The discovery of the toxic chemical melamine in infant formula made by an American manufacturer raises the possibility that the problem was more extensive than previously thought.

The first audit of the $700 billion financial rescue plan is expected to be critical of the Treasury Department?s failure to set up ways to track how its bailout money is being used.

Democrats are actively trying to retire the word ?stimulus? as the descriptor for the multibillion-dollar economic initiative to be considered early next year.

The homebuilder reported a quarterly loss of $799.9 million as it took more than $1 billion in write-downs tied to declining land values and as sales fell by almost half.

Borders said that falling sales widened the company?s loss in the third quarter and that the company was no longer considering selling its core business.

The Hormel Foods Corporation posted a sharply lower quarterly profit as rising costs at the Jennie-O turkey business more than offset demand for its Spam lunch meat.

Despite its loss, shares surged on news that the retailer had arranged a credit line.

TiVo, the maker of digital video recorders, posted a profit in the third quarter, helped by a payment it received in a patent suit even as revenue declined.

As banks slam the brakes on lending, companies and consumers are slamming on the brakes, too.

The global downturn is reaching deep into the heart of the country?s once-rapid industrial transformation.

The Dow climbed in the last hour of trading after giving up early gains spurred by the announcement of new government moves to ease the credit crisis. The Nasdaq and S&P were flat.

Millions of workers face 'painful' wage cuts because of the global economic crisis, the International Labour Organization says.

Shares in troubled retailer Woolworths are suspended as the firm continues talks to rescue the business.

Fashion retailer French Connection warns that its turnover has been hit by the wider fall in consumer spending.

Reuters - Goldman Sachs has broken off talks with Panasonic Corp (6752.T) on the possible sale of Goldman's stake in Sanyo Electric (6764.T) after the electronics maker proposed an offer that is below the current stock price.

Stocks were mixed in Europe and Asia amid worsening expectations for the global economy.

The cost of oil rises slightly after Russia says it may join producers' cartel Opec in cutting output to support crude prices.

China's central bank cuts the country's interest rates for the fourth time since mid-September in order to stimulate growth.

The UK economy did indeed shrink 0.5% between July and September, the Office for National Statistics confirms.

US-based bookseller Borders says it is no longer for sale despite reporting widening third-quarter losses.

The UK advertising watchdog forces Apple to pull an iPhone advert after ruling it exaggerates the phone's speed.

Reuters - World stocks struggled on Wednesday, with European and Japanese markets falling, while the low-yielding Japanese yen rose as investors counted the cost of global fiscal stimulus packages to boost flagging economies.

The rate cut of more than a full percentage point was the largest reduction by China since Asia?s financial crisis a decade ago.

The European Commission that it wanted European Union governments to combat the economic slowdown with measures costing about $256.22 billion.

A report by the telecom giant?s auditor, KPMG, found that it would not remain solvent once it took on the $33 billion in debt needed to take it private.

Stocks fell in Europe after a mixed session in Asia amid worsening expectations for the global economy.

The European Commission unveils an economic recovery plan, which will total 200bn euros (£170bn), 1.5% of the EU members' GDP.

The annual rate of inflation in Iceland escalates to a record high of 17.1% as the country battles the worst financial crisis in its history.

Mystery of alleged detention of China's richest man

For the first time since it began compiling figures, measurement firm find online spending is down.

UK families had started to spend less on package holidays and clothing before the full effect of the credit crunch struck.

The UK's largest co-operative society pays its customers a total 'divi' of £8.9m under the group's profit-sharing scheme.

Reuters - Futures for the S&P 500, the Dow Jones industrial average and the Nasdaq 100 are down 0.7-1.2 percent on Wednesday.

Reuters - Title insurer LandAmerica Financial Group Inc said it has filed for bankruptcy protection and its bigger rival Fidelity National Financial Inc will buy two of its underwriting units.

Reuters - Global miner Rio Tinto Ltd said on Wednesday it was confident it could sell assets worth billions of dollars to pay down massive debt, despite concerns about a lack of buyers, a day after rival BHP Billiton Ltd dropped a bid for the firm.

AP - Shares in Woolworths Group PLC were suspended on Wednesday at little more than a penny each as the century-old retailer held last-ditch discussions with potential buyers.

