Business News

Alcoa to slash 13,500 jobs and cut production

NEW YORK (Reuters) - Aluminum producer Alcoa Inc said on Tuesday it will curtail metal production by about 18 percent and cut some 15,200 jobs to save cash and reduce costs as it seeks to counter the impact of the global economic downturn. (read more)

Stocks rise on stimulus plan hopes

NEW YORK (Reuters) - Stocks gained on Tuesday on the increased likelihood of a government stimulus package after the release of minutes from the last Federal Reserve policy meeting painted a dismal picture of the U.S. economy. (read more)

Court backs $631 million judgment against Boeing

NEW YORK (Reuters) - A California court has approved a jury verdict against Boeing Co , which means the plane maker and defense contractor must pay former customer ICO Global Communications (Holdings) Ltd $631 million in damages, according to ICO on Tuesday. (read more)

U.S. budget deficit seen topping $1 trillion in 2009

WASHINGTON (Reuters) - Politicians want American consumers to resume spending to pull the economy out of its tailspin, and the U.S. government is leading by example with a potential $1 trillion deficit in 2009 -- even before a massive stimulus plan. (read more)

German tycoon Adolf Merckle commits suicide

BLAUBEUREN, Germany (Reuters) - German billionaire Adolf Merckle has committed suicide, in despair over the huge losses suffered by his business empire during the financial crisis, his family said on Tuesday. (read more)

N.Y. judge restrains Merkin funds in Madoff lawsuit

NEW YORK (Reuters) - A judge extended an order on Tuesday barring hedge fund founder Ezra Merkin from shutting down funds that had invested with accused swindler Bernard Madoff or withdrawing money from them. (read more)

Apple disappoints: No Jobs or big news at Macworld

SAN FRANCISCO (Reuters) - Apple Inc said on Tuesday it was dropping copy protection from songs sold on the Internet and debuted its slimmest 17-inch laptop yet, but with no dramatic products or master pitchman Steve Jobs, the company's final Macworld performance disappointed Wall Street. (read more)

Housing, factories and services remain in slump

NEW YORK (Reuters) - The slumping U.S. housing, factory and service sectors produced more misery for the world's largest economy in the last two months of 2008 as the year-old recession looked set to drag on into 2009, data showed on Tuesday. (read more)

LyondellBasell U.S. units file for bankruptcy

NEW YORK (Reuters) - LyondellBasell's U.S. operations filed for Chapter 11 bankruptcy protection on Tuesday, weighed down by a heavy debt and decreased demand due to the economic downturn. (read more)

Oil dips below $49 on weak U.S. economic data

NEW YORK (Reuters) - Oil prices slipped below $49 a barrel on Tuesday as weak U.S. economic data triggered a bout of profit-taking, outweighing rising geopolitical tensions and OPEC production cuts that threaten to tighten supplies. (read more)