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

Business Business

Treasury pays $33.56B to 21 banks - Added 2 weeks ago

The government said Monday it has supplied $33.56 billion to 21 banks in a second round of payments from the $700 billion rescue program, and announced a deadline for another 3,800 banks to apply for funds. The...

Putnam Investments to cut 47 jobs, merge funds - Added 2 weeks ago

Putnam Investments said Monday it will cut 47 jobs, including 12 portfolio managers, and merge six of its stock mutual funds into larger funds under a restructuring by the company's new top executive. Robert Reynolds,...

Target, Citigroup, Lowe's among big movers - Added 2 weeks ago

Stocks that moved substantially or traded heavily Monday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE Target Corp., down $1.35 at $31.68 Third-quarter earnings fell 24 percent on slow consumer...

Meltdown 101: Doling out Wall Street bonuses - Added 2 weeks ago

Wall Street has long operated by one simple pay rule: To the victor go the spoils. If a firm does well, its people do well, getting splashy annual bonuses sometime in December or January. Checks go to everyone from the...

Agriculture futures trade mixed on CBOT - Added 2 weeks ago

Agriculture futures were mixed Monday on the Chicago Board of Trade. Wheat for December delivery lost 20.5 cents to $5.3375 a bushel; December corn rose 5.5 cents to $3.8575 a bushel; December oats were unchanged at...

Industry gloom to cast shadow on LA Auto Show - Added 2 weeks ago

New cars are supposed to be the main attraction when the Los Angeles Auto Show kicks off Wednesday, but dreadful U.S. sales, bailout hearings in Congress, and General Motors' decision to all but pull out of the event...

Summary Box: Citi slashing its work force again - Added 2 weeks ago

JOB LOSSES: Citigroup Inc. says it is reducing its work force by another 53,000, after cutting about 22,000 this year. The 75,000 employees lost in total _ some through business sales, others through layoffs _ will...

Slings and arrows: Online backlash ends Motrin ad - Added 2 weeks ago

Can a tongue-in-cheek ad for a popular pain reliever backfire and turn into a huge headache for one of the most respected health product marketers? You bet _ if the ad appears to be making fun of new mothers and their...

Fannie, Freddie, home loan banks control $6.8T - Added 2 weeks ago

Federal housing finance agencies hold or guarantee $6.8 trillion in debt _ the equivalent to more than half of the government's total debt. Fannie Mae, Freddie Mac and the 12-member Federal Home Loan Bank system...

Treasury bills fall to record lows at auction - Added 2 weeks ago

Interest rates on short-term Treasury bills fell in Monday's auction with rates on both three-month and six-month bills dropping to the lowest levels on record. The Treasury Department auctioned $27 billion in...

Brazil trader shoots self on stock trading floor - Added 2 weeks ago

A stock exchange trader has shot himself on the trading floor in Brazil. Sao Paulo's Bovespa stock exchange says the 36-year-old man shot himself in the chest a couple of hours before markets closed in South America's...

EU pushing trans-African transport network - Added 2 weeks ago

The EU transport commissioner says European and African countries should work to build a single highway system connecting northern and southern Africa. Antonio Tajani says a trans-African transport network would boost...

Va. scientist pleads guilty to China tech sales - Added 2 weeks ago

A Virginia scientist pleaded guilty Monday to selling rocket technology to China and bribing Chinese officials to secure a lucrative contract for his high-tech company. Quan-Sheng Shu, 68, pleaded guilty to two counts...

UN says greenhouse gas emissions rose in 2000-06 - Added 2 weeks ago

Greenhouse gas emissions by 40 industrialized nations that signed the Kyoto Protocol climate treaty have dropped an average of 5 percent below 1990 levels, U.N. officials reported Monday. The 1997 treaty required the...

At a Glance: Wal-Mart Stores vs. Target - Added 2 weeks ago

Discount retailers are performing better than some others amid the weak economy as hunt for bargains, but Wal-Mart Stores Inc. has been performing better than Target Corp., due to its focus on groceries and low prices. ...

Colombia declares emergency over pyramid schemes - Added 2 weeks ago

Colombia declared a state of emergency Monday to crack down on illegal investment schemes that lured millions of people with promises of improbably high payouts, only to collapse amid rioting. Government officials...

