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Capital One Financial says it will buy Chevy Chase Bank for about $520 million in cash and stock.
Pressured by the economic turmoil and the mounting loss of traditional phone customers, AT&T Inc. is cutting 12,000 jobs, about 4 percent of its work force.
Target Corp. says cautious shopping early in November and fewer after-Thanksgiving shopping days caused same-store sales for the month to fall 10.4 percent. That was more than the discount retailer and analysts expected.
Orders to U.S. factories plunged in October by the sharpest amount in over eight years as a deepening recession caused big cutbacks in demand for steel, autos, computers and heavy machinery. Analysts expect the weakness will continue for some time.
The head of the government's financial system rescue effort said Thursday the Treasury Department is considering a program to encourage banks to make mortgage loans at low rates to help revive the battered housing market.
Securities and Exchange Commission Chairman Christopher Cox said Thursday the government must start to build an "exit strategy" that includes taxpayer protections for its massive financial rescue plan.
Gold and other commodities prices fell Thursday investors extended their flight from the futures markets amid more signs of economic weakness.
Pirates attacked an oil-services vessel before dawn Thursday off the coast of Nigeria and kidnapped two foreign workers, a private security official said.
World-leading mobile phone maker Nokia Corp. downgraded its fourth-quarter market outlook Thursday for the second time, saying the slowdown in the industry was bigger than expected.
Retailers who suffered through a miserable November - despite a surge in sales the day after Thanksgiving - are worried that the usual lull between the holiday weekend and the final days before Christmas could be dangerously quiet this year.
Chemical manufacturer DuPont said Thursday that it will cut 2,500 jobs and will not turn a profit in the fourth quarter as a severe slowdown in the automotive and construction markets eats away at chemical sales.
Citing falling nickel prices, Brazilian mining giant Vale said Thursday it will reduce production of the metal at its Canadian division and cut jobs in that unit through a voluntary retirement program.
Senate Banking Committee chairman Christopher Dodd has come out in favor of federal financial help for the troubled auto industry.
Europe's central banks slashed borrowing costs aggressively Thursday to try and ward off a long recession triggered by the financial crisis.
Commercial banks borrowed slightly less from the Federal Reserve's emergency lending program over the past week, while investment firms stepped up their loans.
Credit Suisse Group said Thursday it is cutting 5,300 jobs - about 11 percent of its global work force - in a bid to reduce costs and take its business back into the black.
Luxury homebuilder Toll Brothers Inc. warned Thursday that revenue in fiscal 2009 will be significantly lower than in 2008, despite ending the year with a slightly narrower quarterly loss.
Pork producer Smithfield Foods Inc. on Thursday reported a 76 percent drop in its fiscal second-quarter earnings, as high feed costs linked to skyrocketing grain prices hurt its hog and Butterball turkey operations.
Wal-Mart Stores Inc. says November same-store sales rose 3.4 percent, as consumers shopped more ahead of the holidays as gas prices dropped.
New claims for jobless benefits fell unexpectedly last week but the number of people continuing to receive government aid reached a 26-year high and large companies announced more job cuts Thursday.
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