The Associated Press reports that “Job cuts announced by U.S. employers last month jumped 12 percent over a year ago to cap the busiest summer of downsizing in six years, according to a report released Wednesday.”
General Motors Corp. and Ford Motor Co. posted double-digit declines in U.S. auto sales Wednesday; GM's August sales fell 20.4 percent and Ford's fell 26.6 percent. Both automakers have announced steep production cuts.
“Amid jitters about the future of Fannie Mae and Freddie Mac, China's four biggest listed banks have pared back their holdings in debt related to the two U.S. mortgage giants. At the end of June, the four banks held a combined $23.28 billion of debt issued or guaranteed by Fannie and Freddie,” The Wall Street Journal reports.
Marketwatch reports that “U.S. stock futures edged lower Wednesday with a market seemingly unsure of whether to cheer or fear the recent tumble in commodity prices.” S&P futures fell 2.4 points to 1,274.10, Nasdaq 100 futures slipped 5.25 points to 1,846.50 and Dow industrial futures fell 23 points.
Vice President Dick Cheney arrived in Azerbaijan on Wednesday as part of a tour to support Russia’s southern neighbors, the U.S. embassy said. Cheney is to meet with President Ilham Aliev and other top officials in the nation, which home to some of the largest oil and gas reserves in the former Soviet Union.
Lieutenant General Shaikh Saif Bin Zayed Al Nahyan, Minister of Interior in Dubai, has ordered that a panel be set up to resolve the issue of people without documents and help them prove their identity
Detectives in England have confirmed that millionaire businessman Christopher Foster murdered his wife and teenage daughter before taking his own life. They discovered the bodies in the burnt remains of Foster’s Shropshire mansion.
A shooting rampage that killed six people has ended with the surrender of Isaac Zamora, 28, who was just released from a six-month jail sentence for drug possession in Skagit County, in northwest Washington. The shooting victims were found at multiple crime scenes in and around the town of Alger.
A Long Island teenager has been arrested after police said they found a threat written on her Facebook page. Police reported that the 16-year-old girl wrote that she is “is going to kill everyone in school, so don't go.''
John McCain’s campaign has attacked the media for questioning the way vice presidential candidate Sarah Palin was vetted. Senior campaign adviser Steve Schmidt has released a statement saying the “nonsense” over the vetting process should end. Palin is set to address the Republican National Convention tonight.
McCain was praised as “his own man” at the Republican National Convention Tuesday night, as speakers, including President George W. Bush, Conn. Sen. Joseph Lieberman and former senator Fred Thompson spoke about McCain’s character and experience. Thompson and Lieberman also delivered several sharp barbs against McCain’s opponent, Democrat Barack Obama.
Republican vice presidential candidate Sarah Palin took an early-hours tour of the podium at the Republican National Convention this morning. She will return tonight to give her nomination acceptance speech.
With no plans to attend the Republican convention, Rep. Ron Paul, R-Texas, held a nine-hour “Rally for the Republic” in Minneapolis Tuesday. Around 12,000 disillusioned Republicans and independents attended the event “for a boisterous push-back against the Republican establishment,” the Los Angeles Times reports.
The U.S. Food and Drug Administration said Tuesday that food and milk from the offspring of cloned animals may have already entered the country’s food supply, but there is no way to know because there is no difference between the cloned and conventional products.
Climate change is blamed for three major ice shelves breaking up in the Arctic; two shelves in Canada’s far north have lost massive sections since August and a third is now floating in the Arctic Ocean.
Sports Illustrated says it has obtained documents confirming that two members of the 2008 Jamaican Olympic track team received shipments of performance-enhancing drugs through an Internet distribution network. The documents suggest Delloreen London received drugs between June 2006 and February 2007 and Adrian Findlay received a shipment in November 2006.
Late night talk show host David Letterman, 61, says that he would like to continue doing “The Late Show” beyond the year and a half he has left on his contract. “The way I feel now, I would like to go beyond 2010, not much beyond, but you know, enough to go beyond,” he said in the latest issue of Rolling Stone magazine. “You always like to be able to excuse yourself on your own terms.”