The two top salesmen for a $700 billion financial bailout are in for a grilling by Capitol Hill lawmakers just one week after the administration officially ditched the original strategy behind the rescue. Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson are expected to provide greater insights into the shift when they testify Tuesday before the House Financial Services Committee.

Yahoo’s Yang decides he’s no longer the right CEO

SAN FRANCISCO (AP) — Yahoo Inc. founder Jerry Yang has never concealed how much he cares about his Internet company. His emotional attachment is one of the reasons he balked at a $47.5 billion takeover offer from Microsoft Corp. six months ago. The same devotion finally led Yang to conclude he should step aside as chief executive, as the company seeks to bolster its depressed stock price and sagging earnings in an economic downturn that might prove even more wrenching than the dot-com bust of eight years ago.

Asia stocks sink as layoffs add to global gloom

HONG KONG (AP) — Asian stock markets sank Tuesday after Wall Street retreated and global financial firms announced another round of massive layoffs, adding to gloom about the world economy. European markets traded lower. Tokyo’s Nikkei 225 stock average fell 194.17 points, or 2.3 percent to 8,328.41, a day after confirmation Japan, the world’s second largest economy, had slipped into a recession. Hong Kong’s Hang Seng Index shed 4.5 percent to 13,131.23.

Big Three beg for aid as bailout bill stalls

WASHINGTON (AP) — Detroit’s Big Three auto makers are begging Congress for a $25 billion government rescue, while the legislation clings to life support on Capitol Hill and top lawmakers and the White House suffer from bailout fatigue. Democratic congressional leaders want to tap the $700 billion Wall Street rescue package for new loans to U.S. auto manufacturers and suppliers, but the White House and GOP lawmakers say the beleaguered industry shouldn’t get any new funds.

Oil lingers near $55 as investors mull recession

SINGAPORE (AP) — Oil prices lingered near $55 a barrel Tuesday in Asia as investors mulled more dire news pointing to a prolonged recession in developed countries and continuing weakness in demand for crude. Light, sweet crude for December delivery was up 36 cents to $55.31 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract Monday fell $2.09 to settle at $54.95, the lowest since January 2007. Prices have fallen about 62 percent since reaching a record $147.27 in mid-July.

Obama aides cite need for big stimulus program

WASHINGTON (AP) — Two of President-elect Barack Obama’s top economic advisers said Monday the U.S. economy needs a substantial stimulus package to avoid a deep recession. Former Treasury Secretary Larry Summers, who is being mentioned as a front-runner for the same job in the Obama administration, said the depth of the current economic crisis underscored the need for a stimulus package that would be “speedy, substantial and sustained” over a period of two to three years.

Stocks finish lower as recession worries deepen

NEW YORK (AP) — Wall Street finished sharply lower Monday as investors pored over more signs of economic weakness, including a huge round of layoffs in the financial sector. After a turbulent week that sent the Dow Jones industrials down nearly 340 points, investors found little solace in the latest news. Stocks zigzagged throughout the session, finally giving way to a stream of late-day selling that left the Dow Jones industrials lower by 223 points.

ESPN close on deal with Bowl Championship Series

NEW YORK (AP) — The Bowl Championship Series is close to an agreement with ESPN to televise college football’s championship game and biggest bowls — a deal that would throw up a huge barrier to any playoff system for at least six years. The title game and BCS bowls save the Rose are currently on broadcast network Fox and would be going to cable for the first time since the system was implemented in 1998.

Pressure grows for bank execs to give up bonuses

NEW YORK (AP) — Better to be a broker than a baron on Wall Street if you’re expecting a big bonus this year. The decision by top Goldman Sachs executives to forgo bonuses in 2008 is forcing other investment bank bosses to consider following suit. But thousands of lower-tier brokers will still collect hefty bonuses as firms try to keep their top talent from bolting for boutique firms or other industries.

Target plans price cuts despite lower 3Q earnings

NEW YORK (AP) — Target Corp. said Monday it will aggressively cut prices to give consumers bargains during the holiday season, after weak sales of its apparel and home offerings led third-quarter earnings to fall 24 percent. The discount retailer also said sales in established stores have been weak so far in November, and if that persists it expects fourth-quarter earnings below analyst expectations.

Gold Prices

LONDON (AP) — Gold traded in London at $736.50 per troy ounce, up from $734.00 late Monday.

Japan Markets

TOKYO (AP) — The benchmark Nikkei 225 stock average fell 194.17 points, or 2.3 percent, to 8,328.41 a day after the government confirmed that the world’s second-largest economy had slipped into a recession.

Dollar-Yen

TOKYO (AP) — The dollar was trading at 96.59 yen Tuesday afternoon in Asia, from 96.38 late Monday.

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