News For Thursday Dec 4, 2008 News For Thursday Dec 4, 2008

Business Business

Air Canada flight attendant helped land plane - Added 2 weeks ago

An Air Canada co-pilot having a mental breakdown had to be forcibly removed from the cockpit, restrained and sedated, and a stewardess with flying experience helped the pilot safely make an emergency landing, an Irish...

Air Canada flight attendant helped land plane - Added 2 weeks ago

An Air Canada co-pilot having a mental breakdown had to be forcibly removed from the cockpit, restrained and sedated, and a stewardess with flying skills helped the pilot safely make an emergency landing, an Irish...

Crisis in paradise: Meltdown leaves ghost resorts - Added 2 weeks ago

The ocean glows a milky turquoise. Tiny waves lap at the powder-beige sand, in no rush to reach the line of postcard-perfect palm trees. Hundreds of luxury villas are positioned to take in the view, but there are no...

Imperial Sugar resumes refining sugar after blast - Added 2 weeks ago

Imperial Sugar's coastal Georgia plant is operating again for the first time since a February explosion killed 14 people and injured dozens more. Company CEO John Sheptor said Wednesday the refinery in Port Wentworth...

Renault Trucks to partially shut French sites - Added 2 weeks ago

Auto manufacturer Renault Trucks, a subsidiary of Sweden's Volvo, said Wednesday it would temporarily close three sites in France for up to 90 days in 2009 due to falling demand amid an economic slowdown. "We are...

World Bank chief: Better ties with Russia a must - Added 2 weeks ago

Russia's ties with the United States and the European Union must be improved to ensure stability, World Bank President Robert Zoellick said Wednesday. Zoellick said it is widely recognized that weak states export...

BNP Paribas denies capital increase plan - Added 2 weeks ago

French bank BNP Paribas on Wednesday denied what it called "speculative rumors" that it was mulling a capital increase in order to bolster its ratio of ownership equity. "BNP Paribas recalls that its ratios fully...

Fed sharply lowers forecasts, hints of rate cut - Added 2 weeks ago

The Federal Reserve on Wednesday sharply lowered its projections for economic activity this year and next, and signaled that additional interest rate reductions may be needed to help combat the worst financial crisis to...

Summary Box: Frugality makes a comeback in US - Added 2 weeks ago

THE NEW FRUGAL: Faced with financial losses and economic uncertainty, Americans are stretching the value of their dollars by choosing less expensive brands and bypassing the fashion mall for secondhand stores. IT FEELS...

Barclays' shares fall on imminent fundraising deal - Added 2 weeks ago

Barclays PLC's shares fell 7.5 percent on Wednesday on the growing likelihood that a 7 billion pound ($10.6 billion) fundraising deal, expected to erode shareholder value, will be approved. Barclays, Britain's second...

Pentagon defends decision on Lockheed fighter jet - Added 2 weeks ago

The Pentagon's chief weapons buyer on Wednesday defended as a "prudent approach" his decision to initially provide less money than Congress mandated for Lockheed Martin Corp.'s F-22 fighter jet program until the next...

eHarmony agrees to provide same-sex matches - Added 2 weeks ago

Online dating service eHarmony said Wednesday it will launch a new Web site which caters to same-sex singles as part of a discrimination settlement with New Jersey's Civil Rights Division. The settlement is the result...

US home construction sinks to new record low - Added 2 weeks ago

Construction of new homes plunged last month to the lowest level on records going back nearly 50 years as U.S. builders slashed production while Wall Street nosedived. Embattled homebuilders, who enjoyed a five-year...

Serbia bids farewell to Yugo - Added 2 weeks ago

Why does a Yugo have a defroster on the rear window? To keep your hands warm while you push it. That's just one of the "Yugo jokes" about the cheap and much-maligned subcompact that won notoriety for being one of the...

BASF temporarily closing 80 plants - Added 2 weeks ago

Chemical company BASF SE said Wednesday it is temporarily closing 80 plants worldwide due to slumping demand and cutting production at 100 more, including facilities in Texas and Louisiana. Some 20,000 workers are...

Russia warns media on economic crisis reporting - Added 2 weeks ago

Russian prosecutors will aggressively monitor how media outlets report on the ongoing financial crisis, authorities said Wednesday. The Prosecutor General's office ordered news organizations to be responsible when...

