Briefs: Chicago Fed sees slow growth
CHICAGO -- Turmoil in financial markets could lead to a reduction in both business investments and the purchases of consumer durables and homes, slowing U.S. economic growth, the head of the Federal Reserve Bank of Chicago said Tuesday. But Charles Evans, in prepared remarks to the Futures Industry Association's annual conference in Chicago, said recent Fed actions, including two interest rate cuts in the previous two months and moves to boost market liquidity, and a decision Monday to conduct longer-term repurchase agreements, should mitigate significantly any serious threats to the economy.
Verizon to open its network
NEW YORK -- Verizon Wireless plans to open its network to devices other than the ones hand-picked by the company, a move that could expand the features available on mobile phones. The decision, announced Tuesday, means customers would be able to buy devices of their own choosing and run them on Verizon's network. Traditionally, wireless providers like Verizon let customers pick only carrier-approved devices, with carrier-approved software features.
Oil prices drop on less demand
NEW YORK -- Oil prices dropped Tuesday, picking up downward momentum amid concerns a slowing economy might reduce demand for crude just as OPEC members are considering an increase in production. Prices were also pressured by apparent progress at the Mideast peace summit in Annapolis, Md. Light, sweet crude for January delivery dropped $3.28 to settle at $94.42 a barrel on the New York Mercantile Exchange.
Wells Fargo says provision coming
NEW YORK -- Wells Fargo & Co. will take a $1.4 billion provision in the fourth quarter for loan losses, the bank said Tuesday. In a filing with the Securities and Exchange Commission, the San Francisco-based bank said it will create an $11.9 billion portfolio of the company's riskiest mortgages, which it plans to liquidate. The portfolio consists of three types of home-equity loans, or additional money lent to homeowners who already have mortgages.