Business Headlines
Dell to slash Ireland work force, shift to Poland
AP - THURSDAY, JANUARY 8, 2009 3:55 A.M.
DUBLIN, Ireland (AP) -- U.S. computer maker Dell Inc. announced Thursday it will slash its Irish work force and shift its European manufacturing operations to Poland in a move certain to undermine Ireland's recession-hit economy....
Stock futures mixed ahead of economic data
AP - THURSDAY, JANUARY 8, 2009 3:53 A.M.
NEW YORK (AP) -- Wall Street headed for a mixed open Thursday, bracing for what are expected to be more bleak data on employment and retail sales....
Oil edges upward after plunging on US report
AP - THURSDAY, JANUARY 8, 2009 3:51 A.M.
VIENNA, Austria (AP) -- Oil prices crept higher Thursday, but aftershocks from an unexpectedly high increase in U.S. inventories kept the market subdued after a 12 percent plunge overnight....
China's Lenovo to cut 11 percent of work force
AP - THURSDAY, JANUARY 8, 2009 3:46 A.M.
BEIJING (AP) -- Shares of Lenovo Group tumbled Thursday after the world's fourth-largest computer maker warned it expects a loss for its latest quarter and will lay off 11 percent of its work force and cut executive pay....
European economic confidence sinks to record low
AP - THURSDAY, JANUARY 8, 2009 3:43 A.M.
BRUSSELS, Belgium (AP) -- Confidence in the EU economy sank to a record low in December, the European Commission said Thursday, while official data confirmed the 15-nation euro zone officially slipped into recession in the third quarter....
Pink slips pile higher amid deepening recession
AP - THURSDAY, JANUARY 8, 2009 3:32 A.M.
WASHINGTON (AP) -- Pink slips are piling higher as companies scramble to cut costs even deeper to survive the country's economic and financial storms....
Obama warns of dire consequences without stimulus
AP - THURSDAY, JANUARY 8, 2009 3:05 A.M.
WASHINGTON (AP) -- President-elect Barack Obama said Thursday that the nation's recession could "linger for years" unless Congress acts to pump unprecedented sums from Washington into the U.S. economy, making his highest-profile case yet on an issue certain to define his early presidency....
Ukrainian, Russian gas companies hold talks
AP - THURSDAY, JANUARY 8, 2009 3:04 A.M.
MOSCOW (AP) -- The heads of the Russian and Ukrainian gas companies held an unexpected meeting in Moscow early Thursday to discuss the dispute that has caused an energy crisis in Europe, but both sides said no breakthrough was reached....
Satyam scandal sparks demand for better governance
AP - THURSDAY, JANUARY 8, 2009 2:03 A.M.
NEW DELHI (AP) -- Indian business leaders are demanding that authorities beef up corporate governance after an accounting scandal engulfed major outsourcing company Satyam Computer, shaking investor confidence....
Asia stocks tumble amid renewed economy worries
AP - THURSDAY, JANUARY 8, 2009 1:50 A.M.
HONG KONG (AP) -- Asian stock markets fell sharply Thursday, with benchmarks in Tokyo and Hong Kong tumbling about 4 percent, as more evidence of company woes and a weak U.S. job market rekindled worries about the unfolding global slump. European markets opened lower....
Obama taps spending watchdog, eyes Social Security
AP - WEDNESDAY, JANUARY 7, 2009 11:19 P.M.
WASHINGTON (AP) -- Pointing with concern to "red ink as far as the eye can see," President-elect Barack Obama pledged Wednesday to tackle out-of-control Social Security and Medicare spending and named a special watchdog to clamp down on other federal programs - even as he campaigned anew to spend the largest pile of taxpayer money in history to revive the sinking economy....
GM leverages Chinese success to reinvent LaCrosse
AP - WEDNESDAY, JANUARY 7, 2009 9:54 P.M.
DETROIT (AP) -- With help from its design team in China, General Motors Corp. is trying to reinvigorate the Buick brand with its 2010 LaCrosse luxury sedan....
Microsoft's Ballmer: Windows 7 is nearly final
AP - WEDNESDAY, JANUARY 7, 2009 9:27 P.M.
