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AP Business NewsBrief at 5:21 p.m. EDT(AP Online Via Acquire Media NewsEdge) Bush plans to host world powers at economic summitCAMP DAVID, Md. (AP) _ President Bush said Saturday that he looks forward to hosting a summit of world leaders to address the global financial crisis. The president stood with French President Nicolas Sarkozy and European Commission President Jose Manual Barroso at Camp David, declaring that it is essential to work together. "Together we will work to strengthen and modernize our nations' financial systems so we can help ensure that this crisis doesn't happen again," said the president. Some investors grow leery of stocks in grim marketCHICAGO (AP) _ Judy Katz reached her breaking point with stocks when the Dow collapsed at the start of this month, free-falling as much as 2,400 points and taking a big chunk of her life's savings with it before she hastily cashed out all of her funds. Even though she's $200,000 poorer and the market's up 5 percent since she sold, the 65-year-old New Yorker says she's happy to be off the daily rollercoaster _ and sure she'll never quite feel comfortable in stocks again. Monetary fund chief investigated over relationshipWASHINGTON (AP) _ The International Monetary Fund, a key institution in the global financial crisis, has hired a law firm to investigate whether its chief had an improper relationship with a female employee. Allegations regarding IMF Managing Director Dominique Strauss-Kahn's relationship with the employee were first brought to the attention of the dean of the fund's executive board, A. Shakour Shaalan, this summer, said William Murray, a monetary fund spokesman. Worries grow as GM-Chrysler talks gain momentumDETROIT (AP) _ In the doomsday scenario raising anxiety around the Motor City, General Motors Corp. makes a deal for Chrysler LLC, keeps Jeep and the minivans, and vaporizes the rest of the company. Tens of thousands of Chrysler's 66,409 employees lose their jobs as cash-desperate GM swiftly cuts redundant operations and sheds unprofitable models. Factories and dealerships are closed, and the lights go out at Chrysler's gleaming corporate headquarters campus in the northern suburb of Auburn Hills. Wall Street woes has India outsourcing on edgeBANGALORE, India (AP) _ Bangalore, the capital of Indian outsourcing, is perhaps the closest India comes to Wall Street. In some offices, you can get a U.S. dial tone. Clocks tell you what time it is in New York. Cappuccinos _ as well as Subway sandwiches and Carolina Herrera "212" perfume _ are easy to come by. Now that proximity, which has fueled years of growth and transformed the city into one of India's most cosmopolitan, has put Bangalore on edge. Wal-Mart seeks growth in small town ChinaLOUDI, China (AP) _ Maoming, Wuhu and Loudi. They're Chinese cities so far in the boonies that Lonely Planet doesn't even bother to mention them in its popular travel guide. But Wal-Mart has found them, as the company makes an aggressive push into China's smaller markets. Fallout from financial crisis hammers housingWASHINGTON (AP) _ The nation is on track to build fewer homes this year than at any time since the end of World War II, adding to the woes of an economy that analysts said Friday has almost certainly entered a recession. While the economic outlook darkened even further with bad reports on layoffs and consumer confidence, it was one of the quietest days since the financial meltdown began a month ago. Wall Street's tumultuous week turned out to be its best in five years. Candidates' Social Security plans lack detailsWASHINGTON (AP) _ Barack Obama wants to raise taxes on high-income workers to ease Social Security's looming cash crunch. John McCain favors voluntary private accounts for younger workers, saying they can't count on the same government benefits as today's retirees. Beyond those generalities _ and a shared opposition to an increase in the retirement age _ the two presidential rivals are long on commitment and short on specifics when it comes to the government's huge retirement income program. Squeezed: Venture capitalists curtail investmentsSAN FRANCISCO (AP) _ As it becomes increasingly difficult to cash out of their previous investments, venture capitalists are gradually closing their financial spigots in what could be the start of a long, dry spell for entrepreneurs. Although a drought hasn't set in yet, it's looking inevitable as the ripple effects of a worldwide financial crisis rattle venture capitalists. Future planes, cars may be made of `buckypaper'TALLAHASSEE, Fla. (AP) _ It's called "buckypaper" and looks a lot like ordinary carbon paper, but don't be fooled by the cute name or flimsy appearance. It could revolutionize the way everything from airplanes to TVs are made. Buckypaper is 10 times lighter but potentially 500 times stronger than steel when sheets of it are stacked and pressed together to form a composite. Unlike conventional composite materials, though, it conducts electricity like copper or silicon and disperses heat like steel or brass. Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |