News For Thursday Oct 16, 2008 News For Thursday Oct 16, 2008

Business Business

Computers speed agriculture inspection process - Added 6 minutes ago

Mark Jolley used to carry armloads of reference manuals and handbooks to the central Washington warehouses where he inspects apples and pears to ensure their quality for the export market. Now, he's armed with just a...

Switzerland pumps billions into bank rescue plan - Added 16 minutes ago

The Swiss government says it will help banking giant UBS raise billions of dollars in new capital. The government says the measure is part of a wider package to support the country's banking system. It includes...

Oil falls to 14-month low on bad US economic data - Added 2 hours ago

Oil prices fell to a 14-month low Thursday in Asia as bad U.S. economic news heighten fears that a significant global economic slowdown will undermine demand for crude. Light, sweet crude for November delivery was down...

Fear and loathing over economy spreads - Added 2 hours ago

Fear and loathing is spreading as signs mount that the economy is in danger of losing its balance. And a fresh batch of economic reports due out Thursday is likely to show more problems for the already stumbling...

Asian markets tumble; Nikkei falls 10 percent - Added 2 hours ago

Asian stocks plummeted Thursday, with Tokyo's market plunging more than 10 percent, after another dive on Wall Street as worse-than-expected data about the U.S. economy heightened fears of a global recession. Japan's...

Japan's PM says US bank bailout is 'insufficient' - Added 2 hours ago

Japanese Prime Minister Taro Aso said Thursday the U.S. bank bailout is "insufficient" and is contributing to the renewed plunge in global stock markets. "Since it was insufficient, the market is again falling...

GM campaign tells buyers they can still get loans - Added 7 hours ago

With October auto sales expected to fall short of September's 15-year low, General Motors Corp. is launching a campaign this week to reach people who have stopped looking for cars out of fear that they can't get a loan....

Stocks plunge anew as data points to recession - Added 8 hours ago

Investors agonizing over a faltering economy sent the stock market plunging all over again Wednesday after a stream of disheartening data convinced Wall Street that a recession, if not already here, is inevitable. The...

Credit markets improve, but new troubles emerging - Added 9 hours ago

Corners of the credit markets are slowly loosening after the government pledged to buy stakes in private banks, but there's still congestion _ and investors are also noticing some adverse, unintended consequences from...

EU, US call for a global summit to reshape banking - Added 9 hours ago

The Group of Eight major industrial nations announced Wednesday they will hold a global summit _ perhaps as early as November in New York _ to forge common action to prevent another economic meltdown. French President...

US confronts possibility of long, deep recession - Added 9 hours ago

The U.S. has not endured a deep and prolonged recession in more than a quarter century _ enough time for many Americans to forget what one feels like. But unlike the last two relatively short recessions, this one could...

Meltdown 101: What is the beige book? - Added 9 hours ago

The Federal Reserve provided fresh evidence Wednesday that the financial crisis is hammering the economy, sending the stock market plummeting as fears of a long recession increase. The news came in the Fed's "beige...

AIG executives spent thousands during hunting trip - Added 9 hours ago

A handful of top executives from American International Group Inc. spent thousands of dollars during a recent English hunting trip, even as the New York-based insurer asked for an additional $37.8 billion loan from the...

Paint maker PPG sees blue as car color of tomorrow - Added 9 hours ago

Bored with the same bland silver and white-colored cars dominating the highways? Worry not. Blue is the car color of tomorrow. Automotive paint supplier PPG Industries Inc. issued its annual forecast of popular car...

Ag futures fall on Chicago Board of Trade - Added 10 hours ago

Agriculture futures fell Wednesday on the Chicago Board of Trade. Wheat for December delivery fell 17.25 cents to $5.5575 a bushel; December corn lost 23.25 cent to $3.880 a bushel; December oats fell 8 cents to $2.840...

Commodities plummet again on recession fears - Added 10 hours ago

Commodities prices plunged Wednesday as a darkening economic outlook once again led frightened investors to pull their money out chaotic financial markets. Crude oil, copper and agriculture futures all fell. The big...

Schwab 3Q profit falls, still beats estimates - Added 10 hours ago

Charles Schwab Corp. reported Wednesday its third-quarter earnings fell sharply from results that included a big gain a year ago, but still topped analysts expectations. The ongoing financial market turmoil weighed on...

