 Callaway slices revenue forecast
 Union-Tribune file photo
Callaway Golf said Tuesday it expects to report lower sales and a bigger loss for its third quarter as the credit crunch and worldwide economic woes weigh down results.
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U.S. confronts possibility of long, deep recession
NEW YORK, 3:10 p.m. Oct. 15 (AP)
The U.S. has not endured a deep and prolonged recession in more than a quarter century – enough time for many Americans to forget what one feels like.
But unlike the last two relatively short recessions, this one could be much longer and more severe, potentially bringing with it anxiety and job losses not seen in many years.
WASHINGTON, 2:37 p.m. Oct. 15 (AP)
Bernanke: Quick economic rebound not in cards: The country's economic health won't snap back quickly even if badly needed confidence in the U.S. financial system returns and roiled markets finally calm, Federal Reserve Chairman Ben Bernanke cautioned Wednesday. He left the door open to additional interest rate reductions.
NEW YORK, 1:53 p.m. Oct. 15 (AP)
Stocks plunge anew as data points to recession: Investors agonizing over a faltering economy sent the stock market plunging all over again Wednesday after two disheartening reports convinced Wall Street that a recession, if not already here, is inevitable.
MOSCOW, 2:00 p.m. Oct. 15 (AP)What Crisis? Kremlin downplays financial woes: Talking to Russians on the street, you'd be forgiven for thinking there was no economic crisis. BRUSSELS, Belgium, 1:36 p.m. Oct. 15 (AP)
G-8 announces global summit on financial crisis: The Group of Eight major industrial nations announced Wednesday they will hold a global summit – perhaps as early as November in New York – to forge common action to prevent another economic meltdown. NEW YORK, 1:37 p.m. Oct. 15 (AP)
Oil dips below $75 as OPEC cuts demand forecast: Oil prices closed below $75 a barrel for the first time in nearly 14 months Wednesday after OPEC, fearing that a severe global economic slowdown is unavoidable, slashed its 2009 petroleum demand forecast. NEW YORK, 1:44 p.m. Oct. 15 (AP)
Former AIG CEO says loan could sink the insurer: Former American International Group Inc. chief executive, Maurice Greenberg, says the federal government's $85 billion loan to the huge insurance company will drive it out of business unless its terms are changed. 1:44 p.m. Oct. 15 (AP)
AIG executives spent thousands during hunting trip: CHARLOTTE, N.C. (AP ) – A handful of top executives from American International Group Inc. spent thousands of dollars during a recent English hunting trip, even as the New York-based insurer asked for an additional $37.8 billion loan from the Federal Reserve. NEW YORK, 1:46 p.m. Oct. 15 (AP)
Coca-Cola's 3Q profit up 14 percent: The Coca-Cola Co. reported its profit rose by double digits, weathering a volatile third quarter in which consumers felt pressured by economic uncertainty. NEW YORK, 1:47 p.m. Oct. 15 (AP)
Wells Fargo 3Q profit falls 25 percent: Wells Fargo said Wednesday its third-quarter profit fell 25 percent as it took hits on investments in troubled finance companies and increased its credit reserves, but results were better than analysts had expected. WASHINGTON, 1:56 p.m. Oct. 15 (AP)
Abbott 3Q profit jumps, outlook boosted: Abbott Laboratories Inc. said Wednesday its third-quarter profit jumped 51 percent, led by sales of the arthritis medication Humira and a steep increase in sales of stents and other heart-related devices. NEW YORK, 1:59 p.m. Oct. 15 (AP)
Schwab 3Q profit falls, still beats estimates: Charles Schwab Corp. reported Wednesday its third-quarter earnings fell sharply from results that included a big gain a year ago, but still topped analysts expectations. The ongoing financial market turmoil weighed on the retail brokerage's assets under management. WASHINGTON, 2:00 p.m. Oct. 15 (AP)
Antitrust regulators clear BofA-Merrill deal: Federal antitrust regulators on Wednesday cleared Bank of America's $34.9 billion purchase of Merrill Lynch & Co. Inc. NEW YORK, 2:02 p.m. Oct. 15 (AP)
eBay posts 3Q profit, but outlook below forecasts: EBay Inc. posted a third-quarter profit that beat analyst forecasts Wednesday, but its lower-than-expected fourth-quarter forecast indicated the online auction site operator is not immune from the slowing economy. NEW YORK, 2:04 p.m. Oct. 15 (AP)
CSX sees '09 volume losses with productivity gains: Freight railroad operator CSX. Corp. said Wednesday it expects volume to continue to slip next year, but executives predicted that higher prices and productivity will be able to offset the shortfall.
