Daily Business Report

The German utility conglomerate that owns the parent company of Kentucky American Water says it plans to decrease its interest to minority status by year's end — markets permitting.

LONDON — The world's developed countries, hard hit by the financial crisis, have probably tipped into a recession that will last at least through the first half of 2009, according to new projections issued Thursday.

WASHINGTON — The number of newly laid-off individuals seeking unemployment benefits has jumped to a level not seen since just after the Sept. 11, 2001, terrorist attacks, as companies cut more jobs in the face of a slowing economy.

Kentucky

Struggling to keep alive a government bailout of the troubled auto industry, key supporters offered concessions Friday - including reducing its $25 billion size. The White House came out firmly against a Democratic plan to carve it out of a $700 billion rescue package for financial companies.

Freddie Mac is asking for an initial injection of $13.8 billion in government aid after posting a massive quarterly loss Friday.

Publicly breaking with the Bush administration's official stance, the Federal Deposit Insurance Corp. proposed Friday to use $24 billion in government funding to help 1.5 million American households avoid foreclosure.

Wall Street ended a turbulent week with another astonishing show of volatility Friday, with stocks plunging, recovering and then plunging again as investors absorbed another wave of downbeat economic news. The Dow Jones industrials fell almost 340 points and the major indexes all fell sharply for the second straight week.

Kohl's Corp. says its third-quarter profit fell 17 percent as revenue dropped amid a continued pullback in consumer spending.

New foreclosure filings dropped by one-third in Kentucky in October compared with September, RealtyTrac reported Thursday.

The world's developed countries, hard hit by the financial crisis, have probably tipped into a recession that will last at least through the first half of 2009, according to new projections issued Thursday.

Plans for an ethanol plant in western Kentucky have been scrapped.

From department stores and convenience chains to call centers, managers who only a year ago had to scramble to fill holiday jobs are seeing a surge in the number of seasoned applicants — many of them laid off in other sectors and desperate for a way to pay the bills.

Kentucky

Wall Street looked to give back some of the gains from the previous session's huge rally Friday, as investors again focused their concerns on the slumping global economy.

Wal-Mart officials sounded an upbeat tone for the holidays as the retailer posted a 10 percent increase in third-quarter profits on Thursday, saying that shoppers are responding to its early Christmas promotions.

Fast-food company Yum Brands Inc. said Wednesday it will eliminate several hundred jobs and shift up to a couple hundred more as part of a restructuring of its sluggish U.S. business.

Three Asian electronics firms have agreed to plead guilty and pay $585 million in fines for conspiring to drive up the prices of LCD screens used in computers, TVs, cell phones and other electronic devices.

Wall Street received more signs of a deep economic slump Thursday, as Wal-Mart Stores Inc. narrowed its full-year earnings guidance. The news sent stock index futures falling before the start of trading.

Macy's Inc. swung to a loss in the third quarter as sales dropped more than 7 percent, with the retailer saying the holiday season would be a "nailbiter" and it saw no benefit in being optimistic for next year.