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AP Business NewsBrief at 11:55 a.m. EST(AP Online Via Acquire Media NewsEdge) Stocks fall as gov't unveils financial planNEW YORK (AP) _ Investors are turning skeptical about the government's latest bank bailout plan. The Dow Jones industrial average fell more than 200 points Tuesday as financial stocks led the market lower, reflecting Wall Street's growing concerns about the government's ability to restore the health of the banking industry. GM cuts 10,000 salaried jobs, trims employees' payNEW YORK (AP) _ General Motors Corp. is planning to slash another 10,000 salaried jobs this year, saying the cuts are unavoidable with a government restructuring deadline looming and industrywide sales in one of the worst downturns in history. The Detroit-based automaker said Tuesday it will reduce its total number of white-collar workers by 14 percent to 63,000. About 3,400, or 12 percent, of GM's 29,500 salaried U.S. jobs will be eliminated. Geithner pledges forceful attack on banking crisisWASHINGTON (AP) _ Treasury Secretary Timothy Geithner said Tuesday the new administration will wage an aggressive two-front battle against the worst financial crisis in seven decades, while the Federal Reserve announced it was expanding a key lending program to up to $1 trillion. But investors appeared to reject the government's latest plan. The Dow Jones industrial average plunged more than 300 points in midday trading as financial stocks led the market lower, reflecting Wall Street's growing concerns about the government's ability to revive the banking industry. Wholesale inventories plunge by most in 16 yearsWASHINGTON (AP) _ Wholesalers cut back on their inventories in December by the largest amount in 16 years, slashing stockpiles amid the deepening recession. The reduction means wholesalers ordered fewer new goods, leading to reduced production and potentially more job layoffs. Peanut company in salmonella probe shuts 2nd plantATLANTA (AP) _ The peanut company at the center of an investigation into a deadly national salmonella outbreak suspended operations at a second processing plant Tuesday. Peanut Corporation of America said in a statement it was voluntarily suspending operations at its Plainview, Texas, plant while state and federal health officials investigate procedures and food safety records there. The facility is operated by a subsidiary, Plainview Peanut Co. Qwest profit falls 49 pct in 4Q, beats viewNEW YORK (AP) _ Fourth-quarter earnings fell 49 percent at Qwest Communications International Inc. from a year ago, mainly due to tax effects, while cost-cutting helped its underlying performance beat Wall Street expectations. Its shares rose 21 cents, or 6.2 percent, to $3.58 in morning trading. Molson Coors 4Q profit drops on stronger dollarNEW YORK (AP) _ Molson Coors Brewing Co. said Tuesday that the stronger dollar, high commodity prices and lower sales of Miller Lite and other brands in the U.S. and Canada led to lower profit in the brewer's fourth quarter. Molson, which jointly owns the Miller brands in the U.S. through a joint venture with London brewer SABMiller, said its financial results were hurt the most by the strength of the dollar, which turned sales in foreign currencies into less revenue once they were translated into dollars. Swiss bank UBS loses $7.57B in 4Q, cuts 2,000 jobsZURICH (AP) _ Swiss bank UBS AG reported Tuesday it lost a larger-than-expected 8.1 billion Swiss francs ($7.57 billion) in the fourth quarter and announced it would cut another 2,000 jobs as it refocuses on its home market. The results fell short of analyst estimates of a net loss of 6.2 billion francs ($5.79 billion). Oil prices fall after US rescue plan unveiledSIOUX FALLS, S.D. (AP) _ Oil prices fell alongside the broader markets Tuesday after the Obama administration announced a program that could raise more than $1 trillion in public and private funds to revive the economy. The Dow Jones industrials fell nearly 300 points after Treasury Secretary Timothy Geithner unveiled the rescue plan, and light, sweet crude for March delivery fell 37 cents to $39.19a barrel on the New York Mercantile Exchange. China monthly auto sales overtake US for 1st timeSHANGHAI (AP) _ China's monthly vehicle sales surpassed those in the United States for the first time in January, moving this country closer to becoming the world's biggest auto market, data released Tuesday showed. With its growing middle class and vast potential as a consumer market, China is vital for General Motors, Volkswagen and Toyota as they count on demand here to offset weakness in the U.S. and elsewhere. Copyright ? 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |