Alcoa to Eliminate 15,000 Positions
Aluminum maker Alcoa unveiled deeper work-force cuts, more plant closures and a 50% reduction in capital spending, citing the impact of the economic downturn.
(read more)Fed Worried About Long Recession
The Fed signaled in minutes from its December meeting that the recession could drag well into the new year, with economic output contracting for 2009 as a whole and inflation "uncomfortably low." (Full text)
(read more)ITunes to Change Pricing Strategy
Apple is making changes to its iTunes Store that represent significant shifts in its longstanding approach to the business of selling songs online.
(read more)German Billionaire Commits Suicide
German billionaire Adolf Merckle has committed suicide after his business empire ran into trouble in the global financial crisis, his family said.
(read more)Lyondell Unit in Chapter 11
Lyondell Chemical Co., the U.S. arm of chemical giant LyondellBasell Industries, filed for Chapter 11 bankruptcy protection Tuesday.
(read more)Russian Gas Supplies Tighten Further
Russian gas supplies to a swath of Europe were all but cut off as temperatures plummeted across the region, raising the stakes in a pricing dispute between Moscow and Ukraine.
(read more)Investors Warm Up to Risk
The Dow industrials rose 0.7%, propelled by strong gains for tech stocks, as investors appeared more willing to embrace risk after months of turmoil. The Nasdaq jumped 1.5%.
(read more)Factory, Service Weakness Persist
Factory orders plunged 4.6% in November, while the ISM said the service sector continued to contract in December, albeit less dramatically than the previous month.
(read more)Moody's Downgrades Bahrain Outlook
Moody's Investors Service downgraded the credit outlook for the kingdom of Bahrain, marking the first sovereign-rating hit to the oil-rich Persian Gulf amid tumbling crude prices and a global financial crisis.
(read more)Prosecutors Seek to Jail Madoff
Prosecutors sought to have Madoff jailed, while SEC officials were grilled on Capitol Hill for having repeatedly overlooked signs of his alleged decadeslong fraud.
(read more)Lewis: BofA Execs Shouldn't Get Bonuses
Bank of America CEO Lewis is recommending that he and his top lieutenants receive no bonuses for 2008. The bank tapped Dan Sontag to succeed Bob McCann as chief of the Merrill Lynch brokerage force.
(read more)Regulators Expand Crib Recall
Jardine Enterprises and product-safety regulators expanded a baby-crib recall because of wooden slats and spindles that can break and entrap and strangle infants.
(read more)Real-Estate Executive Is Found Dead
Steven Good, CEO of a Chicago real-estate auction firm, was found dead in an apparent suicide. It wasn't clear if there was any connection to his business.
(read more)BP Names Head of American Unit
BP said Lamar McKay, its executive who acted as troubleshooter in last year's bitter dispute between BP and its Russian partners in TNK-BP, will become chairman and president of BP America.
(read more)Smart Money Tiptoes Back Into Energy
A pair of deals by investor George Kaiser may signal smart money's return, albeit cautiously, to energy firms.
(read more)Dow Considers Legal Options Against Kuwait
Dow Chemical said it will pursue "legal options" against Kuwait following the country's pullout of a multibillion-dollar joint-venture but the company is also in discussions with other potential business partners.
(read more)CBS Renegotiates Cable Payments
CBS will receive higher fees from Time Warner Cable for access to the network's programming, including "60 Minutes" and its popular "CSI" franchise.
(read more)Burris Is Denied Seat in Senate
Roland Burris arrived at the Capitol to be sworn in as a member of the 111th Congress, but Obama's appointed successor to the Senate was turned away.
(read more)German Billionaire Commits Suicide
German billionaire Adolf Merckle has committed suicide after his business empire ran into trouble in the global financial crisis, his family said.
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