Desperate markets want rate cuts

October 07 12:05:01 PM, LA Times

Money & Co. blog: "Last weapon left" is for central banks to lower short-term interest rates.

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Pasadena Macy's ready to unveil its new look
A sale with deep discounts brought out the crowds Thursday, but official opening is Saturday. The building, first opened in 1947 as a Bullocks department store, needed seismic upgrades and interior remodeling. …
Honda to cut more production
Reuters - Honda Motor Co (7267.T) said it would build fewer cars in Japan, Europe and North America to reflect an increasingly bleak outlook for sales as the global economic crisis discourages big-ticket…
Markets 'in panic mode'
The blue-chip index closes the day at 7,552 -- its lowest since March 2003 -- as investors endure another spate of depressing economic news and anxiety over the fate of troubled U.S. automakers. …
Wall Street futures shoot up
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Downey Financial could be next bank casualty
Mortgage losses have weakened the S & L to the point that there's little hope it can win government bailout funds, observers say. …
Citigroup stock dive rebuffs claim by Treasury's Paulson
The financial giant's shares lead a meltdown in financial issues just one week after Paulson says he believes 'the banking system has been stabilized.' …
State Farm, Farmers to raise California homeowner insurance rates
Insurance Commissioner Steve Poizner's decision is denounced by some, but others say recent wildfires make increases reasonable. …
Report: Ford Germany needs no state bailout money
AP - Bernhard Mattes, chief of Ford Motor Co's. German unit, said that while the company can survive without a bailout from the German state, it hopes the European Union will help the ailing auto industry…
Oil falls below $50
Oil prices fell below $53 to almost a two-year low Thursday as investors, worried by plummeting stock markets, priced in lower crude demand as the global economic downturn shapes up to be the worst in…
Hunter out, Wiebking in as Provena Health CEO
Steven Hunter is out after less than 18 months as chief executive of one of the Chicago area's largest hospital operators.
Democrats demand U.S. Big 3 offer survival plan
Reuters - Democratic congressional leaders, seeking to salvage a bailout of the Big Three automakers, demanded executives provide a business survival plan in exchange for their support of up to $25 billion…
How financial stocks look vs. history's biggest market busts
When investors turn rabidly bearish on a stock market sector, history shows they can sell it down to levels that almost no one could have imagined in the good times.
Google to shut down virtual world Lively at year-end
The Internet giant, which launched the site less than five months ago, says it wants to focus on its core search business. …
How low can gasoline go? The slope is still slippery
Two independent stations declare price war against chains Oil's half-off sale got better Thursday as crude…
British retailers discount to lure shoppers
AP - Britain's top retailers are hoping unusual pre-Christmas discounts can convince consumers to open their wallets during a holiday season that coincides with a looming recession.
Fannie Mae, Freddie Mac to suspend foreclosures during holiday season
Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures for about 16,000 households during the holiday season.
Democrats postpone crucial vote on auto bailout
Democratic leaders in Congress sidetracked legislation to bail out the auto industry Thursday and demanded the Big Three develop a plan assuring the money would make them economically viable.
Dell profit tops Street view, shares rise
Reuters - Dell Inc, the world's No. 2 PC maker, posted a better-than-expected quarterly profit on Thursday as cost cuts offset lower revenue, sending its shares up about 6 percent.
Fannie Mae, Freddie Mac halting foreclosures
WASHINGTON -- Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures for about 16,000 households during the holiday season.
Abbott settles finofibrate claims
Abbott Laboratories said Thursday that it has reached a settlement of pending litigation and will pay about $184 million to resolve the claims.
Dems are postponing crucial vote on auto bailout
Democratic leaders in Congress sidetracked legislation to bail out the auto industry Thursday and demanded the Big Three develop a plan assuring the money would make them economically viable. …
Dow sinks nearly 445 points after last-minute sell-off
The blue-chip index closes the day at 7,552 -- its lowest since March 2003 -- as investors endure another spate of depressing economic news and anxiety over the fate of troubled U.S. automakers. …
S&P dives to lowest level since 1997
Reuters - Stocks plunged yet again on Thursday, as a frantic flight from risk prompted by investors' deepening economic fears drove the benchmark Standard & Poor's 500 index to its lowest level since 1997…
FTSE suffers losses
AFP - London shares were in the backfoot on Thursday as recession fears deepened on new data showing a surge in US jobless claims.