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Business News Archive - November 23, 2008

It's best to reassure, not try to shield, young children and teenagers from the harsh realities of the economic downturn, U.S. experts advise.

Conspiracy theories have abounded since Washington Mutual became the largest U.S.

Shareholders who oppose Wachovia's purchase have filed a class-action lawsuit to block Wells Fargo's impending purchase of the bank. A judge in Charlotte, N.C., is to hear the lawsuit Monday.

Gasoline prices have fallen for the 67th day in a row, sinking to a U.S. average of $1.929 per gallon, a survey from automotive organization AAA indicated. The AAA data, gathered from credit card swipes, showed gas prices shed another 2.4 cents per gallon between Friday and Saturday, CNN reported.

Fiat Group Automobiles, the Italian car-making giant, is gambling that the worldwide economic crisis means more demand for cheap cars. Sergio Marchionne, Fiat's chief executive officer, told Automotive News Europe in an interview that he wants Fiat to become to the automobile industry what Wal-Mart is to retail stores -- the low-cost leader. I am looking at the fast-changing automotive world and am saying: 'Which part of the chess board do I want to be on?,' Marchionne said.

The British government is expected to unveil an economic stimulus package Monday consisting of a range tax cuts to jump start its economy, officials said. Intended to stimulate consumer spending, the plan calls for lowering the value-added tax from 17.5 percent to 15 percent, The Sunday Times of London reported.

A souring economy is forcing some U.S.

The U.S. Office of Thrift Supervision is being blamed for what critics say was lax oversight of Countrywide Financial Corp. The agency regulates thrifts, also known as savings and loans, which focus on mortgage lending.

U.S. regulators worked during the weekend on a plan to stabilize Citigroup Inc.

Word of the Day
vermicular
  • Like a worm in form or movement; vermiform; tortuous or sinuous; also, writhing or wriggling.
  • Like the track or trace of a worm; appearing as if worm-eaten; vermiculate.
  • Marked with fine, close-set, wavy or tortuous lines of color; vermiculated.
  • A form of rusticated masonry which is so wrought as to appear thickly indented with worm-tracks.
This word ultimately comes from the Latin 'vermis,' worm.
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