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

Business Business

Brazil stocks down early - Added 2 weeks ago

Brazil's stocks are off in early trading, with the Ibovespa stock index falling 2.2 percent to 34,936. Investors continue to be spooked by the prospects of a global recession _ a fear reinforced by Japan's weekend...

World Bank sees $50 bln cap outflow from Russia - Added 2 weeks ago

Some $50 billion in net capital is expected to flee Russia this year, the World Bank said in a report on Tuesday. Government officials have insisted that Russia would post some capital inflow by the end of the year...

Exec says oil should return to $70-$80 range - Added 2 weeks ago

The head of China's biggest offshore energy producer said Tuesday he thinks oil prices are likely to return to the $70-$80 barrel range, though he did not give a timetable and said low prices could continue for some...

Pepsi Bottling cuts outlook, announces restructure - Added 2 weeks ago

Pepsi Bottling Group Inc., which bottles Pepsi beverages, on Tuesday cut its 2008 profit outlook and announced a restructuring plan that will affect more than 3,000 jobs worldwide. The bottler said it will refine its...

Saudi FM: oil supertanker hijacking 'outrageous' - Added 2 weeks ago

Saudi Arabia's foreign minister condemned the "outrageous" hijacking of a Saudi oil supertanker by Somali pirates and said Tuesday that his nation would join the international effort to eradicate piracy. The MV Sirius...

Mitsubishi UFJ first-half profit dives 64 percent - Added 2 weeks ago

Mitsubishi UFJ Financial Group Inc., Japan's largest bank, said first-half net profit plunged 64 percent, battered by an increase in bad loans and losses on its share portfolio. The company, one of three Japanese...

Russia, China to resume $25 billion loan talks - Added 2 weeks ago

Russia will resume talks with China within days to secure $25 billion in loans for cash-strapped energy companies in exchange for long-term crude oil deliveries, a news agency reported Tuesday. Talks on the loan had...

Medicare coverage gap vexes patients, survey says - Added 2 weeks ago

A survey of Medicare Part D enrollees showed that most of them do not fully understand the coverage gap, or "doughnut hole," under which they must pay full cost for their prescription drugs, Medco Health Solutions said...

Ford to slash Mazda stake to raise cash - Added 2 weeks ago

Ford Motor Co. is slashing its stake in Japan's Mazda Motor Corp. by nearly two-thirds, joining other struggling U.S. automakers in a fire-sale of prized assets to stay afloat. Ford, which owns 33.4 percent of Mazda,...

HSBC to cut 500 jobs in Asia as slump takes toll - Added 2 weeks ago

HSBC Holdings PLC, Europe's largest bank by market value, plans to cut 500 jobs in Asia due to the global economic slump. The cuts will be made in various parts of the business, including back office functions, with...

Ford introduces 2010 Mustang at LA Auto Show - Added 2 weeks ago

Ford Motor Co. tries to revive its classic Mustang muscle car with a makeover for the 2010 model year that debuts at this week's Los Angeles Auto Show. Tuesday's introduction comes as the Dearborn automaker and U.S....

British inflation falls to 4.5 percent in October - Added 2 weeks ago

Inflation in Britain fell in October for the first time in 14 months largely because of cheaper oil prices, official figures showed Tuesday, giving the Bank of England room to cut interest rates even further as the...

AP Executive Morning Briefing - Added 2 weeks ago

The top business news from The Associated Press for the morning of Tuesday, November 18, 2008: Top salesmen for financial bailout face grilling WASHINGTON (AP) _ The two top salesmen for a $700 billion financial...

Taiwan stocks fall - Added 2 weeks ago

Taiwan shares fell sharply Tuesday, weighed down by a poor overnight performance on Wall Street, and weakness on neighboring Asian bourses. The weighted price index of the Taiwan Stock Exchange fell 134.62 points, or...

China oil demand weakens due to global crisis - Added 2 weeks ago

Fuel demand in China has weakened sharply since September due to the global financial crisis, the country's biggest oil company says. China National Petroleum Corp. has suffered a "fairly big impact," its president,...

Hong Kong index falls 4.5 pct as bank shares hit - Added 2 weeks ago

Hong Kong's main stock index tumbled 4.5 percent Tuesday as another wave of bank layoffs spurred selling in financial shares. The blue-chip Hang Seng Index shed 613.64 points to close at 13,131.23. Citigroup Inc....

