http://www.realclearmarkets.com/ en Copyright 2008 Thu, 20 Nov 2008 07:30:23 -0600 U.S. investors remained cautious Thursday about the struggling economy but found some optimism following reports that a big investor in Citigroup Inc. plans to boost his stake in the company. Dow futures are down 35 after a 428-point drop yesterday.Worries about the fate of Detroit's three automakers and broader fears about the struggling economy http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/stocks_point_lower_but_come_off_worst_levels.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/stocks_point_lower_but_come_off_worst_levels.html Tim Paradis The Associated Press Thu, 20 Nov 2008 07:30:15 -0600 Royal Bank of Scotland PLC's shares soared 13 percent Thursday on expectations stockholders will vote in favor of a proposed 20 billion pound ($30 billion) investment from the government, which would shore up the beleaguered bank's balance sheet.Shareholders are due to vote later Thursday on the plan to issue 15 billion pounds of new shares http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/rbs_soars_on_expectation_of_20_bln_pound_injection.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/rbs_soars_on_expectation_of_20_bln_pound_injection.html Emily Flynn Vencat The Associated Press Thu, 20 Nov 2008 07:15:31 -0600 Employers who turn a blind eye to corruption face up to 10 years in jail as part of a radical overhaul of Britain's bribery laws proposed by the British Law Commission on Thursday.The commission, the government's law reform watchdog, also recommends the creation of a new offense of bribing foreign government workers.The reforms, which are expected http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/britain_s_bribery_laws_to_be_overhauled.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/britain_s_bribery_laws_to_be_overhauled.html Jane Wardell The Associated Press Thu, 20 Nov 2008 07:15:27 -0600 Vietnam has opened a new oil field that will boost national crude oil output by 21 percent by the end of this year, officials said.Four wells from the Golden Lion oil field off Vietnam's southern coast are now producing 60,000 barrels per day, Vu Ngoc An, general manager of Cuu Long Joint Operating Company said Wednesday. The output will reach at http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/vietnam_begins_operating_new_oil_field.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/vietnam_begins_operating_new_oil_field.html The Associated Press Thu, 20 Nov 2008 07:15:19 -0600 U.S. stocks looked to extend their losses at the open Thursday as investors found little relief from worries about the fate of Detroit's three automakers and broader fears about the struggling economy. Dow Jones industrials futures fell 111, or 1.38 percent, to 7,916 after the blue chips fell 428 points, or 5.1 percent, on Wednesday. Standard http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/stock_futures_sink_further_after_big_loss_yesterday.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/stock_futures_sink_further_after_big_loss_yesterday.html The Associated Press Thu, 20 Nov 2008 07:00:30 -0600 GMAC Financial Services has applied to the Federal Reserve to become a bank holding company, which would allow General Motors' financing arm to be eligible for aid under the Treasury's $700 billion bank rescue plan.GMAC says the change in status would shore up its capital position and allow it to continue providing automotive and mortgage http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/gmac_files_with_fed_for_bank_holding_status.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/gmac_files_with_fed_for_bank_holding_status.html The Associated Press Thu, 20 Nov 2008 07:00:26 -0600 The Swiss National Bank has cut its key interest rate in half to 1 percent, its second reduction this month.The central bank's decision Thursday comes amid expectations other central banks, including the U.S. Federal Reserve will also cut rates further to support growth.Before this month, the Swiss bank had reduced its rates only once in the last http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/swiss_national_bank_cuts_interest_rate_to_1_pct.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/swiss_national_bank_cuts_interest_rate_to_1_pct.html The Associated Press Thu, 20 Nov 2008 06:30:26 -0600 Share prices on the London Stock Exchange were lower at midday Thursday.At noon, the FTSE 100-share index was down 74.62 points at 3,931.06. http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/ftse_100_down_74_62_at_3_931_06.