SolarWorld offers $1.3B for Adam Opel's assets - Added 2 weeks ago

German solar energy company SolarWorld AG said Wednesday it plans to offer euro1 billion in cash and credit for some assets of carmaker Adam Opel GmbH, the German subsidiary of financially strapped General Motors Corp....

Lloyds shareholders approve HBOS takeover - Added 2 weeks ago

Shareholders of Lloyds Group TSB voted overwhelmingly in favor of a government-brokered takeover of rival HBOS PLC on Wednesday. Lloyds investors backed the deal, with 95.98 percent of votes in favor, at a meeting in...

FDA approves generic of AstraZeneca asthma drug - Added 2 weeks ago

AstraZeneca PLC said Wednesday it is launching a generic version of its own child asthma medication Pulmicort Respules after U.S. regulators paved the way for its rival Teva Pharmaceutical Industries Ltd. to do the...

China's Hu extends credit, donations to Cuba - Added 2 weeks ago

Chinese President Hu Jintao left Cuba Wednesday after visiting a frail-looking Fidel Castro and promising at least $78 million in donations, credit and hurricane relief to China's communist ally. A picture of Hu...

Woolworths plunges on news it may sell stores - Added 2 weeks ago

Woolworths Group PLC's shares plunged 38 percent Wednesday after the company confirmed it is considering selling its retail business. "The board can confirm that it is in preliminary discussions regarding a possible...

MISSING TITLE - Added 2 weeks ago

Italian government approves sale of Alitalia assets to group of investors. ...

UK credit agency Experian 1H profit rises 15 pct - Added 2 weeks ago

British credit agency Experian PLC said Wednesday its net profit rose 15 percent in the first half on strong growth in Latin America and a successful cost savings program. The company said net profit for the six months...

2 former Siemens managers convicted - Added 2 weeks ago

Two Siemens AG employees were convicted Wednesday of involvement in a corruption scandal at the industrial conglomerate and sentenced to probation and fines. Ernst Keil-von Jagemann, 58, and Wolfgang Rudolph, 68, were...

Canada's central bank says economy worsening - Added 2 weeks ago

The Canadian economy is deteriorating faster than projected and short-term interest rates may need to be cut again in an effort to boost activity, Bank of Canada governor Mark Carney said Wednesday. Carney signaled...

EU farm ministers mull farm subsidy reforms - Added 2 weeks ago

As thousands of farmers protested vehemently outside, European Union agriculture ministers mulled changes Wednesday to the EU's euro53 billion ($67 billion) farm support program. The EU spends about 40 percent of its...

Brown hints at more steps to get credit flowing - Added 2 weeks ago

Prime Minister Gordon Brown said Wednesday that further measures may be needed to encourage banks to resume a normal flow of credit to small British businesses and homeowners. Brown came under pressure Wednesday from...

EU official: Help justified for Opel, industry - Added 2 weeks ago

The European Union's industry chief said Wednesday that "extraordinary measures" are justified to keep car maker Adam Opel GmbH in business and shore up the entire car industry, blaming problems on U.S. car companies...

Romania suspends tax on new cars - Added 2 weeks ago

The Romanian government will suspend a tax on new cars to protect jobs in the auto industry, which has been hit by the world economic crisis, Prime Minister Calin Popescu Tariceanu said Wednesday. Tariceanu said the...

IMF: Kazakh economy on the right path - Added 2 weeks ago

A senior International Monetary Fund official has praised Kazakhstan, an early victim of the global credit crunch, for its handling of the crisis. The oil-rich Central Asian nation has taken drastic measures to...

Exxon, Turkey sign Black Sea oil exploration deal - Added 2 weeks ago

Exxon Mobil Corp. and Turkey's state-run oil company, TPAO, signed a deal Wednesday for the joint exploration and development of oil and natural gas off its Black Sea coast. Turkey imports almost all of its oil and has...

Philippine Airlines reports $114M loss in 1st half - Added 2 weeks ago

The national carrier Philippine Airlines said Wednesday an unprecedented surge in fuel prices left it with a loss of $113.8 million during the fiscal first-half. The company said the average price of aviation fuel...

Australia may be nearing recession, index shows - Added 2 weeks ago

The outlook for Australia's economy is its weakest in 20 years, raising the risk of a recession in 2009, according to an index of economic trends. The annualized growth rate of the leading index, compiled by Westpac...