LAS VEGAS (AP) -- Microsoft Corp.'s next version of the Windows operating system is almost ready for prime time....
Intel will miss its already-lowered 4Q targets
AP - WEDNESDAY, JANUARY 7, 2009 9:17 P.M.
SAN FRANCISCO (AP) -- Even after sharply reducing its outlook for the fourth quarter, Intel Corp. said Wednesday that it would miss its revenue projection by about $500 million, a sign that PC makers and buyers are being more tightfisted than it seemed only two months ago....
Review: The Polaroid camera is back, in digital
AP - WEDNESDAY, JANUARY 7, 2009 9:04 P.M.
LAS VEGAS (AP) -- A strange little ritual used to go along with Polaroid cameras. The shooter would grab the print as it came out of the camera and wave it in the air, as if that would stimulate the chemicals and make the picture appear faster. It didn't. Yet it felt dumb to just stand there, waiting for the picture to develop....
Survey says auto execs pessimistic about future
AP - WEDNESDAY, JANUARY 7, 2009 9:03 P.M.
DETROIT (AP) -- Auto executives across the globe are increasingly pessimistic about their industry, and only a small number expect their companies' profits to rise in the next five years, according to an annual survey....
Home Depot ends USOC sponsorship, jobs program
AP - WEDNESDAY, JANUARY 7, 2009 8:10 P.M.
DENVER (AP) -- The days of walking into Home Depot and having an Olympic gold medalist help you pick out paint could be coming to an end....
Debate rages over whether Madoff should be in jail
AP - WEDNESDAY, JANUARY 7, 2009 6:05 P.M.
NEW YORK (AP) -- A debate has been raging in New York over the fact that Bernard Madoff remains free on bail, spending his days in his luxury Manhattan penthouse despite being accused of the largest financial fraud in history....
Time Warner expects $25B charge, loss for year
AP - WEDNESDAY, JANUARY 7, 2009 5:21 P.M.
NEW YORK (AP) -- Media company Time Warner Inc. said Wednesday that it expects a fourth-quarter charge of $25 billion to write down the value of its cable, publishing and AOL assets, leading to a loss for the year....
Is Chrysler a lost cause?
AP - WEDNESDAY, JANUARY 7, 2009 4:01 P.M.
DETROIT (AP) -- Even by the standards of battered automakers, Chrysler is in dire shape. Its sales in December were down a stunning 53 percent, far worse than Ford or General Motors, and analysts say it probably won't survive the year as an independent company - despite $4 billion in government loans and the possibility of more....
Continental flight powered with biofuel takes off
AP - WEDNESDAY, JANUARY 7, 2009 3:40 P.M.
HOUSTON (AP) -- Continental Airlines on Wednesday became the first U.S. commercial carrier to conduct a demonstration flight powered in part by alternative fuels, though large-scale use of such fuel is forecast to be several years away....
EMC to cut 2,400 jobs, sees meeting 4Q estimates
AP - WEDNESDAY, JANUARY 7, 2009 3:28 P.M.
HOPKINTON, Mass. (AP) -- Data storage company EMC Corp. said late Wednesday it will lay off 2,400 people to bring down costs despite projecting fourth-quarter results will meet expectations....
Citgo extends free fuel after Chavez intervention
AP - WEDNESDAY, JANUARY 7, 2009 3:08 P.M.
BOSTON (AP) -- Citgo, the Venezuelan government's U.S.-based oil subsidiary, reversed course Wednesday and said it will continue shipments of heating oil to poor families in the United States....
Paulson says changes needed at Fannie, Freddie
AP - WEDNESDAY, JANUARY 7, 2009 2:22 P.M.
WASHINGTON (AP) -- Treasury Secretary Henry Paulson on Wednesday said the best option for the future of Fannie Mae and Freddie Mac could be for the mortgage giants to be run like public utilities....
CBO projects $1.2 trillion deficit for 2009
AP - WEDNESDAY, JANUARY 7, 2009 11:45 A.M.