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/ftse_100_down_74_62_at_3_931_06.html The Associated Press Thu, 20 Nov 2008 06:30:22 -0600 Four Nordic countries and the International Monetary Fund on Thursday pledged a combined $4.6 billion (euro3.64 billion) in loans to help Iceland recover from its economic meltdown.Finland, Sweden, Norway and Denmark said they would lend the cash-strapped Atlantic island nation $2.5 billion, while the IMF approved a $2.1 billion support package http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/imf__nordics_pledge__4_6_billion_loans_to_iceland.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/imf__nordics_pledge__4_6_billion_loans_to_iceland.html Matti Huuhtanen The Associated Press Thu, 20 Nov 2008 06:15:27 -0600 Microsoft Corp. is no longer interested in buying all of Yahoo Inc., CEO Steve Ballmer said Wednesday, though he told shareholders that the company would still be "very open" to a collaboration on Internet search. His comments sent Yahoo shares diving more than 20 percent."Let me be clear," Ballmer said at Microsoft's annual shareholder meeting. http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/ballmer_dismisses_yahoo_buyout_but_open_on_search.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/ballmer_dismisses_yahoo_buyout_but_open_on_search.html Jessica Mintz The Associated Press Thu, 20 Nov 2008 06:00:47 -0600 U.S. stocks looked to extend their losses at the open Thursday as investors found little relief from worries about the fate of Detroit's three automakers and broader fears about the struggling economy.Stock futures contracts fell more than 1 percent following a late-day sell-off Wednesday that sent stocks to their lowest levels since 2003. The http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/stocks_point_lower_on_economic_worries.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/stocks_point_lower_on_economic_worries.html Tim Paradis The Associated Press Thu, 20 Nov 2008 06:00:43 -0600 A euro20 billion ($25.27 billion) French government investment fund will help strategic industries struggling in the financial crisis.French President Nicolas Sarkozy first floated the idea for the fund last month but did not put a price tag on it until Thursday's announcement. The size of the fund was smaller than some had speculated.Sarkozy has http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/euro20b_fund_to_help_french_industries_amid_crisis.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/euro20b_fund_to_help_french_industries_amid_crisis.html The Associated Press Thu, 20 Nov 2008 05:45:37 -0600 The top business news from The Associated Press for the morning of Thursday, November 20, 2008:Global markets extend rout on recession fearsHONG KONG (AP) — World stock markets tumbled Thursday, with benchmarks in Tokyo and Seoul losing almost 7 percent each, after recession fears sent Wall Street plunging and Japan suffered its biggest drop in http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/ap_executive_morning_briefing.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/ap_executive_morning_briefing.html The Associated Press Thu, 20 Nov 2008 05:45:18 -0600 European and Asian stock markets tumbled Thursday after recession fears sent Wall Street plunging the day before.The FTSE 100 index of leading British shares was down 87.46 points, or 2.2 percent, at 3,918.22, while Germany's DAX was 145.17 points, or 3.3 percent, lower at 4,208.92. The CAC-40 in France was 111.98 points, or 3.6 percent, lower at http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/recession_fears_send_world_markets_down.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/recession_fears_send_world_markets_down.html Pan Pylas The Associated Press Thu, 20 Nov 2008 05:45:22 -0600 AstraZeneca PLC won the first round of a legal fight over the release of a generic version of its child asthma medication Pulmicort Respules by rival Teva Pharmaceutical Industries Ltd. on Thursday as it also unveiled job cuts in Europe.AstraZeneca was granted a temporary restraining order by the U.S. District Court in New Jersey that halts the http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/astrazeneca_wins_first_round_in_teva_litigation.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/astrazeneca_wins_first_round_in_teva_litigation.html The Associated Press Thu, 20 Nov 2008 07:00:22 -0600 Tumbling global stock markets open up opportunities for Norway's vast oil profits fund to increase its equity holdings at bargain prices, the fund's top manager Yngve Slyngstad said Thursday."These challenging times also have many opportunities," he said at a briefing for the foreign news media ahead of the release on Tuesday of third-quarter http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/norway_s_oil_fund_seeks_stock_bargains_in_slump.