Dec 01 2008
Business news» money news» news.yahoo.com»
- Wall Street stays near lows on Bernanke comments
(Reuters)
Reuters - Stocks stayed near session lows on Monday after Federal Reserve Chairman Ben Bernanke said that the U.S. economy remained under considerable stress.
- U.S. entered recession December 2007, panel says
(Reuters)
Reuters - The economy slipped into recession in December 2007, the National Bureau of Economic Research, the prestigious private research institute that is regarded as the arbiter of U.S. recessions, declared on Monday.
- Manufacturing sags to weakest since 1982: ISM
(Reuters)
Reuters - Factory activity fell in November to its weakest since the 1981-1982 recession, according to an industry report released on Monday.
- Retail stocks fall on holiday shopping worries
(Reuters)
Reuters - Key retail stocks fell on Monday as investors feared that deep discounts offered by U.S. stores during the year’s first holiday shopping weekend could sap profits and would not save a bleak season.
- J.P. Morgan sees Fed cutting rates to zero in Jan
(Reuters)
Reuters - The Federal Reserve will lower its policy rate to zero percent by January in its attempt to avert a prolonged recession and to revive the struggling credit market, according to J.P. Morgan Securities analysts.
- FTSE 100 slumps more than 5%
(AFP)
AFP - The London stock market slumped more than five percent on Monday, mirroring heavy losses across Europe and on Wall Street as investors banked profits from recent strong gains.
- General Growth Properties gets loan reprieve
(AP)
AP - General Growth Properties Inc. has received a two-week extension on mortgage loans totaling $900 million, as the troubled shopping mall owner works to stave off bankruptcy and negotiate longer-term extensions with lenders.
- RBS to give struggling homeowners more time to pay
(AP)
AP - Royal Bank of Scotland Group PLC said Monday it would give homeowners who miss mortgage payments at least six months before starting repossession action — double the three months it used to give.
- Web retailers Amazon, eBay down on Cyber Monday
(Reuters)
Reuters - Shares of eBay Inc , Amazon.com Inc and other online retailers fell on “Cyber Monday,” as analysts worried that deep discounts from traditional retailers may have stolen the thunder from their online-only rivals, known for lower pricing.
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