Business

LOCAL BUSINESS

Analysts say Chrysler, GM must cut costs drastically

DETROIT — When Chrysler was near death and awaiting a government bailout in 1979, then-CEO Lee Iacocca ordered drastic spending cuts and required that all expenses of more than $1,000 be approved by a senior vice president.

Delta revises strategy; will scale back flights

ATLANTA — Nine days after announcing new overseas routes for 2009, Delta Air Lines Inc., the world's biggest carrier, said in a regulatory filing Friday it plans to reduce future domestic and international capacity because demand for seats has slowed amid the global financial crisis.

ECONOMY

Late-day sell-off is feverish

DES MOINES, Iowa — There was a time when thresholds meant something. The Dow Jones average sinking below 8,000 must mean the bottom is near. The S&P 500 falling 50 percent from its high must signal the end of the freefall.