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/norway_s_oil_fund_seeks_stock_bargains_in_slump.html The Associated Press Thu, 20 Nov 2008 05:30:16 -0600 The Big Three automakers are taking a page out of their unions' playbooks as they deploy grassroots tactics to drum up public support for the proposed $25 billion auto industry bailout, which is on precarious ground in Washington, D.C."Mobilize Now!" cries a Web site created by General Motors Corp. at GMfactsandfiction.com. "Tell your U.S. http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/big_3_automakers_make_bailout_case_to_the_public.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/big_3_automakers_make_bailout_case_to_the_public.html Deborah Yao The Associated Press Thu, 20 Nov 2008 05:15:34 -0600 French-Romanian carmaker Dacia temporarily halted production on Thursday after the financial crisis led to a drop in car sales.The production halt at the factory in Mioveni, some 60 miles (100 kilometers) northwest of Bucharest, will run until Dec. 7. During that time, its 14,400 workers will get 85 percent of their salaries.The company said last http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/french_romanian_carmaker_dacia_halts_production.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/french_romanian_carmaker_dacia_halts_production.html The Associated Press Thu, 20 Nov 2008 05:15:30 -0600 Turkey's state-run gas company Botas and Royal Dutch Shell PLC signed a preliminary agreement on Thursday for natural gas exploration and marketing in Iraq.The consortium will also look into means of exporting excess natural gas to Europe through Turkey, the agreement said.An estimate of the value of the deal was not disclosed.Energy Minister http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/turkey_s_botas__shell_sign_gas_deal_in_iraq.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/turkey_s_botas__shell_sign_gas_deal_in_iraq.html The Associated Press Thu, 20 Nov 2008 05:15:25 -0600 The U.S. dollar was mostly higher against other major currencies in European trading Thursday morning. Gold rose.The euro traded at $1.2516, down from $1.2602 late Wednesday in New York.Other dollar rates:_95.35 Japanese yen, down from 96.37_1.2131 Swiss francs, up from 1.2102_1.2561 Canadian dollars, up from 1.2483The British pound was quoted at http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/us_dollar_mostly_higher_in_europe.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/us_dollar_mostly_higher_in_europe.html The Associated Press Thu, 20 Nov 2008 05:00:31 -0600 Russian Prime Minister Vladimir Putin promised Thursday the country would emerge stronger from a world economic crisis he said had been triggered by U.S. recklessness.Putin said the global financial system had made the crisis "impossible to avert.""Cheap money doping and mortgage troubles in the United States have caused a real chain reaction, http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/putin__russia_will_come_out_stronger_from_crisis.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/putin__russia_will_come_out_stronger_from_crisis.html The Associated Press Thu, 20 Nov 2008 07:30:19 -0600 China announced a complete overhaul of its dairy industry Thursday to improve safety at every step — from cow breeding to milk sales — saying its worst food quality scandal in years had revealed "major problems."Changes will be made within the next year in production, purchasing, processing and sales, the official Xinhua News Agency http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/china_to_overhaul_battered_dairy_industry.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/china_to_overhaul_battered_dairy_industry.html Tini Tran The Associated Press Thu, 20 Nov 2008 07:15:23 -0600 Taiwan's economy contracted 1.02 percent in the third quarter from a year ago, its first decline since 2003, the government said Thursday.Gross domestic product is also projected to shrink 1.73 percent in the current quarter and drop 0.31 percent in the first quarter of 2009, according to a statement on the Web site of the Directorate-General of http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/taiwan_s_economy_contracts_in_3rd_quarter.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/taiwan_s_economy_contracts_in_3rd_quarter.html The Associated Press Thu, 20 Nov 2008 04:45:42 -0600 French automaker PSA Peugeot Citroen said Thursday it plans to cut 2,700 jobs in response to the worsening economic crisis that has seen European car sales plummet.The plan, to be carried out through voluntary departures, is necessary because doing nothing "could throw into question, in the long run, the very survival of the group and its 200,000 http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/peugeot_citroen_to_cut_2_700_jobs.