WASHINGTON (AP) -- The federal budget deficit will nearly triple to an unprecedented $1.2 trillion for the 2009 budget year, according to grim new Congressional Budget Office figures....
Bank of America sells shares in Chinese bank
AP - WEDNESDAY, JANUARY 7, 2009 11:08 A.M.
BEIJING (AP) -- Bank of America Corp. raised more money Wednesday to cope with U.S. economic turmoil by selling part of its stake in China Construction Bank Ltd., China's second-biggest commercial lender, for $2.8 billion....
Obama names special watchdog for federal spending
AP - WEDNESDAY, JANUARY 7, 2009 10:02 A.M.
WASHINGTON (AP) -- President-elect Barack Obama said Wednesday that reforming massive government entitlement programs - such as Social Security and Medicare - would be "a central part" of his effort to control federal spending....
Wal-Mart names new head of international division
AP - WEDNESDAY, JANUARY 7, 2009 8:05 A.M.
LITTLE ROCK, Ark. (AP) -- Wal-Mart Stores Inc., the world's largest retailer, on Wednesday named the president and CEO of its Sam's Club warehouse division to fill the same roles at its expanding international unit....
Monsanto 1Q profit doubles, raises outlook
AP - WEDNESDAY, JANUARY 7, 2009 7:01 A.M.
NEW YORK (AP) -- Monsanto Co., the world's biggest seed maker, said Wednesday its fiscal first-quarter profit more than doubled on higher sales to Latin America, and raised its expectations for the year....
Constellation Brands 3Q adjusted profit tops view
AP - WEDNESDAY, JANUARY 7, 2009 6:13 A.M.
ROCHESTER, N.Y. (AP) -- Constellation Brands Inc., which sells Mondavi wine, Corona beer and Svedka vodka, said Wednesday its fiscal third-quarter profit fell 30 percent because of restructuring costs and weaker sales, and it trimmed the top end of its 2009 forecast amid the slowing global economy....
Time Warner Cable to book $15B charge in 4Q
AP - WEDNESDAY, JANUARY 7, 2009 6:05 A.M.
NEW YORK (AP) -- Time Warner Cable says it expects to record a $15 billion noncash impairment charge on its cable franchise rights in the fourth quarter, resulting in a loss for 2008....
UK retailer Marks & Spencer to cut 1,230 jobs
AP - WEDNESDAY, JANUARY 7, 2009 4:40 A.M.
LONDON (AP) -- British retail industry stalwart Marks & Spencer Group PLC said Wednesday it will cut 1,230 jobs and close 27 of its stores in a drive to reduce costs as the retail sector continues to struggle....
China issues 3G mobile phone licenses
AP - WEDNESDAY, JANUARY 7, 2009 4:07 A.M.
BEIJING (AP) -- China assigned third-generation mobile phone licenses Wednesday to three carriers in a long-awaited step that is expected to prompt $41 billion in spending on new equipment....
After sales, will shoppers pay full price again?
AP - WEDNESDAY, JANUARY 7, 2009 4:05 A.M.
NEW YORK (AP) -- Shoppers are getting used to those 75 percent off sale signs, and that's bad news for merchants who worry they will also have to quickly slash prices on spring goods to attract customers....
Apple cuts copy protection and prices on iTunes
AP - TUESDAY, JANUARY 6, 2009 11:36 P.M.
SAN FRANCISCO (AP) -- Apple Inc. is cutting the price of some songs in its market-leading iTunes online store to as little as 69 cents and plans to make every track available without copy protection....
Alcoa to cut 13 percent of global work force
AP - TUESDAY, JANUARY 6, 2009 11:33 P.M.
PITTSBURGH (AP) -- Aluminum producer Alcoa Inc. is cutting roughly 13 percent of its global work force by the end of the year as it slashes costs in the face of a deteriorating world economy....
LyondellBasell units file for bankruptcy
AP - TUESDAY, JANUARY 6, 2009 4:18 P.M.
DALLAS (AP) -- The U.S. arm of chemical giant LyondellBasell Industries has filed for bankruptcy as the recession continues to weaken demand for its products, which are used in everything from cars to detergents....
