Local company named one of 50 best stocks worldwide
Rayonier Inc.'s stock fell along with the rest of the market in 2008. But the Jacksonville-based forest products company has at least one fan touting the stock.

New jobless claims drop unexpectedly
New claims for jobless benefits fell unexpectedly last week but the number of people continuing to claim benefits reached a 26-year high.

Retailers see sales drop in dreary November
A shopping boost on the day after Thanksgiving as consumers turned their thoughts to the holiday season couldn't save a weak November for most retailers, fueling more concerns about a bleak December and beyond amid what could be a deep and long recession.

AT&T to cut 12,000 jobs
AT&T Inc. joined the recession's parade of layoffs Thursday by announcing plans to cut 12,000 jobs, about 4 percent of its work force.

DuPont to cut 2,500 jobs, trim 4,000 contractors
DuPont says it will cut 2,500 jobs, mostly serving the U.S. and European automotive and construction markets, due to lower demand linked to the steep global decline in homebuilding, auto sales and consumer spending.

Wall Street points to lower open
Wall Street headed toward a lower open Thursday on dismal retail sales reports and a spate of discouraging corporate news, including significant job cuts at AT&T and DuPont and a weaker-than-expected 2009 earnings forecast from the drugmaker Merck.

Capital One buying Chevy Chase Bank for $520M
Capital One Financial Corp. said Thursday it will acquire Chevy Chase Bank for $520 million in cash and stock, expanding its presence in its own backyard.

ECB cuts rates, following BoE, Swedish Riksbank
Europe's central banks moved headfirst to confront the recession brought on by the financial meltdown, slashing their interest rates Thursday as fears about the health of the continent's economies grew.

Credit Suisse cuts 5,300 jobs worldwide
Credit Suisse Group said Thursday it is cutting 5,300 jobs — about 11 percent of its global work force — in a bid to reduce costs and take its business back into the black.