The Wall Street Journal-20080213-Business and Finance
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Business and Finance
Full Text (408 words)GM ended the year at $38.7 billion in the red, believed to be the largest annual loss ever by an auto maker. The fourth-quarter loss of $722 million came as GM showed signs of progress. But a softer U.S. car market and higher material costs are wiping out improvements.
Delphi's $6.1 billion financing plan to exit bankruptcy was in jeopardy, as lenders tried to cope with credit markets that remain virtually shut.
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Buffett unveiled a plan to reinsure $800 billion of municipal bonds already guaranteed by bond insurers. Ambac rejected the offer.
The Dow industrials rose 133.40 points, or 1.1%, to 12373.41 as a rally fueled by gains for financial and industrial stocks lost steam.
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Problems in the market for auction-rate securities are pressuring borrowers ranging from student-loan authorities to municipalities to bond funds.
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Morgan Stanley executive Jerker Johansson is expected to be named CEO of UBS's investment banking unit.
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A Legg Mason unit raised its stake in Countrywide, signaling confidence in the mortgage lender's prospects.
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Google's enthusiasm has waned for a potential advertising tie-up that could help Yahoo thwart Microsoft's bid.
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The weakening labor market is reflecting a slowdown in hiring. Layoffs totaled 1.8 million in December, similar to the year-earlier period.
The U.S. economy still faces a "significant threat," making it too early to end rate cuts, a Fed official said.
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The email blackout that hit RIM's subscribers Monday could create friction between the BlackBerry maker and its business partners.
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Delta's CEO plans to waive millions of dollars in compensation he would be entitled to if a merger occurred.
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New Sprint director Ralph Whitworth is expected to push for changes if the wireless carrier continues to struggle.
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Applied Materials posted a 35% drop in net despite orders that came in better than expected. Revenue fell 8.3%.
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Schering-Plough swung to a loss, hurt by big acquisition charges, and said it will act if sales of cholesterol drugs fall substantially.
Sanofi said profit rose 31% and gave a positive outlook, citing job cuts and a court decision protecting Plavix.
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Two New York Times directors are stepping down, citing outside commitments.
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Venezuela will suspend oil shipments to Exxon following court orders freezing the country's overseas assets.
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Wal-Mart's Japan unit warned of a wider-than-expected loss, raising doubts about a turnaround plan.
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Writers Guild members voted to end a three-month walkout that paralyzed the entertainment industry.
