[December 02, 2008]

AP Business NewsBrief at 1:47 a.m. EST

(AP Online Via Acquire Media NewsEdge) Recession-hit automakers brace for grim US salesWASHINGTON (AP) _ Walloped by the recession, automakers' U.S. sales are plummeting as hard-to-get credit, job losses and other stresses make many Americans wary of taking on big-ticket financial commitments. Auto sales for November, released Tuesday, are expected to show a drop of 36 percent from a year ago to a seasonally adjusted annualized rate of 10.2 million vehicles, according to Joseph Amaturo, analyst at Buckingham Research. Those sales figures would include the Big Three Detroit car makers as well as foreign companies that sell vehicles in this country.

Asian markets tumble after Wall Street plungeTOKYO (AP) _ Asian stock markets tumbled Tuesday following massive overnight losses on Wall Street and dismal economic numbers out of the U.S., a crucial export market. Japan's Nikkei 225 stock average shed 4.6 percent to 8,011.69, and Hong Kong's Hang Seng index lost 4.9 percent to 13,419.40.

Boeing engineers, tech workers ratify contractsSEATTLE (AP) _ Boeing Co. engineers and technical workers have voted to ratify new contracts, ensuring four years of labor peace at the company's commercial airplane operations. In votes tallied Monday after balloting by mail, 79 percent of members in the professional unit of the Society of Professional Engineering Employees in Aerospace approved the deal. Union spokesman Bill Dugovich said the vote was 69 percent for ratification in the technical unit.

Travel pinched by global financial crisisThe tourists chatting in multiple languages in the piazzas, bars and shops of Rome belie a more somber mood at the ancient city's hotels. Luigi Rinaldi, concierge of the Hotel de la Minerve next to the Pantheon, said American tourists have disappeared, although demand among German, Spanish and Russian tourists is solid.

Down we go again: Fourth-worst drop ever for DowNEW YORK (AP) _ The stock market suffered one of its worst days since the financial meltdown Monday, slicing 680 points off the Dow Jones industrial average as Wall Street snapped out of its daydream of a rally and once again faced the harsh reality of a recession. Not only did stocks end their five-day winning streak, they erased more than half the gains. The Standard & Poor's 500 stock index, one of the broadest market gauges, lost nearly 9 percent.

Automakers' debt may be obstacle to federal loansDETROIT (AP) _ 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. As the CEOs of all three companies prepare for a return trip to Washington this week seeking $25 billion in government loans to help them survive a worldwide economic slump, their debt likely will be scrutinized as Congress decides if they can once again become viable with help from the government.

JPMorgan cutting 9,200 jobs at Washington MutualNEW YORK (AP) _ JPMorgan Chase & Co. said Monday it will cut a total of 9,200 jobs at Washington Mutual, which it acquired Sept. 25 after Washington Mutual became the nation's largest bank to fail amid the ongoing credit crisis. Of the 9,200 jobs being eliminated as JPMorgan integrates Washington Mutual, 4,000 will be cut by the end of January, a JPMorgan spokesman said. The remaining 5,200 employees will remain with JPMorgan through a transition period, but will lose their positions by the end of 2009.

Manufacturing index drops to 26-year lowWASHINGTON (AP) _ 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. The Institute for Supply Management's index of manufacturing activity for November fell to 36.2 from October's 38.9. The reading was worse than Wall Street economists' expectations of 38.4, according to a survey by Thomson Reuters. A figure below 50 indicates the sector is contracting.

Oil tumbles below $50 as recession calledCOLUMBUS, Ohio (AP) _ Oil prices tumbled below $50 a barrel Monday as National Bureau of Economic Research reported that the U.S. economy has been in a recession since December 2007 and the Dow Jones industrial average fell nearly 700 points. A tandem of bleak economic reports led to an early decline even before the NBER report was released, and a huge sell-off on Wall Street was enough to send crude prices down fast on the belief that energy demand is deteriorating.

Ford weighs selling Volvo amid industry downturnDETROIT (AP) _ 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.

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