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AP Business

Leaders of Asia, Americas face pressure on economy 59 minutes ago LIMA, Peru (AP) -- Leaders of Asia and the Americas faced mounting pressure Friday to stop the spread of the financial crisis and resuscitate moribund free-trade talks as they flew into Lima for a  Read Story.

Venezuelan oil falls to lowest price in 22 months 1 hours ago CARACAS, Venezuela (AP) -- Prices for Venezuelan oil reached their lowest level in 22 months Friday as fears of a global recession stalled demand, slashing the main source of cash for President Hu  Read Story.

FDIC will guarantee up to $1.4T in bank debt 2 hours ago WASHINGTON (AP) -- Federal regulators will guarantee as much as $1.4 trillion in U.S. banks' debt in a bid to get the distressed financial system pumping again. They also took steps Friday to make  Read Story.

GM, Chrysler making deep cuts to hold on for loans 2 hours ago DETROIT (AP) -- When Chrysler was near death and awaiting a government bailout in 1979, then-CEO Lee Iacocca ordered drastic spending cuts and required all checks above $1,000 to be approved by a   Read Story.

Regulators shut failed bank in Georgia 2 hours ago WASHINGTON (AP) -- Georgia regulators on Friday shut down The Community Bank, the 20th failure this year of a federally insured institution....  Read Story.

Gift cards may be popular for necessities 3 hours ago PORTLAND, Ore. (AP) -- Forget the wish list. Shoppers may be giving the gift of necessity this holiday season, buying up cards for gas, groceries and even utilities to help friends and family thro  Read Story.

Meltdown 101: What is mark to market accounting? 3 hours ago NEW YORK (AP) -- In all the finger-pointing about the credit crisis, there's one unusual suspect: an accounting standard....  Read Story.

Pressure on Citigroup builds, shares fall below $4 3 hours ago NEW YORK (AP) -- Pressure intensified on Citigroup to sell part or all of itself as its stock fell below $4 a share on Friday and fears escalated about future loan losses....  Read Story.

GM to extend holiday shutdown, will cut production 3 hours ago DETROIT (AP) -- General Motors Corp. will extend its holiday shutdown or make other production cuts at five factories at as it deals with a continued U.S. auto sales slump and fights to stay solve  Read Story.

A look at how Heinz, Smucker did in the quarter 4 hours ago Here's a look at how foodmakers H.J. Heinz Co. and J.M. Smucker Co. fared in the most recent quarter:...  Read Story.

Ecuador: ex-officials deny gaining from bond deals 4 hours ago QUITO, Ecuador (AP) -- Former Ecuadorean leaders said Friday that President Rafael Correa was playing politics when he accused them of taking bribes during $3.9 billion in debt renegotiations....  Read Story.

Jamaican developer sues 2 Spanish hotels over sand 4 hours ago KINGSTON, Jamaica (AP) -- A developer is suing two Spanish-owned hotel groups for allegedly stealing nearly 100 truckloads of sand from a beachfront property in Jamaica....  Read Story.

US gas prices dip below $2, lowest in 3-plus years 5 hours ago HOUSTON (AP) -- Only four months after peaking at an unheard of $4.11 a gallon, the national average price for gasoline tumbled below $2 Friday, its lowest point in more than three years. Yet the   Read Story.

Foodmakers Heinz, Smucker post higher earnings 5 hours ago MILWAUKEE (AP) -- With consumers looking for comfort foods and ways to save money, foodmakers H.J. Heinz Co. and J.M. Smucker Co. posted higher earnings Friday and said they're benefiting from pri  Read Story.

Explosion shuts down oil pipeline in Turkey 5 hours ago ANKARA, Turkey (AP) -- Officials say an explosion has shut down a pipeline in southeastern Turkey that carries oil from Iraq to the Mediterranean....  Read Story.

Bush signs jobless benefits extension 6 hours ago WASHINGTON (AP) -- With no end in sight to economic bad news, President George W. Bush on Friday ensured that millions of laid-off workers will keep getting their unemployment checks as the year-e  Read Story.

FDIC OKs backing for bank debt, deposits 6 hours ago WASHINGTON (AP) -- The FDIC will guarantee up to $1.4 trillion in U.S. banks' debt for more than three years as part of the government's financial rescue plan....  Read Story.

Stocks down across Latin America 6 hours ago RIO DE JANEIRO, Brazil (AP) -- Stocks were down across Latin America Friday as investor concerns over a global recession took a toll on emerging markets....  Read Story.

US gas prices dip below $2 as oil prices waver 6 hours ago HOUSTON (AP) -- Only four months after peaking at an unheard of $4.11 a gallon, the national average price for gasoline tumbled below $2 Friday, its lowest point in more than three years. Yet the   Read Story.

World mulls tougher response against pirates 7 hours ago BRUSSELS, Belgium (AP) -- It sounds easy: dispatch naval commandos to storm a hijacked cargo ship, shoot or capture the ragtag band of pirates and free the hostage crew....  Read Story.

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