Abbott 3Q profit jumps, outlook boosted - Added 10 hours ago

Abbott Laboratories Inc. said Wednesday its third-quarter profit jumped 51 percent, led by sales of the arthritis medication Humira and a steep increase in sales of stents and other heart-related devices. The North...

JPMorgan, Wells Fargo, Coke, Intel are big movers - Added 10 hours ago

Stocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and Nasdaq Stock Market: NYSE JPMorgan Chase & Co, down $2.22 at $38.49 Profit tumbled 84 percent in the third quarter...

Regulation in the cards for debt insurance - Added 10 hours ago

Debt insurers, say hello to government regulation. Say farewell to voluntary compliance and disclosure. Congress and financial regulators for the first time appear willing to impose rules on obscure financial contracts...

Coca-Cola's 3Q profit up 14 percent - Added 10 hours ago

The Coca-Cola Co. reported its profit rose by double digits, weathering a volatile third quarter in which consumers felt pressured by economic uncertainty. The nation's biggest soft drink seller reported third-quarter...

Oil dips below $75 as OPEC cuts demand forecast - Added 10 hours ago

Oil prices closed below $75 a barrel for the first time in nearly 14 months Wednesday after OPEC, fearing that a severe global economic slowdown is unavoidable, slashed its 2009 petroleum demand forecast. Another bad...

Grocer Kroger backs earnings guidance - Added 10 hours ago

Kroger on Wednesday confirmed its earnings guidance for the year and said a key sales measure is trending higher, even as U.S. consumers are cutting back on spending. The nation's largest traditional grocery chain said...

Delta swings to 3Q loss, AMR posts small profit - Added 10 hours ago

A steep drop in fuel prices has not given airlines much reason to celebrate due to a worsening economy that threatens to curb demand for flights heading into next year. Executives said Wednesday as Delta Air Lines...

JPMorgan, Wells Fargo 3Q profits dip - Added 11 hours ago

In the midst of one of the nation's worst credit crises, JPMorgan Chase & Co. and Wells Fargo & Co. managed to report better-than-expected third-quarter results on Wednesday. But even two of the country's...

A look at recent US recessions - Added 11 hours ago

Many Americans have forgotten what a deep recession feels like. In recent years, periods of economic expansion have lasted longer, and recent downturns have been relatively short and shallow. A look at the most recent...

JPMorgan profit sinks as credit deteriorates - Added 11 hours ago

JPMorgan Chase & Co.'s profit tumbled 84 percent in the third quarter after it took big hits from souring mortgage investments, leveraged loans and home loans. Profit at the New York-based bank, considered one of...

Delta swings to 3Q loss - Added 12 hours ago

Delta Air Lines Inc. will scale back international growth plans in the coming months and is prepared to cut more domestic capacity if needed to weather the global financial crisis that has intensified in recent weeks,...

EU leaders endorse continent-wide bailout - Added 12 hours ago

EU leaders endorsed a euro1.7 trillion ($2.3 trillion) continent-wide emergency bailout for the banking sector at summit talks Wednesday, and turned to debate other measures to prevent the global financial crisis from...

Fed: Economy sinks deeper into rut - Added 12 hours ago

The country has sunk deeper into an economic rut, the Federal Reserve reported Wednesday, reflecting mounting damage from the financial and credit crises. The Fed's new snapshot of business conditions around the nation...

Bernanke: Quick economic rebound not in cards - Added 13 hours ago

The country's economic health won't snap back quickly even if badly needed confidence in the U.S. financial system returns and roiled markets finally calm, Federal Reserve Chairman Ben Bernanke cautioned Wednesday. ...

British PM Brown sets out plan for finance reform - Added 14 hours ago

British Prime Minister Gordon Brown on Wednesday set out his plan to reform the way the world's banks are governed, saying governments need to work together to stem the reckless and inappropriate lending that has...

Wells Fargo 3Q profit falls 25 percent - Added 14 hours ago

Wells Fargo said Wednesday its third-quarter profit fell 25 percent as it took hits on investments in troubled finance companies and increased its credit reserves, but results were better than analysts had expected. ...

