Business News Archive - February 07, 2009

U.S. financial regulators say they have shut down two small banks in California and one in Georgia, making nine U.S. bank failures so far in 2009. In a statement released Friday, the Federal Deposit Insurance Corp.

Participants in a 2007 commercial real estate deal engineered by Chicago's Sam Zell are struggling with crushing debts and a moribund market, observers say. When Zell, owner of the bankrupt Tribune Co.

Russian nuclear fuel producer TVEL is set to sign a $780 million contract to supply fuel for new Indian nuclear power plants, officials said Saturday. A spokesman for Russia's state nuclear power corporation Rosatom told RIA Novosti that the contract, if signed, would make Russia the first country to supply nuclear fuel to India since an international ban on such sales was lifted in September. Under the TVEL deal, Russia would supply India with 2,000 metric tons of uranium pellets, the news agency said.

The worldwide economic crisis could mean the loss of 2.4 million jobs in Latin America and more regional poverty, analysts and the United Nations warn. Fallout from the global financial meltdown could increase the poverty rate in Latin America by 15 percent in 2009 while regional bodies are predicting potential widespread unemployment in smaller countries such as Panama and the Dominican Republic, the BBC reported Saturday. Rebeca Grynspan, regional head of the U.N.

General Motors Corp. must close plants and cut more jobs as part of the cost-cutting plans it and Chrysler LLC are to submit to the U.S.

Chrysler LLC will idle four assembly plants next week and restore production at three others but on shorter schedules, company officials said. The Auburn Hills, Mich., automaker, which posted a 55 percent sales decline in January, plans to temporarily close its assembly plants at Conner Avenue in Detroit, which makes the Dodge Viper, and in Sterling Heights, which makes the Chrysler Sebring and Dodge Avenger. The company's plants in Belvidere, Ill., and Brampton, Ontario, will also be closed through next week, the Detroit Free Press reported Saturday. The newspaper noted that Chrysler adjusts its production schedule weekly according to orders for new vehicles.

PITI, Guam, Feb. 8 /PRNewswire-FirstCall/ -- Three gantry cranes purchased jointly by Horizon Lines, Inc. (NYSE: HRZ) and Matson Navigation Company arrived today at the Port of Guam. The two U.S.

Word of the Day
  • a slit in a tire to drain away surface water and improve traction.
The word 'sipe' comes from Old English and is related to 'seep'.