Dec 01, 2008
Treasury Secretary Henry Paulson said Monday that the administration is looking for more ways to tap a $700 billion financial rescue program and will consult with Congress and the incoming Obama administration. More
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Monday, December 01, 2008
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By SARA LEPRO
Published: Dec 01, 2008
Gold prices and other commodities tumbled Monday, as confirmation that the nation is in a recession further unnerved investors already concerned about a drop off in demand for raw materials.The National Bureau of Economic Research, considered the arbiter of when the economy is in recession or expanding, said Monday that the U.S. recession began a year ago, in December 2007.While the news merely confirmed what analysts had suspected for some time, both commodities and stocks fell sharply in reaction as investors began to question just how prolonged and severe the recession might be."The revelation that the U.S. entered a recession one year ago did not really surprise too many analysts, but it was still a contributing factor to today's slump in equities," wrote Jon Nadler, senior analyst at Kitco Bullion Dealers Montreal, in a research note. "Commodities followed the renewed stock selloffs with their own pre-holiday clearance sale."
More
Dec 01, 2008
Federal Reserve Chairman Ben Bernanke said Monday that further interest-rate cuts are "certainly feasible," but he warned there are limits to how much such action would revive an economy likely to stay weak well into next year. More
Dec 01, 2008
Yields on long-term U.S. government debt sank to record lows Monday as worries about mounting economic problems and a stock market plunge touched off another investor rush to safety. The possibility that the Federal Reserve could enter the Treasury market as a buyer also helped drive down yields. More
Dec 01, 2008
Administration officials say they will urge the Chinese to continue allowing their currency to rise in value against the dollar and to avoid raising protectionist trade barriers amid the global economic crisis. More
Dec 01, 2008
Pilgrim's Pride Corp. filed for Chapter 11 bankruptcy protection on Monday, hurt like other meat producers by volatile feed prices and slumping demand but also hobbled by an unmanageable debt load. More
Dec 01, 2008
Victoria Servin shows off her new pair of black leather boots, a splurge for the 21-year-old student who lives alone in an aging, one-room apartment. More
Dec 01, 2008
Timothy Geithner, President-elect Barack Obama's pick to be Treasury secretary, will soon step down from his current post as president of the Federal Reserve Bank of New York. More
Dec 01, 2008
A gauge of U.S. manufacturing activity that fell to a 26-year low Monday followed similarly weak readings in Europe and China, fueling fears of a deepening global downturn. More
Dec 01, 2008
The mayor of Alabama's largest city was arrested Monday on charges of steering millions of dollars of bond work to a friend in exchange for more than $230,000 in bribes to pay for an expensive wardrobe and flashy jewelry. More
Dec 01, 2008
A gauge of U.S. manufacturing activity that fell to a 26-year low Monday followed similarly weak readings in Europe and China, fueling fears of a deepening global downturn. More
Dec 01, 2008
Ford Motor Co. is considering selling Volvo Car Corp. as the beleaguered U.S. automaker seeks to raise cash and weather a global automotive sales crisis. More
Dec 01, 2008
In a move to become a major player in cosmetic and reconstructive surgery, health care products company Johnson & Johnson said Monday it will buy cosmetic-product and breast-implant maker Mentor Corp. for $1.07 billion. More
Dec 01, 2008
A litany of bad economic news has snuffed out Wall Street's five-day rally, sending stocks falling sharply as investors realized anew how troubled the U.S. economy really is. Confirmation that the nation is in a recession followed reports of only a modest gain in holiday shopping sales, and that prompted investors to begin unloading stocks. Downbeat data on manufacturing and construction spending added to the market's gloom. More
Dec 01, 2008
The U.S. dollar was mixed against other major currencies in European trading Monday afternoon. Gold fell. More
Dec 01, 2008
Budget airline Ryanair launched a new takeover bid Monday for Irish rival Aer Lingus, calculating that Ireland's worsening economy would soften past opposition and make a deal more likely. More
Dec 01, 2008
South Korea's economic growth was slower in the third quarter than originally estimated, the central bank said Tuesday, further evidence that Asia's fourth-largest economy is being hit by the global meltdown. More
Dec 01, 2008
Brazil plans to boost spending and programs to significantly slow destruction of the Amazon rain forest by 2017, aiming to reduce global warming by slashing the amount of carbon dioxide emitted when trees are burned. More
Dec 01, 2008
Hawaiian Telcom Communications Inc., the largest telephone company in Hawaii, said Monday that it had filed for Chapter 11 bankruptcy protection. More
Dec 01, 2008
U.S. newspaper advertising revenue collapsed by nearly $2 billion, or 18 percent, in the third quarter, according to the Newspaper Association of America, an industry group. Even online ad revenue made a small U-turn for the second quarter in a row. More
Dec 01, 2008
When the men who run Ford Motor Co., Chrysler LLC and General Motors Corp. return to Washington later this week to seek government loans, they'll make sure traveling by corporate jet doesn't become ammunition for their critics again. More
Dec 01, 2008
They'll park some corporate jets, cut executive pay and serve up concessions from the United Auto Workers, but Ford Motor Co., General Motors Corp. and perhaps Chrysler LLC also will have to address massive debts to persuade a skeptical Congress to loan them money. More
Dec 01, 2008
Max Rameau delivers his sales pitch like a pro. "All tile floor!" he says during a recent showing. "And the living room, wow! It has great blinds." More
Dec 01, 2008
The nation's largest chicken producer, Pilgrim's Pride, filed for Chapter 11 bankruptcy protection on Monday. Here's a look at the top five players in the chicken industry as of the middle of 2008: More
Dec 01, 2008
Most Americans sorely knew it already, but now it's official: The country is in a recession, and it's getting worse. Wall Street convulsed at the news - and a fresh batch of bad economic reports - tanking nearly 680 points. With the economic pain likely to stretch well into 2009, Federal Reserve Chairman Ben Bernanke said Monday he stands ready to lower interest rates yet again and to explore other rescue or revival measures. More
Dec 01, 2008
A federal jury has cleared Chevron Corp. of responsibility for any human rights abuses during a violent protest on a company oil platform in Nigeria a decade ago. More
Dec 01, 2008
A French daredevil who climbed the outside of The New York Times' skyscraper has been sentenced to community service. More
Dec 01, 2008
Retailers who saw Thanksgiving holiday sales drop off as the weekend progressed stepped up online promotions on the day known as "Cyber Monday" to try to get consumers tired of the crowds at stores to keep shopping. More
Dec 01, 2008
European Union governments and the European Parliament struck a provisional deal Monday that gives car makers more time to meet stricter limits on greenhouse gas emissions. More
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