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Business News Archive - December 06, 2008

U.S. Treasury Department officials have talked with the Obama transition team about tapping $350 billion in unused financial bailout funds, sources say.

The worldwide automobile manufacturing sector will shrink because of the global economic crisis, the chief executive of Italy's Fiat says.

Renault's low-cost Logan models are logging impressive sales despite the sharp downtown of the auto industry in France and Europe, company officials say. We are resisting the crisis, Arnault Barral, marketing director for Renault's Dacia subsidiary, told Automotive News Europe.

An agreement to funnel aid to embattled U.S. automakers came when House Speaker Nancy Pelosi, D-Calif., made key concessions, observers said.

Vauxhall Motors, a British subsidiary of General Motors, has held secret talks with government officials as it seeks to save thousands of jobs, sources said. The Times of London reported Saturday that the English automaker approached Business Secretary Peter Mandelson for financial help as its U.S.

Paul Nawrocki, a former toy company executive who says he is desperate to find work, wears a sandwich board in New York advertising his need for a job. Nawrocki, who was in the toy industry 36 years before being laid off in February, stands on Manhattan street corners for hours where he passes out resumes to interested passers-by, CNN reported Saturday. Almost homeless, reads his sign.

China's first private airline, OK Air, suspended passenger service earlier than planned Saturday amid financial and management difficulties, a spokesman said. A spokesman for Junyao Group, a major shareholder of OK Air, disclosed passenger service ended ahead of the Dec.

A flood of lawsuits has been filed seeking to prevent National City Corp.

A North Carolina judge has rejected a lawsuit filed by a Wachovia shareholder seeking to block the bank's sale to Wells Fargo.

First Georgia Community Bank in Jackson, Ga., has been seized by regulators, becoming the 23rd financial institution nationwide to fail this year. The Federal Deposit Insurance Corp.

Word of the Day
sough
  • A murmuring sound; a rushing or whistling sound, like that of the wind; a deep sigh.
  • A gentle breeze; a waft; a breath.
  • Any rumor that engages general attention.
  • A cant or whining mode of speaking, especially in preaching or praying; the chant or recitative characteristic of the old Presbyterians in Scotland.
  • To make a rushing, whistling, or sighing sound; emit a hollow murmur; murmur or sigh like the wind.
  • To breathe in or as in sleep.
  • To utter in a whining or monotonous tone.
According to the OED, from the 16th century, this word is 'almost exclusively Scots and northern dialect until adopted in general literary use in the 19th.'
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