AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Wednesday, November 12, 2008:

Bush administration still working on $700B rescue

WASHINGTON (AP) — At a time when most administrations are getting ready to turn out the lights, the Bush administration is still struggling to get the biggest government rescue in history up and running. Treasury Secretary Henry Paulson, who is leading the effort, is facing a lot of criticism and second guessing at the moment over how well the $700 billion bailout program for the U.S. financial system is being handled. Paulson was scheduled to give an update on the effort on Wednesday.

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Asian stocks fall as signs of slump mount

HONG KONG (AP) — Asian stock markets faltered Wednesday, with Hong Kong's benchmark down almost 2 percent, as evidence mounted that a worsening global economy has taken a toll on companies. Japan's Nikkei stock average slid 146.11 points, or 1.7 percent, to 8,663.19 and Hong Kong's Hang Seng Index lost 256.49, or 1.8 percent, to 13,784.41.

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Oil slips below $59 on global growth pessimism

SINGAPORE (AP) — Oil prices slipped below $59 a barrel Wednesday in Asia as investors come to grips with the prospect that global growth next year will slow more than originally feared, cutting demand for crude products such as gasoline. Light, sweet crude for December delivery was down 60 cents to $58.73 a barrel, after falling as low as $58.55, in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract overnight fell $3.08 to settle at $59.33, the lowest closing price since March 2007.

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Critics say new federal mortgage plan not enough

WASHINGTON (AP) — Once again, the government has offered another plan to help troubled homeowners. Once again, critics say it doesn't go far enough. The plan announced Tuesday by federal officials and mortgage giants Fannie Mae and Freddie Mac sounds sweeping in its approach: Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable. But there's a catch. The plan focuses on loans Fannie and Freddie own or guarantee. They are the dominant players in the U.S. mortgage market but represent only 20 percent of delinquent loans.

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Consumer spending worries send stocks lower

NEW YORK (AP) — Wall Street got another dose of painful reality Tuesday and sent stocks diving as investors recognized that few industries are safe from the consumer spending slump — whether they're building homes, making cars or selling coffee. The Dow Jones industrial average lifted off its lows of the day, but still closed down nearly 180 points. It became clear to investors that it's going to be hard to rely on the average consumer to pull the economy out of its downturn. Late Monday, Starbucks Corp. reported lower sales across the coffee chain, and early Tuesday, Toll Brothers Inc. posted a sharp drop in revenue and said it was too difficult to predict what the luxury homebuilder's profit would be next year.

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Las Vegas Sands proposes $2.14B rescue plan

Billionaire Sheldon Adelson has doubled down on his half-billion dollar bet this fall on Las Vegas Sands Corp. in a plan intended to keep the casino company from defaulting on its debt and falling into bankruptcy. The plan for infusing $2.14 billion in new capital into the company dramatically reduces Adelson's controlling stake even as he agreed to invest another $525 million.

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CFTC head calls for new regulatory regime

WASHINGTON (AP) — The head of the federal agency that oversees commodities trading wants to replace it and the Securities and Exchange Commission with three new regulators to better deal with an increasingly complex financial system. "I believe the United States should scrap the current outdated regulatory framework in favor of an objectives-based regulatory system consisting of three primary authorities: a new systemic risk regulator, a new market integrity regulator and a new investor protection regulator," said Walter Lukken, acting chairman of the Commodity Futures Trading Commission.

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Clash of expectations could undermine econ summit

WASHINGTON (AP) — World leaders are heading for a clash of expectations at this weekend's summit on the global economic crisis. Europeans are looking urgently for broad changes and tighter universal banking regulations. With two months left in office, President Bush isn't ready to go nearly that far.

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Up to 13 Conn. papers may close if no buyer found

NEW BRITAIN, Conn. (AP) — Newspaper publisher Journal Register Co. plans to close up to 13 of the newspapers it owns in Connecticut if it can't find a buyer for them. The debt-heavy company, owner of the New Haven Register and The Middletown Press, is a leader in a trend coursing through the newspaper industry, where cash flows aren't keeping up with debt loads. The trend is leading to major cuts and other changes at newspapers already beat up by readers' and advertisers' long-term migration to the Internet and a severe drop in ad revenue this year.

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Russia allows ruble to fall, stokes uncertainty

MOSCOW (AP) — Russia's Central Bank on Tuesday eased its defense of the embattled ruble, which fell sharply and triggered a sell-off in stocks as the country faces its worst financial crisis in a decade. The Central Bank also raised its refinancing interest rate by a full percentage point, to 12 percent, in an effort to stem breakneck capital flight and ease inflation.

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Japan Markets

TOKYO (AP) — The benchmark Nikkei 225 stock average fell 113.79 points, or 1.29 percent, to 8,695.51.

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Dollar-Yen

TOKYO (AP) — The dollar was trading at 97.98 yen Wednesday afternoon in Asia, from 97.16 yen late Tuesday.

A service of The Associated Press. Copyright 2008 All rights reserved.

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	Japan's Panasonic, Sanyo in talks on takeover	Associated Press	Mon Nov 3	0
	Japan's Nikkei index jumps 5.8 percent	Associated Press	Tue Nov 4	0
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	Asia stocks sink as layoffs add to global gloom	Associated Press	Tue Nov 11	0