News For Thursday Oct 9, 2008 News For Thursday Oct 9, 2008

Business Business

Wells Fargo plans to buy Wachovia; Citi ends talks - Added 7 weeks ago

Wells Fargo emerged as the apparent victor in the battle for control of Wachovia bank Thursday night, after rival suitor Citigroup broke off talks with Wells Fargo and federal regulators but vowed to have its day in...

Asian markets dive in early trade - Added 7 weeks ago

Stock markets across Asia posted sharp losses in early trading Friday on the heels of a steep sell-off on Wall Street. Tokyo's benchmark Nikkei 225 index lost 974.12 points, or 10.64 percent, to close the morning...

Virginia orders 567 state layoffs amid budget woes - Added 7 weeks ago

Virginia Gov. Tim Kaine is laying off 567 state workers as the state's budget outlook worsens amid the global financial crisis. The cuts are the deepest in at least five years in Virginia. Kaine also said Thursday...

Pilot: Towboat erratic before Miss. River spill - Added 7 weeks ago

A towboat was so erratic it appeared its operator "had had a stroke" as it pushed a barge into the path of a tanker before a collision that shut a major shipping waterway over the summer, the tanker's pilot testified...

Dow plunges 679 to fall to lowest level in 5 years - Added 7 weeks ago

Stocks plunged Thursday, sending the Dow Jones industrial average down 679 points _ more than 7 percent _ to its lowest level in five years. Stocks took a nosedive after a major credit-rating agency said it might cut...

What it would take to trigger stock market timeout - Added 7 weeks ago

As harrowing as the stock market's plunges have been in recent days, they still haven't been enough to trigger the "circuit breaker" mechanisms that result in an automatic timeout in trading. The Big Board implemented...

Banks borrow record amount from Fed - Added 7 weeks ago

Banks borrowed in record amounts from the Federal Reserve's emergency lending facility over the past week, while investment banks drew loans at a brisk _ though slightly lower _ pace, fresh proof of the credit problems...

Brazil poised to become oil superpower - Added 7 weeks ago

RIO DE JANEIRO, Brazil _ Four miles under the ocean's surface off Brazil's lush coast lie billions of barrels of recently discovered light crude _ a treasure that could transform the country into an oil superpower. ...

Meltdown 101: Investors get back to shorting - Added 7 weeks ago

Will stocks benefit now that the government is letting investors bet on financial stocks going down? It's a strategy known on Wall Street as short selling. And, for three weeks, the government banned the practice to...

Dollar rises on global financial turmoil - Added 7 weeks ago

The dollar rose against major currencies Thursday as markets grapple with worries that tight lending will throw the global economy into a recession. The 15-nation euro fell to $1.3661 in late New York trading from...

New AIG loan renews concerns over insurer's health - Added 7 weeks ago

Concerns about the health of American International Group Inc. were renewed Thursday, a day after the insurance giant said it would receive an additional $37.8 billion loan from the Federal Reserve. "The bottom line...

Apollo puts up $540M to grease Huntsman buyout - Added 7 weeks ago

Hexion Specialty Chemicals said Thursday it has received a $540 million pledge to help it close its fiercely contested takeover of Huntsman Corp. Hexion parent Apollo Management LP offered the capital infusion with...

GM, IBM, Gap, Morgan Stanley among big movers - Added 7 weeks ago

Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and Nasdaq Stock Market: NYSE General Motors Corp., down $2.15 at $4.76 Shares fell to their lowest levels since 1950 as...

How the stock indexes fared Thursday - Added 7 weeks ago

Wall Street plunged again Thursday on anxiety about tight credit, the flagging economy and the financial health of automakers General Motors Corp. and Ford Motor Co. A year after the Dow Jones industrial average and...

Demand destruction: Oil prices drop to 1-year low - Added 7 weeks ago

Oil prices closed at their lowest level in a year Thursday, falling below $85 a barrel even after OPEC signaled it may try to slow crude's downward spiral by cutting production. At the pump, retail gas prices kept...

OPEC to hold emergency meeting on oil prices - Added 7 weeks ago

OPEC said Thursday it will hold an extraordinary meeting Nov. 18 to discuss how the widening global financial crisis is affecting oil prices, a move that could lead to a coordinated production cut in a bid to halt...

