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U.S. economy plummets

The U.S. economy suffered its deepest contraction since early 1982 in the fourth quarter, shrinking at a much worse-than-expected 6.2 percent annual rate as exports plunged and consumers slashed spending.

U.S. fourth-quarter GDP drop biggest since 1982

Goal of U.S. autos task force not bankruptcy: senator

An Obama administration task force is carefully analyzing restructuring plans of General Motors Corp and Chrysler LLC , but bankruptcy is not the panel's goal, a U.S. senator said on Tuesday. Democrat Carl Levin of Michigan met with task force members this week on the turnaround plans submitted by GM and Chrysler that include a request for $22 billion more in bailout m...

UBS shares boosted by U.S. tax probe deal

Shares in Swiss banking giant UBS AG rose 3 percent on Thursday after it agreed to pay $780 million and identify certain American clients to settle criminal fraud charges in the United States. The settlement, announced on Wednesday, further cracks Switzerland's trademark bank account secrecy and could have wide implications for the $7 trillion-offshore banking industry by making it harder to try...

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GM talks progress, board reviews plan

suggesting they still have an immediate need for another $5 billion. Brad Coulter, director of the Detroit-based turnaround firm Okeefe & Associates, said the final price tag for a GM bailout could approach $50 billion if the market remains depressed. Chrysler, controlled by private equity firm Cerberus Capital Management LP, has been granted $3 billion and is seeking an additional $4 billi...

GM, UAW talks progress, race toward deadline

suggesting they still have an immediate need for another $5 billion. Brad Coulter, director of the Detroit-based turnaround firm Okeefe & Associates, said the final price tag for a GM bailout could approach $50 billion if the market remains depressed. My real interest in this is how much cash has to be put in, Coulter said. A parallel set of talks have been under way at GM's smaller r...

Delphi Corp. plants to be reclaimed

General Motors Corp. is seeking to acquire some Delphi factories that make key parts for GM and the two companies are set to be in talks on Monday a source familiar with the negotiation proceedings said.

Delphi Corp. seeking to end retiree health benefits

Embattled auto parts supplier Delphi Corp. has asked permission to cancel health care and life insurance benefits for current and future salaried retirees from a bankruptcy judge.

Kwame Kilpatrick Released From Jail After 99 Days

Kwame Kilpatrick regained his freedom this morning, emerging from a Wayne County jail after a 99-day sentence with a new look and he doesn't have any plans to sue anybody, according to Free Press reports.

Dow Chemical post $1.55 Bln 4Q loss, revenue drops

Dow Chemical Co reported a fourth-quarter loss on Tuesday, as sales dropped 23 percent and volumes fell sharply amid the global economic crisis.

Ross Broadens Global Impact in China

Shanghai property developer Shui On Land partners with Ross to establish Shui On Academy.

OzForex FX Market Watch - 27/01/2009

USD : On the US front this week it all starts with Existing Home Sales data for the month of December. On Tuesday we see the release of Consumer Confidence data. The

GM cuts more jobs, factories silent

General Motors Corp said Monday it is slashing 2,000 jobs at two plants in Michigan and Ohio and will reduce production in about 13 other factories as demand for vehicles drops.

Tax Rebates Not a Quick Fix for the Economy

If last year's tax rebates are any indication, one-time payments from the government are a weak economic stimulus, say economists at the University of Michigan.

Film production in LA drops to a record low

Film production in the city of Los Angeles dropped to its lowest level in 15 years by the end of 2008, according to FilmL.A., the group that coordinates on-location film schools.

Nissan will recall 242K vehicles in U.S. to repair sensor

Nissan Motor Co. will recall 242,720 trucks to be repaired after weather conditions in cold states triggered a problem that could prevent front air bags from deploying in a crash.

Borders Book Store Loss Narrows in 1Q

Borders book chain said late Tuesday its same-store sales fell and its losses persisted in the first quarter.

Airline Customer Satisfaction Lowest in 7 Years

Customer satisfaction with U.S. airlines dropped to its lowest level since 2001, according to a survey report published on Tuesday.

General Motors workers agree Local Contract, Strike Ends

Workers at General Motors Corp. ratified a new local contract with the company on Friday afternoon ending a strike in one important factory producer of popular crossover vehicles.

Financial Stocks Slip as Keycorp, Regions Downgraded

Financial stocks fell on Friday on slipping consumer sentiment, led by losses at large regional banks Keycorp and Regions which were hurt by downgrades.

Corn, Soybeans Advance on Concerns of Rain Delaying Planting

Corn and soybeans rallied for the second day amid concerns that planting delays caused by cold, wet weather will reduce crop yields in the U.S.

Dollar recovers awaits Fed decision

Dollar recovered against the euro with markets awaiting the interest rate decision from Federal Reserve on Wednesday.

Dollar eases on profit booking

Dollar paired gains due to profit booking after a three day rally ahead of the FOMC meet.

GM Shrinks Large Truck, SUV Segments, Will Cut 3,500 Jobs

General Motors Corp., citing rising gas prices and a slowing economy, said on Monday it will cut back its production of large trucks and sport-utility vehicles at several plants, resulting in about 3,500 hourly employee job cuts.

Dollar extends rally for the third day

Dollar managed to close higher for the third day in a row continuing recovery from the record low levels against the Euro despite a downbeat consumer sentiments report from the US.

Dollar climbs higher supported by Labor data

Dollar extended gains yesterday continuing recovery from the record low levels against the Euro finding support in slightly encouraging data from the US Labor market.