Business News Archive - July 16, 2008

Research and Markets (http://www.researchandmarkets.com/research/a5bec8/china_gbl_gammab) has announced the addition of the "China GBL (Gamma-butyrolactone) Market Report, 2008" report to their offering.

By Jeannine Aversa WASHINGTON -- Federal Reserve Chairman Ben Bernanke told Congress today the fragile economy is facing "numerous difficulties" despite the Fed's aggressive interest rate reductions and other fortifying steps.

By Terence Hunt WASHINGTON -- President Bush said today the nation's troubled financial system is "basically sound" and urged lawmakers to quickly enact legislation to prop up mortgage giants Fannie Mae and Freddie Mac.

DETROIT _ Trying to build a financial bridge to 2010 _ in hopes the economy gets better by then and other savings kick in _ General Motors Corp. will cut salaried jobs, executive pay, salaried retiree health care and 150,000 additional units of annual truck production.

LOW-COST airline Ryanair is slashing the number of its flights operating between Dublin and Leeds Bradford. The move will see the number of flights cut from 19 to 13, a 31 per cent reduction, and comes as the firm seeks to cut passengers numbers out of Dublin Airport by around half a million.

By Tony LaRussa For weeks, organizers of a trip to World Youth Day in Sydney, Australia, have been telling the hundreds of young people from Pittsburgh making the nearly 10,000-mile trek that although they'll have a good time, it's not a vacation.

Etihad Airways ordered 100 aircraft worth more than $20bn from Airbus and Boeing as Gulf carriers ruled a slower-than-normal opening day at the Farnborough International Air Show.

US Airways Group Inc. will report a second-quarter charge of $640 million to reduce the value of assets, including aircraft spare parts, as high jet-fuel prices erase U.S. airline profits.

Eco-warriors campaigning against an opencast coal mine in Derbyshire are to stage a second protest today.

By Jessica Heffner Staff Writer MIDDLETOWN -- Thanks to a $12 million NASA contract, a local facility will be manufacturing spacecraft heat shields for the U.S. government's newest intergalactic project.

Word of the Day
  • The horn of a unicorn considered as a medical or pharmacological ingredient.
  • A winged horse with a single horn on its head; a winged unicorn.
The word 'alicorn' comes from Italian alicorno, already associated with unicorns and reinterpreted, popularized by Bearing an Hourglass (1984) and other fantasy novels by Piers Anthony.