Financial news on November 03, 2007

Business and Financial news
Auto Sector’s Role Dwindles, and Spending Suffers

The automobile industry’s share of the American economy has fallen to a historic low — 3.1 percent of the total gross domestic product. Read more..

By FLOYD NORRIS - The New York Times

Big Drop in Merrill Stock on Hint of New Troubles

Merrill Lynch saw its shares fall 8 percent on Friday on the possibility that it might have to write down more of its high-risk credit exposure. Read more..

By LANDON THOMAS Jr - The New York Times

Credit Ratings Cut to Junk for Top 3 Home Builders

Standard & Poor’s cut the credit ratings of the three largest American home builders — Lennar, Pulte Homes and D. R. Horton — to junk yesterday as demand for new homes deteriorated. Read more..

By BLOOMBERG NEWS - The New York Times

F.C.C. Case Is Appealed to Justices

The F.C.C. has asked the Supreme Court to review a federal appellate court decision that rejected an effort by the commission to enforce indecency standards. Read more..

By DOW JONES - The New York Times

Ford and U.A.W. in Marathon Contract Talks

After five days of intense talks, the two sides had resolved most of their differences and were down to “a few key issues,” said one person briefed on the talks. Read more..

By NICK BUNKLEY - The New York Times

Ford and U.A.W. in Marathon Contract Talks

After five days of intense talks, the two sides had resolved most of their differences and were down to “a few key issues,” said one person briefed on the talks. Read more..

By NICK BUNKLEY - The New York Times

Peace of Mind When They Ask to Borrow the Car

Some parents are adopting new technology, like G.P.S. monitors, to track their teenage drivers. Read more..

By ELIZABETH OLSON - The New York Times

Russia Temporarily Rescinds Ban on Lufthansa Overflights

In an effort to defuse an escalating diplomatic dispute with Germany, Russian authorities agreed on Friday to allow Lufthansa to temporarily resume cargo flights over Russia. Read more..

By NICOLA CLARK - The New York Times

Senate Democrats Facing a ‘Pay as You Go’ Problem

Senate Democrats need to find a way to raise at least $50 billion in new taxes, or undermine their most important rule for enforcing budget discipline. Read more..

By EDMUND L. ANDREWS - The New York Times

U.A.W. and Ford Reach Tentative Agreement

United Automobile Workers reached a tentative agreement with the Ford Motor Company after a 41-hour bargaining session. Read more..

By NICK BUNKLEY AND MICHELINE MAYNARD - The New York Times

See what else happened on November 03, 2007