company said.

When he joined, Microsoft sued Google and Mr Lee, claiming he had violated an agreement that prohibited him from working for a rival for one year.

The two sides later settled out of court, without releasing details.

Mr Lee went on to become the face of Google China.

But during his reign Google China had a difficult relationship with Beijing censors.

In June, access to Google in some parts of China was disrupted, amid a row over what Chinese citizens should be allowed to view over the internet.

A Chinese official also accused Google of spreading pornography and breaking Chinese law.

"Kai-Fu has made an enormous contribution to Google over the last four years, helping dramatically to improve the quality and range of services that we offer in China," said Alan Eustace, Google's senior vice president for engineering.

Mr Lee will be replaced by John Liu, who currently leads its greater China sales team.

Oil recovers in Asian trade ahead of US jobs data

Oil rebounded in Asian trade on Friday ahead of the release of a closely monitored US jobs report that will give fresh clues on the health of the world's biggest economy, analysts said.

New York's main contract, light sweet crude for October delivery, advanced 14 cents to USD 68.10 a barrel.



Brent North Sea crude for October delivery was five cents higher at USD 67.17.



The US jobs report, seen as an indicator of economic momentum, will give analysts further clues on whether the American economy is recovering from a recession that began in December 2007.



"Commodity markets will be watching the US employment report for August to be released tonight," the Commonwealth Bank of Australia said in a report.



A smaller-than-expected decline last week in the number of US new claims for unemployment benefits, reported by the Labor Department Thursday, put investors on alert.



"The data are a sobering reminder that the labor market, and consumer spending, will be a drag on growth prospects," said Patrick O'Hare of Briefing.com.



A Credit Suisse report that predicted Asian economies would continue to rebound firmly from the global slump,

boosted by improving domestic demand and exports, is likely to bode well for oil demand.