Reuters News

CUPERTINO, California (Reuters) - Apple Inc on Tuesday cut the price on its entry-level notebook computer to $999 and introduced a line of aluminum-clad machines starting at $1,299 in moves catering to budget-minded buyers at a time when recession fears loom over the global economy.

NEW YORK (Reuters) - The United States ushered in a new era in banking on Tuesday with plans to take equity stakes totaling up to $250 billion in financial institutions, an incursion into the private sector that U.S. officials called a regrettable last resort.

NEW YORK (Reuters) - Genentech Inc reported on Tuesday that sales of its cancer drug Avastin topped Wall Street estimates and its shares rose more than 3 percent, despite third-quarter earnings that fell short of analyst expectations due to higher costs.

WASHINGTON (Reuters) - The U.S. budget deficit hit a record $455 billion in fiscal 2008 as a slowing economy sapped revenues while spending on wars, bank failures and unemployment-related benefits soared, the Treasury Department said on Tuesday.

SAN FRANCISCO (Reuters) - Technology bellwether Intel Corp reported a 12 percent rise in quarterly profit and said year-end revenue could be lighter than expected amid uncertain demand, but the outlook was better than feared, sending shares higher.

DUBAI (Reuters) - General Motors said on Tuesday bankruptcy for the firm is not an option and called for coordinated federal action to assist the ailing U.S. automobile industry.

NEW YORK (Reuters) - An unprecedented cash crunch is choking the ability of banks to lend and creating an opportunity for hedge funds to launch, or ramp up corporate lending facilities.

NEW YORK (Reuters) - Stocks fell on Tuesday as fears that the global economy may not avert recession slammed shares of technology and consumer companies, eclipsing a government rescue plan for banks.

* Sees Q4 revenue between $10.1 billion and $10.9 billion

CUPERTINO, Calif., Oct 14 (Reuters) - Apple Inc on Tuesday cut the price on its entry-level notebook computer to $999 and introduced a line of aluminum-clad machines starting at $1,299 in moves catering to budget-minded buyers at a time when recession fears loom over the global economy.