Business News Archive - December 07, 2008

China's says Beijing and Shanghai soon will be connected by the world's longest high-speed rail. The track, now 91-percent complete with 743 miles of finished rails, will shorten the ride between Beijing and Shanghai from 11 hours to 5 hours, Xinhua, China's state-run news agency, reported Sunday. More

Wagon Automotive, one of Britain's largest car parts groups, says it may have to cut 4,500 jobs across Europe. The Times of London reported Sunday that the news comes after about 11,000 jobs were lost in Britain last week. Wagon Automotive's financial woes turned dire after banks declined to contribute

APPLETON, Wis., Dec. 7 /PRNewswire/ -- Air Wisconsin Airlines Corporation reports traffic for November 2008. Air Wisconsin operates as US Airways Express, scheduling nearly 500 departures per day to 69 cities in 26 states and two Canadian provinces.

Oilexco Inc. has been put up for sale just two weeks after the North Sea oil company was unable to raise capital. The Times of London reported Sunday that investment company Morgan Stanley has received interest from larger Oilexco rivals BG Group, Talisman Energy and Petro-Canada.

Tribune Co. has engaged bankruptcy advisers in an effort to stave off a potential bankruptcy filing, The New York Times reported Sunday. Citing people briefed on the matter, the Times said Tribune -- a media group based in Chicago -- has hired a group of advisers that includes Lazard Freres and Co.

President-elect Barack Obama Sunday said he supports demands by laid off workers at a Chicago manufacturing company for severance pay and other benefits. An estimated 200 employees at Republic Windows & Doors were laid off Friday, and many of them have taken turns camping out at the factory since then, refusing to leave without their pay.

Chinese economic experts met Monday to set next year's course for the economy, which President Hu Jintao says faces challenges in the current global crisis. The three-day meeting of the Central Economic Work Conference will seek ways to offset the adverse impact from the global financial turmoil and

Word of the Day
  • A handkerchief.
  • Specifically— The legendary sweat-cloth; the handkerchief of St. Veronica, according to tradition miraculously impressed with the mask of Christ; also, the napkin about Christ's head (Johu xx. 7).
  • In general, any miraculous portrait of Christ.
The word 'sudarium' comes from a Latin word meaning 'a handkerchief'.