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AP Business NewsBrief at 8:36 a.m. EST
(AP Online Via Acquire Media NewsEdge) OPEC likely to OK 2 million barrel oil output cutORAN, Algeria (AP) _ OPEC powerhouse Saudi Arabia said Wednesday the group will slash a record 2 million barrels from its daily production as of Jan. 1, while Russia and other OPEC outsiders announced their own cutbacks of hundreds of thousands of barrels from the market. Saudi oil minister Ali Naimi said there was an OPEC consensus ahead of a formal agreement later in the day for the cut.
Morgan Stanley loses $2.37 billion in fiscal 4QNEW YORK (AP) _ Morgan Stanley says it lost $2.37 billion during its fiscal fourth quarter as it takes a range of losses on assets amid one of the roughest quarters for investment banks. The New York-based firm, which is aggressively building on its new status as a bank holding company, lost $2.34 per share for the quarter ended Nov. 30. It lost $3.61 billion, or $3.61 per share, during the year-ago period.
Stock futures fall as rate cut enthusiasm wanesNEW YORK (AP) _ Wall Street headed for a lower open Wednesday after its big jump a day earlier, as investors' enthusiasm over historically low interest rates gave way to concerns about the nation's weak economy and struggling companies. A day after the Federal Reserve cut its federal funds rate target to a range of zero to 0.25 percent, Morgan Stanley posted a loss of $2.37 billion, or $2.34 per share, for the fiscal fourth quarter. The bank's loss was greater than anticipated, and a reminder of the large obstacles the battered financial industry faces.
SEC chairman says agency failed to probe MadoffWASHINGTON (AP) _ In a stunning rebuke, the Securities and Exchange Commission chairman blames his career regulators for a decade-long failure to investigate Wall Street money manager Bernard L. Madoff, now accused of running one of the largest Ponzi schemes ever. On Tuesday night, SEC Chairman Christopher Cox ordered an internal investigation of what went wrong and offered a scathing critique of the conduct of his staff attorneys. He said they never bothered to seek a formal commission-approved investigation that would have forced Madoff to surrender vital information under subpoena. Instead, the staff relied on information voluntarily produced by Madoff and his firm.
Cooper Tire to close Albany, Ga., plantTEXARKANA, Ark. (AP) _ Cooper Tire and Rubber Co. said Wednesday it will close its plant in Albany, Ga., cutting 1,300 jobs. The Findlay, Ohio-based company will keep open plants in Findlay; Texarkana, Ark.; and Tupelo, Miss. The company, which had been conducting a capacity study of its four plants, announced the decision in a conference call.
White House pressured by lawmakers on auto bailoutWASHINGTON (AP) _ The Bush administration faces competing pressures from lawmakers in different congressional factions as it reviews its options for bailing out the downtrodden U.S. auto industry. Conservative Republicans implored the White House not to use money from the $700 billion bailout for the financial sector to aid carmakers. A leading House Democrat, meanwhile, said the government should secure veto power over the companies' business decisions as part of any aid.
General Mills 2Q profit falls but tops estimatesGOLDEN VALLEY, Minn. (AP) _ Cereal maker General Mills Inc. said Wednesday its second-quarter profit slipped 3 percent, but adjusted results beat expectations as costs of key ingredients moderated and more consumers reached for its Yoplait Yogurt, Cheerios and Progresso Soup brands. The Golden Valley, Minn.-based company said Wednesday earnings fell to $378.2 million, or $1.09 per share, from $390.5 million, or $1.14 per share, last year. But excluding charges on commodity positions and a gain on the sale of its Pop Secret microwave popcorn business, profit totaled $1.36 per share.
WDC to slash 2,500 jobs, cut executive payLAKE FOREST, Calif. (AP) _ Hard drive maker Western Digital Corp. says it plans to cut 2,500 jobs, or about 5 percent of its global work force, and will cut executive pay in response to weakening demand for its products. Western Digital said Wednesday that demand for the current quarter is "significantly below" what it expected when it offered revenue guidance in October.
ConAgra says 2Q profit plunges 31 percentST. LOUIS (AP) _ ConAgra Foods Inc. says its second-quarter profit plunged 31 percent this fall as commodity prices fell from record highs seen over the summer. The results from the owner of brands like Healthy Choice, Chef Boyardee and Peter Pan were in line with Wall Street expectations.
Car, home buyers could benefit from Fed rate cutWASHINGTON (AP) _ Consumers trying to buy a house or finance a car loan could be the big winners as a result of the Federal Reserve's decision to slash its target interest rate to nearly zero and take other steps to battle the financial crisis and worsening recession. But analysts caution that any upturn in the economy is still months away.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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