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Business News

Dow loses 679.95 as economy, Bernanke revive fear (Reuters)

Traders work on the floor of the New York Stock Exchange, December 1, 2008. (Brendan McDermid/Reuters)Reuters - Stocks tumbled on Monday as signs of a deepening economic slump around the world erased much of last week's sharp gains, with banks and retailers among Wall Street's biggest casualties.


JPMorgan to cut 9,200 Washington Mutual jobs (Reuters)

The wind blows the JPMorgan Chase flag outside its building in New York, March 17, 2008. (Chip East/Reuters)Reuters - JPMorgan Chase & Co said on Monday it will eliminate about 9,200 jobs at the former Washington Mutual Inc , which on September 25 became the largest U.S. bank to fail.


U.S. automakers rush to finish plans for Congress (Reuters)

New built Opel cars are pictured at a plant of German car manufacturer Opel in Bochum November 17, 2008. (Ina Fassbender/Reuters)Reuters - U.S. automakers led by General Motors Corp on Monday rushed to finish restructuring plans demanded by Congress before lawmakers reopen the debate this week on the $25 billion in emergency funding the industry says it needs to survive.


Bernanke says Fed has options as rates near zero (Reuters)

Federal Reserve Chairman Ben Bernanke on Capitol Hill, November 18, 2008. (Molly Riley/Reuters)Reuters - Federal Reserve Chairman Ben Bernanke on Monday urged decisive action to protect the economy and said the central bank had alternative tools it could employ to help as interest rates approach zero.


Tata's Corus to cut work hours of 4,600 staff: report (Reuters)

Shadow of Managing Director of Tata Steel Ltd., B. Muthuraman, falls on the company logo while presenting the company's quarterly results in Mumbai May 17, 2007. (Arko Datta/Reuters)Reuters - Tata Steel unit Corus has applied for Dutch government financial aid to temporarily reduce the work hours of 4,600 workers to cope with the global economic slowdown, Dutch news agency ANP reported on Monday.