Madoff ordered to list assets, debts
Disgraced money manager Bernard Madoff has been ordered to provide a written list by the end of the year of his assets and liabilities, a key step in finding what is left for investors after authorities said Madoff admitted squandering at least $50 billion.
U.S. District Judge Louis L. Stanton signed an order Thursday requiring Madoff to provide a verified accounting to the Securities and Exchange Commission.
TOKYO
Japan follows U.S. in interest rate cut
Japan’s central bank cut its key interest rate to 0.1 percent on Friday, joining the U.S. Federal Reserve in lowering borrowing rates to nearly zero amid an ever-worsening outlook for the global economy.
The Bank of Japan also introduced new steps to thaw a growing credit crunch for companies.
The cut was widely expected and comes after the government earlier in the day lowered its economic forecast for the fiscal year through March to negative 0.8 percent from positive 1.3 percent.
RICHMOND, Va.
CarMax reports $21.9 million loss
Auto retailer CarMax Inc. said Friday it swung to a $21.9 million loss in the third quarter due to slumping sales and store traffic, and loan loss writedowns in its auto finance arm.
The Richmond, Va.-based company says it lost 10 cents per share in the quarter that ended Nov. 30. The company reported earnings of $29.8 million, or 14 cents per share in the same quarter last year.
New York
Gold prices falter as dollar strengthens
Gold prices declined Friday, as the dollar gained further strength against other major currencies, including the euro and the British pound.
Gold for February delivery fell $23.20 to settle at $837.40 an ounce on the New York Mercantile Exchange. Still, prices are up 2.1 percent for the week.
SEATTLE
Times asks staff for unpaid week off
The Seattle Times on Friday asked 500 managers and nonunion workers to take a week off without pay in the face of mounting financial troubles at the newspaper.
Executive Editor David Boardman broke the news in a meeting with editors Friday morning.
The Times has cut nearly 500 positions in the past year, leaving it with about 1,410 full- and part-time employees. Executives have warned that more job cuts could be coming next year.