Business news of month

Democrat in Los Angeles, CA — Mon, 01 Dec 2008 11:37:09 EST

The price of goods leaving Spain’s factories, mines and refineries fell 1.2 percent from the previous month after a 0.7 percent decline in September, the National Statistics Institute in Madrid said in an e-mailed statement today. That compared with a median forecast for a 0.7 percent decline in a Bloomberg News survey of eight economists. Prices rose 5.9 percent on the year.

Retirement accounts already battered by a steep market decline may get hit again as several companies suspend or reduce their 401(k) match to save cash.

Japan cut interest rates for the first time in seven years on Friday, expecting severe stress in the global economy to persist, while UK banking giant Barclays said it was raising $12 billion in capital.

The nation’s economy slammed into reverse in the third quarter and suffered its biggest decline in seven years, according to a government report Thursday.

Chemical company BASF SE said Wednesday it is temporarily closing 80 plants worldwide due to slumping demand and cutting production at 100 more, including facilities in Texas and Louisiana. Some 20,000 workers are affected.

Nobody from Detroit got a particularly warm welcome in Washington last week, but the reception was coolest for General Motors, the largest and most vulnerable automaker.

French manufacturing confidence dropped to a 21-year low in October as new orders fell because of the global financial crisis, suggesting the economy will probably contract in the fourth quarter, the Bank of France said.

Gasoline prices fell to their lowest level in more than a year and a half Thursday, according to a nationwide survey of credit card swipes at gasoline stations.

Posts with the tag international

Business news of month