The Fed and the Treasury signaled that they would print as much money as needed to revive the banking system.

Personal incomes rose in October, but orders to factories fell the most in two years. Jobless claims also declined, as did consumer spending.

The world?s largest maker of farm machinery said costs tied to the closure of a facility in Canada weighed on fourth quarter results.

The luxury goods retailer reported better-than-expected third-quarter earnings but warned that its 2008 results will miss Wall Street?s forecast.

Investors in New York took in a series of discouraging economic reports on Wednesday, as shares opened down the day before Thanksgiving.

US consumer spending fell 1% in October, the largest decline since September 2001, in a further sign of the economic downturn.

The German luxury carmaker, Porsche, pushes back its planned takeover of Volkswagen due to falling sales.

Will the World Cup boost African businesses?

Furniture retailer MFI could be forced into administration unless its landlords agree to a rent-free period, a trade union warns.

Reuters - Consumers cut spending during October at the steepest rate in more than seven years and orders for costly manufactured goods plummeted, according to Commerce Department reports on Wednesday that implied a steep recessionary downturn was at hand.

Reuters - Stocks slid at the open on Wednesday as bleak outlooks from jeweler Tiffany & Co and manufacturer Deere & Co fanned recession fears.

Reuters - Deere & Co , the world's biggest farm equipment maker, posted a lower quarterly net profit on Wednesday, as lower commercial and consumer demand and sharply lower profit in its financial services division overshadowed higher machinery sales.

The president-elect is set to announce a new economic advisory committee, which will be steered by the former chairman of the Federal Reserve.

Investors in New York took in a series of discouraging economic reports on Wednesday, as shares opened down the day before Thanksgiving.

Barack Obama names former Federal Reserve chairman Paul Volcker to chair a panel advising him on the economy.

The new approach from Obama's economic council

Reuters - Technology shares rose on Wednesday as investors followed Tuesday's tech sector rout with a search for attractively priced shares, tempering concerns about the worsening global economic outlook.

Reuters - Sales of newly built single-family homes dropped sharply in October and were running at levels last seen 17-1/2 years ago, according to a Commerce Department report on Wednesday that offered a fresh measure of the U.S. housing sector's distress..

Reuters - BCE Inc said on Wednesday it was unlikely its C$34.8 billion ($28.2 billion) leveraged buyout would close next month after its accountants ruled that the company that emerges from the deal would not meet a solvency test because of its huge debt load.

Reuters - Retailer Dillard's Inc reported a wider quarterly loss on Wednesday as sales fell in the troubled U.S. economy and it marked down prices, sending its shares down more than 10 percent.

Accountants said they were unable to conclude if the $50 billion privatization of Bell Canada would leave the company solvent.

Investors in New York took in a series of discouraging economic reports on Wednesday, as shares opened lower only to recover as the morning went on.

The first sign of trouble for the new BlackBerry Storm was the concept: a touchscreen BlackBerry.

The European Commission unveils an economic recovery plan worth 200bn euros (£170bn) in an attempt to save millions of jobs.

India tries to attract tourist with financial woes

Furniture retailer MFI is to file for administration citing falling demand for big ticket items and cash-flow woes.

Reuters - Stocks extended gains on Wednesday as investors went bargain hunting in the technology sector and a rise in oil prices benefited energy companies, muting concerns about the worsening global economic outlook.

Reuters - The C$34.8 billion ($28.3 billion) leveraged buyout of BCE Inc -- the world's largest such deal -- stood on the brink of collapse on Wednesday after BCE said its accountants had ruled that the company that emerges from the deal would not meet a solvency test because of its huge debt load.

Reuters - Shares of General Motors Corp and Ford Motor Co jumped on Wednesday after Deutsche Bank said chances have improved for the struggling U.S. automakers to receive a government bailout.

The president-elect is set to announce a new economic advisory committee, which will be steered by the former chairman of the Federal Reserve.

Wall Street held onto gains for a fourth day after weathering a series of discouraging economic reports.

Can the EU's stimulus package work in practice?

UK retailer Woolworths is to go into administration, with tens of thousands of jobs under threat, the BBC learns.

