Reuters Feed
Alcoa to slash 13,500 jobs and cut production
NEW YORK (Reuters) - Aluminum producer Alcoa Inc said on Tuesday it will curtail production and cut some 13,500 jobs, or 13 percent of its global work force, to save cash and reduce costs in the current economic downturn.
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.
Home sales tumble to 7-year low
WASHINGTON (Reuters) - Pending sales of existing U.S. homes dropped to a seven-year low in November, data showed on Tuesday, as rising job losses and a deepening economic recession kept potential house buyers on the sidelines.
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.
N.Y. judge restrains Merkin funds in Madoff lawsuit
NEW YORK (Reuters) - A judge on Tuesday extended an order barring well-known hedge fund founder Ezra Merkin from withdrawing or liquidating millions of dollars in his funds, which invested with accused swindler Bernard Madoff.
Bank of America CEO Lewis to skip '08 bonus: reports
NEW YORK (Reuters) - Kenneth Lewis, Chief Executive of Bank of America Corp , has recommended to his board of directors that he not receive a bonus for 2008, news reports said on Tuesday.
November factory orders drop more than expected
WASHINGTON (Reuters) - New orders received by U.S. factories plunged a much-greater-than-expected 4.6 percent in November, the fourth straight monthly decline and a sign the sharp drop in manufacturing is deepening the recession, a government report showed on Tuesday.
BlackRock's Doll sees solid 2009 U.S. stocks gains
NEW YORK (Reuters) - The U.S. stock market could gain as much 12 percent in 2009 from current levels, despite a recession that will last at least into the first half of the year, a top executive with asset manager BlackRock said on Tuesday.
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.
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.
NEW YORK (Reuters) - Aluminum producer Alcoa Inc said on Tuesday it will curtail production and cut some 13,500 jobs, or 13 percent of its global work force, to save cash and reduce costs in the current economic downturn.
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.
Home sales tumble to 7-year low
WASHINGTON (Reuters) - Pending sales of existing U.S. homes dropped to a seven-year low in November, data showed on Tuesday, as rising job losses and a deepening economic recession kept potential house buyers on the sidelines.
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.
N.Y. judge restrains Merkin funds in Madoff lawsuit
NEW YORK (Reuters) - A judge on Tuesday extended an order barring well-known hedge fund founder Ezra Merkin from withdrawing or liquidating millions of dollars in his funds, which invested with accused swindler Bernard Madoff.
Bank of America CEO Lewis to skip '08 bonus: reports
NEW YORK (Reuters) - Kenneth Lewis, Chief Executive of Bank of America Corp , has recommended to his board of directors that he not receive a bonus for 2008, news reports said on Tuesday.
November factory orders drop more than expected
WASHINGTON (Reuters) - New orders received by U.S. factories plunged a much-greater-than-expected 4.6 percent in November, the fourth straight monthly decline and a sign the sharp drop in manufacturing is deepening the recession, a government report showed on Tuesday.
BlackRock's Doll sees solid 2009 U.S. stocks gains
NEW YORK (Reuters) - The U.S. stock market could gain as much 12 percent in 2009 from current levels, despite a recession that will last at least into the first half of the year, a top executive with asset manager BlackRock said on Tuesday.
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.
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.