Broadest measure of trade deficit falls in 3Q
The broadest measure of the U.S. trade deficit fell in the third quarter to 174.1 billion dollars, beating economist estimates of 178.8 billion. The current account deficit narrows to 4.8 percent of GDP as recession and lower oil prices bite imports and inspire some relief for exporters amid global economic woes.
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Chrysler to Close All Plants for One Month
Chrysler will idle all 30 manufacturing plants for a month beginning Friday December 19 2008 with operations resuming January 19 2009 or later The Belvidere Illinois plant produces the Dodge Caliber Jeep Compass and Jeep Patriot The move follows buyout offers to 2600 Belvidere workers amid tight credit markets and concerns over liquidity to pay bills after the new year
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Chrysler
Illinois
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Wednesday’s MARKET IN REVIEW eT angelien WS
Market in Review section notes brief summaries of financial movers and world markets. Insolvency or gain tones appear with limited data, citing indices and sector shifts without detailed company names. The snippet hints at global equities and investment trends referenced by the World section.
Fed Cuts Rates Amid Global Markets Rally
The Federal Reserve slashed the federal funds target to near zero and pledged tools to fight the downturn. Markets surged with the Dow up 360 points as Asia also climbed, while trade deficits narrowed and housing remains weak. Economists say improvement may take months.
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Washington, D.C
Federal Reserve
Fed
GM halts Flint engine plant to save cash amid loan hopes
General Motors plans to stop construction of a 1.4 liter engine factory in Flint Michigan that would serve the Chevrolet Cruze and Volt. The move follows GM’s broader cutbacks as it seeks a possible 18 billion dollar government loan to keep operations running into 2009.
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General Motors Corp
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Aetna to Cut 1000 Jobs as Auto Slump Hits Costs
Aetna plans 1000 layoffs by year end to curb costs amid a weak U.S. auto market. Connecticut faces 375 cuts while 165 will occur in Pennsylvania, mainly near Blue Bell. Nike reports 9 percent Q2 profit gain to 391 million, 80 cents a share. Circuit City to break leases on 155 planned closures under Chapter 11 after auction bids fall short.
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Pennsylvania
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Cooper Tire to close Georgia plant after incentives fail
Cooper Tire & Rubber Co. announced it will shutter its Albany Georgia plant, costing about 1400 jobs. Four sites Texarkana Arkansas Tupelo Mississippi Findlay Ohio competed with incentives to stay open. Texarkana workers expressed relief and the company cited a weakening economy.
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Texarkana, Ark
Cooper Tire & Rubber Co
David Boone
Texarkana
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