Financial crisis takes human toll
AP - TUESDAY, JANUARY 6, 2009 3:07 P.M.
BERLIN (AP) -- His spirit broken by financial fears, German billionaire Adolf Merckle took his own life this week - becoming the latest high-profile casualty of a global economic crisis that already has claimed the lives of executives in Europe and the U.S....
Skilling convictions upheld; will get resentenced
AP - TUESDAY, JANUARY 6, 2009 2:49 P.M.
HOUSTON (AP) -- A federal appeals court Tuesday upheld former Enron Corp. CEO Jeff Skilling's convictions for his role in the energy giant's collapse but threw out his 24-year prison term and ordered that he be resentenced....
Don't get used to cheap oil, analysts say
AP - TUESDAY, JANUARY 6, 2009 2:09 P.M.
HOUSTON (AP) -- All that money you're saving these days at the gas pump? You might want to put it in the bank....
German mogul kills self over financial meltdown
AP - TUESDAY, JANUARY 6, 2009 1:19 P.M.
BERLIN (AP) -- German billionaire Adolf Merckle threw himself in front of a train after his business empire, which included interests ranging from VW cars to pharmaceuticals to cement, ran into trouble in the global financial crisis, his family said Tuesday....
Legal fight in Dow-Kuwaiti deal looms
AP - TUESDAY, JANUARY 6, 2009 12:15 P.M.
NEW YORK (AP) -- Dow Chemical will pursue legal action against a state-owned Kuwaiti company that scuttled a $17.4 billion joint venture just days before the deal was to close, and said Tuesday that talks for a similar arrangement with other investors are already under way....
Fed: Economic woes will last despite radical moves
AP - TUESDAY, JANUARY 6, 2009 12:12 P.M.
WASHINGTON (AP) -- Even as Federal Reserve officials slashed their key interest rate to a record low and pledged to use other unconventional tools to fight the worst financial crisis since the 1930s, they still feared the economy would be stuck in a painful rut for some time....
US service sector improves slightly in Dec.
AP - TUESDAY, JANUARY 6, 2009 NOON
WASHINGTON (AP) -- A measure of the U.S. services sector improved slightly in December, beating analysts' estimates, but pending home sales and factory orders both fell more than expected and the overall economic outlook remains grim....
Airlines fly into new year with wave of fare sales
AP - TUESDAY, JANUARY 6, 2009 11:33 A.M.
ATLANTA (AP) -- A wave of fare sales has spread across the airline industry in the early days of the new year as the weak economy continues to put pressure on carriers to fill seats even after they drastically reduced capacity and some expressed willingness to cut more....
Judge tosses suit challenging tobacco settlement
AP - TUESDAY, JANUARY 6, 2009 8:24 A.M.
LOUISVILLE, Ky. (AP) -- A federal judge has dismissed a challenge to the 1998 Master Settlement Agreement between the states and 19 tobacco product makers saying there's no legal basis for attacking the compact....
Nation's health spending rises, but not so much
AP - TUESDAY, JANUARY 6, 2009 8:14 A.M.
WASHINGTON (AP) -- Health care continued to take up a greater share of the economy in 2007, as spending on hospitals, doctors and other services increased 6.1 percent to $2.2 trillion....
Madoff scandal, SEC role under scrutiny
AP - TUESDAY, JANUARY 6, 2009 7:55 A.M.
WASHINGTON (AP) -- Two more months of mortgage payments and retiree Allan Goldstein says he'll be broke, just another victim in what may be the biggest Ponzi scheme in history....
Services index shows less contraction in December
AP - TUESDAY, JANUARY 6, 2009 7:38 A.M.
NEW YORK (AP) -- An index of activity in the U.S. services sector contracted at a slower pace in December as new orders and employment improved....
Pending home sales plunge to record low in Nov.
AP - TUESDAY, JANUARY 6, 2009 7:03 A.M.
WASHINGTON (AP) -- The National Association of Realtors says pending home sales fell to the lowest level on record in November, as the plummeting stock market and faltering economy caused buyers to put their purchases on hold....