WASHINGTON, 11:01 a.m. Oct. 15 (AP)
Fed: Economy sinks deeper into rut: The Federal Reserve says the country sank deeper into an economic rut during the early fall. The Fed's new snapshot of business conditions around the nation shows the economy continued to lose traction, reflecting mounting damage as financial and credit problems took a turn for the worse.
NEW YORK, 1:30 p.m. Oct. 15 (AP)
Credit markets improve, but new troubles emerging: Corners of the credit markets are slowly loosening after the government pledged to buy stakes in private banks, but there's still congestion – and investors are also noticing some adverse, unintended consequences from the rescue efforts.
Oct. 15 (UNION-TRIBUNE)
Nonprofit job agency to pay U.S. $1.1 million: A job training agency created by the city and the county of San Diego has agreed to pay the federal government $1.1 million as part of a settlement after a two-year audit found millions of dollars of improper expenditures.
Oct. 15 (UNION-TRIBUNE)
Court sends chip makers' suit back to trade body: After a string of legal setbacks, San Diego wireless technology giant Qualcomm claimed a victory yesterday over chip-making competitor Broadcom.
Oct. 15 (UNION-TRIBUNE)
No twists in final Powerlink report: The final report analyzing the environmental effects of San Diego Gas & Electric's proposed Sunrise Powerlink was released yesterday and contains few surprises.
Oct. 15 (UNION-TRIBUNE)
$25 billion in T-bills auctioned at discount: The Treasury Department auctioned $25 billion in three-month bills at a discount rate of 0.5 percent, up from 0.46 percent last week and the highest since these bills averaged 1.1 percent Sept. 29. An additional $27 billion in six-month bills was auctioned at a discount rate of 1.1 percent, unchanged from last week.
NEW YORK, 1:03 p.m. Oct. 15 (AP)
JPMorgan, Wells Fargo 3Q profits dip: In the midst of one of the nation's worst credit crises, JPMorgan Chase & Co. and Wells Fargo & Co. managed to report better-than-expected third-quarter results on Wednesday. But even two of the country's strongest banks proved they are not immune to the widespread credit problems plaguing their peers.
ADA, Mich., 1:01 p.m. Oct. 15 (AP)
Bush: Federal intervention in banks is 'temporary': President Bush said Wednesday he's against government taking part ownership in private businesses, but that it's necessary this time – for a while. “In the long run it's not good for the country,” he said.
CHARLOTTE, N.C., 12:04 p.m. Oct. 15 (AP)
Wells Fargo CEO says he'll try to retain workers: Wells Fargo CEO John Stumpf is telling Wachovia workers every effort will be made to retain employees following the merger of the two financial giants.
BRUSSELS, Belgium, 12:02 p.m. Oct. 15 (AP)
EU leaders endorse continent-wide bailout: EU leaders endorsed a euro1.7 trillion ($2.3 trillion) continent-wide emergency bailout for the banking sector at summit talks Wednesday, and turned to debate other measures to prevent the global financial crisis from stalling the economy.
WASHINGTON, 11:46 a.m. Oct. 15 (AP)
Economy shows its pain, rebound will take time: The economy was in deep pain even as the government pushed forward Wednesday with its latest financial rescue plan to exchange taxpayer money for stakes in the nation's banks.
NEW YORK, 11:02 a.m. Oct. 15 (REUTERS)
U.S. builder shares fall harder than broader market: Major U.S. home builders' shares tumbled Wednesday, leading an overall market sell-off, after an analyst speculated that the current financial crisis might further postpone an industry turnaround.
LOS ANGELES, 11:00 a.m. Oct. 15 (AP)
Forecast: Calif. home prices to dip further in '09: California will remain a buyer's market next year, with prices declining across most of the state and home sales climbing for the second year in a row, a trade association for real estate agents said Wednesday.
