January 16, 2008 / 6:44 AM / 11 years ago

PRESS DIGEST - New York Times business - Jan 16

Jan 16 (Reuters) - The New York Times reported the following stories on its business pages on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

* Citigroup Inc (C.N) reported a staggering fourth-quarter loss of $9.83 billion and issued a sobering forecast that the housing market and the broader economy still had not bottomed out.

* Citigroup Inc (C.N) and Merrill Lynch & Co MER.N said they were raising a combined $19.1 billion from parties that range from government-backed funds in Korea and Kuwait to New Jersey’s public pension fund and T. Rowe Price, the big mutual fund company.

* The Federal Reserve’s open market committee, headed by Ben Bernanke, is widely expected to cut interest rates by at least half a percentage point when it meets at the end of January. The committee’s intent will be to ease credit and help the economy.

* After years of debate, the Food and Drug Administration declared that food from cloned animals and their progeny is safe to eat, clearing the way for milk and meat derived from genetic copies of prized dairy cows, steers and hogs to be sold at the grocery store.

* In its most important securities fraud ruling in years, the Supreme Court placed a huge obstacle before shareholders looking to sue someone after a stock purchase turns sour.

* Long a symbol of power for American car companies, the V-8 engine is sputtering as Detroit’s Big Three promote smaller engines and alternative-fuel vehicles.

* The former chief executive of Volkswagen (VOWG.DE), Bernd Pischetsrieder, and the chief executive of Audi, Rupert Stadler, reported to a courtroom in a northern German city to testify in a corruption case at Volkswagen involving charges of bribery, illicit sex and company-paid shopping sprees.

* Isaac Mizrahi, the cheap-chic designer who helped create the image of Target Corp (TGT.N) as a style destination, defected from the retailer to a more ambitious, and lucrative, role of making over the struggling Liz Claiborne Inc LIZ.N label.

* Bank of America Corp (BAC.N), the banking giant, said it was scaling back its investment banking operations, shedding an additional 650 jobs after suffering heavy trading losses from bad mortgage investments.

* President George W. Bush urged Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC) to consider the strain the high cost of oil was having on the American economy, addressing an issue that has begun to color the last year of his presidency and dominate the presidential election campaign.

* Steven Jobs, Apple Inc’s (AAPL.O) chief executive, took several big gambles Tuesday, betting that he could repeat his success in selling digital music by persuading Hollywood to allow Apple to rent digital movies, while at the same time returning to his original Macintosh roots with an elegant, but limited, ultralight computer called the MacBook Air.

* Intel Corp (INTC.O) reported record fourth-quarter revenue, but the chip maker’s shares dropped sharply after hours as its earnings and its first-quarter projections disappointed an already jittery Wall Street.

* Boeing Co (BA.N) is expected to announce another delay in production of its popular 787 Dreamliner, which could frustrate some international airlines’ expansion plans.

* At a special meeting, shareholders in Northern Rock Plc NRK.L, the ailing British mortgage lender, voted against proposals by two hedge funds that would have forced managers to seek shareholder approval for even small asset sales.

* A leading environmental research group based in New Delhi has asked Coca-Cola Co (KO.N) to consider shutting down a bottling plant in the drought-stricken state of Rajasthan, saying that the plant is depleting scarce water supplies.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below