South Korea announces 'Green New Deal' for jobs
AP - TUESDAY, JANUARY 6, 2009 5:40 A.M.
SEOUL, South Korea (AP) -- South Korea said Tuesday it will invest 50 trillion won ($38.1 billion) over the next four years on environmental projects in a "Green New Deal" to spur slumping economic growth and create nearly a million jobs....
US auto sales drop in 2008, recovery unclear
AP - TUESDAY, JANUARY 6, 2009 5:35 A.M.
DETROIT (AP) -- After a year in which U.S. auto sales tumbled 18 percent and GM had its worst year in nearly a half-century amid slack demand fueled by a terrible economic outlook and growing job worries, automakers are reluctant to predict when a recovery might occur....
Macrovision sells TV Guide assets to Lions Gate
AP - TUESDAY, JANUARY 6, 2009 4:20 A.M.
LOS ANGELES (AP) -- Macrovision Solutions Corp. has canceled its deal to sell the TV Guide Network and TVGuide.com for $255 million to Allen Shapiro and One Equity Partners, and will instead sell them to movie studio Lions Gate Entertainment Corp. for the same price but better terms....
GM says China '08 sales up 6 pct but growth slows
AP - TUESDAY, JANUARY 6, 2009 4:17 A.M.
BEIJING (AP) -- General Motors Corp. said Tuesday its sales in China rose 6 percent to 1.09 million vehicles in 2008, but growth slowed as consumers held back amid an economic downturn....
Obama stimulus plan boosts business tax refunds
AP - TUESDAY, JANUARY 6, 2009 4:13 A.M.
WASHINGTON (AP) -- President-elect Barack Obama's proposed stimulus package would provide businesses with billions of dollars in refunds on taxes they paid several years ago....
Europe's services sectors shrank in December
AP - TUESDAY, JANUARY 6, 2009 3:58 A.M.
LONDON (AP) -- Europe's services sector continued to contract sharply in December while the jobs outlook looked increasingly bleak, closely watched surveys showed Tuesday....
Toyota to suspend production for 11 days in Japan
AP - TUESDAY, JANUARY 6, 2009 3:31 A.M.
TOKYO (AP) -- Toyota is suspending production at all 12 of its Japan plants for 11 days over February and March, a stoppage of unprecedented scale for the nation's top automaker as it grapples with shrinking global demand....
Apple's Jobs has hormone imbalance, will stay CEO
AP - TUESDAY, JANUARY 6, 2009 2:11 A.M.
NEW YORK (AP) -- Apple Inc. founder Steve Jobs, a survivor of pancreatic cancer whose gaunt appearance in the past year has alarmed the Mac and iPod lovers who look to him as an oracle, said Monday he has an easily treated hormone imbalance and will remain in charge of the company....
Congressmen sound off against SEC in Madoff affair
AP - MONDAY, JANUARY 5, 2009 10:40 P.M.
WASHINGTON (AP) -- Republican and Democratic House members said Monday that the alleged $50 billion fraud involving Wall Street figure Bernard Madoff reflects deep, systemic problems at the Securities and Exchange Commission....
Obama says his plan with tax cuts to get quick OK
AP - MONDAY, JANUARY 5, 2009 6:43 P.M.
WASHINGTON (AP) -- President-elect Barack Obama plunged into rare pre-inaugural crisis talks with congressional leaders Monday, declaring the national economy was "bad and getting worse" and embracing tax cuts now expected to reach $300 billion. He predicted lawmakers would approve a mammoth revitalization package within two weeks of his taking office....
AP source: Ex-eBay CEO to run for Calif. governor
AP - MONDAY, JANUARY 5, 2009 6:38 P.M.
SACRAMENTO, Calif. (AP) -- Former eBay Inc. chief executive Meg Whitman plans to run for governor of California, a person with knowledge of her political aspirations said Monday....
Cigna to cut about 1,100 jobs, 4 pct of work force
AP - MONDAY, JANUARY 5, 2009 3:20 P.M.
