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Friday, January 30, 2009 12:02 AM PST

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Today's Business News: Asian markets retreat on weak economy, earnings Economy likely shrank at fastest clip since '82 Honda's quarterly profit slumps, annual target cut Oil prices fall on housing, industry, job numbers Japan factory output plunges, jobless rate jumps Obama calls $18B in Wall Street bonuses 'shameful' SEC charges adviser with fraud linked to bailout Mexico's Cemex posts $707 million 4th-quarter loss Fannie strikes deal to modify mortgages: report Amazon.com profit beats Wall St. view; shares rise Asian markets retreat on weak economy, earnings Thu, 29 Jan 2009 09:43 pm PST AP - Asian stock markets faltered Friday, dragged down by a sell-off in Tokyo as new data underlined the severity of Japan's economic slump and quarterly reports from leading companies like Sony and Toshiba showed profits tumbling. Full Story Top Economy likely shrank at fastest clip since '82 Thu, 29 Jan 2009 09:24 pm PST AP - The country tumbled deeper into recession and probably logged its worst economic performance in a quarter-century during the final three months of last year as battered consumers and businesses throttled back spending. Full Story Top Honda's quarterly profit slumps, annual target cut Thu, 29 Jan 2009 11:01 pm PST AP - Honda Motor Co. slashed its annual profit target by over half Friday as quarterly profit tumbled 90 percent, hit by rising costs, a stronger yen and falling sales in key markets. Full Story Top Oil prices fall on housing, industry, job numbers Thu, 29 Jan 2009 09:35 pm PST AP - Oil prices dropped Thursday as layoffs spread, orders for big-ticket manufactured goods evaporated and the U.S. homebuilding industry posted its worst annual sales in more than two decades. Full Story Top Japan factory output plunges, jobless rate jumps Thu, 29 Jan 2009 10:08 pm PST AP - The pain of Japan's recession is spreading from the factory floor to the living room, as December figures showed companies slashing output at a record pace, the jobless rate surging and household spending falling sharply. Full Story Top Obama calls $18B in Wall Street bonuses 'shameful' Thu, 29 Jan 2009 04:18 pm PST AP - President Barack Obama issued a withering critique Thursday of Wall Street corporate behavior, calling it "the height of irresponsibility" for employees to be paid more than $18 billion in bonuses last year while their crumbling financial sector received a bailout from taxpayers. Full Story Top SEC charges adviser with fraud linked to bailout Wed, 28 Jan 2009 02:34 pm PST AP - Federal regulators on Wednesday charged an investment adviser with securities fraud, saying he bilked clients of at least $6.5 million in the first scheme using the government's $700 billion financial bailout program as a front to lure investments. Full Story Top Mexico's Cemex posts $707 million 4th-quarter loss Thu, 29 Jan 2009 10:06 pm PST AP - Mexico's Cemex SAB, the world's third-largest cement company, lost $707 million in the fourth quarter of 2008 — its first quarterly loss in a decade, the company said Thursday. Full Story Top Fannie strikes deal to modify mortgages: report Thu, 29 Jan 2009 09:30 pm PST Reuters - Fannie Mae (FNM.N) (FNM.P) reached an agreement to work with one of its former critics, Neighborhood Assistance Corp of America, to prevent foreclosures by reworking home mortgages to make them easier to afford, the Wall Street Journal said. Full Story Top Amazon.com profit beats Wall St. view; shares rise Thu, 29 Jan 2009 01:58 pm PST Reuters - Amazon.com Inc (AMZN.O) on Thursday posted a higher profit and robust holiday sales, and forecast fiscal first quarter sales above expectations, and shares of the online retailer rose 11 percent. Full Story Top

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