LONDON, 10:56 a.m. Oct. 15 (AP)
Iceland cuts interest rates: Iceland's central bank slashed official interest rates by 3.5 percentage points on Wednesday as it warned that the collapse of its banking system will lead to a “very sharp” contraction in the Nordic nation's economy.
BRUSSELS, Belgium, 9:41 a.m. Oct. 15 (AP)
Britain, France call for a global finance summit: The world's top economies should hold global talks this year on reforming the world's financial system, British and French leaders declared Wednesday.
NEW YORK, 9:29 a.m. Oct. 15 (REUTERS)
U.S. newspaper stocks dive, analyst cuts estimates: U.S. newspaper stocks dove on Wednesday after an influential Goldman Sachs analyst cut his revenue forecasts for the business, saying it may take five years for online revenue to offset plunging print revenue.
DALLAS, 9:04 a.m. Oct. 15 (AP)
American Airlines to buy Boeing 787s: American Airlines says it will buy 42 Boeing 787-9 jets as part of a move to improve the fuel efficiency of its fleet.
STOCKHOLM, Sweden, 7:05 a.m. Oct. 15 (AP)
Watchdog: Swedish banks to resist credit crisis: Sweden's four largest banks are strong enough to withstand the current international financial crisis, the Nordic country's financial watchdog said Wednesday.
WASHINGTON, 7:03 a.m. Oct. 15 (AP)
August inventories up less than expected: Government data show businesses increased their inventories in August by the smallest amount in five months, a possible indication of concerns about the slowing economy.
BRUSSELS, Belgium, 7:02 a.m. Oct. 15 (AP)
EU: New bank guarantee reduces withdrawal wait: European savers would be able to withdraw up to euro50,000 ($68,760) of their money from troubled banks within three days under new EU rules proposed Wednesday.
NEW YORK, 6:38 a.m. Oct. 15 (AP)
JPMorgan profit sinks as credit deteriorates: JPMorgan Chase & Co.'s profit tumbled 84 percent in the third quarter after it took big hits from souring mortgage investments, leveraged loans and home loans.
WASHINGTON, 6:27 a.m. Oct. 15 (AP)
Wholesale prices drop for second straight month: Wholesale prices fell for the second straight month in September, but excluding volatile energy and food costs, core prices posted their largest annual gain in more than 17 years.
WASHINGTON, 6:10 a.m. Oct. 15 (AP)
Retail sales plunge 1.2 percent in September: Retail sales fell off a cliff in September, plunging by the largest amount in three years as worried consumers shunned the malls and auto showrooms in the midst of the country's financial meltdown.
BRUSSELS, Belgium, 5:44 a.m. Oct. 15 (AP)
Britain calls for global finance summit: British Prime Minister Gordon Brown is calling for global talks this year to reform the world's financial system.
NEW DELHI, 5:31 a.m. Oct. 15 (AP)
Brazil, SAfrica blame rich world for economic woes: India, Brazil and South Africa on Wednesday asked rich countries to hear their voices on how to manage the current global financial crisis without jeopardizing the development of emerging economies.
MUMBAI, India, 3:56 a.m. Oct. 15 (AP)
Emerging markets suffer as foreigners withdraw: The global financial crisis has cost Grace Varghese, 50, a day trader in India's high-tech hub of Bangalore, more than $50,000.
MANILA, Philippines, 3:44 a.m. Oct. 15 (AP)
Filipino workers' remittances up 10.4 percent: Remittances from millions of Filipinos abroad rose 10.4 percent in August from a year ago, but their growth slowed compared to previous months even as the central bank warned Wednesday the global financial crisis may take a toll on workers.
WASHINGTON, 6:10 a.m. Oct. 15 (AP)
Retail sales plunge 1.2 percent in September: Retail sales fell off a cliff in September, plunging by the largest amount in three years as worried consumers shunned the malls and auto showrooms in the midst of the country's financial meltdown.
BRUSSELS, Belgium, 5:44 a.m. Oct. 15 (AP)
Britain calls for global finance summit: British Prime Minister Gordon Brown is calling for global talks this year to reform the world's financial system.
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