News For Tuesday Oct 7, 2008 News For Tuesday Oct 7, 2008

Business Business

Alcoa's 3Q profit falls 52 percent - Added 3 minutes ago

Alcoa Inc., the world's third-largest aluminum producer, on Tuesday reported a 52-percent drop in third quarter profit and said it would conserve cash by suspending its stock buyback program and all non-critical capital...

Retirement accounts have lost $2 trillion so far - Added 2 hours ago

Americans' retirement plans have lost as much as $2 trillion in the past 15 months _ about 20 percent of their value _ Congress' top budget analyst estimated Tuesday as lawmakers began investigating how turmoil in the...

Yum says 3rd-quarter earnings rise 5 percent - Added 3 hours ago

Fast-food company Yum Brands Inc. said Tuesday its third-quarter profit grew 5 percent as surging sales in its overseas operations more than offset a sharp decline in U.S. results and the continued strain from high...

Stocks tumble as Street worries about financials - Added 3 hours ago

The misery worsened on Wall Street Tuesday, with stocks piling on losses late in the session and bringing the two-day decline in the Dow Jones industrials to more than 875 points amid escalating worries about credit...

Gold prices climb amid financial uncertainty - Added 3 hours ago

Gold prices kept rising Tuesday, approaching $900 an ounce after another day of turmoil in financial markets encouraged buying of safe-haven assets. Silver also rose. Investors remained skittish even after the Federal...

Credit barely eases after Fed plans to buy paper - Added 4 hours ago

The grip on the credit markets loosened just barely on Tuesday after the Federal Reserve said it would buy commercial paper, the unsecured short-term debt that companies sell for their short-term cash needs. In the...

Oil prices recover slightly after steep drop - Added 4 hours ago

Oil prices swung higher Tuesday, snapping a four-day plunge as investors temporarily halted their frantic selling to see whether the government's sweeping economic bailout can stem a widening global downturn. Light,...

Agriculture futures end trading mixed on CBOT - Added 4 hours ago

Agriculture futures traded mixed Tuesday on the Chicago Board of Trade. Wheat for December delivery rose 8 cents to $6.0325 a bushel; December corn fell 7 cents to $4.17 a bushel; December oats lost 0.25 cent to...

Lawsuit: Bill Heard violated federal labor law - Added 5 hours ago

The company with the nation's largest chain of Chevrolet dealerships violated federal labor law when it fired thousands of employees last month, according to a lawsuit filed by a former worker. Edward Kratzel, who...

Safeway profit edges up in Q3 - Added 5 hours ago

Higher sales at its gas stations and upscale stores helped boost grocer Safeway Inc.'s profit nearly 3 percent in its third fiscal quarter. The nation's second-biggest grocery store said Tuesday that its profit rose to...

ALL BUSINESS: Possible profits from bailout - Added 5 hours ago

Two things rule the financial world: Making money and figuring out ways to make more of it. That's why some on Wall Street are sure to figure out how to profit from the U.S. government's $700 billion financial bailout...

Bank of America, Pfizer, Safeway among big movers - Added 6 hours ago

Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market: NYSE Bank of America Corp., down $8.45 at $23.77 Third-quarter profit fell 68 percent, and the company...

Neiman Marcus offers volume of extravagant gifts - Added 6 hours ago

With stock markets sinking and fear of recession rising, what's the affluent consumer to do? Neiman Marcus hopes a few of them will escape the grim headlines by splurging on diamonds, Dior and other diversions. The...

Frontier happy with Denver-Aspen route - Added 6 hours ago

The head of Frontier Airlines says he's pleased with the business generated by a Denver-to-Aspen service launched in April by subsidiary Lynx Aviation. Frontier President and CEO Sean Menke said Monday the service has...

A look at toys making this season's hot lists - Added 6 hours ago

Industry experts are beginning to unveil the list of what they believe will be hot toys for the holiday season. Here are a few that made both Timetoplaymag.com's "Most Wanted" list and Toy Insider's "Hot 20." _ELMO...

August borrowing drops at 3.7 percent rate - Added 7 hours ago

Consumer borrowing fell in August for the first time in more than a decade as households, battered by rising job layoffs and the decaying economy, cut back sharply on their use of credit. The Federal Reserve said...