INDIANAPOLIS (AP) -- Managed care provider Cigna Corp. said Monday the slumping economy has forced it to cut roughly 1,100 jobs, as it deals with employer customers who also are making cuts and reducing the number of people covered by insurance....
Borders Group names new CEO, posts lower sales
AP - MONDAY, JANUARY 5, 2009 1:53 P.M.
NEW YORK (AP) -- Borders Group Inc., which has struggled along with other booksellers as people buy more books online and from discounters, announced a new CEO and other top managers Monday as it also reported weak holiday sales....
Tyson Foods CEO resigns effective immediately
AP - MONDAY, JANUARY 5, 2009 12:32 P.M.
MILWAUKEE (AP) -- Tyson Foods Inc. said Monday that its president and chief executive, Dick Bond, will step down immediately and be replaced by a former CEO as the world's largest meat processor continues to weather a downturn in the industry....
Nursing industry desperate to find new hires
AP - MONDAY, JANUARY 5, 2009 12:02 P.M.
MILWAUKEE (AP) -- Please, please accept a high-paying job with us. In fact, just swing by for an interview and we'll give you a chance to win cash and prizes....
Subaru posts 2008 sales increase in US
AP - MONDAY, JANUARY 5, 2009 11:23 A.M.
CHERRY HILL, N.J. (AP) -- Subaru said Monday its U.S. sales crept higher in 2008 on strong demand for Forester and Impreza models. The Japanese company is the only major automaker so far to post an increase in yearly sales....
8 dead, 1 hurt after chopper crashes in La. marsh
AP - MONDAY, JANUARY 5, 2009 11:19 A.M.
GIBSON, La. (AP) -- Authorities searched a southern Louisiana marsh by boat Monday for clues that might determine what caused a helicopter crash that killed eight people bound for an offshore oil platform....
NY Fed begins purchasing mortgage securities
AP - MONDAY, JANUARY 5, 2009 10:57 A.M.
NEW YORK (AP) -- The Federal Reserve Bank of New York said Monday it has begun purchasing mortgage-backed securities in an effort to bolster the battered housing market....
China targets Google in crackdown on pornography
AP - MONDAY, JANUARY 5, 2009 6:25 A.M.
BEIJING (AP) -- China launched a major crackdown on Internet pornography Monday targeting popular online portals and major search engines such as Google....
Crystal, china maker Waterford Wedgwood collapses
AP - MONDAY, JANUARY 5, 2009 5:39 A.M.
LONDON (AP) -- Waterford Wedgwood PLC, the maker of classic china and crystal, filed for bankruptcy protection on Monday after attempts to restructure the struggling business or find a buyer failed....
Japan auto executives hope for US recovery
AP - MONDAY, JANUARY 5, 2009 4:15 A.M.
TOKYO (AP) -- Japan auto executives gathered for an annual New Year's party Monday expressed hopes for a U.S. turnaround and a strengthening dollar to fix the faltering global market....
Richardson withdrawal leaves gap in Cabinet picks
AP - MONDAY, JANUARY 5, 2009 4:14 A.M.
WASHINGTON (AP) -- The Cabinet that President-elect Barack Obama picked on a fast track has an unexpected opening, with New Mexico Gov. Bill Richardson, Obama's choice for commerce secretary, withdrawing under pressure of a federal investigation into how his political donors landed a lucrative transportation contract....
Hoyer: Stimulus unlikely before inauguration
AP - SUNDAY, JANUARY 4, 2009 9:27 P.M.
WASHINGTON (AP) -- President-elect Barack Obama received a rude welcome to Washington on Sunday as congressional Democrats dashed his hopes for a speedy response to the worst economic crisis in decades....
Wall Street braces for 2009's first full week
AP - SUNDAY, JANUARY 4, 2009 8:18 P.M.
NEW YORK (AP) -- Wall Street will open for trading Monday at a two-month high as investors have grown more optimistic that the worst of the market's rout might be over. But, analysts contend, the real test is still to come....
'Marley & Me' remains top dog with $24M weekend
AP - SUNDAY, JANUARY 4, 2009 7:44 P.M.
