| U.S. stimulus worries weigh on global stocks
February 10, 2009 at 4:41 am
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| LONDON (Reuters) - World stocks fell after five days of gains on Tuesday as investors fretted over U.S. plans to boost the economy and save its banks. |
| GM sees output improving, recovery still away
February 10, 2009 at 4:27 am
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| NEW DELHI (Reuters) - General Motors Corp sees production improving in the second quarter but a market recovery will take time, a senior company official said on Tuesday. |
| UBS cuts jobs after fourth-quarter loss
February 10, 2009 at 4:08 am
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| ZURICH (Reuters) - UBS said it would axe 2,000 more jobs as part of a tough restructuring after posting the biggest ever annual loss for a Swiss firm, although it said client withdrawals had stopped in January. |
| Fortress cuts 11 percent of workforce in Q4: report
February 10, 2009 at 2:18 am
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| (Reuters) - Fortress Investment Group LLC , one of the few publicly traded managers of private equity and hedge funds, cut 11 percent of its workforce in the fourth quarter, the Wall Street Journal said, citing a person close to the matter. |
| U.S. to lay out plan to sop up bad mortgage assets
February 10, 2009 at 1:30 am
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| WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner will lay out a bank-rescue plan on Tuesday that will rely on public and private funds to take $500 billion of bad assets off banks' books, sources said. |
| ProLogis posts Q4 FFO loss
February 10, 2009 at 12:48 am
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| (Reuters) - ProLogis , one of the world's largest warehouse owners and developers, reported a loss in fourth-quarter funds from operations (FFO), and said new development deliveries in 2009 are expected to be at the lowest level in decades. |
| Blue Chip poll cuts forecast for second half 2009
February 10, 2009 at 12:24 am
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| WASHINGTON (Reuters) - The recession-bound U.S. economy is still expected to resume growing in the second half of this year, but at an even slower pace than previously thought as consumers spend cautiously, the Blue Chip survey of 52 economists said on Tuesday. |
| Fed's Fisher says Fed independence must be ensured
February 9, 2009 at 11:26 pm
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| HOUSTON (Reuters) - Dallas Federal Reserve Bank President Richard Fisher said on Monday that "a lot hangs" on the impact of the economic stimulus package being considered by the U.S. Congress and urged lawmakers crafting the plan not to compromise the independence of the nation's central bank. |
| Genentech asks shareholders to hold off on Roche bid
February 9, 2009 at 9:46 pm
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| LOS ANGELES (Reuters) - Biotechnology company Genentech urged shareholders on Monday to take no action on a hostile $42 billion bid by rival Swiss drugmaker Roche , saying its independent directors will decide formally on the surprise offer within 10 days. |
| U.S. life insurers dragged down by soured investments
February 9, 2009 at 9:43 pm
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| NEW YORK (Reuters) - U.S. life insurers Principal Financial , Lincoln National and Genworth on Monday posted fourth-quarter losses, hurt by soured investments. |
| One in eight lenders may fail, RBC says
February 9, 2009 at 4:42 pm
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| NEW YORK/BANGALORE (Reuters) - More than 1,000 U.S. banks, or one in eight lenders, may fail in the next three to five years as commercial loan losses rise, compounding problems from record mortgage delinquencies and soaring home equity loan defaults, RBC Capital Markets said on Monday. |
| Madoff agrees to partial civil judgment in SEC case
February 9, 2009 at 4:13 pm
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| NEW YORK (Reuters) - Accused Wall Street swindler Bernard Madoff has agreed to a proposed partial judgment in a civil case brought by the U.S. Securities and Exchange Commission without admitting or denying fraud charges, the regulator said on Monday. |
| GM bankruptcy could speed restructuring: analyst
February 9, 2009 at 3:28 pm
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| DETROIT (Reuters) - A bankruptcy filing by General Motors Corp could allow the struggling automaker to reduce its debt more aggressively than an out-of-court restructuring and might not be as damaging as it would have been just a few months ago, an analyst said on Monday. |
| FedEx Freight to cut about 900 jobs
February 9, 2009 at 3:17 pm
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| NEW YORK (Reuters) - FedEx Freight, a unit of FedEx Corp , said on Monday it will cut about 900 jobs at 130 facilities, citing unprecedented economic conditions and aggressive pricing by carriers. |
| GM's product czar Lutz to retire at end of year
February 9, 2009 at 2:42 pm
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| DETROIT (Reuters) - General Motors Corp's product chief and Vice Chairman Bob Lutz will retire at the end of the year, bringing to a close a legendary automotive career that spanned 46 years and included top jobs at all three Detroit automakers. |
| Disney, DreamWorks set long-term distribution deal
February 9, 2009 at 2:09 pm
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| LOS ANGELES (Reuters) - Walt Disney Studios confirmed that it had entered a long-term, exclusive film distribution agreement with DreamWorks Studios principals Steven Spielberg and Stacey Snider. |
| Starbucks launches cheaper coffee-and-food combos
February 9, 2009 at 1:48 pm
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| LOS ANGELES (Reuters) - Starbucks Corp will start selling coffee and breakfast foods together for $3.95 next month in its first combination discount, to lure consumers into its coffee shops during the recession. |
| Bank shares rise on bailout hopes
February 9, 2009 at 1:34 pm
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| NEW YORK (Reuters) - U.S. bank shares rose on Monday, boosted by hopes that a government bailout plan due on Tuesday will spare shareholders and help troubled financial institutions rid their balance sheets of toxic assets. |
| Nissan to slash 20,000 jobs
February 9, 2009 at 10:11 am
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| TOKYO (Reuters) - Nissan Motor Co said it would cut 20,000 jobs and joined a growing list of automakers warning of red ink this year in what would mark its first loss since Chief Executive Carlos Ghosn took the reins a decade ago. |
| Oil rises towards $42 after OPEC supply pledge
February 9, 2009 at 10:10 am
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| LONDON (Reuters) - Oil climbed toward $42 a barrel on Monday after OPEC said it was willing to cut oil output further if needed to stabilize oil prices. |
| Whirlpool shares tumble on profit fall
February 9, 2009 at 10:06 am
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| ATLANTA (Reuters) - Whirlpool Corp reported a 76 percent drop in quarterly profit as sales crumbled worldwide, and the world's biggest appliance maker said earnings would fall further in 2009, sending its shares down more than 9 percent. |
| Wall Street down as bank rescue is delayed
February 9, 2009 at 9:49 am
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| NEW YORK (Reuters) - Stocks opened lower on Monday as a delay in the announcement of the Obama administration's bank rescue plan disappointed investors and another wave of poor earnings showed more economic upheaval. |
| Loews posts loss, hurt by poor CNA results
February 9, 2009 at 9:47 am
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| NEW YORK (Reuters) - Conglomerate Loews Corp posted a fourth-quarter loss of almost $1 billion on Monday, hurt by disappointing results at a wholly-owned natural gas unit and majority-owned insurer CNA Financial Corp . |
| Rohm and Haas earnings tumble
February 9, 2009 at 9:18 am
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| NEW YORK (Reuters) - Chemical maker Rohm and Haas Co , which is locked in a merger dispute with suitor Dow Chemical Co , said on Monday its fourth-quarter profit fell as the global economic slowdown hurt demand for its paints, coatings and electronic materials. |
| GM in talks to take back part of Delphi
February 9, 2009 at 9:15 am
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| NEW YORK/DETROIT (Reuters) - General Motors Corp is in talks to take back large portions of Delphi Corp, the parts supplier spun off by the automaker a decade ago, a source with direct knowledge of the talks said on Monday. |
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