Financial news on November 15, 2008

Business and Financial news
A Record Decline in October’s Retail Sales

Retail sales fell 2.8 percent last month, led by a huge drop in auto purchases, as the financial turmoil and the slumping economy caused consumers to sharply cut back. Read more..

By JACK HEALY - The New York Times

Crisis Hits Tech Sector With Layoffs as Sales Slump

Sun Microsystems has started a restructuring that could see up to 6,000 employees lose their jobs as it joins a growing list of technology companies reeling from the crisis. Read more..

By ASHLEE VANCE - The New York Times

Facing Crisis, Congress Makes Sense

At a House hearing, Barney Frank used a witness to send a strong message to the securitization industry. Read more..

By JOE NOCERA - The New York Times

Meeting’s Key Decision May Be to Keep Talking

With the global economy slipping into its most serious downturn in decades, the Group of 20 is said to seem likely to agree on a few modest measures. Read more..

By MARK LANDLER and STEVEN LEE MYERS - The New York Times

Tech Companies, Long Insulated, Now Feel Slump

In the span of a few weeks, orders for technology products have collapsed and workers have been laid off. Read more..

By ASHLEE VANCE - The New York Times

The Euro Zone Confirms Economy Is in Recession

The economy of the euro zone slipped into recession during the third quarter, the European Union’s statistics agency confirmed. Read more..

By MATTHEW SALTMARSH - The New York Times

Winter Games Project Hits Snag in Vancouver

The freeze in credit markets and a collapse of the city’s real estate market have made the financing of the Winter Games a critical issue. Read more..

By IAN AUSTEN - The New York Times

With Credit Tight, U.S. Gives Small Business a Hand

Santanu K. Baruah, acting administrator for the Small Business Administration, discusses the changes the agency is making to help small companies weather the economic downturn. Read more..

By ELIZABETH OLSON - The New York Times

Words Fly, but No Aid for Detroit

The White House urged Congressional Democrats to speed up access to $25 billion in federal loan guarantees for ailing U.S. automakers. Read more..

By DAVID M. HERSZENHORN - The New York Times

See what else happened on November 15, 2008