Industrial output posts rebound in October - Added 2 weeks ago

Industrial output posted a bigger-than-expected rebound in October after plunging in September by the largest amount in over 60 years. The Federal Reserve said Monday that industrial output rose 1.3 percent last month,...

Brazil says ethanol production won't harm Amazon - Added 2 weeks ago

Expansion of vast sugarcane plantations across Brazil to meet growing worldwide demand for ethanol won't harm the Amazon, a top Brazilian official said Monday. Speaking at the start of a five-day international...

Hungary OKs law setting limits to state spending - Added 2 weeks ago

Hungarian lawmakers approved a law Monday setting spending limits on the state budget. The so-called "ceiling law" says Hungary's state budget expenditures in 2009 cannot exceed 2008 levels and can increase in 2010 and...

Miners' widows, Massey settle W.Va. fire lawsuit - Added 2 weeks ago

The widows of two men killed in a 2006 coal mine fire in West Virginia settled a wrongful death lawsuit against Massey Energy Co., attorneys for both sides announced Monday. Details of the settlement, which came four...

Some examples of corporate gifts - Added 2 weeks ago

Many corporations purchase gifts for employees during the holiday season, though in the tight economy this year many are trimming their lists or giving less-expensive items. Here are some examples of such gifts: _...

Merkel: Opel guarantee not yet certain - Added 2 weeks ago

German Chancellor Angela Merkel said Monday after meeting with leaders of Adam Opel GmbH that it was "not yet determined" whether the automaker would be given euro1 billion ($1.25 billion) in loan guarantees from the...

British experts reject change to organ donation - Added 2 weeks ago

Britain should not change its organ-donation law to automatically designate every person a donor unless they or their survivors opt out, an expert panel recommended Monday. Under current law, every person is...

Barclays under pressure over capital raising - Added 2 weeks ago

Barclays PLC is coming under increasing pressure over its decision to raise 7 billion pounds ($10.5 billion) from private Middle Eastern investors, with a key advisory group telling shareholders on Monday to vote...

Japan slides into recession, 1st time since 2001 - Added 2 weeks ago

Recession is back in Japan after a seven-year hiatus, and fingers this time are pointing outside the country as the latest global boom quickly deteriorates into bust. Government data Monday showed that the economy...

FTSE 100 down 100.81 points at 4,132.16 - Added 2 weeks ago

Share prices on the London Stock Exchange closed lower Monday. The FTSE 100-share index closed down 100.81 points at 4,132.16. ...

US dollar mixed in Europe trading, gold down - Added 2 weeks ago

The U.S. dollar was mixed against other major currencies in European trading Monday. Gold fell. The euro traded at $1.2719, down from $1.2797 late Friday in New York. Other dollar rates: _97.04 Japanese yen, down...

US dollar mixed in Europe trading, gold down - Added 2 weeks ago

The U.S. dollar was mixed against other major currencies in European trading Monday. Gold fell. The euro traded at $1.2719, down from $1.2797 late Friday in New York. Other dollar rates: _97.04 Japanese yen, down...

Antwerp hosts emergency diamond talks amid slump - Added 2 weeks ago

More ads, less gems: Top producers crafted emergency plans Monday to make sure that diamonds remain a girl's best friend this Christmas, despite the economic gloom. Traders, cutters, polishers and producers from the...

Treasury bonds advance on economic uncertainty - Added 2 weeks ago

Treasury bonds advanced Monday as investors sought shelter with safer investments amid more signs of weakness in the financial system. Investors were skittish after data on Monday showed that manufacturing in New York...

A ton of illegal ivory seized in 5 African nations - Added 2 weeks ago

An undercover investigation of the illegal wildlife trade in five African nations led to the seizure of about a ton of ivory along with hippo teeth and cheetah, leopard and python skins, the Kenya Wildlife Service said...

German Wikipedia back online after dispute - Added 2 weeks ago

The German-language portal to the Internet encyclopedia Wikipedia was back online Monday after a left-wing lawmaker dropped a legal complaint. A Luebeck state court had ordered the site shut down over the weekend after...

