AP - General Motors Corp., Chrysler LLC and Cerberus Capital Management LP have held preliminary talks about a merger or an acquisition of Chrysler by GM, according to a person familiar with the talks.
AP - Trillions in stock market value gone. Trillions in retirement savings gone. A huge chunk of the money you paid for your house, the money you're saving for college, the money your boss needs to make payroll gone, gone, gone.
AP - President Bush and foreign financial officials displayed joint resolve Saturday to combat the unfolding financial crisis, hoping to calm investors whose panic has spread despite bold and accelerating government action.
AP - Davey McKeever was down to his last bet slip of the night, crumpled in a sweaty fist, at the Shelbourne Park greyhound track. The remnants of McKeever's first unemployment check would rise or fall on the ironically named Nest Egg.
Reuters - General Motors has had talks with smaller rival Chrysler LLC about a merger that would combine the No. 1 and No. 3 American automakers at a time when both are struggling to cut costs and shore up cash, according to a source briefed on the matter.
Reuters - The chairman of the Senate Finance Committee demanded answers on Thursday from the Federal Reserve about reported lavish spending by insurer American International Group Inc after it received an $85 billion rescue loan.
AP - Mazda denied Saturday that a decision had been made by troubled Ford Motor Co. to sell its stake in the Japanese automaker but it didn't rule out a possible deal.
Reuters - Ford Motor Co is considering selling its stake in Japan's Mazda Motor Co (7261.T), a source familiar with the matter said on Saturday, as debt-laden U.S. automakers struggle with weakening auto sales and the global credit crunch.
AP - Wall Street capped one of its worst weeks ever with a wild session Friday that saw the Dow Jones industrials gyrate within a 1,000 point range before closing with a relatively mild loss and the Nasdaq composite index actually ending with a modest advance.
AP - Qwest Communications International Inc. says it has reached a tentative agreement for a four-year contract with a union representing about 20,000 employees.
BusinessWeek Online - ARTEIXO, SPAIN Many U.S. apparel retailers are choking on slow-moving inventories as consumers hold back on spending. But Spain's Inditex, whose Zara chain pioneered cheap chic, is zipping ahead. The $13.8 billion company, which is closing in on Gap for the title of world's biggest clothing retailer, has nearly quadrupled sales, profits, and locations since 2000. This year, Inditex plans to expand by up to 640 stores. "They will weather the storms better than most of their rivals," says Michael Lewis, a supply-management professor at University of Bath's School of ...
AP - The Federal Communications Commission has sided with the National Football League in a long-running programming dispute with Comcast Corp., ruling that Comcast should carry the league's NFL Network on its popular digital cable package.
BusinessWeek Online - In the fickle world of retailing, where hot concepts can be as fleeting as pop stardom, Costco (NasdaqGS:COST - News) has been a fortress of stability over the years. The $72 billion discount warehouse chain has built an empire of 544 stores in 40 states on one proposition to which it is fanatically devoted: keeping the prices of its quirky assortment of wares, everything from bulk antacids to flat-screen televisions, as low as possible.
BusinessWeek Online - Josh Corlew's grocery bill is zero. The furniture in his Nashville home didn't cost him anything, either. His fridge, TV, and microwave -- all free. It's been two years now since he last bought the ingredients for his signature sausage dish. Corlew, a 26-year-old nonprofit manager, has effectively dropped out of Consumer Nation. He goes shopping in the disposable culture's garbage instead.
AP - Prices at the pump are dropping fast, and gas could fall below $3 a gallon in a matter of weeks, if not sooner. Does that mean Americans will return to their heedless, gas-guzzling ways?
BusinessWeek Online - More than five years ago, in April 2003, the attorneys general of two small states traveled to Washington with a stern warning for the nation's top bank regulator. Sitting in the spacious Office of the Comptroller of the Currency, with its panoramic view of the capital, the AGs from North Carolina and Iowa said lenders were pushing increasingly risky mortgages. Their host, John D. Hawke Jr., expressed skepticism.
BusinessWeek Online - While Ed Wallace claims in his Oct. 8 column that there is no auto credit crisis (BusinessWeek.com, 10/7/08), I invite him to actually talk with any of the thousands of customers who couldn't secure adequate financing on a new vehicle purchase this past month.
AP - Oil prices tumbled to a one-year low below US$83 a barrel Friday in European trading as fears mounted that governments around the world would be unable to keep the ongoing financial crisis from causing a severe global economic downturn.
AP - Americans' retirement plans have lost as much as $2 trillion in the past 15 months about 20 percent of their value Congress' top budget analyst estimated Tuesday as lawmakers began investigating how turmoil in the financial industry is whittling away workers' nest eggs.