Dollar reaches new low against euro over deficit
Saturday, November 27, 2004
BERLIN -- The dollar reached a new all-time low against the euro Friday for the fourth straight day, briefly pushing the European currency above $1.33 before recovering slightly, amid concerns about the U.S. deficit and the lack of any central bank action to stop the dollar's decline. The dollar also dipped to a nearly five-year low against the yen, but later regained ground.
Criminal probe looms for drug maker Bayer
WASHINGTON -- In a move that could lead to a criminal investigation, the government is checking its records to determine if drug maker Bayer AG was forthcoming about safety concerns with its cholesterol-lowering Baycol drug that surfaced within months of it hitting the market. If this week's allegations prove true that the company knew but was slow to inform the government its drug was riskier than comparable drugs, the Food and Drug Administration could begin a criminal investigation, one official said.
Bankrupt US Airways makes deal with GE
ARLINGTON, Va. -- US Airways Group Inc. said Friday it has reached agreement with General Electric Co. on aircraft leasing and financing terms that will help the airline lower costs and reduce debt as it seeks to avoid liquidation. The airline will also have to do more cost cutting on its own. The deal will provide the Arlington, Va.-based airline, now operating under bankruptcy protection, with $140 million in short-term liquidity and the deferral of aircraft debt and lease payments due over the next six months.
Nissan asks steel maker to increase shipments
TOKYO -- Japan's Nissan Motor Co., struggling to keep its factories churning out cars amid a steel shortfall, has asked South Korean steel maker Posco to boost shipments, a Posco official said Friday. The Tokyo-based automaker said Thursday it will halt operations at three of its plants in Japan for five days starting later this month due to the steel sheet shortage from Japanese suppliers and unexpectedly strong demand for Nissan's newest cars.
-- From wire reports