(Source: Providence Journal)Union opposes GM, Chrysler merger: United Auto Workers president Ron Gettelfinger said yesterday he would oppose a merger between General Motors Corp. and Chrysler LLC because it would cost workers their jobs. The union president said the UAW has not had formal discussions with either automaker about the two companies combining, but he would be against any consolidation. "I personally would not want to see anything that would result in a consolidation that would mean the elimination of additional jobs," Gettelfinger said on a Web cast run by a Detroit radio station. Gettelfinger said the union has already done a lot to help GM, Chrysler and Ford Motor Co. survive by giving health care concessions in 2005, and with a new contract last year that reduced the automakers' production costs. (Associated Press)

PepsiCo cutting 3,300 jobs: PepsiCo Inc. said yesterday it is cutting jobs and closing factories to give it some "breathing room" to navigate the volatility that has permeated all corners of the global economy. The maker of Pepsi-Cola, Doritos and Sun Chips said it plans to eliminate 3,300 jobs and shutter six plants in an effort to save $1.2 billion over three years. The job cuts amount to roughly 1.8 percent of PepsiCo's global work force of about 185,000 employees, and will affect managerial and factory jobs. (Associated Press)

- Markets

Dollar uneven: The dollar closed mixed against major currencies yesterday in New York, ending at 101.88 Japanese yen, up from Monday's close of 101.27 yen. The euro closed at 3:30 p.m. at $1.3650, up from $1.3517.

Metals mixed: Gold for current delivery closed at $836.30 a troy ounce on the New York Mercantile Exchange, down from Monday's close of $838.90. Silver closed at $11.018 an ounce, up from $10.737.

Fuels drop: November light, sweet crude oil fell $2.56 to $78.63 a barrel on the New York Mercantile Exchange. October heating oil fell 8.13 cents to $2.2882 a gallon. October gasoline fell 3.28 cents to $1.8848 a gallon. November natural gas settled at $7.324 per 1,000 cubic feet.

Treasury securities: The Treasury Department yesterday auctioned $25 billion in three-month bills at a discount rate of 0.500 percent, up from 0.460 percent last week and the highest since these bills averaged 1.100 percent on Sept. 29. Another $27 billion in six- month bills was auctioned at a discount rate of 1.100 percent, unchanged from last week. The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,987.36 while a six-month bill sold for $9,944.39. That would equal an annualized rate of 0.508 percent for the three-month bills and 1.122 percent for the six-month bills. Separately, the Federal Reserve said yesterday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, fell to 1.24 percent last week from 1.59 percent the previous week. The weekly Treasury auction is normally held on Monday but occurred yesterday this week because of the Columbus Day holiday.

Associated Press

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