FDA notes pregnancy risks with Theravance drug - Added 2 weeks ago

Shares of drugmaker Theravance surged Monday on the release of a federal review of the company's experimental antibiotic, despite concerns about the product's risks to pregnant women. Theravance shares rose $1.02, or...

Argentine president in Algeria - Added 2 weeks ago

Argentina's president has signed deals on civilian nuclear energy with her Algerian counterpart during a visit to this North African country. Cristina Fernandez says she and President Abdelaziz Bouteflika agreed to...

Appeal threatens Telenor's Russian stake - Added 2 weeks ago

A Siberian appeal court is scheduled Tuesday to consider a ruling that could lead to the temporary seizure of Norwegian Telenor's ownership in Vimpelcom, Russia's second largest mobile phone company. Telenor is...

Iceland guarantees deposits to get loans - Added 2 weeks ago

Iceland moved to secure $6 billion in loans to refloat its collapsed financial system as Britain said Monday it would welcome a government promise to guarantee its citizens' deposits in collapsed internet bank Icesave. ...

Norway encourages use of open source software - Added 2 weeks ago

Norway pledged funds Monday to stimulate public sector use of the free open source software OpenOffice to reduce its dependency on Microsoft Corp. and other major software producers. Minister of Government...

Tanzi denies role in fraud - Added 2 weeks ago

Parmalat founder Calisto Tanzi on Monday denied a role in orchestrating fraud that led to the stunning 2003 failure of his dairy empire as a three-year-old trial in the case drew to a close. "I never created, I never...

Japan firm recalls US water - Added 2 weeks ago

A Japanese company said Monday it would recall bottles of Crystal Geyser mineral water imported from the United States after consumers complained about a strange smell. Otsuka Beverage Co Ltd. said in a statement that...

UBS client to fight handover of bank file to US - Added 2 weeks ago

An American customer of UBS AG will ask a Swiss court to stop his account details from being handed over to U.S. authorities probing alleged tax evasion, his lawyer said Monday. Thomas Fingerhuth said his client has...

GM to sell stake in Suzuki to raise cash - Added 2 weeks ago

Cash-strapped General Motors Corp. will sell its entire stake in Suzuki Motor Corp. for 22.37 billion yen ($230 million), the automaker's latest move to stay afloat while awaiting a decision on government aid for the...

WTO probes Thai barriers to foreign cigarettes - Added 2 weeks ago

The World Trade Organization opened an investigation Monday into Thai import charges on foreign cigarettes, acting on a complaint from the Philippines. Manila alleged in its complaint earlier this year that its...

Britain's economic outlook worsens - Added 2 weeks ago

The recession in Britain will be longer and deeper than first thought, the country's leading business lobby warned Monday, as a separate survey showed that falls in house prices are picking up pace. The Confederation...

Summit gets mixed grades - Added 2 weeks ago

This weekend's Washington summit on tackling the world financial crisis did little to dent a looming economic slowdown but offered developing countries such as China and India an important larger role, European and...

Romania proposes measures to fight economic crisis - Added 2 weeks ago

Romania's Prime minister Calin Popescu Tariceanu on Monday proposed lowering taxes and injecting over $12.6 billion (10 billion euros) in the economy over the next four years to support the country through the financial...

Turkish joblessness rises, consumer optimism falls - Added 2 weeks ago

Turkey's economy felt the impact of the global financial crisis as official figures released Monday showed consumer optimism plummeting and unemployment rising. Consumer confidence slumped 8 percent in October _ to...

US bank lending rates up for 3rd day running - Added 2 weeks ago

Dollar lending rates between banks rose for the third day running Monday after last week's turnabout by U.S. Treasury Secretary Hank Paulson on the $700 billion U.S. financial rescue program fostered renewed uncertainty...

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...

Citigroup chairman doesn't deny job cuts are near - Added 2 weeks ago

Citigroup's chairman is hinting the banking giant will announce more job cuts Monday, and isn't ruling out the possibility executives will follow peers at Goldman Sachs and forgo bonuses. Various reports have suggested...

UBS to change the way it pays senior managers - Added 2 weeks ago

UBS AG said Monday that starting next year it will stop making bonus payments to its chairman and that other top executives will be penalized if the bank performs badly to discourage irresponsible risk-taking. ...