Mortgage application volume falls 6.2 pct - Added 2 weeks ago

Mortgage application volume fell 6.2 percent during the week ended Nov. 14, according to the Mortgage Bankers Association's weekly application survey. The trade group's application index slipped to 398.6 during the...

Singapore shipper Neptune Orient to cut 1,000 jobs - Added 2 weeks ago

Singapore's Neptune Orient Lines Ltd., Southeast Asia's largest container shipper, said it will cut 1,000 jobs to help save $200 million next year as a global slowdown in trade accelerates. Most of the layoffs will...

EU calls for new rules on dismantling ships - Added 2 weeks ago

The dismantling of hundreds of old ships in South Asia is polluting coastal areas, threatening ecosystems and subjecting workers to unsafe, deplorable conditions, a top EU official said Wednesday. EU Environment...

Greece: Tobacco farmers block highways - Added 2 weeks ago

Greek tobacco farmers are blocking two major highways to protest planned European Union reductions on crop subsidies. Police say they began diverting traffic after hundreds of farmers parked their tractors on the...

Sanofi-Aventis settles patent infringement cases - Added 2 weeks ago

Sanofi-Aventis SA said Wednesday it has settled lawsuits against rival drugmakers it accused of infringing on its patents in the United States with their generic versions of its allergy treatments Allegra and Nasacort. ...

A rare ray of sunshine for shoppers: lower prices - Added 2 weeks ago

American consumers hit by a seemingly endless stream of bad news, from vanishing jobs to shrinking retirement accounts, got a small dose of relief: lower prices at stores. The Consumer Price Index, the country's most...

Nomura CEO seeks change with Lehman buy - Added 2 weeks ago

The head of Nomura Holdings Inc., Japan's biggest brokerage, had been itching to shake things up since he began his new job in April. So when storied Wall Street firm Lehman Brothers Holdings Inc. collapsed just five...

Minister: vast reserves protect Russian economy - Added 2 weeks ago

Russia's finance minister sought Wednesday to reassure investors and citizens that the economy will survive the global financial turmoil, saying Russia's rainy day fund will last for at least 7 years under the...

A selection of Yugo jokes - Added 2 weeks ago

_ What do you call a Yugo's shock absorbers? Passengers. _ The new Yugo has an air bag. Before an accident, start pumping real fast. _ How do you double the value of a Yugo? Fill the gas tank! _ What do you call a...

UK manufacturers' expectations fall to 28-year low - Added 2 weeks ago

British manufacturers' expectations about output are the weakest for nearly 30 years because of falling demand resulting from the economic slowdown, Britain's largest employers' group said Wednesday. The Confederation...

Cambodia urges unity among poor nations on trade - Added 2 weeks ago

Cambodian Prime Minister Hun Sen said Wednesday poor countries like his must continue speaking with one voice in the Doha round of global trade talks to ensure their competitiveness with developed countries. He also...

Up in smoke: Bars ignore Dutch smoking ban - Added 2 weeks ago

A growing number of Dutch bar and cafe owners are slapping ashtrays back on their tables just months after a nationwide smoking ban came into force for bars and restaurants, saying the measure is driving hundreds of...

Troubled Fortis to pay new CEO euro800,000 - Added 2 weeks ago

There will be no sackcloth and ashes for the management of struggling insurer Fortis, who agreed to lucrative pay packages despite a plummeting share price and a shareholders' revolt over the handling of the business...

Germany's Wingas nixes natural gas pipeline - Added 2 weeks ago

Wingas Transport GmbH & Co. KG said Wednesday it has halted plans for a natural gas pipeline in southern Germany, blaming the financial climate and pricing regulation. Kassel-based Wingas, owned by BASF SE and...

Spain: budget deficit deepening - Added 2 weeks ago

Spain's budget numbers are slumping fast and could hit a 3 percent deficit by the end of the year, the Bank of Spain said Wednesday. Spain is saddled with a stagnant economy and an EU-high unemployment rate of 11.3...

Bank of England considered even larger rate cut - Added 2 weeks ago

The Bank of England said Wednesday it considered an even bigger rate cut than the 1.5 percentage point trim to a 53-year low of 3 percent it made earlier this month _ catching markets offguard _ to counter a sharp...

LeasePlan seeks government backing for debt issue - Added 2 weeks ago

LeasePlan Corporation NV, Europe's largest auto leasing company, said Wednesday it has asked the Dutch state to act as guarantor for euro1.5 billion ($1.9 billion) worth of bonds it plans to issue. Chief Financial...