News In Brief

Here is a short look at what's in the news today. News looking rather grim with most focus on the economical problems. For the full stories, go to NPR (Click Here)
Fannie Mae Posts Record $29 Billion Loss

Fannie Mae
Mortgage finance company Fannie Mae reported Monday that it lost a record $29 billion in the third quarter -- its fifth consecutive quarterly loss

Fannie Mae, which has been operating under a government conservatorship since September, had previously warned it would write down "substantially all" of its deferred tax assets, which had become a controversial addition to capital as losses mounted. Deferred tax assets can be used to offset future taxes, but only if the company can show it will return to profitability.


Circuit City Files For Bankruptcy Protection

Circuit City Stores, the nation's second largest consumer electronics retailer, filed for bankruptcy protection on Monday, but retail outlets will stay open for business during the busy holiday season.

The Richmond, Virginia-based retailer filed under Chapter 11 of the bankruptcy code, which will
allow it to hold off creditors and continue operations while it develops a financial reorganization plan.

At Least 28 Die In Baghdad Bombings

At least 28 people were killed and 68 were wounded when a series of bombings ripped through the Kasra neighborhood in northern Baghdad on Monday, police said.


World Stocks Move Higher On China Stimulus Plan

Global stock markets were sharply higher Monday after China announced a multi-billion dollar stimulus package for its economy.

The Chinese plan calls for pumping $586 billion into housing, infrastructure and post-earthquake reconstruction. Officials hope the stimulus package will keep the economy steady and compensate for the fall in exports