The Editor on April 21st, 2008
Asia stocks edge up for 7th day
HONG KONG (Reuters) - Asian stocks inched higher for a seventh day on Tuesday on hopes for a global economic recovery later in 2009, but the yen's gains against high-yielding currencies suggested scope for optimism was limited.
(read more)Car sales plunge heralding bleak 2009
DETROIT (Reuters) - U.S. auto sales plunged by 36 percent in December led by outsized declines at Chrysler LLC, Hyundai Motor and Toyota Motor Corp as the battered industry closed out its weakest year since 1992 in its largest single market.
(read more)Prosecutors seek to jail Madoff
NEW YORK/WASHINGTON (Reuters) - U.S. prosecutors asked a judge to jail accused swindler Bernard Madoff on Monday, saying he sent jewelry and other items worth more than $1 million to family and friends in violation of his bail.
(read more)Toyota says plans 11-day factory halt in Japan
TOKYO (Reuters) - Toyota Motor Corp , the world's biggest automaker, is to halt production at all its Japanese plants for a total of 11 days in February and March in a bid to reduce stocks of unsold cars as demand has slumped.
(read more)Merrill brokerage chief McCann to leave
NEW YORK (Reuters) - Bob McCann, head of brokerage at Merrill Lynch & Co, announced his plans to leave the securities firm, just days after its acquisition by Bank of America was completed.
(read more)Oil falls to $47 on profit-taking
SINGAPORE (Reuters) - U.S. crude prices fell by more than $1 a barrel on Tuesday on profit-taking, after surging 5 percent overnight on fears that Israel's deepening incursion into Gaza and a spat between Russia and Ukraine over gas prices could spark severe supply disruptions. By 0800 GMT, U.S. crude oil futures for February delivery were down $1.04 a barrel at $47.77.
(read more)Fed buys MBS in latest unconventional move
NEW YORK (Reuters) - The Federal Reserve on Monday kick-started its latest unconventional program to boost the moribund economy, this time taking aim at the heart of the slumping housing market.
(read more)Economists seek solutions, signs of life in housing
SAN FRANCISCO (Reuters) - Top economists at the Allied Social Sciences Association's annual meeting have been searching -- in some cases, in vain -- for signs of life in the U.S. housing market, a key element for busting the country out of a deep economic downturn.
(read more)Apple's Jobs reassures investors about his health
NEW YORK (Reuters) - Apple Inc Chief Executive Steve Jobs sought to soothe investor concerns about his health on Monday, saying his weight loss was caused by a hormone imbalance that is relatively simple to treat.
(read more)Cigna to cut 1,100 jobs, citing weak economy
LOS ANGELES (Reuters) - Health insurer Cigna Corp said on Monday it will cut 1,100 jobs, or about 4 percent of its workforce, and consolidate certain operations as it copes with the economic downturn.
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