US has dwindling number of tools in econ crisis - Added 7 weeks ago

What's left in Uncle Sam's economic tool kit? The commitment of $700 billion didn't impress markets here and around the world. Neither did fresh interest rate cuts. Stocks plunged yet again on Thursday. The government...

Agriculture futures trade mixed on CBOT - Added 7 weeks ago

Agriculture futures were mixed Thursday on the Chicago Board of Trade. Wheat for December delivery fell 3.25 cents to $6.0475 a bushel; December corn rose 10.75 cents to $4.3825 a bushel; December oats gained 4.5 cents...

US dollar mostly higher in European trading - Added 7 weeks ago

The U.S. dollar was mostly higher against other major currencies in European trading Thursday. Gold fell. The euro traded at $1.3623, down from $1.3691 late Wednesday in New York. Other dollar rates: _99.788 Japanese...

Apparel chains report dismal September sales - Added 7 weeks ago

Dismal September sales results from mall-based apparel chains, released Thursday, offered more fresh evidence that American consumers, spooked by the financial meltdown, shut their wallets tight last month. The reports...

Brunswick to cut 1,400 jobs, shut 4 more plants - Added 7 weeks ago

Beleaguered boatmaker Brunswick Corp. says it's cutting 1,400 additional jobs as the company shuts four plants and furloughs workers at three more. Thursday's announcement comes four months after the suburban Chicago...

Good week, bad week for solar industry - Added 7 weeks ago

It was a home run, a grand slam, a dream come true or the biggest birthday present ever for the solar industry, depending on who you spoke with. But these are not normal times and the reality of the global economy...

Summary: Hexion gets $540M to aid Huntsman buyout - Added 7 weeks ago

WHAT HAPPENED: Hexion Specialty Chemicals received a $540 million pledge from parent Apollo Management LP to help it close its fiercely contested takeover of Huntsman Corp. THE REASON: Hexion tried to walk away from...

Aegon to take $573 million in charges - Added 7 weeks ago

The insurer Aegon NV said Thursday it will book 420 million euros ($573 million) in charges on bad bonds and other credit assets in the third quarter. Its shares, which have declined even more than most European...

Belgium, France, Luxembourg guarantee Dexia bank - Added 7 weeks ago

The governments of France, Belgium and Luxembourg announced Thursday they will give struggling lender Dexia SA a yearlong guarantee on its new loans and deposits, sending the company's shares soaring. Dexia's shares...

Russian markets climb sharply - Added 7 weeks ago

Russia's stock benchmarks surged Thursday to regain some of the losses suffered early in the week when the markets saw their biggest-ever one-day falls. The RTS index _ widely seen as the economic benchmark _ gained...

Virginia orders 570 state layoffs amid budget woes - Added 7 weeks ago

Virginia Gov. Tim Kaine is laying off 570 state workers as the state's budget outlook worsens amid the global financial crisis. The cuts are the deepest in at least five years in Virginia. Kaine also said Thursday...

Blackwater to check itself on US arms export law - Added 7 weeks ago

Amid a federal probe into whether Blackwater Worldwide smuggled weapons into Iraq, the private security contractor said Thursday it has established a panel of defense experts and former prosecutors to ensure it follows...

Jobless claims drop from 7-year high - Added 7 weeks ago

New applications for unemployment benefits dropped last week from a seven-year high, the Labor Department said Thursday, though they remain at elevated levels that indicate recession. Initial claims for jobless...

Jobless claims drop from 7-year high - Added 7 weeks ago

New applications for unemployment benefits dropped last week from a seven-year high, the Labor Department said Thursday, though they remain at elevated levels that indicate recession. Initial claims for jobless...

Administration ponders ownership stakes in banks - Added 7 weeks ago

The Bush administration is considering taking part ownership in certain U.S. banks as an option for dealing with a severe global credit crisis. An administration official, who spoke on condition of anonymity because no...

European markets rebound ahead of Wall Street open - Added 7 weeks ago

European markets shed some early gains Thursday ahead of Wall Street's opening, but remained in positive territory, with British banking stocks in particular enjoying a strong rally in the wake of the government's 500...

Talks to resume in Boeing machinists' strike - Added 7 weeks ago

The Boeing Co. and its striking machinists union have agreed to return to the bargaining table. Both sides said Wednesday night that a federal mediator will help hammer out details of the resumed negotiations. Union...

