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Key House lawmaker sees Peru pact approval

A free trade agreement with Peru is headed for approval in Congress, but trade deals with Panama and Colombia face problems, a senior Democrat in the House of Representatives said on Tuesday.

Commerzbank fears higher subprime losses -sources

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Commerzbank is bracing itself for a higher-than-predicted loss from investments related to risky U.S. mortgages that is set to knock a hole in profits, sources familiar with the matter told Reuters.

Accredited Home posts big loss; survival in doubt

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Accredited Home Lenders Holding Co, a struggling subprime mortgage lender, on Tuesday posted a $260.2 million quarterly loss and said it remained unsure it would survive the fallout from a slumping U.S. housing market.
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'Maestro's' legacy to endure

Criticism of Greenspan's policies rose as his memoir was released but observers say he will endure as one of the best central bankers.
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Calif. suit on car greenhouse gases dismissed

A U.S. federal judge tossed out a lawsuit by California's attorney general on Monday seeking hundreds of millions of dollars from six automakers for damaging the state with climate-changing greenhouse gases.
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Lehman net falls on writedowns

Lehman Brothers Holdings Inc. posted a 3.2 percent decline in quarterly earnings on Tuesday as the U.S. investment bank wrote down mortgage and leveraged loan assets, but the results beat expectations and its shares rose. The results soothed investors concerned that the widening U.S. subprime mortgage crisis would wallop investment bank earnings.
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New York Times to end paid Internet service

The New York Times Co said on Monday it will end its paid TimesSelect Web service and make most of its Web site available for free in the hopes of attracting more readers and higher advertising revenue.
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Ford could speed cost cuts amid slow economy: report

Ford Motor Co may accelerate cost cutting if a slowing U.S. economy puts the auto maker at risk of missing key financial goals in 2008 and 2009, the Wall Street Journal reported in its online edition on Tuesday, citing an interview with an executive.
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Fed seen cutting rates as housing slump weighs

The Federal Reserve is expected to chart a new course on Tuesday and cut benchmark interest rates for the first time since mid-2003 to protect the economy from a housing downturn and jittery credit markets.
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Oil hits new high above $81

Oil struck an all-time high above $81 a barrel on Tuesday, fuelled by concerns of a winter supply squeeze in top consumer the United States, where an anticipated interest rate cut was calming recession fears. Supply risks and fund flows into energy from poorly performing equity markets have driven up the price of crude to record highs for the past five trading sessions.
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Apple's iPhone can only help rivals in Europe

Major handset vendors have much more to gain than to lose from the buzz Apple Inc's coveted iPhone will create when it arrives in European stores for the key shopping season ahead of Christmas.
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Social networking site tops in London, Toronto

It could be due the climate, the large number of students or the ethnic mix of the people who live there, but whatever the reason London and Toronto have the highest number of Facebook users.
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Oil hits record above $80

Oil soared to a record above $80 a barrel on Monday on worries that global energy supplies could shrink to critical levels this winter heating season due to strong demand growth.
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Hartford CFO says insurer has $640 mln surplus

Hartford Financial Services Group Chief Financial Officer David Johnson said on Monday the insurer will generate $140 million of surplus in the second half of 2007, giving it a total of $640 million available.
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Clinton proposes universal health care plan

Democratic presidential contender Hillary Clinton, whose first attempt at a health care overhaul fell flat 13 years ago, unveiled a broad proposal on Monday to require health insurance for all Americans and make it more affordable.
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Greenspan: Recession risk up

Risks of a recession have increased, but the Federal Reserve must be cautious in supporting the economy because global forces that have kept inflation in check are receding, former Fed Chairman Alan Greenspan said on Monday.
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Hartford to sell life products to business roster

Hartford Financial Services Group Inc will start selling life and retirement products to small business owners who already buy its commercial insurance, and on Monday named the former head of its Japanese unit to run the operation.
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GM workers on the job as contract talks resume

Negotiators for the United Auto Workers union and General Motors Corp were back at the bargaining table on Monday after breaking in the early hours of the day, as thousands of GM factory employees went to work without a new contract.
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Lines again as savers desert UK's Northern Rock

Lines of Britons bent on getting their money out formed at Northern Rock Plc's bank branches for a third working day on Monday in defiance of reassuring words from government and management.

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