Top holiday toys span from dinosaurs to robots - Added 7 hours ago

A lifelike baby Triceratops that children can ride on, a Wall-E robot that responds to your voice, a dancing game that eliminates wires and mats. Toy makers are upping the "Wow!"-factor in new products in an attempt to...

Mesa Air Group, pilots agree to contract - Added 7 hours ago

Regional carrier Mesa Air Group Inc. says it has a tentative contract with its pilots union after 10 months of negotiations. The Phoenix-based airline announced the deal Tuesday. Union members will vote to ratify the...

MISSING TITLE - Added 7 hours ago

Consumer borrowing falls for the first time since January 1998 in another sign of weak economy. ...

Eli Lilly settles Zyprexa inquiries in 32 states - Added 7 hours ago

Drugmaker Eli Lilly & Co. cleared another legal cloud hanging over its top-selling drug Zyprexa when it announced a $62 million settlement Tuesday, but several other storms are still brewing for the antipsychotic...

Fed minutes show policymakers saw balanced risks - Added 7 hours ago

Even in the midst of a severe meltdown on Wall Street, Federal Reserve officials at their September meeting believed the risks from weaker growth and higher inflation were roughly equal. The Fed officials discussed the...

New Bibles alter form _ not word _ to draw readers - Added 8 hours ago

Martin Luther King Jr. graces one page, Angelina Jolie the next. A photo of a man on fire opens the Book of Revelation. And laid across a two-page image of gasoline spilling from a pump is the quote that begins, "The...

Bernanke: Crisis could prolong economic pain - Added 8 hours ago

Federal Reserve Chairman Ben Bernanke warned Tuesday that the financial crisis has not only darkened the country's current economic performance but also could prolong the pain. The Fed chief's more gloomy assessment...

Medvedev pledges $36B more for banks - Added 8 hours ago

Efforts by the Russian government to prop up the country's troubled banking sector with fresh cash injections did little to lift stock markets a day after they suffered their worst-ever day of trading. President Dmitry...

Fed move boosts European stocks - Added 10 hours ago

World stock markets on Tuesday recovered some of their hefty losses from the previous day, helped by a steady opening on Wall Street after the U.S. Federal Reserve announced that it would buy massive amounts of...

Pfizer continues realigning with 3 new units - Added 10 hours ago

Pfizer Inc., continuing its drive to create more focused business units, told employees worldwide Tuesday it is replacing its current geographic divisions with new ones centered on primary care, specialty care and...

Germans move millions into state-controlled banks - Added 11 hours ago

State-owned savings banks in Germany are reporting a flood of new deposits as people look for security amid the global economic crisis. Several state-owned banks _ known as "Sparkassen" _ said Tuesday that even with a...

UN calls for review on biofuel subsidies - Added 12 hours ago

A U.N. agency on Tuesday called for an urgent review of agriculture and biofuel subsidies and trade barriers, saying their removal would increase opportunities for developing countries to take advantage of rising...

Iceland announces Russian loan, nationalizes bank - Added 13 hours ago

Iceland nationalized its second-largest bank Tuesday under emergency legislation and said it was negotiating a 4 billion-euro ($5.4 billion) loan from Russia to shore up the nation's finances amid a full-blown financial...

Union: Aer Lingus to cut up to 1,500 jobs - Added 13 hours ago

Aer Lingus Group PLC is planning up to 1,500 job cuts, Ireland's SIPTU trade union said Tuesday. At a meeting on Monday, the airline told the union that the board had approved a 74 million euro ($101 million)...

AP Executive Morning Briefing - Added 15 hours ago

The top business news from The Associated Press for the morning of Tuesday, October 7, 2008: Asian markets mixed after Australia's big rate cut SEOUL, South Korea (AP) _ Asian stocks were mixed Tuesday as a big...

RBS's share price plunges 39 percent, amid turmoil - Added 15 hours ago

Shares in Royal Bank of Scotland Group PLC plunged 39 percent in early trading on Tuesday, as investors worried the British government is not doing enough to boost banks' balance sheets in the financial crisis. ...

Thrift shops thrive amid economic downturn - Added 15 hours ago

Forget about the outdated notion of thrift shops as the refuge of the working poor, the down and out or the vintage fashion hipster. In these troubled times, the powerful lure of a secondhand retail bargain is...

