2009 news

Two old office buildings, the Arcade and Chemical at Eighth and Olive streets downtown, were in the early stages of transformation to luxury condos and apartments when the credit crisis slammed their doors shut.

The U.S. trade deficit shrank nearly 29 percent in November, the largest amount in 12 years, as weak consumer demand and plummeting oil prices caused imports to sink by a record amount.

The U.K. government unveiled a second bank rescue plan Monday designed to jumpstart lending and bolster the stability of the nation’s financial system. The announcement made early Monday marks a dramatic new step for U.K. officials trying to contain a growing banking crisis. The announcement also comes as the U.S. government is poised to redirect its financial sector bailout efforts.

Stocks rose Friday, giving the Standard & Poor’s 500 index its first back-to-back gains in three weeks, after GMAC’s conversion to a bank spurred a rally in General Motors Corp. and oil’s increase sent Exxon Mobil Corp. higher.

Chrysler LLC, which suffered a 30% drop in sales last year, announced a massive new incentive program to move vehicles off dealers’ lots. The carmaker will begin marketing the incentive plans, called "Employee Pricing Plus," in ads on Monday.

Automakers at the world’s premier auto show have pinned their hopes on “green” models but for some companies the immediate future is shaping up as a battle for survival. U.S. auto sales dropped by 18 percent in 2008 to a 16-year low of 13.2 million, pushing financially strapped General Motors Corp and Chrysler to the brink of collapse.