Three bidders remain for General Motors Corp's Hummer brand, two sources with knowledge of the matter said on Wednesday, adding that current offers range from $100 million to $200 million in cash, in addition to other commitments.
General Motors Corp and Chrysler launched government-backed assistance programs for parts suppliers on Wednesday, and the task force overseeing the carmakers' restructuring was expected to meet with GM this week to speed up the process.
LyondellBasell, the world's third-largest petrochemical company whose U.S. operations are under bankruptcy protection, said on Wednesday it would cut 3,000 jobs, or 17 percent of its workers, and reduce expenses by an additional $500 million by 2010.
Moody's Investors Service cut its credit ratings on Berkshire Hathaway Inc from Aaa, the top rating, saying the recession and investment losses at insurance operations of investor Warren Buffett's holding company reduced its ability to support funding needs.
British Foreign Secretary David Miliband called Wednesday for a united front between Gulf Arab countries and global powers to deal with Iran.
A portion of the revenue from any U.S. system capping carbon emissions must go toward softening the impact of higher energy prices on consumers, a White House official said on Wednesday.
As people cut back on travel and going out, they are turning more to home entertainment, providing a boost to the videogame industry that is under pressure to keep gamers amused and beat the recession.
General Motors Corp and Chrysler launched government-backed assistance programs for parts suppliers on Wednesday, and the task force overseeing the carmakers' restructuring was expected to meet with GM this week to speed up the process.
Australian Dollar: In what has become somewhat of an anticlimax to Tuesday’s rate announcement the Aussie dollar appears to have found a solid short term trading range over the last 24 hours
U.S. securities regulators floated five new proposals to curb short selling, drawing fire from short sellers who feel they are being made scapegoats for the financial crisis and stock market plunge.
Grocery sales
U.S. Energy Secretary Steven Chu said yesterday that he supports investments to develop technology that captures and stores carbon emissions originated from burning coal, but added that it would take a minimum of eight years to develop a cost-effective technology.
Stocks snapped a two- day slide on Wednesday on news the government is shoring up life insurers and optimism about consumer spending after Bed Bath & Beyond Inc reported a better-than-expected profit.
U.S. stock gains eased on Wednesday and risk aversion rose, driving bond prices higher, after minutes from the Federal Reserve's last meeting showed policy-makers worried about a steep drop in economic activity.
Ford Motor Co has no interest in acquiring any Chrysler assets or brands if the automaker is forced into bankruptcy, the president of Ford's Americas unit said on Wednesday.
The recession chokehold that is gripping the world's richest nations won't loosen until late this year, and Reuters polls show the economic outlook has dimmed for 2009 despite a vigorous global stock market rally.
Stocks snapped a two- day slide on Wednesday on news the government is shoring up life insurers and optimism about consumer spending after Bed Bath & Beyond Inc reported a better-than-expected profit.
Federal Reserve policy-makers, faced with bleaker forecasts for a rapidly worsening recession, decided to buy a substantial amount of U.S. Treasury and mortgage debt to halt the slide, minutes of their most recent meeting showed on Wednesday.
A banking analyst at Oppenheimer & Co said that when big banks proclaim that they are performing well, they better be right.
Alcoa shares rose after analyst saw cost cutting progress inside it first-quarter loss.
Alcoa Inc stock see-sawed on Wednesday, with some on Wall Street seeing the aluminum producer's second consecutive quarterly loss as the glass being half full and others as half empty.
Royal Dutch Shell and Russian gas giant Gazprom signed a series of gas supply agreements on Wednesday under which both parties will buy LNG from the Sakhalin II project in eastern Russia over 20 years.
