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Delta Air to Cut Flying, Trim More Jobs on Global Recession
Published December 2, 2008, 7:12 am, Bloomberg
Dec. 2 (Bloomberg) -- Delta Air Lines Inc. , trimming costs because of a “global economic recession,” said it will cut seating capacity by as much as 8 percent in 2009 and eliminate an unspecified number of jobs.
Kuwait’s troubled bank to double capital
Published December 2, 2008, 7:12 am, Khaleej Times
KUWAIT CITY - Shareholders of Kuwait’s Gulf Bank on Tuesday agreed to double the bank’s capital in the face of heavy losses incurred in derivatives deals.
U.S. Automakers, UAW to ‘Genuflect’ to Split Congress (Update3)
Published December 2, 2008, 7:12 am, Bloomberg
Dec. 2 (Bloomberg) -- General Motors Corp. , Ford Motor Co. and Chrysler LLC, running out of money to operate, must convince a divided Congress that their plans to shrink are severe enough to ensure repayment of $25 billion in proposed U.S. loans.
TSX turns negative on Manulife share issue
Published December 2, 2008, 7:12 am, The Globe and Mail
TORONTO (Reuters) - The Toronto Stock Exchange's main index turned negative on Tuesday after Manulife Financial warned that it expects to report a quarterly loss and said it will issue more than C$2 billion in new stock.
Oil near $50 per barrel
Published December 2, 2008, 7:12 am, Bay News 9 Tampa Bay
By PABLO GORONDI (AP) -- Oil prices recovered to near $50 a barrel Tuesday after falling to a 3-year low earlier in the session as more bleak U.S. economic news and plunging stock markets darkened investor expectations for energy demand.
CA-BUSINESS Summary
Published December 2, 2008, 7:12 am, The Globe and Mail
TORONTO (Reuters) - Manulife Financial Corp said on Tuesday it was expecting to report a quarterly loss of C$1.5 billion ($1.2 billion) after bolstering its capital position by issuing C$2.125 billion in common equity.
British Airways in merger talks with Qantas
Published December 2, 2008, 7:12 am, Washington Post
LONDON -- British Airways PLC said Tuesday it is in talks with Australia's Qantas Airways Ltd. about a potential merger, sending its shares soaring as it confirmed expectations of consolidation in the hard-hit aviation industry.
Birmingham Mayor Accused of Trading County Deals for Cash and Clothes
Published December 2, 2008, 7:11 am, The Sarasota Herald-Tribune
The mayor of Birmingham was arrested by federal agents and charged with taking bribes in exchange for doling out county financial business to a favored firm.
US Cash Grain Outlook: Corn Prices Approach 14-Month Low
Published December 2, 2008, 7:11 am, INO News
CENTRAL CITY, Neb. (Dow Jones)--US cash corn prices were driven down to their lowest level in nearly 14 months Tuesday, following a continued collapse in futures that has slashed prices paid to producers by a full $1 per bushel since the beginning of the fall harvest in early October.
Manulife to Post Fourth-Quarter Loss, Sell Stock (Update3)
Published December 2, 2008, 7:10 am, Bloomberg
Dec. 2 (Bloomberg) -- Manulife Financial Corp ., Canada’s largest insurer, expects to report its first quarterly loss since going public in 1999 and will sell as much as C$2.13 billion ($1.7 billion) in new stock to shore up capital.
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