Business News Archive - March 15, 2009


Bailed-out US insurance giant AIG will scale back planned employee bonuses after criticism from the Treasury Department, a document indicates.

Organization of Petroleum Exporting Countries oil ministers met Sunday in Vienna amid a continuing fall in global demand for oil, observers said. The oil ministers were expected to grapple with whether to cut production again, which would be the fourth production cutback in six months, or risk another sharp drop in oil prices, which have fallen from $147 to $45 per barrel since summer, the BBC reported. OPEC faces a dilemma if it moves to institute another production cutback, analysts say, because the move could backfire by further destabilizing a shaky world economy and push down prices even further.

Two-thirds of all Polish mortgage holders are facing skyrocketing payments with the collapse of the country's currency, the zloty, analysts say.

U.S. banks aren't relying solely on computerized credit scores to make loan decisions but have reinstated the human equation to underwriting, analysts say.

An effort to squeeze more oil and natural gas from aging U.S. fields has ended with the collapse of prices and plunging demand, figures show. When oil prices were at record-high levels in the last year, U.S.

Organization of Petroleum Exporting Countries oil ministers meeting Sunday in Vienna have decided not to institute further production cutbacks. Despite the continuing weak prices and low global demand, the OPEC ministers instead pledged to abide by a 4.2 million barrel-per-day cut instituted in December and placed hope that measures to be taken at next month's Group of 20 economic summit in London will help ease the global recession.

Health Care Service Corp.

This year could set a record for the number of planes being stored in the United States rather than being flown, experts say. The Los Angeles Times reported Sunday that aircraft boneyards across the nation are filling up with jetliners that airlines no longer need amid declining ridership. The newspaper said airlines are grounding planes at a rate not seen since the Sept.

KENNEDY SPACE CENTER, Fla., March 15 /PRNewswire/ -- Space Shuttle Discovery lifted off today on a mission to deliver the International Space Station's (ISS) final set of solar array wings that will help fully power science experiments and support an expanded crew of six. (Logo: http://www.newscom.com/cgi-bin/prnh/20080407/LAM060LOGO) In addition to supporting the ISS with the delivery and installation of the Starboard 6 truss segment, Discovery is carrying technologies that will enhance the hardware, systems and operations of the next generation of exploration vehicles.

Word of the Day
  • An uxorious, effeminate, or spiritless man.
  • A timorous, cowardly fellow.
Probably a blend of meek and cock, or from meek +‎ -ock (“diminutive suffix”).