IN BRIEF
NEW YORK
No deals with rivals for Chrysler, chief says
The chief executive of Chrysler LLC said Monday that his company hasn't reached any new deals with other automakers but has spoken with outside parties interested in working with the Dodge and Jeep maker.
In a memo to employees obtained by The Associated Press, Bob Nardelli said Chrysler doesn't comment on speculation or its private meetings, but he said the automaker has spoken with interested outsiders.
The memo comes after news surfaced over the weekend that Cerberus Capital Management LP, Chrysler's privately held majority owner, and General Motors Corp. have held preliminary talks about an acquisition or other combination of the two automakers.
Neither automaker has publicly confirmed the talks, but each said discussions between automakers are routine.
NEW YORK
Morgan Stanley gets $9 billion lifeline
Morgan Stanley averted disaster with a $9 billion lifeline from a major Japanese bank, and on Monday declared it will use that money to pick off smaller rivals.
Investors poured back into Morgan Stanley shares, which last week plunged 60 percent. Shares recouped $8.42, or 86.98 percent, to close at $18.10.
"This is Wall Street's version of the Amazing Race," Johnson Research Group chief investment strategist Chris Johnson said. "Where these companies are going to jump through hoops and rings of fire to rebuild their businesses as quickly as possible."
Higher credit scores required by GMAC
GMAC LLC, the consumer finance arm of General Motors Corp., will limit auto loans to customers with credit scores of at least 700, making it harder for some customers to buy a car or truck.
GMAC also raised what it charges auto dealers for making loans that aren't part of special incentive programs, increasing the rate 0.75 percentage points, the Detroit-based company said Monday in a statement. Most loans will be limited to 60 months, according to a letter sent to dealers.
GMAC is tightening credit as both GM and GMAC battle speculation about their survival. Sales at the automaker are down 18 percent this year, and GM may face bankruptcy as the credit crunch drives down business, Standard & Poor's analyst Robert Schulz said.
NEW YORK
Restaurant foresee big jumps in meat costs
Beef may not be what's for dinner at your favorite restaurant come 2009.
Restaurants, now working to secure supply and price contracts for meat and other commodities for the upcoming year, are expecting big increases in food costs -- increases that will likely lead to menu changes and price hikes.
Some chains are already adjusting their menus to reflect current high costs for both beef and chicken. CKE Restaurants Inc., which operates the Hardee's and Carl's Jr. chains, stopped offering Double Cheeseburgers in its 2 for $3 promotion at the end of August and replaced them with Jumbo Chili Dogs and Hot Ham 'N' Cheese Sandwiches to avoid selling pricey beef at a lower price.
National Restaurant Association Senior Vice President of Research Hudson Riehle said wholesale food prices have jumped 8.7 percent year-to-date through August. That's on top of a 7.6 percent increase in 2007.
SEATTLE
Union, Boeing say talks to resolve strike halted
Boeing Co. and the leader of its striking machinists union say talks aimed at resolving a five-week walkout have broken down.
Boeing's chief negotiator Doug Kight said the company was disappointed as talks broke off Monday afternoon. The walkout is in its 38th day.
The president of the Machinists Union, Tom Buffenbarger, said by phone that the talks broke down over "the future" but declined to provide specifics.
Talks between the two parties resumed Sunday for the first time since 27,000 machinists went on strike Sept. 6 over issues that include job security, pay, retirement benefits and health care. The union also has concerns about provisions on outsourcing and subcontracting.
NEW YORK
Oil prices rebound; top $81 per barrel
Oil prices rebounded from a 13-month low Monday, pushing above $81 a barrel.
Light, sweet crude for November delivery rose $3.49 to settle at $81.19 a barrel on the New York Mercantile Exchange, after earlier rising as high as $82.52.
Falling oil prices have helped drive pump prices down. A gallon of regular sank 4.1 cents overnight to a national average of $3.206, AAA, the Oil Price Information Service and Wright Express said.
NEW YORK
American Pacific unit closes acquisition deal
American Pacific Corp. of Las Vegas on Monday said a subsidiary completed the purchase of Marotta Holdings Ltd. and Marotta Europe for 4.7 million euros or about $6.4 million (U.S).
Marotta Europe makes high-performance valves, pressure regulators, cold-gas propulsion systems and precision items for satellites and spacecraft.
The company has a location in Dublin, Ireland, and Cheltenham, England, and employs 30 engineers, scientists and technical workers.
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U.S. bond markets were closed Monday for Columbus Day.
