UAW grants concessions, exec warns of depression

DETROIT (AP) — Worried about their jobs and warned that the cost of failure could be a depression, hundreds of leaders of the United Auto Workers voted overwhelmingly Wednesday to make concessions to Detroit's three struggling automakers, including all but ending a much-derided program that let laid-off workers collect up to 95 percent of their salaries.

Union leaders also agreed to let the cash-starved automakers delay billions of dollars in payments to a union-administered trust set to take over health care for blue-collar retirees starting in 2010. In addition, they decided to let the Detroit leadership begin renegotiating elements of landmark contracts signed with the automakers last year, a move that could lead to wage concessions.

French power company in hunt for Constellation

UNDATED (AP) — A $4.5 billion bid by France's state-controlled power company for reactors in Maryland and New York could lead to the only foreign ownership stake in U.S. nuclear plants.

The late bid for half of Constellation Energy's nuclear business also puts Electricite de France SA in direct competition with an American icon, Warren Buffet.

Buffet's MidAmerican Energy Holdings Co. swept in to acquire Constellation Energy three months ago as the company, with significant nuclear power holdings, struggled to find cash.

Management group wins auction to buy Neuberger

NEW YORK (AP) — A group of managers and employees has won an auction to buy Lehman Brothers Holdings' prized investment management unit, which includes the Neuberger Berman money management business.

The bid by the Neuberger Berman group beat out two other competing bidders, one of which included private equity firms Bain Capital Partners and Hellman & Friedman.

Lehman filed for bankruptcy protection on Sept. 15.

SEC adopts new rules for credit-rating agencies

WASHINGTON (AP) — Federal regulators on adopted new rules designed to stem conflicts of interest and provide more transparency for Wall Street's credit-rating industry, widely faulted for its role in the subprime mortgage debacle and ensuing credit crisis.

The action by the five-member Securities and Exchange Commission was another government response touching on the global financial crisis set off by mortgage securities. The commissioners voted unanimously at a public meeting to adopt the new rules, most of which will take effect in about 60 days.

Pratt & Whitney lays off 350 employees

Jet engine maker Pratt & Whitney laid off about 350 employees across the country amid concerns that airlines may delay or cancel orders as the global economy slows.

The cuts will affect less than 1 percent of the company's work force of more than 38,000 employees, and will take effect immediately, Jennifer Whitlow, a spokeswoman said.

Pratt & Whitney, a subsidiary of United Technologies Corp., supplies both military and commercial jet engines for products such as Boeing Co.'s 747 and 777, as well as the Airbus A300, among many others. It also builds engines for Lockheed Martin Corp.'s F-22 fighter jet and the F-35 Joint Strike Fighter.