Financial news on August 23, 2008

Business and Financial news
A Hotel’s Secret: Treat the Guests Like Guests

Alan J. Fuerstman, the chief executive of Montage Hotels and Resorts, talks about staff training and retention. Read more..

By PERRY GARFINKEL - The New York Times

Automakers to Seek More Money for Retooling Vehicle Plants

The steep decline in vehicle sales and rapid shift in the market to smaller cars has prompted three automakers to seek a significant increase in a government loan program. Read more..

By NICK BUNKLEY and BILL VLASIC - The New York Times

Britain’s Economy Came to a Halt in 2nd Quarter

As the government reported that the economy stagnated in the quarter, the country’s financial regulator asked banking executives to prepare for an economic downturn. Read more..

By JULIA WERDIGIER - The New York Times

European Lender Thrives With Personal Touch

International Personal Finance serves as a lender to people of modest means in Central and Eastern Europe with little or no access to conventional banks. Read more..

By JULIA WERDIGIER - The New York Times

Fed Chairman Urges Broader Market Oversight

The chairman of the Federal Reserve outlined an ambitious proposal for overseeing the credit markets and preventing a rerun of the current crisis. Read more..

By LOUIS UCHITELLE - The New York Times

Lehman’s Shares Gain on Signs of Raising Capital

Stock in Lehman Brothers soared on a report that the state-run Korea Development Bank was considering buying the bank, an idea that a spokesman for the South Korean firm said was “erroneous.” Read more..

By JENNY ANDERSON and LANDON THOMAS Jr - The New York Times

More Flights Are Overbooked, but Payoffs Are Rising

The chance of losing your seat may be higher this fall, but airlines are offering more compensation. Read more..

By MICHELINE MAYNARD and MICHELLE HIGGINS - The New York Times

Uncertainty Over Fannie and Freddie

Anxiously awaiting a move by the Treasury Department and spurned by large investment firms, Freddie Mac and Fannie Mae find themselves unable to raise capital. Read more..

By CHARLES DUHIGG and VIKAS BAJAJ - The New York Times

Verizon Wireless Discusses a Mobile Search Deal With Google

The two industry Goliaths are discussing a partnership that would give Google’s search service a prominent spot on the screens of Verizon phones, according to people briefed on the talks. Read more..

By LAURA M. HOLSON and MIGUEL HELFT - The New York Times

With Oil Demand Down, Prices Are Leveling Off

A combination of weak economic growth, slowing demand and shifting perceptions has sent oil prices down 21 percent from last month’s peak. Read more..

By JAD MOUAWAD - The New York Times

See what else happened on August 23, 2008