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Last updated on April 18, 2014 at 17:24 EDT

Business News Archive - November 22, 2008

The U.S. Office of Thrift Supervision shut down two California banks late Friday, transferring operations to the giant U.S.

British Prime Minister Gordon Brown is about to implement drastic moves aimed at stemming the soaring number of home foreclosures, sources say.

Disgraced former media tycoon Conrad Black is asking U.S. President George Bush for clemency from his 6 and a-half year prison sentence, officials said. Black, 64, is serving time in Coleman, Fla. He has asked Bush to pardon him in an act of clemency before he leaves office in January, U.S.

The housing crisis is preventing thousands of elderly U.S. residents from selling their homes and moving into assisted-living centers, advocates say.

Citigroup Inc.'s chief executive says he doesn't want to sell off parts of the troubled U.S.

Retailers say they hope to tempt bargain-hunters with discounts on high-definition televisions this holiday season. Prices on HDTVs are expected to plummet, with 47-inch LCD TVs going for as low as $800, analyst Riddhi Patel of ISupply told the Los Angeles Times.

U.S. consumers, faced with financial setbacks and uncertainty, intend to cut back on their Christmas gift spending significantly this year, a survey indicates.

Russia's energy giant Gazprom announced Saturday it will not continue to make gas deliveries to Ukraine in the absence of a new contract.

Camera manufacturer Nikon has laid off 1,500 subcontractors at a plant in Thailand amid a downturn in orders from North America and Japan, the company said. The Bangkok Post reported Saturday that the workers have been with the Japanese company for less than a year, said Pongthai Musikapong of the Labor Protection and Welfare Office in Ayutthaya.