LOS ANGELES (AP) -- Jennifer Aniston, Owen Wilson and their little dog have not lost their box office bite. The family tale "Marley & Me," starring Aniston and Wilson as owners of an adorably mischievous pooch, took in $24.1 million to finish as the No. 1 movie for a second-straight weekend, according to studio estimates Sunday....
Gazprom toughens position in Ukraine gas dispute
AP - SUNDAY, JANUARY 4, 2009 4:06 P.M.
MOSCOW (AP) -- Russia's state-controlled gas company said it is increasing the price it wants Ukraine to pay for natural gas, hardening its position in a dispute that has decreased supplies to Europe....
Madoff victims selling memorabilia on eBay
AP - SUNDAY, JANUARY 4, 2009 1:25 P.M.
NEW YORK (AP) -- Did you get fleeced by Bernard Madoff? Or did you buy that Madoff Securities fleece jacket on eBay?...
Former newspaper rivals cooperate as jobs are cut
AP - SUNDAY, JANUARY 4, 2009 10:09 A.M.
NEW YORK (AP) -- Just a dozen years ago, newspapers on either side of Arlington, Texas, fought fiercely for every reader in the fast-growing city, spending millions of dollars to expand their staffs and cover the smallest meetings and sporting events....
Recession to steal some glitz from gadget show
AP - SUNDAY, JANUARY 4, 2009 9:54 A.M.
The International Consumer Electronics Show, the largest trade show in the U.S., opens this week in Las Vegas with a full slate of giant TVs and inventive gadgets, despite the pall of a recession hanging over the industry....
Chinese manufacturing shrinks in December
AP - SUNDAY, JANUARY 4, 2009 4:01 A.M.
BEIJING (AP) -- China's manufacturing shrank for a third month in December as export demand fell, suggesting an economic slump is worsening despite government efforts to shield the country from global turmoil, according to data reported Sunday....
Cadillac unveils sleeker SRX before Detroit show
AP - SUNDAY, JANUARY 4, 2009 12:34 A.M.
DETROIT (AP) -- General Motors Corp. is counting on the 2010 Cadillac SRX crossover vehicle to lure luxury car buyers with new design and performance features....
Rainbow Room to close restaurant, citing economy
AP - SATURDAY, JANUARY 3, 2009 3:41 P.M.
NEW YORK (AP) -- The recession has reached the ritzy Rainbow Room, the special-occasion spot that overlooks midtown Manhattan from high above the tourist-attracting Rockefeller Center skating rink....
Pimco will pay delayed dividend after all
AP - SATURDAY, JANUARY 3, 2009 9:22 A.M.
NEW YORK (AP) -- Pacific Investment Management Co., which runs the world's largest bond fund, agreed to pay a monthly common share dividend that it had suspended earlier this week after a fund's asset coverage fell below required levels....
Flowers, Soros, Michael Dell team to buy IndyMac
AP - SATURDAY, JANUARY 3, 2009 8:09 A.M.
WASHINGTON (AP) -- A seven-member investor group including billionaire George Soros and Dell Inc. founder Michael Dell have agreed to purchase failed lender IndyMac Bank, one of the largest casualties of the housing bust, for $13.9 billion....
NY business sues Madoff to get back $10 million
AP - SATURDAY, JANUARY 3, 2009 7:44 A.M.
NEW YORK (AP) -- A fuel service company has sued the trustee in charge of liquidating Bernard Madoff's assets, seeking to recover $10 million it invested with the disgraced financier....
Government sends Chrysler $4 billion bridge loan
AP - SATURDAY, JANUARY 3, 2009 2:37 A.M.
AUBURN HILLS, Mich. (AP) -- Chrysler LLC and the U.S. Treasury Department said Friday that the government had supplied the automaker with a $4 billion loan that was necessary to keep it operating....
GMAC gives up some GM car financing in bailout
AP - FRIDAY, JANUARY 2, 2009 1:32 P.M.
DETROIT (AP) -- GMAC LLC will no longer have exclusive rights to provide no- or low-interest loans to people who take advantage of General Motors financing incentives, as part of the complex deal that gave the troubled lender billions in federal aid....
