|
AP Business NewsBrief at 7:30 p.m. EST
(AP Online Via Acquire Media NewsEdge) Dems delay auto bailout vote, seek plan from Big 3WASHINGTON (AP) _ The $25 billion rescue plan for the auto industry, desperately sought by Detroit's beleaguered Big Three, collapsed Thursday as Congress drew the line at one more bailout and Democrats said they wouldn't even consider it until the companies produced a convincing plan for rebuilding their once-mighty industry. The demise of the rescue _ at least for now _ left uncertain the fate of General Motors Corp., Ford Motor Co. and Chrysler LLC, and sent Wall Street spiraling to its lowest level in years. The Dow Jones industrials dropped 445 points, the second straight plunge of more than 400, and hit the lowest point in nearly six years.
Congress extends jobless benefits, stocks sinkWASHINGTON (AP) _ Jarred by new jobless alarms, Congress raced to approve legislation Thursday to keep unemployment checks flowing through the December holidays and into the new year for a million or more laid-off Americans whose benefits are running out. The economic picture was only getting worse, if Wall Street was any indication. The Dow Jones industrials dropped more than 400 points for a second straight day, reaching the lowest level in more than five years, and the Standard & Poor's 500 index fell below lows established six years ago.
Stocks tumble for second day; Treasurys surgeNEW YORK (AP) _ Stocks plunged for a second straight day Thursday, falling to levels not seen in at least five years, as financial and energy stocks tumbled while demand for the safety of government debt spiked. Wall Street saw the most intense selling late in the session after hopes faded that lawmakers would quickly assemble an aid package for U.S. automakers, and as the Standard & Poor's 500 index broke through lows established in 2002. That breach of a key technical threshold sent a shudder through the market and touched off further selling.
Citi shares sink despite Saudi prince's investmentNEW YORK (AP) _ Citigroup Inc. shares tumbled below $5 a share Thursday to their lowest level in more than 15 years, a sign that a Saudi prince's decision to boost his stake in the bank has failed to galvanize confidence among increasingly anxious investors. Prince Alwaleed bin Talal, a longtime investor in Citigroup, said he plans to increase his stake in the bank to 5 percent from less than 4 percent. He also expressed "his full and complete support" of the bank's management _ including Vikram Pandit, who has been CEO for less than a year.
Fannie Mae, Freddie Mac halting foreclosuresWASHINGTON (AP) _ Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures for about 16,000 households during the holiday season. The two companies said Thursday that they will halt foreclosure sales between Nov. 26 and Jan. 9, while they evaluate whether borrowers qualify for a new loan modification program announced last week.
New York Times Co. slashes dividend by 74 percentNEW YORK (AP) _ The New York Times Co. is slashing its quarterly dividend by 74 percent to preserve cash as the advertising slump worsens. The cuts could foment unhappiness among members of the Sulzberger family, who are the controlling shareholders of the storied newspaper publisher.
Credit market recovery slips on carmaker fearsNEW YORK (AP) _ Investors flooded into government debt again on Thursday, sending Treasury yields to multiyear lows as ongoing worries about an auto industry collapse impede the credit markets' attempts at a recovery. Meanwhile, rates on junk bonds keep soaring _ a bad sign for speculative-grade companies that need to tap the markets for funding.
Activists say tobacco settlement is being wastedIn 2006, Alaska desperately needed cash to complete a museum featuring a mummified bison and other natural wonders of the frozen north. So the state dipped into its share of the landmark 1998 tobacco settlement. The billions that began flowing from cigarette makers to the states a decade ago also helped outfit the Niagara County, N.Y., golf course with new carts and sprinklers. And the money has gone toward college scholarships in Michigan, tax breaks in Illinois and Ohio, a dog catcher in Lincoln, Neb., and jails and schools elsewhere around the country.
Oil at 3-year lows; gas below $2 in 23 statesCOLUMBUS, Ohio (AP) _ Oil prices on Thursday hit levels not seen in more than three years and retail gasoline prices are now below $2 across nearly half of the country on dour economic reports suggesting a painful economic pullback. Benchmark crude fell as low as $48.50 a barrel on the New York Mercantile Exchange, levels last seen on May 18, 2005, when oil hit $46.80 a barrel.
Fuld replacement named at Lehman BrothersNEW YORK (AP) _ A restructuring expert overseeing the liquidation of Lehman Brothers will replace Richard Fuld as chief executive on Dec. 31, Lehman lawyer Harvey Miller said Thursday. Chief Restructuring Officer Bryan Marsal of Alvarez & Marsal has been overseeing the wind-down of what was once the nation's fourth-largest investment bank. Lehman will also hire David Goldfarb, a former Lehman chief strategy officer, to help with the wind-down. It will pay him $500,000 for six months of work with the possibility of a $500,000 bonus.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
[ Back To TMCnet.com's Homepage ]
|
INDUSTRIES
Activate Email 
INDUSTRIES
Find Solutions for Enterprises, SMBs & Service Providers at the INTERNET TELEPHONY Conference and EXPO West, September 1-3, 2009. Los Angeles, CA.
