News For Monday Oct 6, 2008 News For Monday Oct 6, 2008

Business Business

For bailout to work, housing market needs to mend - Added 1 day ago

Washington's financial bailout plan is now law. So the credit spigot will start flowing again, banks will resume lending, and an economic recovery can begin, right? Wrong. Experts say the most important thing that...

Feeling Wall Street's pain, from Manila to Paris - Added 2 days ago

Nearly 5,000 miles from Wall Street, Dmitry Zhiltsov's recruiting agency is bleeding clients, as investment banks that once hunted Russia's financial wizards succumb to the U.S. meltdown. Flipping on the morning news,...

AIG plans sale of business units to repay debt - Added 2 days ago

The insurer American International Group Inc. said Friday it plans to sell off a number of business units to pay off its massive government loan. The announcement was expected by Wall Street. But it now leaves...

Wells Fargo agrees to buy Wachovia; Citi objects - Added 2 days ago

A battle broke out Friday for control of Wachovia, as Wells Fargo agreed to pay $14.8 billion for the struggling bank, while Citigroup and federal regulators insisted that Citi's earlier and lower-priced takeover offer...

GM launches new Traverse crossover at Tenn. plant - Added 2 days ago

General Motors Corp. on Friday officially launched full-scale production of the new Chevrolet Traverse at its overhauled former Saturn plant on the outskirts of Nashville. Troy A. Clarke, president of GM North America,...

Economy sheds most jobs since 2003, more cuts seen - Added 2 days ago

Jobs are vanishing at the fastest pace in more than five years with pink slips likely to keep stacking higher in the months ahead, an urgent signal the country may be careening toward a deep and painful recession just...

Paulson vows to speed rescue to financial system - Added 2 days ago

Signed and sealed, the $700 billion bailout now must be delivered. After 14 days, three votes and billions of dollars in stock market losses to get the massive financial rescue through Congress, the government is...

AIG plans sale of business units to repay debt - Added 2 days ago

The insurer American International Group Inc. said Friday it plans to sell off a number of business units to pay off its massive government loan. The announcement was expected by Wall Street. But it now leaves...

Boeing airplane deliveries plummet during strike - Added 2 days ago

One month after the start of a Machinists union strike, the Boeing Co. reported a nosedive in deliveries of commercial aircraft but still got 10 planes to customers after the walkout. Chicago-based Boeing reported on...

Wachovia, Citigroup, AIG among big movers - Added 2 days ago

Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and Nasdaq Stock Market: NYSE Wachovia Corp., up $2.30 at $6.21 Wells Fargo agreed to buy the bank for $15.1 billion, setting up...

2 firms selected for mortgage securities program - Added 2 days ago

The Treasury Department has picked two financial institutions to manage a program it unveiled last month to provide support for beleaguered mortgage-backed securities. The government announced Friday it was hiring...

Stocks end lower amid worries after House OKs plan - Added 2 days ago

In the end, congressional approval of the government's $700 billion financial rescue plan Friday did little to lift the financial markets from their growing dejection over the obstacles still facing the economy. Wall...

Sept. dividend payouts lowest for 3Q in 50 years - Added 2 days ago

Dividend cuts in the third quarter took $22.5 billion out of the pockets of investors during what one Standard & Poor's analyst called the worst September for dividends in more than 50 years. Of the 7,000 or so...

Credit markets to Washington: Bailout isn't enough - Added 2 days ago

The credit markets finally got a bailout bill, but the stranglehold hasn't let up _ a troubling sign that lenders and investors believe the package will only be a baby step in the long road to economic recovery. The...

Commodities prices mostly lower on demand concerns - Added 2 days ago

Commodities prices fell broadly Friday as investors worried that an economic downturn would further depress demand for energy and raw materials despite approval of a $700 billion financial bailout. Gold, soybeans,...

Dutch government buys teetering Fortis operations - Added 2 days ago

The Dutch government said Friday it will buy the operations of Fortis NV in the Netherlands for 16.8 billion euros ($23.2 billion) after a previous bailout failed and the troubled bank teetered on the edge of...

Agriculture futures end trading mixed on CBOT - Added 2 days ago

Agriculture futures traded mixed Friday on the Chicago Board of Trade. Wheat for December delivery rose 4.25 cents to $6.4025 a bushel; December corn traded flat at $4.54 a bushel; December oats added 4 cents to $3.14...

Lofty commodity costs drench brewers - Added 2 days ago

Anheuser-Busch Cos. and InBev SA, which are combining in a $52 billion tie-up to be the world's largest brewer, said Friday they plan to focus more on costs to deal with rising commodity prices that have consumers...

Waterfront Media to buy Case's Revolution Health - Added 2 days ago

Waterfront Media, operator of the Everyday Health Network Web sites, said Friday it would buy the Revolution Health Network, founded by America Online founder Steve Case. The combination will create a company that will...

Leisure Living: Prices holding up in ski areas - Added 2 days ago

Ski season's coming, and with it the traditional flurry of sales in second-home markets in mountain resort towns in the West. Locals are hoping this season reverses the downhill slide in sales caused by the national...

Oil slips after job report, $700B bailout - Added 2 days ago

Oil prices slipped in volatile trading Friday after Congress approved a historic $700 billion bailout of the nation's teetering financial industry as the longterm health of the global economy remained questionable. ...

GM to close Ohio SUV factory Dec. 23 - Added 2 days ago

General Motors Corp. says it will close its SUV plant in the Dayton, Ohio, suburb of Moraine on Dec. 23. Spokesman Chris Lee says the some 1,100 remaining workers were informed Friday afternoon of the closing date. The...

Iceland pays price for rapid economic growth - Added 2 days ago

As the world suffers a hangover from the financial excesses of the past few years, the tiny island nation of Iceland has a bigger headache than most. The Nordic country was until recently lauded for its rapid...

Calif. leaders hope bailout loosens credit market - Added 2 days ago

Gov. Arnold Schwarzenegger and California's top finance officials reacted cautiously Friday to congressional approval of the $700 billion Wall Street bailout package. They have been worried that the credit market will...

Payrolls drop by most in 5 years; more pain ahead - Added 2 days ago

THE LATEST: Employers slashed 159,000 jobs in September, the most in more than five years and the ninth month in a row of nationwide job losses. So far this year, the economy has lost a staggering 760,000 jobs. WHAT IT...

Paulson pledges quick action on rescue program - Added 2 days ago

Treasury Secretary Henry Paulson pledged to get the $700 billion financial rescue program up and going quickly. Paulson declined to answer reporters' questions about how the auction program will work, but he said he...

ALL BUSINESS: Bailout won't cure economic stress - Added 2 days ago

Now that the government has decided it will spend $700 billion to get the economy started again, don't expect immediate results. It's a little bit like those ads for protein drinks that show skinny milquetoasts turning...

Divided EU leaders head into financial summit - Added 2 days ago

The global financial crisis is forcing the leaders of France, Germany, Britain and Italy to come together for an emergency summit this weekend, but differences on how to respond to the economic turmoil could drive them...

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President Bush has signed $700 billion bailout bill. ...

World markets higher ahead of bailout vote - Added 2 days ago

European and U.S. markets brushed aside earlier losses in Asia and weaker than expected U.S. jobs data to post healthy gains Friday on expectations the U.S. House of Representative will finally back the government's...

Electric cars shine at Paris auto show - Added 3 days ago

As the race to offer the first commercially viable electric car charges up, automakers hoping to cash in on environmental concerns displayed a slew of models at the Paris Motor Show on Friday. But executives...

Automaker SEAT plans temporary layoffs in Spain - Added 3 days ago

German-owned automaker SEAT said Friday it must temporarily lay off 1,250 employees, or 11 percent of its work force, at factories in northeastern Spain because of falling sales. SEAT will have to cut production by 5...

Exports fueled slight services expansion in Sept. - Added 3 days ago

Educational services, farms, utilities, stores and hospitals all saw their businesses expand slightly in September, thanks to strong exports and deliveries, a private research group's survey showed Friday. The reading...

