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Todays Top Business News
From around the world and across the street.
•LyondellBasell U.S. units file for bankruptcy
12 minutes ago
NEW YORK (Reuters) - The U.S. operations of LyondellBasell, the world's third-largest petrochemical company, filed for bankruptcy protection under the weight of a massive debt load and slumping demand for its products.
[From Reuters: Business News]
•Stocks rise on stimulus plan hopes
33 minutes ago
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.
[From Reuters: Business News]
•Alcoa to slash jobs and sell 4 units
35 minutes ago
NEW YORK (Reuters) - Alcoa Inc said on Tuesday it would slash more than 15,000 jobs, halve capital spending and sell four businesses as it reduces aluminum production in the face of the global economic downturn.
[From Reuters: Business News]
•LyondellBasell units file for bankruptcy
by By DAVID KOENIG
1 hour ago
DALLAS (AP) -- The U.S. arm of chemical giant LyondellBasell Industries has filed for bankruptcy as the recession continues to weaken demand for its products, which are used in everything from cars to detergents....
[From AP Top Business News At 7:18 p.m. EST]
•Alcoa to cut 13 pct of global work force
by By DANIEL LOVERING
1 hour ago
PITTSBURGH (AP) -- Alcoa Inc., the world's third-largest aluminum maker, said Tuesday it will cut 13,500 jobs, or 13 percent of its work force, and slash spending and output to cope with the global economic slowdown....
[From AP Top Business News At 7:18 p.m. EST]
•Apple cuts copy protection and prices on iTunes
by By JESSICA MINTZ
1 hour ago
SAN FRANCISCO (AP) -- Apple Inc. is cutting the price of some songs in its market-leading iTunes online store to as little as 69 cents and plans to make every track available without copy protection....
[From AP Top Business News At 7:18 p.m. EST]
•Stocks end higher on hopes for economic rebound
by By MADLEN READ and SARA LEPRO
2 hours ago
NEW YORK (AP) -- Wall Street brushed off more bad economic news Tuesday to finish with a moderate advance that left broad stock indexes at their highest levels in two months....
[From AP Top Business News At 7:18 p.m. EST]
•N.Y. judge restrains Merkin funds in Madoff lawsuit
2 hours ago
NEW YORK (Reuters) - A judge extended an order on Tuesday barring hedge fund founder Ezra Merkin from shutting down funds that had invested with accused swindler Bernard Madoff or withdrawing money from them.
[From Reuters: Business News]
•U.S. budget deficit seen topping $1 trillion in 2009
2 hours ago
WASHINGTON (Reuters) - Politicians want American consumers to resume spending to pull the economy out of its tailspin, and the U.S. government is leading by example with a potential $1 trillion deficit in 2009 -- even before a massive stimulus plan.
[From Reuters: Business News]
•Financial crisis takes human toll
by By MATT MOORE
2 hours ago
BERLIN (AP) -- His spirit broken by financial fears, German billionaire Adolf Merckle took his own life this week - becoming the latest high-profile casualty of a global economic crisis that already has claimed the lives of executives in Europe and the U.S....
[From AP Top Business News At 7:18 p.m. EST]
•Fed and other agencies to join U.S. fraud task force
2 hours ago
WASHINGTON (Reuters) - The U.S. government is beefing up a task force to fight mortgage crimes and safeguard federal financial bailouts, the U.S. Justice Department said on Tuesday.
[From Reuters: Business News]
•Skilling convictions upheld; will get resentenced
by By JUAN A. LOZANO
2 hours ago
HOUSTON (AP) -- A federal appeals court Tuesday upheld former Enron Corp. CEO Jeff Skilling's convictions for his role in the energy giant's collapse but threw out his 24-year prison term and ordered that he be resentenced....
[From AP Top Business News At 7:18 p.m. EST]
•German tycoon Adolf Merckle commits suicide
2 hours ago
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.
[From Reuters: Business News]
•Natural gas shortages slam many European nations
by By GEORGE JAHN and MARIA DANILOVA
2 hours ago
VIENNA, Austria (AP) -- The Russia-Ukraine natural gas dispute hit Europe with the force of a winter storm Tuesday, cutting or limiting supplies to at least a dozen nations. Tens of thousands of people were left without heat and governments scrambled to find alternate energy sources....
[From AP Top Business News At 7:18 p.m. EST]
•Court backs $631 million judgment against Boeing
2 hours ago
NEW YORK (Reuters) - A California court has approved a jury verdict against Boeing Co , which means the plane maker and defense contractor must pay former customer ICO Global Communications (Holdings) Ltd $631 million in damages, according to ICO on Tuesday.
[From Reuters: Business News]
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