News For Monday Oct 13, 2008 News For Monday Oct 13, 2008

Business Business

Unicredit's Profumo acknowledges errors - Added 6 days ago

Unicredit Chief Executive Alessandro Profumo acknowledged Monday that Italy's largest bank had underestimated the significant market changes since the collapse of the U.S. investment bank Lehman Brothers, forcing the...

Court tilts Wachovia fight toward Wells Fargo - Added 6 days ago

The battle for control of troubled bank Wachovia tilted toward Wells Fargo Sunday as a state appeals court blocked a lower court ruling that had favored rival bidder Citigroup. At stake is the $339 billion in Wachovia...

Verizon says $28.1B buyout of Alltel on track - Added 6 days ago

Verizon Wireless says it is moving forward with plans to acquire Alltel Corp. for $28.1 billion, although the country's financial climate has worsened since the companies reached an agreement four months ago. Verizon...

American Airlines considers a la carte pricing - Added 6 days ago

The idea of paying a single, simple fare to fly on an airliner is becoming as quaint as stewardesses in short skirts. American Airlines is about to accelerate the trend of breaking the cost of a trip into an airfare...

Credit crisis adds to pressures on auto dealers - Added 6 days ago

Hundreds of thousands of new cars and trucks that would have quickly made their way to people's driveways a year ago are now stacking up on dealer lots across the country, with potential buyers worried about whether...

European, Asian markets plunge on crisis fears - Added 6 days ago

Asian and European stock markets plunged Monday as government bank bailouts in the U.S. and Europe failed to alleviate fears that the global financial crisis would depress world economic growth. Investors took scant...

SKorea wants financial summit with China, Japan - Added 6 days ago

South Korea's ruling party says President Lee Myung-bak will propose a summit with China and Japan to discuss how to cope with the current global economic crises. The Grand National Party says Lee told party leader...

Chinese insurer to record $2.3B loss on Fortis - Added 6 days ago

China's Ping An Insurance Co. said Monday it will record a $2.3 billion loss on its stake in troubled European bank Fortis NV, in the biggest blow yet to a Chinese institution from the global credit crisis. Ping An,...

AP Executive Morning Briefing - Added 6 days ago

The top business news from The Associated Press for the morning of Monday, October 6, 2008: Asian markets plunge on fears crisis is spreading SINGAPORE (AP) _ Asian stock markets plunged Monday as government bank...

European central banks offer more cash to markets - Added 6 days ago

The European Central Bank, the Bank of England and the Swiss National Bank offered more than $60 billion to markets Monday to try to keep the financial sector flush with cash. The European Central bank offered $50...

German gov't, banks agree to $69B bailout for Hypo - Added 6 days ago

Germany on Sunday guaranteed all private bank accounts and negotiated a 50 billion euro ($69 billion) bailout deal for Hypo Real Estate AG as Europe's second largest economy sought to ward off financial crisis. The...

Despite costs, healthy school lunches on the menu - Added 1 week ago

The buffet offers a variety of pizzas, with whole wheat crust, organic toppings and hormone-free cheese. The salad bar includes some greens and vegetables grown without pesticides in a nearby garden. And the chef even...

Battered financial industry faces more oversight - Added 1 week ago

With the passage of the $700 billion rescue package, the financial industry will face greater congressional scrutiny in coming weeks and months. Further-reaching regulation is almost certain. Previously obscure corners...

Bank on this: Bank failures will rise in next year - Added 1 week ago

Here's a safe bet for uncertain times: A lot of banks won't survive the next year of upheaval despite the U.S. government's $700 billion plan to restore order to the financial industry. The biggest question is how many...

Court tilts Wachovia fight toward Wells Fargo - Added 1 week ago

The battle for control of troubled bank Wachovia tilted toward Wells Fargo Sunday as a state appeals court blocked a lower court ruling that had favored rival bidder Citigroup. At stake is the $339 billion in Wachovia...

Ex-CEO of S&L bought by Wachovia defends record - Added 1 week ago

Once hailed for running their savings-and-loan company like an endearing mom-and-pop shop, Herb and Marion Sandler are now being vilified as ruthless home lenders who helped destroy Wachovia Corp. and contributed to the...

Verizon says $28.1B buyout of Alltel on track - Added 1 week ago

Verizon Wireless says it is moving forward with plans to acquire Alltel Corp. for $28.1 billion, although the country's financial climate has worsened since the companies reached an agreement four months ago. Verizon...

Redevelopment freezes out original Carvel store - Added 1 week ago

The original Carvel shop prepared to serve its last cones Sunday, more than seven decades after becoming the birthplace of an ice cream empire. Customers flocked to the 1950s-style store in Hartsdale, about 25 miles...

Investors expect volatility as credit woes persist - Added 1 week ago

The world's financial markets face an uncertain and possibly volatile week as investors await details about how the Treasury will implement the government's financial rescue package _ and watch for any further fallout...

BNP Paribas to take majority stake in Fortis - Added 1 week ago

French banking giant BNP Paribas will take a 75 percent stake in the remaining operations of troubled bank Fortis NV, the Belgian government announced Sunday. Prime Minister Yves Leterme said the deal gives the...

American Airlines considers a la carte pricing - Added 1 week ago

!!-- pobj:TXDM101-0908080943 -->!!-- pobj:TXDM102-0908080946 -->The idea of paying a single, simple fare to fly on an airliner is becoming as quaint as stewardesses in short skirts. American Airlines is about to...

Credit crisis adds to pressures on auto dealers - Added 1 week ago

Hundreds of thousands of new cars and trucks that would have quickly made their way to people's driveways a year ago are now stacking up on dealer lots across the country, with potential buyers worried about whether...

For bailout to work, housing market needs to mend - Added 1 week 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...

Up from apartheid, Soweto millionaire a role model - Added 1 week ago

When Richard Maponya did well as a clothes salesman, his white boss could not promote him under the rules of apartheid. So the boss offered instead to sell Maponya damaged clothes for cheap. Maponya resold the clothes...

Feeling Wall Street's pain, from Manila to Paris - Added 1 week 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,...

Mitsubishi workers in Illinois ratify contract - Added 1 week ago

The United Auto Workers ratified a four-year contract with Mitsubishi Motors North America on Saturday that calls for employees at a central Illinois plant to take pay cuts in exchange for job security. Mitsubishi...

Mass. asks about federal loan amid market worries - Added 1 week ago

The treasurer of Massachusetts has asked the federal government about lending Massachusetts money under the same favorable terms it has given banks and firms during the financial crisis. Treasurer Timothy Cahill's...

For bailout to work, housing market needs to mend - Added 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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 1 week 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...