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With Fuel Demand Weak, Refineries Shutting Down

Fri, 20 Nov 2009 23:26:06 GMT

Refineries from New Mexico to New Jersey are under severe economic pressure because of falling demand for fuel, with a number of facilities shutting down in recent months. Valero Energy Corp., which shuttered a major refinery over the summer, said Friday it would permanently close its Delaware City oil refinery and layoff 550 workers.

Americans Saving More, Interest Rates At New Low

Fri, 20 Nov 2009 23:31:26 GMT

The U.S. is finally becoming a nation of savers. Now if only we could get something for our money. Interest rates are sinking to near zero for the first time since last year's financial meltdown, dampening spending as Americans earn less on their bank deposits and investment accounts. It's hardly encouraging news for an economy that sorely needs people to buy things.

Stocks Fall For 3rd Straight Day On Rising Dollar

Fri, 20 Nov 2009 21:55:35 GMT

The stock market ended a down week with light selling as investors grew uneasy about a rising dollar and spiking demand for the safest government debt. After two strong weeks, investors tried unsuccessfully to extend the market's rally after major stock indexes closed at 13-month highs on Tuesday. Disappointing reports on housing and worries about flagging demand at technology companies sapped strength from the market's eight-month rally.

Alleged Drunk Pilot Misses Court Appearance

Fri, 20 Nov 2009 17:17:52 GMT

A United Airlines pilot from Colorado accused of being drunk in the cockpit before a flight was to take off from London didn't attend a court his court hearing in England on Friday.

Bacteria Prompts Vicks Nasal Spray Recall

Fri, 20 Nov 2009 18:21:23 GMT

The Procter & Gamble Co. has recalled some 120,000 bottles of Vicks Sinex nasal spray after the company found bacteria in samples during routine testing.

eBay Sets Skype Loose At $2.75 B Valuation

Fri, 20 Nov 2009 00:07:18 GMT

Auction site eBay has, as long anticipated, sold off the Skype telephony service to a group of investors that includes Marc Andreessen's new Andreessen Horowitz group, Silver Lake, and the Skype co-founders' Joltid Ltd. The investor group now holds about 70 percent of the company; eBay retains the rest in a minority stake.

Atlantic City Casino Hammers Out Deal With Lenders

Thu, 19 Nov 2009 22:56:26 GMT

America's first casino to open outside Nevada got permission Thursday to hand itself over to its lenders because it can't pay the mortgage. Resorts Atlantic City hammered out a deal with its lenders to let them own the casino in return for canceling nearly $381 million in debt.

Strong Dollar, Weak Economic Data Pummels Stocks

Thu, 19 Nov 2009 21:28:15 GMT

Signs of a subdued economic recovery sent investors out of stocks Thursday and in search of safer assets like the dollar. Major indexes tumbled about 1 percent, including the Dow Jones industrial average, which lost 94 points but ended well off its low.

2,500 AOL Employees On The Chopping Block

Thu, 19 Nov 2009 17:54:54 GMT

Major job cuts had been expected, but the magnitude hadn't been known until Thursday. AOL LLC, which now employs 6,900 workers, is asking for 2,500 volunteers to accept buyouts and plans to resort to layoffs if it does not get enough people.

AT&T Loses First Legal Battle Against Verizon Ads

Thu, 19 Nov 2009 00:42:13 GMT

AT&T has lost the first battle in a legal war against Verizon Wireless to force the company to stop showing advertisements that compare its 3G wireless network coverage with Verizon's coverage. A federal judge in Atlanta Wednesday declined to grant AT&T a temporary restraining order that would force Verizon to stop showing the ads.