ADB says Asia economically dynamic despite crisis - Added 2 weeks ago

Asia will take a substantial hit from slowing demand for its exports as the global downturn unfolds but will remain the world's most economically-dynamic region, an Asian Development Bank economist said Tuesday. "The...

China stocks tumble on profit-taking - Added 2 weeks ago

Chinese shares fell sharply Tuesday on profit-taking and worries about a slowing economy after advancing for four trading days. The benchmark Shanghai Composite Index sank 6.31 percent, or 128.5 points, to close at...

GM shows 3 new models for China - Added 2 weeks ago

General Motors Corp. put three new models for China on show Tuesday, maneuvering to keep its edge in a market vital to its future as it struggles for survival back home. The massive Buick Enclave SUV, sporty Chevrolet...

Euro steady against dollar at $1.2648 - Added 2 weeks ago

The euro was steady against the dollar on Tuesday after industrial production numbers out of the United States showed a better than expected rebound. The 15-nation euro traded at $1.2648 in morning European trading,...

Taiwan to hand out shopping coupons to aid economy - Added 2 weeks ago

Taiwan will give each of its 23 million people shopping coupons worth more than $100 in a bid to stimulate a flagging economy, the island's premier said Tuesday. Liu Chao-shiuan said the coupons, which would be...

Drop expected in durum wheat in southwestern US - Added 2 weeks ago

A steep drop in durum wheat acres in U.S. desert country likely won't hurt the American pasta industry or boost prices for farmers, industry officials say. The reason: There's plenty of durum still around. Acres of...

Japan stocks fall as layoffs hammer bank shares - Added 2 weeks ago

Japanese stocks retreated Tuesday amid broad regional declines as investors grappled with more bad news about the global economy, including a massive round of layoffs in the financial sector. The benchmark Nikkei 225...

Chinese provinces try to limit layoffs - Added 2 weeks ago

Two Chinese provinces are trying to deter companies from laying off large numbers of workers as they struggle to limit the fallout from the global financial crisis. One of the country's richest and most developed...

Philippine stock index tumbles 3.4 percent - Added 2 weeks ago

Philippine shares tumbled for a second straight session Tuesday as investors took their cue from losses in the U.S. and Asian markets. The Philippine Stock Exchange Index fell 66.40 points, or 3.4 percent, to 1,873...

Spansion sues Samsung over flash memory patents - Added 2 weeks ago

Spansion Inc. wants to block U.S. sales of iPods, BlackBerry gadgets and other devices because memory chips made by Samsung Electronics Co. and used in those products allegedly violate Spansion patents. Sunnyvale-based...

Kodak sues Samsung, LG over camera patents - Added 2 weeks ago

Eastman Kodak Co. said it is suing South Korea's Samsung Electronics Co. and LG Electronics Inc. for infringing various digital-camera patents it obtained between 1993 and 2001. The photography products company alleges...

Chinese president in Cuba on leg of Latam tour - Added 2 weeks ago

President Hu Jintao began a two-day visit to Cuba by agreeing to increase Chinese purchases of Cuban nickel and sugar, and send farm goods to the communist-run island as it recovers from three devastating storms. Hu...

China central bank says downturn risks rising - Added 2 weeks ago

The risks of an economic downturn in China are growing and protectionist sentiment abroad could hurt global growth, the country's central bank said Tuesday. "The impact of the international financial crisis is...

UPS won't give annual peak shipping day projection - Added 2 weeks ago

Weak October retail sales and the uncertainty of the upcoming holiday season amid the worst financial crisis to hit the U.S. in decades has prompted shipping giant UPS Inc. to decide not to release a projection for the...

Forecasters: tough road ahead for the economy - Added 2 weeks ago

The country is sinking deeper into the economic doldrums, and it's likely to stay there for a while. That's part of the latest outlook from forecasters in a survey to be released Monday by the National Association for...

Malaysia cuts gasoline, rice prices amid downturn - Added 2 weeks ago

Malaysia lowered gasoline and rice prices Tuesday as part of government moves to boost consumer confidence and spending as a global economic downturn unfolds. Deputy Prime Minister Najib Razak announced late Monday...

Obama aides cite need for big stimulus program - Added 2 weeks ago

Two of President-elect Barack Obama's top economic advisers said Monday the U.S. economy needs a substantial stimulus package to avoid a deep recession. Former Treasury Secretary Larry Summers, who is being mentioned...