Opel, Daimler, Ford curb production - Added 15 hours ago

German carmaker Daimler AG joined GM subsidiary Adam Opel AG and the German unit of Ford Motor Company on Tuesday in announcing production cutbacks given the current financial situation. Opel said it would stop...

British banks lead Europe markets lower - Added 15 hours ago

European stocks shed early gains Tuesday as ongoing fears about the health of the banking system, particularly in Britain, offset hopes that the world's leading central banks will follow Australia's lead and cut...

Iowa agriculture secretary discusses a trying year - Added 19 hours ago

Like any farmer, Iowa Agriculture Secretary Bill Northey is eager to put the pains _ and the rains _ of 2008 behind him. By any measure, Northey said, it has been a trying year for Iowa farmers _ record rain fall,...

Japan central bank maintains key interest rate - Added 20 hours ago

Japan's central bank left its key interest rate unchanged Tuesday amid heightened anxiety that the U.S. credit crisis was quickly spreading from Wall Street to Europe and beyond. In a widely expected decision, the Bank...

Australia slashes interest rate 1 percentage point - Added 21 hours ago

Australia's central bank cut its official interest rate by a bigger-than-expected 1 percentage point Tuesday to ease credit concerns amid a global financial turmoil, cheering investors around the region and lifting...

Paulson turns to Goldman to unclog credit markets - Added 21 hours ago

Treasury Secretary Henry Paulson turned to a familiar source when he picked a director for the government's $700 billion bailout program: his former Wall Street firm, Goldman Sachs. Neel Kashkari, a former Goldman...

Slow economy hits state sales tax revenue - Added 21 hours ago

State tax revenue rose slightly in the second quarter, but revenue from sales tax, fuel tax and property tax all dropped compared to a year ago, according to a report released Tuesday. The report warned that states and...

Slow economy hits state sales tax revenue - Added 22 hours ago

State tax revenue rose slightly in the second quarter, but revenue from sales tax, fuel tax and property tax all dropped compared to a year ago, according to a report released Tuesday. The report warned that states and...

Nigerian conflict a warning for Big Oil in Iraq - Added 22 hours ago

Recurrent violence in oil-rich parts of Nigeria may provide a sobering lesson for oil companies hoping to work in Iraq _ a place that is much more dangerous despite the fact that attacks are at their lowest level in...

Nigerian conflict a warning for Big Oil in Iraq - Added 22 hours ago

Recurrent violence in oil-rich parts of Nigeria may provide a sobering lesson for oil companies hoping to work in Iraq _ a place that is much more dangerous despite the fact that attacks are at their lowest level in...

Rescue plan disappointment contributes to sell-off - Added 23 hours ago

The government's $700 billion rescue, aimed at rebuilding economic confidence, appeared to sound a global alarm instead on Monday, triggering a fearful international sell-off as the U.S. began work on a plan that...

Europe governments go their own way on crisis - Added 1 day ago

Individual European governments issued a flurry of deposit guarantees to shore up their banks but fell short of any coordinated action Monday to deal with the crisis sweeping financial markets, even as stock markets...

Dow finishes below 10,000 for first time since '04 - Added 1 day ago

Wall Street joined in a worldwide cascade of despair Monday over the financial crisis, driving the Dow Jones industrials to their biggest loss ever during a trading day. Even a big afternoon rally failed to keep the Dow...

ECB, euro nations try to soothe volatile markets - Added 1 day ago

European Central Bank President Jean-Claude Trichet called Monday for calm in the continent's jittery markets, saying they are overestimating risks and the euro-zone central bank stood ready to provide all the liquidity...

Bank of America reports profit drop, capital raise - Added 1 day ago

Bank of America Corp. on Monday reported third-quarter results earlier than planned, revealing a wider-than-expected profit drop and plans to boost capital by selling $10 billion stock and halving its dividend. Like...

Credit markets still tight as stocks plunge - Added 1 day ago

The jammed credit markets barely budged Monday as governments around the world scrambled to prop up their failing banks and investors waited for details on how, exactly, the Treasury will go about buying $700 billion of...

Commodities prices drop as credit crisis spreads - Added 1 day ago

Commodities prices tumbled broadly Monday on growing expectations that the financial crisis pummeling world markets will dramatically reduce global demand for energy and raw materials. Gold prices shot up as investors'...