Hoping to push through a solution the White House will buy, Democratic congressional aides began drafting a $15 billion auto bailout for Detroit's Big Three Saturday.
Kansas City-based Interstate Bakeries Corp. was cleared to exit bankruptcy Friday.
Belden, a St. Louis-based electronics components maker, will be restructuring the company to save $30 million next year and $50 million annually starting in 2011, according to a news release from Belden. The restructuring will result in the loss of 1,800 jobs, or 20 percent of its total work force.
General revenues are down 3.9 percent compared to the previous year through the fiscal year's first five months.
The nation's three largest automakers, Chrysler, GM and Ford, are requesting up to $34 billion from Congress to financially stabilize the industry. They have each drawn up specific recovery plans detailing what they will do with the money, and what concessions and sacrifices they will make to cut costs.
Every major automaker reported a year-over-year sales decline of more than 30 percent on Tuesday. The Detroit carmakers were among the worst hit, with GM's U.S. sales falling 41 percent and Chrysler LLC's dropping 47 percent.
Four major auto parts manufacturers in Columbia have experienced varied levels of difficulty making ends meet during the economic downturn.
The government and other agencies buckled to aggressive lobbying and banks’ word about troubled mortgages early on.
The National Bureau of Economic Research has determined that the U.S. economy has been in a recession since December 2007. Many economists believe the current downturn will last well into 2009.
The economic recession in Mid-America will rival the 1981-82 recession for unemployment, according to professor Ernie Goss of Creighton University. The primary index from his Mid-America Economic Survey, which includes Missouri, has plunged to its second record low in as many months. The November index hit 37.8 in November, down 2.1 percentage points from October.
While the economy tanks and new car sales drop, the market for electric vehicle conversions has shown signs of growth.
ANALYSIS: Bad news is trickling in from across the nation: The commercial real estate market is facing a meltdown
Even as the holiday shopping season begins in full swing, the same events poisoning the housing market are now at work on commercial properties, and the bad news is trickling in. Malls from Michigan to Georgia are entering foreclosure. That pace is expected to quicken. The number of late payments and defaults will double, if not triple, by the end of next year, according to analysts from Fitch Ratings Ltd., which evaluates companies’ credit.
First National Bank & Trust Company of Columbia, First National Bank in Southern Missouri and Landmark Bank in Oklahoma and Texas will be combined into a single organization called Landmark Bank, the Landrum Company announced.
The lay offs will eliminate 20 percent of the plant's workforce.
The government has decided that guaranteeing hundreds of billions of dollars in possible losses and injecting $20 billion more into Citi trumps the alternative — a panic that could leave retirement accounts and investment portfolios of millions of ordinary Americans in tatters and shove more people out of jobs.
Citigroup assets that have new government backings could help borrowers who need assistance.
After nine years, GM is ready to free up money, and Tiger Woods wants to spend more time with the family.
Even with Obama's newly announced stimulus plan, the national debt will continue to rise in the next year.
The Treasury Department and the Federal Reserve have discussed over the weekend about devising a strategy to stabilize Citigroup, according to people familiar with the talks.
The average price dropped below two bucks a gallon nationwide.