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Economy at near standstill in 4th quarter

By Times Wires
Published February 29, 2008

WASHINGTON

The economy skidded to a near halt in the final quarter of last year, clobbered by dual slumps in housing and credit that caused people and businesses to spend and invest more sparingly. The Commerce Department reported Thursday that the gross domestic product increased at a scant 0.6 percent pace in the October-to-December quarter. The reading underscored just how much momentum the economy has lost. In the prior quarter, the economy clocked in at a brisk 4.9 percent pace.

Follow Ford recall, traffic agency says

The government on Thursday warned owners of about 4.6-million recalled Ford vehicles to bring their cars and trucks immediately to dealerships to disconnect cruise control switch systems that have been linked to engine fires. The National Highway Traffic Safety Administration issued the consumer advisory to the owners of certain unrepaired Ford, Lincoln and Mercury sport utility vehicles, pickup trucks, vans and passenger cars who have not yet responded to past recalls. A complete list of affected vehicles is available at www.nhtsa.dot.gov (click on the Press Room link).

NEW YORK

Oil futures set another record

Crude prices extended their march into record high territory Thursday, shooting up more than $2 a barrel as a falling dollar and the prospect of lower interest rates attracted more investors to the oil market. Light, sweet crude for April delivery rose $2.95 to settle at a record $102.59 a barrel on the New York Mercantile Exchange. Prices continued rising after the Nymex closed, setting a new trading record of $102.97.

RALEIGH, N.C.

Wachovia workers face bid inquiry

Wachovia Corp., the nation's fourth-largest bank, said Thursday the Department of Justice is investigating two company employees it did not identify for possible misconduct related to competitive bids in the municipal derivative markets. Wachovia said the DOJ and Securities and Exchange Commission have advised the bank that they believe some of the company's employees engaged in "improper conduct" in connection with certain competitively bid transactions.

FORT LLAUDERDALE

Judge: Tousa can build, sell homes

Tousa Inc., the Hollywood, Fla., homebuilder that sought bankruptcy protection last month, received court approval to continue building and selling homes. On Thursday, U.S. Bankruptcy Judge John Olson in Fort Lauderdale allowed the company to continue to sell constructed homes and enter into new contracts. Any liens on those homes will be paid from proceeds of the sale, according to court papers.

CHICAGO

Boeing completes Dreamliner test

Boeing Co. said tests performed on the fuselage barrel of the 787 Dreamliner were successful. The testing of the barrel began in late 2007 and was completed this week, part of the certification efforts for the 787, the company said.

[Last modified February 29, 2008, 00:45:42]