Pepsi to close plants; loan rates ease
Apple cuts price of basic MacBook by $100
CUPERTINO, Calif. – Apple Inc. touched up its line of laptop computers Tuesday with a minimal nod to the economic turmoil that might push consumers to be more frugal this holiday shopping season.
Apple lowered its least expensive laptop, the existing version of the entry-level MacBook, by $100 to $999. But in the updated versions of its MacBook and MacBook Pro machines, Apple focused mainly on adding features.
Pepsi to cut jobs, shut plants; profit dips 9.5%
NEW YORK – PepsiCo Inc. is cutting jobs and closing factories to give it some “breathing room” to navigate the volatility that has permeated all corners of the global economy.
The maker of Pepsi-Cola, Doritos and Sun Chips said Tuesday it plans to eliminate 3,300 jobs and shutter six plants in an effort to save $1.2 billion over three years. It plans to use the savings primarily to revive lagging U.S. soft drink sales.
The announcement came as the global snacks and drinks company reported a 9.5 percent drop in third-quarter profit, missing Wall Street expectations.
PepsiCo also issued a downbeat profit outlook for the fourth quarter and full year.
Loan rates ease, but banks remain cautious
NEW YORK – The government’s efforts to crank open the credit markets have led to some mild improvements in lending rates and Treasury bill yields. But it will probably take months, and perhaps a few years, before lending returns to healthier levels.
It was clear Tuesday that there is still plenty of fear in the lending business – one indicator, the difference between the rate at which banks lend to other banks and the rate at which they buy U.S. government debt remains near a 25-year high.
But analysts believe that as long as conditions keep improving, the economy should be able to grow.