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/peugeot_citroen_to_cut_2_700_jobs.html The Associated Press Thu, 20 Nov 2008 05:45:29 -0600 Pharmaceutical company AstraZeneca PLC said Thursday it plans to close three plants in Spain, Belgium and Sweden and cut 1,400 jobs in Europe by 2013 to improve efficiency and expand investment in Asia to serve the growing market there.It said it is investing in its Wuxi plant in China to turn the plant into its packaging center for the entire http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/astrazeneca_to_cut_jobs__close_plants_in_europe.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/astrazeneca_to_cut_jobs__close_plants_in_europe.html The Associated Press Thu, 20 Nov 2008 04:45:27 -0600 Royal Ahold NV, the Dutch owner of U.S. grocery chains including Stop & Shop and Giant, on Thursday said third-quarter earnings fell 8.9 percent on higher taxes and a worse performance by a Scandinavian chain. But shares rose as the figures beat analyst expectations.Net profit was euro195 million ($244 million), down from euro214 million a http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/ahold_3q_earnings_fall_despite_higher_sales.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/ahold_3q_earnings_fall_despite_higher_sales.html The Associated Press Thu, 20 Nov 2008 04:30:22 -0600 Ailing U.S. automaker General Motors Corp. said Thursday it will stop production at its Thai plant for up to two months, joining other global vehicle manufacturers in cutting production as the global downturn hits sales.The truck assembly line at the plant in the eastern seaboard province of Rayong will close for one month from mid-December while http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/gm_to_temporarily_stop_production_at_thai_plant.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/gm_to_temporarily_stop_production_at_thai_plant.html Stephen Wright The Associated Press Thu, 20 Nov 2008 04:30:17 -0600 European Union regulators on Thursday approved state guarantees given to Belgium's troubled lenders Fortis Bank and Dexia financial group.The European Commission said the Belgian government's guarantees to help Fortis survive the financial crisis were in line with EU subsidy rules.It granted similar clearance to guarantees for Dexia SA from http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/eu_clears_state_guarantees_for_fortis__dexia.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/eu_clears_state_guarantees_for_fortis__dexia.html The Associated Press Thu, 20 Nov 2008 04:16:04 -0600 Hong Kong's stock index plunged 4 percent Thursday, tracking steep declines overnight in Wall Street on worries over a lengthy global recession.The blue chip Hang Seng index pared some its earlier losses to close down 517.24 points at 12,298.56.Analysts said investors were spooked by a dismal economic outlook amid lowered projections for U.S. http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/hk_stocks_fall_after_wall_street_s_sharp_losses.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/hk_stocks_fall_after_wall_street_s_sharp_losses.html The Associated Press Thu, 20 Nov 2008 04:15:59 -0600 British retail sales fell only slightly in October, official figures showed Thursday, despite mounting evidence from retailers such as Woolworths PLC and Marks & Spencer PLC, that business conditions are extremely tough.The Office for National Statistics said retail sales were only down 0.1 percent in October from the previous month, better http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/british_retail_sales_down_0_1_percent_in_october.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/british_retail_sales_down_0_1_percent_in_october.html Pan Pylas The Associated Press Thu, 20 Nov 2008 04:15:54 -0600 Mortgage lending in Britain was down 44 percent in October compared to a year ago, further evidence the economic downturn is hurting an already weak property market, the Council of Mortgage Lenders said Thursday.Gross lending last month totaled 18.7 billion pounds ($27.8 billion), down from 33.4 billion in October of 2007, the report said.Banks http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/uk_mortgage_lending_down_44_pct_from_a_year_ago.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/uk_mortgage_lending_down_44_pct_from_a_year_ago.html The Associated Press Thu, 20 Nov 2008 04:15:49 -0600 Lower fuel prices have eased India's inflation, the Ministry of Commerce said Thursday.The wholesale price index — India's most-watched inflation measure — eased to 8.90 percent for the week ended Nov. 8, down from 8.98 percent for the prior week.This time last year, inflation was just 3.2 percent.The nation's central bank has said it would http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/indian_inflation_eases_to_8_9_percent.