Andrew Cassel | As deflation fears grow, a look at how it would affect us
This week's economic news is grimmer than last week's. Yesterday's report that consumer confidence plunged in October to its lowest point since 1993 added more weight to fears that the nation's wobbly recovery might take a lot longer than hoped, or even run out of gas altogether.
( By Andrew Cassel, Inquirer Columnist, 10/30/2002 03:01 AM EST)

Jeff Gelles | Unanswered calls may show up on cell-phone bills
Like anyone else, I hate to be wrong, especially if I've promised to confess to it in print. I also hate to spend hours poring over consumer contracts and asking pointed questions, only to end up not quite sure what the truth is.
( By Jeff Gelles, Inquirer Columnist, 10/30/2002 03:01 AM EST)

Dow recovers from a 170-point fall
An unexpected plunge in consumer confidence incited another wave of profit-taking on Wall Street yesterday, but stocks recovered by late in the session, and renewed buying offset some of the losses.
( By Amy Baldwin, Associated Press, 10/30/2002 03:01 AM EST)

Lincoln National posts $125 million loss
Lincoln National Corp., the Philadelphia life insurer whose shares declined 43 percent this year, yesterday posted a net loss in the third quarter as it increased reserves for annuities and its former reinsurance business.
( By Dan Lonkevich, BLOOMBERG NEWS, 10/30/2002 03:01 AM EST)

Japanese prime minister backs banking overhaul
Prime Minister Junichiro Koizumi endorsed a plan yesterday to clean up the nation's banks, giving a major boost to his embattled financial services minister, who has met with fierce opposition to his get-tough approach on Japan's bad-loan problem.
( Associated Press, 10/30/2002 03:01 AM EST)

A single set of accounting rules is nearer
International and U.S. accounting regulators took a step yesterday toward devising a single set of accounting rules to halt company scandals that have battered investor confidence.
( Reuters, 10/30/2002 03:01 AM EST)

Honeywell's rebound is likely to take more time
When David Cote abruptly resigned as TRW's chief executive officer for the same job at Honeywell International, associates thought he finally could create his legacy by revitalizing the struggling yet solid conglomerate.
( By Linda A. Johnson, Associated Press, 10/30/2002 03:01 AM EST)

WorldCom senior staff bonuses approved
A bankruptcy judge approved $25 million in bonuses yesterday designed to keep WorldCom Inc. employees from leaving the crippled telecommunications company.
( Associated Press, 10/30/2002 03:01 AM EST)

Average fuel economy dips; fewer cars get 30 m.p.g.
Average fuel economy for the shiny new 2003 model cars and passenger trucks headed for showrooms is 20.8 miles per gallon, about 6 percent below the high point set 15 years ago.
( By John Heilprin, Associated Press, 10/30/2002 03:01 AM EST)

Business news in brief
The Pennsylvania Department of Community and Economic Development has lowered the interest rate on some of its loans to businesses, reflecting lower interest rates offered by banks. The interest rate for loans in the Philadelphia suburbs will fall to 5 percent, from 5.75 percent, the state said. The interest rate on loans in Philadelphia will remain at 3 percent. The city has a lower rate because it has more unemployed workers, a state official said. The DCED also lowered the interest rate on Small...
( 10/30/2002 03:01 AM EST)