Chrysler plans to cut 1,000 salaried jobs
DETROIT (AP) -- Chrysler LLC says it will cut 1,000 salaried jobs worldwide by Sept. 30. The automaker announced the cuts Wednesday in a letter to employees. Chrysler says the layoffs are needed because of the prolonged slump in the U.S. auto industry. Chrysler spok... |
Bush drops opposition to housing bill
WASHINGTON (AP) -- Congress is moving quickly to pass a housing package that aims to help 400,000 strapped homeowners avoid foreclosures and prevent Fannie Mae and Freddie Mac from collapsing. Momentum for passage picked up mightily after President Bush earlier Wedn... |
Fed: Slower growth, rising prices slam economy
 WASHINGTON (AP) -- The country slogged through slower economic growth and rising prices during the summer, packing a double whammy to people and businesses alike. The Fed's new snapshot of business conditions, released Wednesday, also underscored the challenges conf... |
Stocks advance following sharo drop in oil prices
NEW YORK (AP) -- Stocks rose moderately Wednesday as another decline in oil prices and several upbeat profit reports eased some of Wall Street's concerns about the economy. Investors appeared unfazed by the Federal Reserve's Beige Book, which provides readings on th... |
Toyota outsells GM worldwide in first half
 DETROIT (AP) -- General Motors Corp., pummeled by falling U.S. sales and high gas prices, lost the global sales lead to Toyota Motor Corp. in the first half of this year, but the churning market makes it difficult to predict which automaker will end the year on top.... |
Oil drops below $125 for 1st time in over 6 weeks
NEW YORK (AP) -- Oil prices shed nearly $4 Wednesday, tumbling below $125 a barrel for the first time since early June on growing fears that high prices and the weak economy are destroying demand. Light, sweet crude for September delivery dropped $3.98 to settle at... |
ConocoPhillips 2Q profit soars
 HOUSTON (AP) -- Record crude prices helped oil giant ConocoPhillips' second-quarter profit climb 13 percent from adjusted results a year ago, beginning what is expected to be a string of robust earnings announcements from major oil companies. The Houston-based compa... |
Costco sees 4Q, full-year profit below estimates
NEW YORK (AP) -- Costco Wholesale Corp., which had been one of the few bright spots in retailing, said Wednesday that its earnings will miss Wall Street expectations, as it struggles with higher energy costs that are crimping its bottom line. Shares in the nation's... |
Whirlpool reports 27 percent dip in 2Q profit
GRAND RAPIDS, Mich. (AP) -- Household appliance maker Whirlpool Corp. said Wednesday its second-quarter profit fell 27 percent because of higher material and oil-related costs, and lower U.S. demand. "This is a very serious, severe economic environment," Jeff M. Fet... |
Wellpoint 2Q profit drops, but beats forecast
INDIANAPOLIS (AP) -- Blue Cross and Blue Shield health plan operator WellPoint has reported a 10 percent drop in second-quarter profit on higher medical costs, and has narrowed its outlook for the full year. For the three months ended June 30, the Indianapolis-based... |
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