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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Oct 21, 2008
Page
19
Fed Chair Ben Bernanke signaled qualified support for a second economic stimulus as Congress debates plans to aid states and boost lending. He urged targeted measures to stabilize credit markets and curb foreclosures while avoiding near term tax increases amid the downturn.
Gas prices slip further below 3 per gallon with national average at 2.92 as OPEC signals a substantial output cut at an extraordinary Vienna meeting. Crude prices rise marginally on the expected cut while year ago levels remain about 10 cents higher. Chakib Khelil of OPEC indicates plans for action.
The Dayton Daily News plans to eliminate about eight newsroom positions by year end due to challenging business conditions. Editor Kevin Riley cited market changes as driving the cuts amid a slumping economy and declining ad revenue. About 175 staff work in the newsroom for Cox Ohio Publishing.
The Wall Street Journal reported Circuit City may close at least 150 locations to boost finances and avoid Chapter 11. The plan aims to liquidate 350 million dollars of inventory to cover leases on vacated sites, while a company spokesman declined to comment.
GM told unions at Orion Township Michigan and Lordstown Ohio plants that unscheduled overtime will not be allowed as it seeks cash conservation. Spokesman Tony Sapienza denied a companywide ban though unions doubt the scope. Analysts note car inventories in September and tighter credit dampen October showroom demand.
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