After the Bell: Alcoa slashes jobs, output to cope with tough economy

Date: Tue, Jan 6, 2009 at 5:01 PM
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Alcoa slashes jobs, output to cope with tough economy

Alcoa Inc. said Tuesday it is cutting 13% of its
workforce, closing plants, and further curbing aluminum output to
conserve cash as it battens down for a lengthy recession.

BANK OF AMERICA CEO SEES 2008 RESULTS BELOW EXPECTATIONS

Bank of America Chief Executive Kenneth Lewis warns that 2008 results
will fall short of expectations and says executives at the giant
lender, including himself, shouldn't get bonuses for last year,
according to a report.

THE FED: FOMC SAW SPECTER OF DEPRESSION, DEFLATION

Members of the Federal Open Market Committee at their mid-December
meeting saw increasing risks of depression and deflation as they
grappled with employing
new tools to stabilize an economy that was rapidly weakening,
according to truncated minutes of the meeting.

NEW CONGRESS ARRIVES WITH EYE ON OBAMA'S STIMULUS PACKAGE

A new, more Democrat-heavy Congress is sworn in to office with
economic stimulus as its top priority, as lawmakers and
President-elect Barack Obama aim for quick action to jolt the sagging
U.S. economy.