Highlights
A collection of news and information related to Economy published by Tribune Company sources.
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US, China promise to work together against global crisis, pledge $20 billion to finance trade
AP Business WriterBEIJING (AP) — The United States and China pledged Friday to work together to tackle global financial turmoil as they wrapped up economic talks but left open whether the high-level dialogue will continue under President-elect Barack Obama. Ending...Tags: Barack Obama, Financial Markets, Max Baucus, Henry Paulson, State Budgets
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Arrow Electronics announces job cuts after ratings drop
gary.dymski@newsday.comA day after its ratings outlook was revised to negative, Melville-based Arrow Electronics acknowledged some company job cuts yesterday and said it would continue to look at options that "maintain the strength of the company." Spokesman John Hourigan said...Tags: Long Island, Arrow Electronics, Employees, Unemployment, Layoffs and Downsizing
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IN BRIEF
Companies violating environmental laws will spend a record $11.8 billion to reduce pollution, and they paid more in penalties over the past year than they have since the first year of the Bush administration, according to the latest government statistics....Tags: Virginia, Justice System, New York Mercantile Exchange, Commodity Markets, Manhattan (New York City)
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Long Island economy in recession, Moody's says
emi.endo@newsday.comOctober brought private-sector job losses, which helped prompt Moody's Economy.com to reclassify Long Island as being in recession, when a month ago it was still considered to be "at risk" of recession. Among indicators evaluating the health of the local...Tags: Trips and Vacations, Bankruptcy, Sales, Manhattan (New York City), Consumers
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Asian Development Bank approves $500 mln loan to clean up world's dirtiest river in Indonesia
MANILA, Philippines (AP) — The Asian Development Bank on Friday approved a $500 million loan for cleaning up Indonesia's Citarum River, calling it the world's dirtiest. The Manila-based lender said the Citarum basin supports a population of 28...Tags: Disasters, Fishing, Water Supply
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Rising food prices boost Brazil inflation in November, 12-month rate at 6.4 percent
SAO PAULO, Brazil (AP) — Brazil's government says rising food prices helped drive inflation higher in Latin America's largest nation in November. The IBGE government statistics agency says its IPCA consumer price index jumped 0.36 in November. It...Tags: Food Industry, Market and Exchange, Consumer Confidence, Prices, Inflation and Deflation
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Germany's Bundesbank: economy will shrink by 0.8 percent in 2009
Associated Press WriterBERLIN (AP) — Germany's central bank predicted Friday that the country's economy will shrink 0.8 percent next year as the global financial crisis takes its toll, just as parliament gave its final approval to an economic stimulus package that has...Tags: Angela Merkel, Parliament, Financial Markets, State Budgets, Central Bank
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Employers cut 533K jobs in November, most in 34 years
The Associated PressWASHINGTON -- Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession. The new figures, released by the Labor Department...Tags: Wages and Pensions, New York Mercantile Exchange, Financial Markets, General Motors Corp., Stock Activities
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Stocks extend steep decline following report showing unemployment rate surged in November
AP Business WriterNEW YORK (AP) — News of a rapidly weakening job sent stocks falling Friday as investors feared that the recession will be deeper and more prolonged than many have expected. The major indexes were all down more than 2 percent and the Dow Jones...Tags: Commodity Markets, Weather Reports, Financial Markets, General Motors Corp., Credit Ratings
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Oil prices slide as more bad US economic news darkens outlook for crude demand
Associated Press WriterVIENNA, Austria (AP) — Oil prices plummeted Friday as the already battered market reacted to unexpectedly high U.S. unemployment figures — the latest dramatic evidence of recession in the world's largest market for crude. With cold weather...Tags: Commodity Markets, New York Mercantile Exchange, Business, Petroleum Industry, Viacom Inc.
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AP Executive Morning Briefing
The top business news from The Associated Press for the morning of Friday, Dec. 5, 2008: Auto bailout could be tied to gov't-run overhaul WASHINGTON (AP) — The government would order a major restructuring of Detroit's struggling Big Three auto...Tags: Commodity Markets, Henry Paulson, General Motors Corp., Business, Chrysler LLC
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Singapore faces recession for a year, slow growth for several years, prime minister says
SINGAPORE (AP) — Singapore's economy may shrink for a year and faces slow growth for several more as a global downturn undermines demand for the city-state's exports, Prime Minister Lee Hsien Loong said Friday. "I think the recession may last a...Tags: Lee Hsien Loong, Petroleum Industry, Government
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