Auto industry girds for chilling Dec. sales report
AP - FRIDAY, JANUARY 2, 2009 1:29 P.M.
NEW YORK (AP) -- The good news for the auto industry in December came when General Motors and Chrysler got their federal bailout. The bad news is coming Monday, when automakers are expected to report another month of staggering sales declines....
Treasury to mull Citi-style rescues
AP - FRIDAY, JANUARY 2, 2009 12:53 P.M.
WASHINGTON (AP) -- The Treasury Department opened the door Friday to using a Citigroup-style rescue package to help other troubled financial institutions....
Foreign workers face stress as unemployment rises
AP - FRIDAY, JANUARY 2, 2009 10:34 A.M.
SANTA ANA, Calif. (AP) -- For foreign professionals in the United States, the rising unemployment rate is especially daunting....
Motorists' habits spur call for tax increases
AP - FRIDAY, JANUARY 2, 2009 10:05 A.M.
WASHINGTON (AP) -- Motorists are driving less and buying less gasoline, which means fuel taxes aren't raising enough money to keep pace with the cost of road, bridge and transit programs....
Austria names supervisor for fraud-hit Medici Bank
AP - FRIDAY, JANUARY 2, 2009 9:43 A.M.
VIENNA, Austria (AP) -- The Austrian government appointed a supervisor Friday to oversee Medici Bank, which is reeling from more than $3 billion in losses blamed on Wall Street money manager Bernard Madoff....
Dynegy ends joint venture with LS Power
AP - FRIDAY, JANUARY 2, 2009 9:41 A.M.
HOUSTON (AP) -- Power producer Dynegy Inc. on Friday said it plans to dissolve a development joint venture with LS Power Associates LP, due to constrained credit markets and economic uncertainty....
Belarus ruble sinks 20 percent, shocking citizens
AP - FRIDAY, JANUARY 2, 2009 8:08 A.M.
MINSK, Belarus (AP) -- Belarus' central bank sharply devalued the Belarusian ruble Friday, allowing the currency to plunge 20 percent to help stop the hemorrhaging of its reserves. The move came as an unwelcome shock to ordinary citizens....
Visteon cutting worker hours, pay in Michigan
AP - FRIDAY, JANUARY 2, 2009 5:42 A.M.
VAN BUREN TOWNSHIP, Mich. (AP) -- Automotive supplier Visteon Corp. said Friday it will shift more than 2,000 workers to a four-day week and cut their pay by 20 percent as tight credit and collapsing sales cause huge industry losses....
Time Warner Cable and Viacom agree on fees
AP - FRIDAY, JANUARY 2, 2009 4:22 A.M.
LOS ANGELES (AP) -- There's no need to cry, Dora....
British house prices fell at record rate in 2008
AP - FRIDAY, JANUARY 2, 2009 3:48 A.M.
LONDON (AP) -- House prices in Britain fell in 2008 at their fastest rate for at least 25 years, the country's biggest mortgage lender said Friday, stoking market expectations that the Bank of England will cut borrowing costs further next week....
Singapore economy shrinks 12.5 pct in 4th quarter
AP - FRIDAY, JANUARY 2, 2009 2:11 A.M.
SINGAPORE (AP) -- Singapore's economy contracted for a third consecutive quarter as a global slump hurt demand for the city-state's exports, prompting the government to lower its 2009 growth forecast and foreshadowing a deeper downturn for the region....
Euro-zone manufacturing contracts at record pace
AP - FRIDAY, JANUARY 2, 2009 2:08 A.M.
LONDON (AP) -- Manufacturing activity contracted for the seventh month running in December for the countries using the euro, falling at its sharpest rate for at least 11 years, a closely-watched survey found Friday. The figures reinforced expectations that the European Central Bank will cut interest rates again this month....
Ford hoping to attract enthusiasts with '10 Shelby
AP - THURSDAY, JANUARY 1, 2009 9:38 P.M.
DEARBORN, Mich. (AP) -- Ford Motor Co. is looking to appeal to muscle car enthusiasts with its 2010 Ford Shelby GT500....