Starbucks, PepsiCo to add light Frappuccino drinks - Added 15 hours ago

Starbucks Corp. plans to add more lower-calorie versions of its ready-to-drink bottled Frappuccinos to store shelves next year through its joint venture with PepsiCo Inc. The gourmet coffee chain did not want to...

Study highlights safety of drug-coated stents - Added 15 hours ago

Boston Scientific Corp on Wednesday reported data showing that its drug-coated stents are no more dangerous than older bare-metal stents for patients who have just suffered a major heart attack. The company conducted...

Retail sales plunge 1.2 percent in September - Added 15 hours ago

Retail sales fell off a cliff in September, plunging by the largest amount in three years as worried consumers shunned the malls and auto showrooms in the midst of the country's financial meltdown. The Commerce...

Siemens von Pierer to leave ThyssenKrupp board - Added 16 hours ago

Former Siemens AG chief Heinrich von Pierer will give up his supervisory board seat at Germany's largest steelmaker, ThyssenKrupp AG. Thyssen said Wednesday Von Pierer informed the company that he would leave the post...

August inventories up less than expected - Added 16 hours ago

Businesses increased their inventories in August by the smallest amount in five months, a possible indication of concerns about the slowing economy. The Commerce Department reported Wednesday that inventories held by...

Wells Fargo 3Q profit falls 23 percent - Added 18 hours ago

Wells Fargo said Wednesday that third-quarter profit fell 23 percent as it took hits on investments in troubled finance companies and increased its credit reserves, but results were better than analysts had expected. ...

Wholesale prices drop for second straight month - Added 18 hours ago

Wholesale prices fell for the second straight month in September, driven by a sharp drop in energy costs, the Labor Department said Wednesday. The department said the producer price index, which measures inflation...

Britain calls for global finance summit - Added 18 hours ago

British Prime Minister Gordon Brown is calling for global talks this year to reform the world's financial system. He says a global summit could be held in the next few months despite lack of agreement among...

World stock markets slip on recession fears - Added 19 hours ago

European and Asian markets mostly fell back Wednesday following a strong two-day rally amid concerns that the global efforts to restore confidence in the battered financial system will not be enough to stave off a deep...

Iceland cuts interest rates - Added 19 hours ago

Iceland's central bank slashed official interest rates by 3.5 percentage points on Wednesday as it warned that the collapse of its banking system will lead to a "very sharp" contraction in the Nordic nation's economy. ...

Paulson defends government intervention - Added 19 hours ago

Treasury Secretary Henry Paulson said Wednesday he expects improvement in the condition of the economy over time but that there will be "a bump in the road" along the way. Paulson said the government's decision to buy...

Paulson defends government intervention - Added 19 hours ago

Treasury Secretary Henry Paulson said Wednesday he expects improvement in the condition of the economy over time but that there will be "a bump in the road" along the way. Paulson said the government's decision to buy...

Emerging markets suffer as foreigners withdraw - Added 20 hours ago

The global financial crisis has cost Grace Varghese, 50, a day trader in India's high-tech hub of Bangalore, more than $50,000. "I take high blood pressure tablets now," said Varghese, who started trading stocks four...

Toyota says new small iQ offers quality - Added 20 hours ago

Toyota says it's out to prove a tiny car can be top-notch with its new iQ "ultra-compact" that's just a bit smaller than 3 meters (10 feet) but offers quality safety features, mileage and handling. And it's asking a...

EU fines banana importers for price fixing - Added 20 hours ago

The European Union slapped a euro60.3 million ($82.9 million) fine on the importers of Dole and Del Monte bananas Wednesday, claiming they operated an illegal banana cartel. The EU said Chiquita also joined the cartel...

WellPoint, X Prize launch $10M health care contest - Added 20 hours ago

It may not involve rocket science, but a new X Prize Foundation competition for health care reform could pose the institute's most daunting challenge yet. The California-based foundation, which helped launch the first...

Brazil, SAfrica blame rich world for economic woes - Added 21 hours ago

India, Brazil and South Africa on Wednesday asked rich countries to hear their voices on how to manage the unfolding global financial crisis without jeopardizing the development of emerging economies. "We are the...