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The White House and Congress are discussing an economic stimulus package that could include mailing $300 to $400 checks to low-income Americans in time for the holidays. Senior officials at the White House and in Congress said they wanted to strike a deal quickly on legislation to revive the U.S. economy, which was slowing before it was hit hard by the Sept. 11 terrorist attacks on New York and Washington.More... auto surfer
World oil prices edged up for a second consecutive day after latest U.S. stock data showed a draw in crude oil inventories last week amid growing signs that the OPEC cartel is moving towards a cut in output. U.S. crude oil stocks fell unexpectedly by 1.1% to 304 million barrels last week due to a reduced flow from Alaska to the West coast after the Trans Alaskan Pipeline sprung a leak.More...
Rolf Breuer, chairman of Deutsche Bank , said the German bank could cut more jobs than previously announced as part of a restructuring. auto surfer Deutsche, which has already announced plans to cut 2,600 jobs by 2003, was working on how to reduce its cost base, Breuer said, adding that such a movr had nothing to do with the Sept. 11 terrorist attacks on the U.S. or a slowdown on financial markets.More...
Ford Motor cut its dividend for the first time in a decade Wednesday, highlighting what its top executives called the "many difficult challenges" for the company amid economic fallout from the Sept. 11 terrorist attacks on the U.S. Ford's board declared a fourth-quarter dividend of 15 cents a share on the company's Class B and common stock, down 50% from 30 cents a share in the third quarter. auto surfer At 30 cents, it was on track to cost Ford about $2.2 billion this year. Members of Ford's founding family had receive a combined total of $85 million a year in dividend payments for their Class B voting shares alone, but that figure will drop by at least half.More...
Weak microelectronics sales and a technology spending downturn due to the economic slowdown will cut into International Business Machines' quarterly earnings, according to analysts and investors. Following the Sept. 11 attacks, analysts lowered earnings expectations for the Armonk, New York-based computer hardware and services giant, anticipating that companies would stop buying big ticket items like computers. auto surfer Analysts expect IBM to post earnings of 90 cents a share on revenue of $20.76 billion when it reports its third quarter results on Oct. 16, according to research firm Thomson Financial/First Call. Earnings estimates range from 82 cents a share to 90 cents a share. That would put earnings down 17% from the second quarter and 35% from the year-earlier quarter.More...