Latin American stocks fall - Added 2 weeks ago

Latin American stocks slipped slightly Monday on continued signs of a global recession. Brazil's benchmark Bovespa index closed down 0.2 percent at 35,717, Mexico's IPC was off 0.8 percent at 19,562, the Argentine...

China, Costa Rica to launch trade talks - Added 2 weeks ago

China and Costa Rica will launch free trade talks in January and hope to seal a deal by 2010, Chinese President Hu Jintao said Monday during his first visit to a Central American country. Hu spent most of the day in...

SEC charges Mark Cuban with insider trading - Added 2 weeks ago

Federal regulators on Monday charged Dallas Mavericks owner Mark Cuban with insider trading for allegedly using confidential information on a stock sale to avoid more than $750,000 in losses. Cuban disputed the...

Slowdown doesn't shrink China's LatAm ambitions - Added 2 weeks ago

China isn't letting the global financial crisis shrink its ambitions in Latin America, where it has sunk billions into mining and replaced the United States as Chile's top trading partner. Chinese trade with Latin...

Electronics chain chairman buys Circuit City stake - Added 2 weeks ago

A Mexican billionaire who controls a chain of electronics stores in Latin America now holds a 28 percent stake in Circuit City Stores Inc., which is under bankruptcy protection. Ricardo Salinas Pliego, who is on Forbes...

ESPN close on deal with Bowl Championship Series - Added 2 weeks ago

The Bowl Championship Series is close to an agreement with ESPN to televise college football's championship game and biggest bowls _ a deal that would throw up a huge barrier to any playoff system for at least six...

Stocks finish lower as recession worries deepen - Added 2 weeks ago

Wall Street finished sharply lower Monday as investors pored over more signs of economic weakness, including a huge round of layoffs in the financial sector. After a turbulent week that sent the Dow Jones industrials...

MISSING TITLE - Added 2 weeks ago

Yahoo says founder Jerry Yang to step down as the Internet company's CEO as soon as a successor is found. ...

Target plans price cuts despite lower 3Q earnings - Added 2 weeks ago

Target Corp. said Monday it will aggressively cut prices to give consumers bargains during the holiday season, after weak sales of its apparel and home offerings led third-quarter earnings to fall 24 percent. The...

Citigroup to shed another 53,000 jobs - Added 2 weeks ago

Citigroup Inc. is shedding approximately 53,000 more employees in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt. The New York-based bank,...

Further signs of stress in Canada's oil sands - Added 2 weeks ago

Canada's booming oil sands industry showed more signs of cooling off Monday as crude prices continued their long plummet from record summer highs. Petro-Canada and its partners Teck Cominco Ltd. and UTS Energy Corp....

Lowe's 3Q profit falls 24 percent on slow spending - Added 2 weeks ago

Lowe's Cos. Inc. posted better-than-expected third-quarter results Monday, even as profit slid more than 24 percent because shoppers postponed big-ticket purchases amid growing economic uncertainty. The nation's No. 2...

Murdoch upbeat about the future of newspapers - Added 2 weeks ago

Global media magnate Rupert Murdoch says doomsayers who are predicting the Internet will kill off newspapers are "misguided cynics" who fail to grasp that the online world is potentially a huge new market of...

NY judge tentatively OKs Google copyright deal - Added 2 weeks ago

A judge has tentatively approved a settlement of lawsuits between Google and book authors and publishers that may put millions of out-of-print texts online. The settlement was announced by Google and the publishing...

Ecuador auditor urges debt default - Added 2 weeks ago

The official overseeing an audit of Ecuador's foreign debt said his committee found evidence of abuses and irregularities tied to almost all of the country's bonds and will recommend a default on $10.3 billion in...

Pressure grows for bank execs to give up bonuses - Added 2 weeks ago

Better to be a broker than a baron on Wall Street if you're expecting a big bonus this year. The decision by top Goldman Sachs executives to forgo bonuses in 2008 is forcing other investment bank bosses to consider...

Companies likely to cut back on employee gifts - Added 2 weeks ago

Workers shouldn't count on lavish gift baskets or monogrammed cufflinks from their employers this holiday season. As companies face tighter budgets and layoffs in a tough U.S. economy, analysts and industry data...