Alcoa to slash jobs and sell 4 units

NEW YORK (Reuters) - Alcoa Inc said on Tuesday it would slash more than 15,000 jobs, halve capital spending and sell four businesses as it reduces aluminum production in the face of the global economic downturn.

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Bank of America selling $2.8 billion

HONG KONG (Reuters) - Top U.S. lender Bank of America , raising cash to weather a dismal market at home, is selling a $2.83 billion chunk of its holding in China Construction Bank at a 12 percent discount on Wednesday, according to a term sheet obtained by Reuters.

U.S. budget deficit seen topping $1 trillion in 2009

WASHINGTON (Reuters) - Politicians want American consumers to resume spending to pull the economy out of its tailspin, and the U.S. government is leading by example with a potential $1 trillion deficit in 2009 -- even before a massive stimulus plan.

Stocks rise on stimulus plan hopes

NEW YORK (Reuters) - Stocks gained on Tuesday on the increased likelihood of a government stimulus package after the release of minutes from the last Federal Reserve policy meeting painted a dismal picture of the U.S. economy.

Fed and other agencies to join U.S. fraud task force

WASHINGTON (Reuters) - The U.S. government is beefing up a task force to fight mortgage crimes and safeguard federal financial bailouts, the U.S. Justice Department said on Tuesday.

LyondellBasell U.S. units file for bankruptcy

NEW YORK (Reuters) - The U.S. operations of LyondellBasell, the world's third-largest petrochemical company, filed for bankruptcy protection under the weight of a massive debt load and slumping demand for its products.

Trading in Lenovo shares suspended: HKEx

HONG KONG (Reuters) - Trading in shares of Lenovo Group was suspended on Wednesday pending the release of a statement of a price-sensitive nature, the company said in a statement issued through the Hong Kong bourse.

Court backs $631 million judgment against Boeing

NEW YORK (Reuters) - A California court has approved a jury verdict against Boeing Co , which means the plane maker and defense contractor must pay former customer ICO Global Communications (Holdings) Ltd $631 million in damages, according to ICO on Tuesday.

German tycoon Adolf Merckle commits suicide

BLAUBEUREN, Germany (Reuters) - German billionaire Adolf Merckle has committed suicide, in despair over the huge losses suffered by his business empire during the financial crisis, his family said on Tuesday.

N.Y. judge restrains Merkin funds in Madoff lawsuit

NEW YORK (Reuters) - A judge extended an order on Tuesday barring hedge fund founder Ezra Merkin from shutting down funds that had invested with accused swindler Bernard Madoff or withdrawing money from them.