[November 17, 2008]

AP Business NewsBrief at 8:31 p.m. EST

(AP Online Via Acquire Media NewsEdge) Stocks finish lower as recession worries deepenNEW YORK (AP) _ Wall Street finished sharply lower Monday as investors pored over more signs of economic weakness, including a huge round of layoffs in the financial sector. After a turbulent week that sent the Dow Jones industrials down nearly 340 points, investors found little solace in the latest news. Stocks zigzagged throughout the session, finally giving way to a stream of late-day selling that left the Dow Jones industrials lower by 223 points.

Aid prospects darken for desperate US carmakersWASHINGTON (AP) _ Prospects dimmed on Monday for the $25 billion bailout that U.S. automakers say they desperately need to get through a bleak and dangerous December. Though all sides agree that Detroit's Big Three carmakers are in peril, battered by the economic meltdown that has choked their sales and frozen loans, the White House and congressional Democrats are headed for stalemate over how much government money should go toward helping them.

Citigroup plans a leaner future, cuts 53,000 jobsNEW YORK (AP) _ Citigroup, widely seen as the sickest Wall Street bank, will make some of the most severe cuts in the history of U.S. business _ 53,000 jobs _ as it tries to slash costs and get back to basics before it's too late. The cuts, which will leave Citi about 20 percent smaller, are the latest step in a stunning remaking of the American banking landscape since the financial meltdown, an upheaval that has included the demise of storied investment houses and the conversion of others into commercial banks.

Pressure grows for bank execs to give up bonusesNEW YORK (AP) _ Better to be a broker than a baron on Wall Street if you're expecting a big bonus this year. The decision by top Goldman Sachs executives to forgo bonuses in 2008 is forcing other investment bank bosses to consider following suit. But thousands of lower-tier brokers will still collect hefty bonuses as firms try to keep their top talent from bolting for boutique firms or other industries.

Yahoo to replace Yang as CEO, ending rocky reignSAN FRANCISCO (AP) _ Yahoo will replace founder Jerry Yang as CEO as soon as a replacement is found. The move announced Monday will end Yang's rocky 17-month reign running the Internet company that he started 14 years ago. Many Yahoo shareholders have been upset with Yang since he refused to sell the Sunnyvale-based company to Microsoft Corp. for $47.5 billion six months ago.

Target plans price cuts despite lower 3Q earningsNEW YORK (AP) _ Target Corp. said Monday it will aggressively cut prices to give consumers bargains during the holiday season, after weak sales of its apparel and home offerings led third-quarter earnings to fall 24 percent. The discount retailer also said sales in established stores have been weak so far in November, and if that persists it expects fourth-quarter earnings below analyst expectations.

SEC charges Mark Cuban with insider tradingWASHINGTON (AP) _ Federal regulators on Monday charged Dallas Mavericks owner Mark Cuban with insider trading for allegedly using confidential information on a stock sale to avoid more than $750,000 in losses. Cuban disputed the Securities and Exchange Commission's allegations and said he would contest them.

Lowe's 3Q profit falls 24 percent on slow spendingCHICAGO (AP) _ Lowe's Cos. Inc. posted better-than-expected third-quarter results Monday, even as profit slid more than 24 percent because shoppers postponed big-ticket purchases amid growing economic uncertainty. The nation's No. 2 home improvement chain said it earned $488 million, or 33 cents per share during the three months ending Oct. 31 _ down from $643 million, or 43 cents per share, a year earlier.

Further signs of stress in Canada's oil sandsTORONTO (AP) _ Canada's booming oil sands industry showed more signs of cooling off Monday as crude prices continued their long plummet from record summer highs. Petro-Canada and its partners Teck Cominco Ltd. and UTS Energy Corp. postponed a decision on further investment in a $19.5 billion oil sands project in northern Alberta and shelved plans to build an upgrade refinery _ becoming the latest to postpone investment decisions on a mine and the latest to ditch upgrades.

Industrial output posts rebound in OctoberWASHINGTON (AP) _ Industrial output posted a bigger-than-expected rebound in October after plunging in September by the largest amount in over 60 years. The Federal Reserve said Monday that industrial output rose 1.3 percent last month, reflecting a return to more normal operations following hurricanes and a strike at aircraft manufacturer Boeing Co. the previous month.

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