The New York Times-20080125-Today in Business- -Business-Financial Desk-
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Today in Business; [Business/Financial Desk]
STIMULUS AGREEMENT House leaders and the Bush administration, hoping to give a quick adrenaline shot to the ailing economy, struck a deal for a $150 billion stimulus package, including rebates for most tax filers of up to $600 for individuals, $1,200 for couples and, for families, an additional $300 a child.
Economists described the stimulus plan as useful, but flawed and probably not enough. [A20.]
The checks will be in the mail -- eventually. [A20.]
HUGE FRAUD AT FRENCH BANK Societe Generale, one of France's largest and most respected banks, said it had lost $7.2 billion because of the actions of a 31-year-old rogue trader. The bank has been victim of a serious internal fraud committed by an imprudent employee, said the chairman, Daniel Bouton, above. [A1.]
Few people noticed Jerome Kerviel on Paris trading floors. But he is now accused of being the most dangerous rogue trader ever. [C1.]
THE POWERFUL U.S. CONSUMER For all the furious economic activity in China and India, the recent upheaval in world markets is a reminder that the American consumer remains a central engine of the global economy, with an appetite that has kept factories humming, mines at full production and cargo holds full of products. [C1.]
U.S. DOWNTURN IS FELT IN ASIA Asian exporters are already feeling the effects of an American economic downturn, as orders decline for goods from T-shirts to tractors. [C1.]
Economic policy makers in Japan largely sat on the sidelines during the market turmoil this week. Some Japanese say their country missed a chance to regain some of its lost status as a global economic leader. [C5.]
Russia's finance minister said his country would be an island of stability if the United States entered a recession, thanks to the largest per capita currency reserves in the world. [C5.]
A RALLY IS SUSTAINED Investors on Wall Street extended a global financial rally, and markets closed near their highs for the day. The Dow Jones industrial average closed up 108 points. [C5.]
MICROSOFT'S ROSY OUTLOOK Microsoft reported quarterly sales and profit gains that surpassed Wall Street's expectations and delivered an optimistic outlook, suggesting that a weakening economy will not slow down the world's largest software maker. [C1.]
ONE FORD, LESS BLEEDING Alan Mulally, the chief executive at Ford, is trying to knit together the automaker's four international operating units into one cohesive company. Ford reported it narrowed its losses in 2007 to $2.7 billion, down from a $12.6 billion loss in 2006. [C1.]
MEDIAN PRICE OF A HOME FELL The median price of an American single-family home fell in 2007 for the first time in at least four decades, according to the National Association of Realtors, a trade group. The drop was 1.7 percent, to a price of $217,800. [C5.]
F.D.A. TO INSPECT GLOBALLY The Food and Drug Administration intends to post inspectors to embassies and consulates throughout the developing world in hopes of improving the quality of the food and medicines increasingly flowing to the United States. [C3.]
STRONG EARNINGS AT AT&TExecutives at AT&T tempered earlier statements about the expected impact of lower consumer and business spending on the company, as it reported strong fourth-quarter earnings that met analysts' expectations. [C3.]
NOKIA'S SHARE WIDENS Nokia extended its share of the global cellphone market to a record 40 percent in the fourth quarter as profit surged 44 percent on rising sales to Africa, China and the Middle East. The company said sales climbed 34 percent, to 15.7 billion euros, from 11.7 billion euros a year earlier. [C3.]
A CHARGE TO VIEW WSJ.COM The Wall Street Journal will continue to charge readers for access to much of its Web site, said Rupert Murdoch, who took control of the paper in December. [C2.]
STRIKE? WHAT STRIKE? Nearly three months into a strike by screenwriters, television advertisers remained sanguine, partly because prime-time ratings have not dipped. Advertising. [C3.]
THE BUYOUT QUESTION Do buyouts create jobs or result in more layoffs? A study to be released at the World Economic Forum in Davos suggests that companies owned by private equity shed, on average, about 1 percent more jobs than their public peers. [C6.]
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