Archive for December 10th, 2008

The mining company said it plans to reduce spending by $5 billion as commodity prices have fallen sharply.
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Citigroup’s Nikko Cordial Securities will cut its work force through early retirement, and some 1,000 employees, mostly those aged above 40, have accepted severance offers, a report says.
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Steel joins the list of financial leaders going without bonuses for 2008.
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Japan’s largest carmaker will temporarily suspend output in December and January.
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A spokesman said ”no bankruptcy filing is imminent,” but Nortel has sought legal counsel to explore bankruptcy protection if its restructuring fails, a report says.
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Ford set up $23.5 billion worth of credit back in 2006, and is confident that the borrowing, coupled with restructuring and new product plans, will get it through the recession without relying on the government.
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American International Group owes Wall Street’s biggest firms about $10 billion for speculative trades that have soured, the Wall Street Journal reports.
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