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/indian_inflation_eases_to_8_9_percent.html Erika Kinetz The Associated Press Thu, 20 Nov 2008 04:15:44 -0600 The euro fell against the dollar Thursday, reversing gains from Wednesday, when data showed U.S. inflation keeps falling and the Federal Reserve suggested it will cut interest rates again.The 15-nation euro traded at $1.2529 in European morning trading, down from the $1.2602 late Wednesday in New York.The dollar's strength made up for temporary http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/euro_falls_against_dollar_to__1_2529.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/euro_falls_against_dollar_to__1_2529.html The Associated Press Thu, 20 Nov 2008 04:00:38 -0600 World stock markets tumbled Thursday, with benchmarks in Tokyo and Seoul losing almost 7 percent each, after recession fears sent Wall Street plunging and Japan suffered its biggest drop in exports in seven years.The slide in Asian and European shares extended a global sell-off that accelerated overnight amid lowered projections for U.S. economic http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/global_markets_extend_rout_on_recession_fears.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/global_markets_extend_rout_on_recession_fears.html Jeremiah Marquez The Associated Press Thu, 20 Nov 2008 03:45:20 -0600 European Union agriculture ministers have agreed to a new round of aid reforms in Europe's shrinking farm sector meant to boost competition in the global markets.The ministers reached their agreement after all-night talks that ended Thursday morning.EU Agriculture Commissioner Mariann Fischer Boel says discussion on how to provide aid to dairy http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/eu_farm_ministers_agree_on_reform.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/eu_farm_ministers_agree_on_reform.html The Associated Press Thu, 20 Nov 2008 03:30:19 -0600 A plan to give troubled U.S. automakers billions of dollars in government-backed loans is on life support, leaving the fate of hundreds of thousands of workers and Detroit's once-venerable car companies hanging in the balance.Senate Majority Leader Harry Reid, D-Nev., canceled plans Wednesday for a vote on a bill to carve $25 billion in new auto http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/detroit_automakers__rescue_stalls_in_senate.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/detroit_automakers__rescue_stalls_in_senate.html Ken Thomas The Associated Press Thu, 20 Nov 2008 06:00:35 -0600 Pounded by a fierce financial crisis, the country is sinking deeper into economic despair and is likely to be in the hole well into next year, forcing more Americans into the ranks of the unemployed.The gloomy outlook from the Federal Reserve came as hopes dimmed that Congress could secure a fresh $25 billion rescue package for the tottering U.S. http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/fed_sees_economic_woes_persisting_into_next_year.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/fed_sees_economic_woes_persisting_into_next_year.html Jeannine Aversa The Associated Press Thu, 20 Nov 2008 07:00:34 -0600 Chinese shares joined the global sell-off Thursday but gains in property developers and gold miners provided a floor for the market, partly offsetting losses in banks and insurers.The benchmark Shanghai Composite Index fell 1.7 percent to 1,983.76, and the smaller Shenzhen Composite Index edged 0.1 percent lower to 556.73.Despite the gloom on Wall http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/china_shares_fall_but_property__metals_limit_loss.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/china_shares_fall_but_property__metals_limit_loss.html The Associated Press Thu, 20 Nov 2008 03:15:18 -0600 Rolls-Royce Group PLC said Thursday it plans to cut up to 2,000 jobs next year as demand for its products slumps amid the global economic downturn.The aircraft engine maker said it plans to slash 140 jobs at its aerospace assembly and test facility in Derby, England.The company said this was the first part of a plan to cut between 1,500 to 2,000 http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/rolls_royce_plans_up_to_2_000_job_cuts_in_2009.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/rolls_royce_plans_up_to_2_000_job_cuts_in_2009.html The Associated Press Thu, 20 Nov 2008 02:45:24 -0600 Swedish engineering firm Sandvik AB Thursday announced a series of production cuts and layoffs, among which 1,040 permanent workers in Sweden, saying the negative impact of the global financial crisis has accelerated in the fourth quarter.The company said it has given notices to 900 workers at its facility in Sandviken and 140 staff in http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/engineering_firm_sandvik_cuts_jobs__production.html http://www.realclearmarkets.com/news/ap/finance_business/2008/Nov/20/engineering_firm_sandvik_cuts_jobs__production.html The Associated Press Thu, 20 Nov 2008 02:45:14 -0600