In order to combat falling oil prices, OPEC is expected to cut production at its summit in Oran, Algeria next month. Khelil stated, "the current price of oil is low, but it can't remain low always. We believe prices should be between $70 and $90 a barrel." Crude oil prices dropped to as low as $54.67 a barrel last week on economic concerns.

Freddie Mac, which was recently seized by the federal government, is now asking the Treasury for $13.8 billion. The company reported a record quarter loss, which caused its net worth to drop below zero. Freddie reported in a statement Friday, that its net loss for the quarter increased to $25.3 billion after the company wrote down bad mortgages and troubled securities.

This Monday, the Senate is scheduled to review a rescue bill for the auto industry. The bill would provide $25 billion in an emergency loan to GM, Ford, and Chrysler. Since the auto rescue bill is a loan, it differs from the financial bailout package where the government bought stakes in the companies.

President Bush stated that he is now pleased with the progress being made with world leaders over the financial crisis; however, he warns of the dangers of protectionism. Leaders from 20 of the worlds largest economies are meeting in the Washington summit in order to establish a plan to increase confidence in the financial markets around the world.

Retail sales reach record falls; however, due to lower oil prices consumer confidence is slightly up entering the holiday season. The commerce department reported that retail sales for the month of October dropped 2.8 percent, the largest decline since they began tracking retail sales in 1992.

Citigroup is planning to cut nearly 10 percent of its workforce as the troubled bank tries to return back to profitability. This week the company's stock fell below $10 for the first time in 13 years, and the bank is planning to sell off nearly $400 billion in assets.

FDIC Chairwoman Sheila Bair revealed a plan Friday to bailout troubled home owners. Under the plan, home owners who are currently paying more then 31 percent of their income towards their mortgage, could restructure their mortgage to below 31 percent. In order to accomplish this task, homeowners could be offered rates as low as 3 percent and terms could be extended as long as 40 years. Additional,... More

In January, Dell's Chief Technology Officer Kevin Kettler plans to leave the company after 13 years. Kettler will leave the company to spend more time with his family and focus on personal interests. Last week Dell asked its employees to consider taking up to five days unpaid vacation as its continues to struggle with lackluster consumer demand.

Shares of Citigroup fell to their lowest levels in 13 years as the global economy continues to plummet. Citigroup's shares have dropped nearly 70 percent this year, and still has billions in exposure to bad debts. The company is expected to face significant losses related to its Credit Card and Auto Loans.

Verizon will be directly competing with Comcast with its new FiOS TV Service which allows fiber subscribers to watch TV over their fiber-optic lines. Verizon stated that it plans to provide TV service to one third of households within the next three years. Philadelphia will be one of the first cities to receive the new service.

Research in Motion is preparing to launch its next version of the BlackBerry. The new touch screen version will begin selling November 21st and will compete directly with Google's Android and Apple's iPhone. The BlackBerry storm will sell for $199 after a $50 mail-in rebate for users who sign a two-year contract with Verizon.

Microsoft is looking to beat Google in becoming the default search engine on Internet enabled phones from Verizon Wireless. Under the agreement, Verizon would receive payments of $550 to $650 million over the next five years from Microsoft, nearly double Google's current offer. Although, currently the number of mobile searches is relatively small, the market is expected to drastically grow within... More

Morgan Stanley announced plans to cut its staff by 10 percent in order to cope with deteriorating economic conditions. Morgan Stanley currently employees 46,383 people.

The Dow Jones Industrial Average was down for the third day in a row on Wednesday. Paulson backed away from buying up mortgage assets sending stocks down further. Best Buy also slashed their earnings outlook on concerns that consumer spending will be slow this holiday season. Shares of GM and Ford closed higher on hopes for a government bailout.

Goldman Sach's CEO, Lloyd Blankfein, stated that the company will not change its strategy now that it has become a bank. Goldman's shares have declined in recent weeks, over concerns that increased regulation will drastically lower its potential profits.