Iowa’s seasonally adjusted unemployment rate inched down to 4.3 percent in November from 4.4 percent in the previous month, but was still up from the 3.8 percent rate in November 2007. Nationally, the unemployment rate rose to 6.7 percent in November from 6.5 percent in October. Meanwhile, Iowa’s labor force declined slightly to 1,679,000 in November due to the economic slowdown. Trade and transportation gained 700 jobs while wholesale trade, education and health services, and government all posted gains of 500 jobs. The biggest losses were in leisure and hospitality, with 1,300 jobs, and professional and business services, with 1,200 jobs.

General Motors Corp. and Chrysler LLC will receive a combined $13.4 billion bailout, with the money being pulled from the Troubled Asset Relief Program, which was initially set up to help troubled financial institutions, President George Bush said today. Under the terms of the agreement, an additional $4 billion would be provided in February if Congress releases the second half of TARP’s $700 billion bailout. Additionally, both companies must demonstrate financial viability by March 31 or the loans will be called and both will have to pay the government back before making payments on other debt obligations, Bloomberg reported.

The Iowa Department of Economic Development board of directors this morning approved funding to assist seven Iowa companies in expansion projects that will create or retain 283 jobs. The largest of the awards, $625,000, was made to Ashley Industrial Molding Inc.of Olwein, which expects to create 125 manufacturing jobs in northeast Iowa paying an average of $16 per hour. Read more.

Aviva plc has sold its used-vehicle validation-services provider, HPI Ltd., to Solera Holdings Inc. for $117.4 million, Reuters reported. Solera said the purchase would allow it to meet an increased demand for historical information on specific vehicles and clients. Aviva USA is headquartered in Des Moines.

Three of General Growth Properties Inc.’s high-end shopping malls are for sale as the company tries to pay off about $22 billion in debt in four years, Reuters reported. The malls are Boston’s Faneuil Hall, Baltimore’s The Gallery at Harborplace and New York’s South Street Seaport. The asking price for the malls was not clear, but the offer document said the three malls collectively brought in about $318 million in retail sales for the year ended in September. They are part of the GGP Festival Marketplace Portfolio, which was run by Rouse Co. until it was bought by General Growth in 2004. General Growth owns and operates Jordan Creek Town center.

Merry Rankin has been named director of sustainability programs at Iowa State University, effective Jan. 15. The position was created as part of the university’s Live Green! Initiative that aims to make Iowa State a model of energy efficiency. Rankin will guide the creation of a plan for sustainable practices and coordinate activities such as energy-conservation projects, a loan fund for energy savings improvements in facilities and recycling efforts. Rankin currently leads the Iowa Department of Natural Resources Keepers of the Land program.

Twelve major U.S. and European banks received lower credit ratings and outlooks from Standard & Poor’s, including Wells Fargo & Co., Bank of America Corp. and Goldman Sachs Group Inc. S&P cited increased industry risk and the deepening economic slowdown as its motive for the downgrades.

Swedish company SSAB announced today that it will construct an $11 million research and development facility adjacent to its steel mill in Montpelier. The new facility will replace the research and development laboratory that was included in the sale of its tubular operations earlier this year. The company will hire 13 full-time employees to staff the new division. Construction will begin in early 2009 and the facility is expected to begin operations in the third quarter of next year.

Panasonic Corp. will acquire Sanyo Electric Co. for up to $9 billion, the Associated Press reported. The deal is subject to approval by top shareholders, including Goldman Sachs Group Inc., but if it goes through, it would create one of the world’s biggest electrics companies. The deal would allow Panasonic to add Sanyo’s green energy products, including solar panels and rechargeable batteries, to its lineup. The sale will be made through a public tender offer of about $1.47 per share.