BASF Halts 80 Factories; Oil Prices Slide to $53 a Barrel; Chinese Automakers Ask for Gov’t Aid; October Housing Starts Hit 49-Year Low; Honeywell Lands Engine Deal; Fed Sees Year-long Recession; Holiday Sales and Traffic to Plummet; BJ’s Profit Jumps 24%

The world’s largest chemical company, BASF SE (ADR:BASFY), lowered its profit forecast and announced plans to halt operations at 80 factories. The Ludwigshafen-based company cited reduced orders from the auto, construction and textile industries, Bloomberg reported. Oil prices continue sliding, as U.S. crude fell to $53.30 a barrel yesterday (Wednesday) – the lowest price since January 2007. Oil has dropped almost two-thirds from its record $147 a barrel in July, ...