NYT > Business

• Officials Vow to Act Amid Forecasts of Long Recession
• As economists said that the U.S. officially sank into a recession last December, the Fed chairman and the Treasury secretary said they would use all the tools at their disposal to restore normalcy to the economy.
• Big Three May Need to Trim Number of Brands
• For automakers to win over lawmakers in their bid for aid, they will have to prove that they are serious about shrinking their vast lineups of different models.
• Bailout Monitor Sees Lack of a Coherent Plan
• The head of a new Congressional panel set up to monitor the federal bailout says the government still does not seem to have a coherent strategy for easing the crisis.
• Japan Acts to Ease Crisis in Corporate Credit
• The Bank of Japan announced emergency measures to ease an acute squeeze in corporate funding that threatens to push Asia’s largest economy deeper into recession.
• Europe Turns Higher After Asian Shares Fall
• Stocks rose on Tuesday in Europe in afternoon trading, climbing back from a sharp decline in the morning. Shares in Asia fell amid deeply bearish sentiment.
• Losses Triple in Quarter for Homebuilder
• Revenue plunged for the struggling homebuilder Beazer Homes USA and its income tax provision ballooned.
• U.S. Is Said to Expand Tax Inquiry
• The Justice Department has expanded its investigation into foreign banks that sell offshore banking services to include Credit Suisse and HSBC, according to people briefed on the matter.
• Advertising: Hot Food, and Air, at Bus Stops
• Heated air will warm 10 Chicago bus shelters, courtesy of the Stove Top brand of stuffing. Such marketing is meant to entice consumers to experience products tangibly.
• Boeing Engineers Approve Work Contract
• Boeing’s second-largest union voted to approve the company’s four-year contract offer, avoiding a second damaging strike at the plane maker’s Seattle-area plants.
• In Deal With Hitachi, Intel Will Expand Its Flash Memory Business
• Intel will announce a deal to become the sole supplier of flash memory for a coming Hitachi line of computer drives.
• Fund Investors Sue Countrywide Over Loan Modifications
• A hedge fund sued the Countrywide Financial Corporation, demanding that it compensate holders of some securities backed by mortgages if the terms were changed.
• Itineraries: The Dislocated Americans
• When an overseas posting fails, the problem is often not the worker, but the spouse and children.
• Facebook Aims to Extend Its Reach Across the Web
• With Facebook Connect, users can log onto a variety of sites and see their friends’ activities there.
• Retailers Get a Brief Lift on Black Friday as Shoppers Look for Blockbuster Sales
• New figures confirmed that consumers who had been sitting on their wallets pulled them out for Black Friday, giving the nation’s retailers a much-needed sales spike.
• Prosecutors Pass on Chance to Revive Tax Shelter Case
• Federal prosecutors are passing on their last chance to reinvigorate a criminal tax-shelter proceeding, once billed as the largest in history, after a string of setbacks.
• On the Road: Attention, Frazzled Fliers: Air Serenity Is Boarding
• Airport experiences can become learning experiences on how to travel with a degree of serenity and grace.
• Cheer Fades as Stocks Plunge 9%
• The announcement that the recession began in December 2007 came on a day when the Dow dropped more than 7 percent.
• Some Nations That Spurned the Euro Reconsider
• European governments that have been forced to defend their currency now see a value in a common currency.
• Deutsche Rejects a Rescue, Even as Its Shares Tumble
• Deutsche Bank fancies itself an exception to the view that giant banks need rescuing. But the markets will have the final word, and so far they are not buying the story.
• Building and Factory Data Reflect Economic Turmoil
• In October, construction spending declined 1.2 percent, much more than analysts had expected, and a measure of manufacturing activity fell to a 26-year low.
• J.&J. to Buy Manufacturer of Cosmetic Surgery Gear
• Johnson & Johnson said it would buy Mentor, a maker of cosmetic products and breast implants, for $1.07 billion.
• Toyota Trims Management Pay
• Toyota Motor said it would cut management bonuses by 10 percent as the global economic slowdown deepens.
• Redstone Sells Majority Stake in Video Game Publisher
• Sumner M. Redstone, the controlling shareholder of Viacom and CBS, said that he had sold his stake in Midway Games as his family’s holding company looks to get out from under $1.6 billion in debt.
• Ryanair Makes New Bid for Aer Lingus
• Ryanair, Europe’s biggest low-cost airline, made a new offer to buy the 70 percent of its Irish rival Aer Lingus that it does not already own.
• Breakingviews.com.: Yahoo and MSN Makes Sense
• Yahoo and MSN.
• Major Poultry Producer Files for Bankruptcy Protection
• The chicken producer said the company would keep operating as it tried to resolve operational and liquidity problems.
• Some Federal Workers Lose Bargaining Rights
• President Bush issued an executive order that denies bargaining rights to about 8,600 employees who work in national security.
• Democrats in House Plan a Package of Up to $500 Billion to Help States
• Speaker Nancy Pelosi said she hoped to deliver an economic recovery bill to President-elect Barack Obama when he takes office.
• Bill Drake, 71, Dies; Created a Winning Radio Style
• Mr. Drake transformed radio programming with a syndicated format that delivered more music, fewer commercials and high-energy “Boss Jocks.”
• Small Players Vie for ‘Green Car’ Loans
• Automakers are trying to convince Congress to provide aid, but there is another $25 billion auto industry government loan program, for the development of fuel-efficient cars.
• Frequent Flier: Eating Kosher, Even in Guatemala
• Some business travelers worry about the ability to follow religious dietary laws.
• Dealbook: Putting a Value on a C.E.O.
• For better or worse, you, fellow taxpayer, are an investor in Citigroup and other banks. You have a vested interest in Citigroup’s success. If this giant falls, we all lose.