UBS to cut 2,000 jobs at its investment bank - Added 3 days ago

Swiss bank UBS AG will cut 2,000 jobs at its troubled investment banking unit, most of which will be lost in the U.S. and Britain, an official said. Some cuts will also be made at offices in Switzerland and the...

Toyota announces zero-percent financing - Added 3 days ago

Toyota Motor Corp. has announced zero-percent financing on 11 models as it tries to woo would-be buyers sidelined by the consumer credit crunch. The top Japanese automaker's U.S. division said Thursday in a news...

AP Executive Morning Briefing - Added 3 days ago

The top business news from The Associated Press for the morning of Friday, Oct. 3, 2008: House plans second vote on $700 billion bailout WASHINGTON (AP) _ Rejected once amid public fury about bailing out reckless...

Japan's Norinchukin buys stake in Credit Agricole - Added 3 days ago

Japan's Norinchukin Bank said Friday it has acquired a 0.5 percent stake worth about about 30 billion yen, or $286 million, in France's Credit Agricole SA, which has been shoring up its capital base after being hit by...

Shortage of large animal vets taxes farmers - Added 3 days ago

This summer, Steve Sanford had to tell 106 dairy farmers in rural northern Vermont he could no longer treat their cows. Battling degenerative arthritis, the 56-year-old large animal veterinarian can't do the physically...

Column: Bailout won't cure economic stress - Added 3 days ago

Once the government decides it will spend $700 billion to get the economy started again, don't expect immediate results. It's a little bit like those ads for protein drinks that show skinny milquetoasts turning into...

CEO, 5 other Washington Mutual executives leaving - Added 3 days ago

The CEO of failed Washington Mutual Inc. and five other senior executives of the largest U.S. thrift, now owned by JPMorgan Chase & Co., are leaving their positions soon. Employees of Seattle-based WaMu were told...

Reports: Mitsubishi UFJ, Morgan eye Japan merger - Added 3 days ago

Mitsubishi UFJ Financial Group Inc. and U.S. investment bank Morgan Stanley are weighing a merger of their brokerage units in Japan, media reports said Friday. Japanese public broadcaster NHK reported plans for the...

Manhattan apartment sales drop further - Added 3 days ago

With the troubles on Wall Street looming over the city's real estate market, Manhattan apartment sales have dropped for the third consecutive quarter, according to two reports released Friday. Sales fell 24 percent in...

Colleges scramble as investment fund freezes - Added 3 days ago

An investment fund that serves about 1,000 colleges and private schools partially froze withdrawals this week amid the credit crunch, forcing colleges to develop new plans to pay bills. Wachovia Bank, trustee for the...

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Judge dismisses lawsuit seeking to end Troopergate probe into Palin power abuse allegations. ...

Financial crisis moves from Wall St. to the mall - Added 3 days ago

Alarmed by the financial meltdown, stores nationwide are slapping sale signs on everything from fall sweaters to furniture _ frantically trying to attract shoppers who are cutting back. Some analysts were already...

Bailout plan offers vague help to homeowners - Added 3 days ago

The harsh reality for Murielle Montes and hundreds of thousands of homeowners who are behind on their mortgages is this: A $700 billion bailout of the financial industry will probably do little to help them avoid...

Credit tightens as rescue bill heads back to House - Added 3 days ago

The Senate's endorsement of the $700 billion financial bailout plan failed to relax the credit markets Thursday, with investors worried that the passage of the bill may not prevent the economy from sinking into a...

Stocks decline on unemployment, factory reports - Added 3 days ago

Pessimism about a protracted economic downturn washed over the financial markets Thursday, sending stocks plunging and further tightening the credit markets. Reports on declining factory orders and a seven-year high in...

Commodities prices dive as dollar surges vs. euro - Added 3 days ago

Commodities prices plunged Thursday as a rapidly strengthening dollar and more gloomy readings on the economy compelled investors to dump positions in gold, grains and energy. The dollar climbed to a one-year high...

Summary Box: Financial crisis moves to stores - Added 3 days ago

MELTDOWN MOVES TO THE MALL: Stores worry the financial meltdown will make for slower sales this holiday season. They're stepping up discounts on fall goods. 'TIS THE SLOW SEASON: The outlook for the holiday shopping...