Furniture retailer MFI has entered administration citing falling demand for big ticket items and cash-flow woes.

Reuters - Stocks climbed on Wednesday as bargain hunting in the tech sector and renewed hopes of a General Motors bailout helped investors shrug off data depicting a worsening global economic downturn.

Reuters - Shares of General Motors Corp and Ford Motor Co jumped on Wednesday after Deutsche Bank said chances have improved for the struggling automakers to receive a government bailout.

Consumers should not expect lower food prices anytime soon because the prices on most meat and packaged items are holding firm or even increasing.

Wall Street held onto gains for a fourth day after weathering a series of discouraging economic reports.

The European Commission proposed a stimulus package totaling $256 billion, while China cut interest rates by more than a percentage point.

Regulators in Europe led a second round of raids on drug companies, just days before their planned release of findings from an earlier antitrust investigation.

Reuters - BCE Inc's C$34.8 billion ($28.3 billion) leveraged buyout stood on the brink of collapse on Wednesday after accountants ruled that the company that would emerge from the deal would fail a solvency test because of its huge debt load.

AP - Mortgage rates sank again Wednesday, but investors are worried that getting a loan will still be a tough feat.

AP - The nation's stores are slashing prices on holiday goods up to 70 percent, and some are sending holiday goods straight to liquidators in moves that typically happen after Dec. 25.

Wall Street held onto gains for a fourth day after weathering a series of discouraging economic reports.

The Reserve Primary Fund has adjusted its timeline of events for breaking the buck on Sept. 16, adding a fresh knot to the legal macramé already entangling the fund.

Tiffany & Company reported third-quarter earnings that topped Wall Street expectations on Wednesday, but the company warned of job cuts and lowered its full-year outlook.

Deere & Company?s quarterly profit fell 18 percent from a year ago as weaker results in its small-equipment and credit divisions overwhelmed strong sales of farm machinery.

The first sign of trouble for the new BlackBerry Storm was the concept: a touchscreen BlackBerry.

Coping with the downturn in frosty Russia

Reuters - The automaker General Motors Corp is mulling whether to shed its Pontiac, Saab and Saturn brands, as well as its Hummer brand, as part of a plan to win $12 billion of U.S. government loans, Bloomberg News said on Wednesday, citing people familiar with the matter.

AP - Mortgage rates fell for the second day in a row Wednesday, and could be heading toward levels home buyers and owners haven't seen this year.

The effort to find a deal in brick-and-mortar stores has moved online, where a rising world of coupon-clipping has taken shape.

Accountants said they were unable to conclude if the $50 billion privatization of Bell Canada would leave the company solvent.

Personal incomes rose in October, but orders to factories fell the most in two years. Jobless claims also declined, as did consumer spending.

China announced its largest interest rate cut in more than a decade, while the European Union outlined a $258 billion plan to spur growth on the Continent.

OPEC is increasingly torn between its moderate members that can afford a period of lower oil prices and those countries that have become much more dependent on high prices.

Foreign banks doing business in the U.S. are ramping up pressure on the Treasury Department to grant them the same tax breaks given to their American counterparts under the $700 billion bailout.

The Federal Trade Commission rescinded guidance it issued 42 years ago that has allowed tobacco companies to make claims about tar and nicotine levels based on testing by a machine.

Like baking, banking is a necessity, but as a business it?s not nearly as stable.

Gazprom said Wednesday that if Ukraine did not pay a $2.4 billion debt by Jan. 1, it might more than double the price of natural gas, which would deal a blow to Ukraine?s economy.

Aiming to end the notion that ?starving? and ?artist? are necessarily linked, some artists have begun to figure out ways to make art and money at the same time.

Mr. Ruby was a mathematician turned entrepreneur who co-founded a business in a dorm room and built it into Tech Hifi, a popular electronics retailer.

The federal government made two big moves to help consumers, but some people are ineligible while others will have to wait months before the benefits trickle down.

Regulators in Europe led a second round of raids on drug companies, just days before their planned release of findings from an earlier antitrust investigation.

Paul Volcker, former chairman of the Fed, has agreed to lead a new White House economic advisory committee, President-elect Barack Obama said.