IN BRIEF

Moody's cuts rating for Las Vegas Sands

Moody's Investors Service on Wednesday cut credit ratings on Las Vegas Sands Corp. two notches further into junk territory.

Moody's cited the casino operator's large debt load and negative trends in Las Vegas. However, the rating service praised the company's $2.14 billion capital raising program and the shelving of several development projects.

At the corporate level, the agency cut several ratings, including the probability of default, to "B2" from "Ba3." Some $5 billion in credit facilities issued to the company's Las Vegas subsidiary were cut to "B2" from "Ba3," while $3.3 billion in facilities issued to operations in Macau were cut one notch to "B2" from "B1."

Nevada State Bank begins private banking

Nevada State Bank on Wednesday said it opened a private banking division for wealthy clients, offering wealth planning, investment management, deposit and lending services.

Executive Vice President Russell Price, formerly Nevada officer for Contango Capital, an affiliate of Nevada State, will head the private banking operation at Nevada State Bank.

General Growth dropped from S&P 500

Mall company General Growth Properties still clings to life, but the firm is dead as far as the Standard & Poor's 500 stock index is concerned.

The S&P 500 dropped the struggling real estate investment trust from the index effective at market close Wednesday and will replace it with Pennsylvania-based health care company Cephalon after close Friday.

General Growth's value fell below $1 per share this week, after trading at nearly $50 per share a year ago.

Investors began getting nervous about General Growth in early 2008, after critics suggested its debt load would cause problems as the economy faltered.

The downward spiral accelerated when the autumn credit crisis left General Growth with no obvious options to make good on about $4 billion in debt due by the end of 2009, including about $1 billion due by December.

SAN FRANCISCO

Intel reduces revenue forecast by $1 billion

Intel Corp. whacked more than $1 billion from its fourth-quarter revenue forecast and ratcheted down its profit expectations because a clampdown on spending is reducing demand for its chips.

Intel's announcement Wednesday illuminates how the economic crisis is rippling across industries. As consumers and businesses cut back on buying all kinds of things, their reduced purchases of PCs are harming computer makers and their suppliers.

Intel now expects sales of $9 billion in the last three months of the year, plus or minus $300 million.

The company previously expected sales between $10.1 billion and $10.9 billion, and analysts polled by Thomson Reuters were looking for $10.3 billion.

SIOUX FALLS, S.D.

Fears of waning use of energy sink oil prices

Oil prices plunged below $56 a barrel Wednesday as awful numbers from retailers and a dismal outlook from automakers lent yet more evidence that the U.S. and the rest of the globe will slash its energy use.

The Energy Department said it expects U.S. consumption of petroleum to drop more severely than any time since 1980 next year, with gasoline use dropping by 3 percent.

Its Energy Information Administration on Wednesday said 2009 petroleum consumption is projected to decrease by a further 250,000 barrels per day, or 1.3 percent.

Also on Wednesday, the International Energy Agency said more than a trillion dollars in annual investments to find new fossil fuels will be needed for the next two decades to avoid an energy crisis that could choke the global economy.

Light, sweet crude for December delivery fell nearly 6 percent, or $3.50 to settle $56.16 a barrel on the New York Mercantile Exchange, the lowest closing price since January 2007.

Anheuser-Busch Cos. investors OK takeover

Anheuser-Busch Cos. shareholders approved InBev NV's $52 billion takeover offer, agreeing to create the world's largest brewer and hand over its controlling share of the U.S. beer market to the Belgian company.

Investors voted 96 percent of the shares cast in favor of selling the St. Louis-based brewer for $70 each.

NEW YORK

Treasury prices rise as stock indexes decline

Treasury prices rose Wednesday as stock indexes plunged.

The 10-year note rose 0.75 points to 102.72 and yielded 3.66 percent, down from 3.76 percent.

The 30-year bond rose 0.35 points to 105.56 and yielded 4.19 percent, down from 4.21 percent.