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Weak Japan exports pile on economic gloom
Source:Reuters: Business News 20 November 2008, 12:56 am
TOKYO/BEIJING (Reuters) - Japan's exports to Asia fell in October for the first time since 2002, showing that the fallout from the credit crisis has spread to neighbors such as China and adding momentum to investors' flight to the safety of cash.
Prospect for auto bailout dims as Senate races clock
Source:Reuters: Business News 20 November 2008, 12:51 am
WASHINGTON (Reuters) - Chances dimmed that a last-minute plan being crafted by Republican senators, with White House support, to provide $25 billion to bail out U.S. automakers would receive enough backing from Democrats to pass before the end of this week.
GM and Toyota to cut Thai output amid weak sales
Source:Reuters: Business News 20 November 2008, 12:44 am
BANGKOK (Reuters) - U.S. car giant General Motors Corp announced a two-month shutdown at its Thai plant on Thursday, the latest move by global automakers seeking to slash costs in the face of weak sales and deepening economic gloom.
Global stocks hit 5-1/2 year lows
Source:Reuters: Business News 20 November 2008, 12:41 am
HONG KONG (Reuters) - A 6 percent fall in Asia pushed world stocks to their lowest in 5- years on Thursday, while oil fell below $53 and safe havens such as the yen gained on fears the global recession and a financial crisis will get uglier.
Microsoft modifies Zune subscription model
Source:Reuters: Business News 20 November 2008, 12:38 am
(Reuters) - Microsoft Corp on Thursday announced a new music subscription plan for owners of its Zune players, which would allow them to keep 10 tracks per month and add them to their permanent collection.
Financials need at least $1 trillion: analyst
Source:Reuters: Business News 19 November 2008, 11:45 pm
(Reuters) - The U.S. financial system still needs at least $1 trillion to $1.2 trillion of tangible common equity to restore confidence and improve liquidity in the credit markets, Friedman Billings Ramsey analyst Paul Miller said.
Oil falls below $53 on demand drop
Source:Reuters: Business News 19 November 2008, 11:33 pm
SINGAPORE (Reuters) - Oil fell for a fifth straight session to below $53 on Thursday after U.S. crude inventories climbed twice as much as expected, signaling an economic downturn is hitting hard and demand for fuel is falling.
Yahoo, T-Mobile announce mobile search deal
Source:Reuters: Business News 19 November 2008, 10:38 pm
SAN FRANCISCO (Reuters) - Yahoo Inc announced an expansion of its mobile Web portals to T-mobile, so its smart phone users who get data will have Yahoo search by default.
General Growth takes on bankruptcy counsel: report
Source:Reuters: Business News 19 November 2008, 8:50 pm
NEW YORK (Reuters) - General Growth Properties Inc has hired law firm Sidley Austin as bankruptcy counsel as it negotiates with lenders for more time to restructure its $27 billion debt, the Wall Street Journal said on Wednesday.
Fed signals ready to cut rates amid glum outlook
Source:Reuters: Business News 19 November 2008, 5:39 pm
WASHINGTON (Reuters) - Federal Reserve officials have pared their outlook for economic growth through 2009 to minimal levels and are prepared to cut interest rates further, while concern has risen that a deflationary spiral may take hold.