OPEC ready for deepest oil cut to rescue prices (Reuters)
posted on December 17, 2008 05:58:02 am

Reuters - OPEC oil ministers met on Wednesday to remove a record 2 million barrels per day from oil markets in a race to balance supply with the world's rapidly crumbling demand for fuel.

Wall Street futures fall ahead of Morgan Stanley figures (Reuters)
posted on December 17, 2008 05:55:11 am

Reuters - Stock index futures pointed to a lower open on Wall Street on Wednesday ahead of Morgan Stanley figures.

Auto rescue being worked on quickly: Paulson (Reuters)
posted on December 17, 2008 03:01:45 am

Reuters - A government bailout for automakers was being assembled as quickly and carefully as possible, Treasury Secretary Henry Paulson said on Tuesday as a new ratings report showed that bankruptcy was the most likely restructuring scenario for the industry.

Fed-inspired rally fades in Europe (Reuters)
posted on December 17, 2008 05:25:26 am

Reuters - European stocks failed on Wednesday to extend strong gains Asia on Wall Street as initial optimism from the Federal Reserve's aggressive rate cut faded, while the dollar hit a 2-1/2 month low versus the euro.

Oil up more than $1 before expected OPEC supply cut (Reuters)
posted on December 17, 2008 05:30:38 am

Reuters - Oil rose by more than a dollar to nearly $45 on Wednesday ahead of an OPEC meeting in Algeria widely expected to announce a big cut in production in an attempt to halt a collapse in oil prices.

Nikkei rises 1.1 percent on Fed rate cut (Reuters)
posted on December 16, 2008 09:11:24 pm

Reuters - The Nikkei average rose 1.1 percent on Wednesday, with banking stocks among the biggest gainers after the U.S. Federal Reserve slashed borrowing costs to a record low, prompting a rally on Wall Street.

U.S.-backed banks could be mortgage aid tool: sources (Reuters)
posted on December 16, 2008 02:11:56 pm
Reuters - A network of government-backed lenders could become conduits for fresh mortgage financing under a plan being mulled by U.S. policy-makers, sources familiar with the plan said on Tuesday.

Consumer prices and housing fan new economic fears (Reuters)
posted on December 16, 2008 03:41:01 pm

Reuters - Consumer prices plummeted again at a record pace and groundbreaking on new homes slumped to a new low in November as the recession-hit economy lost momentum, government reports Tuesday showed.

Meltdown 101: Pros and cons of employee buyouts (AP)
posted on December 16, 2008 07:03:22 pm
AP - When Best Buy Co. Inc. announced Tuesday it would offer buyout packages to about 4,000 employees, the retailer joined a long parade of companies trying to trim their work forces without resorting to outright layoffs.