This Week's Money News
- Oil prices fall below $50 as US recession dating back to December 2007 is called
- Oil prices tumbled below $50 a barrel Monday as National Bureau of Economic Research reported that the U.S. economy has been in a recession since December 2007.
- Icelanders, demanding bank chief's ouster, rally to protest economic meltdown
- Thousands of Icelanders marked the 90th anniversary of their nation's sovereignty with angry protest Monday, and several hundred stormed the central bank to demand the ouster of bankers they blame for the country's spectacular economic meltdown.
- Russia's Medvedev expresses concern over wage payments as economy struggles
- President Dmitry Medvedev ordered the government Monday to ensure that overdue wages do not become a major problem, showing concern that the persistent financial turmoil could revive a problem that plagued Russia in the 1990s.
- Retailers extend 'Cyber Monday' promotions, many last through the week or longer
- Many retailers are offering online deals not only for the day they have dubbed "Cyber Monday" - when people return to work after Thanksgiving and shop from their desks - but for the rest of the week or longer. Here is a sampling:
- Analysts see busy online shopping day on 'Cyber Monday' but weak overall holiday still likely
- Retailers who saw Thanksgiving holiday sales drop off as the weekend progressed stepped up online promotions on the day known as "Cyber Monday" to try to get consumers tired of the crowds at stores to keep shopping.
- Johnson & Johnson to buy implant maker Mentor for $1.07B, move into cosmetic surgery business
- In a move to become a major player in cosmetic and reconstructive surgery, health care products company Johnson & Johnson said Monday it will buy cosmetic-product and breast-implant maker Mentor Corp. for $1.07 billion.
- Ford considers selling Swedish car unit Volvo as it seeks to raise cash amid industry slump
- Ford Motor Co. is considering selling Volvo Car Corp. as the U.S. automaker seeks to raise cash and survive tight credit markets and a global automotive sales crisis.
- Chicken producer Pilgrim's Pride files for Chapter 11 bankruptcy protection
- One of the hard-pressed protein industry's biggest players, Pilgrim's Pride Corp., filed for Chapter 11 bankruptcy protection on Monday, a move predicted by many analysts as the company hobbled under its debt load, volatile feed prices and slumping demand.
- National Bureau of Economic Research panel says US recession began in December 2007
- The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday. The NBER - a private, nonprofit research organization - said its group of academic economists who determine business cycles met and decided that the U.S. recession began last December.
- Miami activist illegally moves people into foreclosed homes - `liberating' properties, he says
- Max Rameau delivers his sales pitch like a pro. "All tile floor!" he says during a recent showing. "And the living room, wow! It has great blinds."