Traders look for direction on oil market - Added 7 weeks ago

Oil prices looked for direction Thursday as traders weighed fears that a looming global recession will crimp demand against speculation that OPEC may cut output to keep prices from falling too far. Venezuelan President...

Japan to mull new economic stimulus plan - Added 7 weeks ago

Japanese Prime Minister Taro Aso, alarmed by an escalating global financial crisis, called for more action Thursday to bolster the country's faltering economy. Kosuke Hori, policy chief of Aso's Liberal Democratic...

AP Executive Morning Briefing - Added 7 weeks ago

The top business news from The Associated Press for the morning of Thursday, Oct. 9, 2008: Asian markets mixed after global rate cuts SHANGHAI, China (AP) _ Asian markets were mixed Thursday as investor enthusiasm...

Japanese stock end mixed after rate cuts - Added 7 weeks ago

Japan's battered stock market ended mixed Thursday as early optimism over a series of rate cuts by central banks around the world faded amid persistent fears over the global financial crisis. The benchmark Nikkei 225...

3 Asian central banks slash interest rates - Added 7 weeks ago

South Korea, Taiwan and Hong Kong all slashed interest rates Thursday, joining in a chorus of cuts by central banks around the world aimed at fighting the global financial crisis. The moves follow Wednesday's...

European central banks offer combined $120 billion - Added 7 weeks ago

European central banks continued to push liquidity at the financial sector Thursday, offering $120 billion to prop up lending between banks. The European Central Bank, representing the 15 countries that use the euro...

Kansas farmers harvesting bountiful fall crops - Added 7 weeks ago

Kansas farmers are well into their harvest of what is an anticipated to be a record corn crop. Kansas Corn Growers Association spokeswoman Sue Schulte said this week that corn growers are very optimistic about their...

Fed grants AIG $37.8 billion loan - Added 7 weeks ago

The Federal Reserve on Wednesday agreed to provide insurance giant American International Group Inc. with a loan of up to $37.8 billion, on top of one made to the troubled company last month. Under the new program, the...

Oil falls below $88 on US, Europe recession fears - Added 7 weeks ago

Oil prices fell below $88 a barrel Thursday in Asia on investor fears that crude demand will weaken as turmoil in the financial system pushes economies in the U.S. and Europe into recession. Light, sweet crude for...

Fed works toward an agreement on Wachovia - Added 7 weeks ago

Federal officials continued their fervent quest Wednesday to reach an agreement between Citigroup and Wells Fargo over the fate of Wachovia Corp. _ which could include the splitting up of the bank. Discussions between...

Wood as a power source may be making comeback - Added 8 weeks ago

The push for more power from renewable fuels has renewed interest in one of the oldest energy sources: wood. While airwaves have been permeated by advertisements for solar and wind power, last year wood generated more...

Japan's core machinery orders plunge in August - Added 8 weeks ago

A key barometer of corporate capital spending in Japan plunged in August to its lowest level in more than five years, the government said Thursday, as business investment retreated sharply amid fears of a broader global...

Indonesia may halt stock trading all week - Added 8 weeks ago

Trading on the Jakarta Stock Exchange was canceled Thursday and may remain suspended through the week as officials try to quell a stampede of selling that has sent the country's main stock index skidding more than 20...

Retailers report weak September sales - Added 8 weeks ago

American consumers went into hiding in September, leaving retailers with dismal sales and an uncertain future well beyond the holiday season as the fallout from the financial meltdown pushes spending even lower. As...

Bank of America, RBC settle securities cases - Added 8 weeks ago

Bank of America Corp. has agreed to buy back up to $4.7 billion in auction-rate securities to settle charges it misled thousands of customers about the risky investments, federal and state regulators said Wednesday. ...

Stocks zigzag, end lower after emergency rate cut - Added 8 weeks ago

A stock market empowered by an emergency interest rate cut tried to find some stability Wednesday, rallying several times before another late-day drop left Wall Street down for the sixth straight day. Still, the...

Gold prices jump above $900 after Fed cuts rates - Added 8 weeks ago

Gold prices shot up above $900 an ounce Wednesday after the Federal Reserve slashed its key interest rate, undercutting the dollar and boosting demand for hard assets as an inflation hedge. Silver also rose. In a...