The day's trading action is seen in the faces of stock investors in Chengdu, China. Chinese stocks plunged nearly 9 percent Tuesday, their biggest drop in a decade, rattling markets across the globe.

Related articles:

Business in Brief Business in Brief Business in Brief Business in Brief Business in Brief Business in Brief Business in brief Business in Brief Business in Brief Business in Brief

Sales and Marketing
Everready Glass
Sales Reps Construction
West-Press
Printing Administrative & Professional
Tucson Urban League
CEO/President Finance and Accounting
Charles E. Gillman Company
Accounting Specialist Trades/Construction
RANCHO RESORT
MAINTANANCE POSITION Health Care
Dependable Health Services
Physical Therapists Administrative & Professional
Jorgensen Brooks Group
Counselor

SHANGHAI, China — Chinese stocks plunged nearly 9 percent Tuesday, their biggest drop in a decade, rattling markets from Hong Kong to Singapore and as far away as New York amid fears of a slowdown in China's economy.

Investors were also spooked by comments Monday from former Federal Reserve Chairman Alan Greenspan, who said a recession in the U.S. was "possible" later this year.

One day after sending Shanghai's benchmark index to a record, investors dumped stocks to lock in profits amid speculation about a fresh round of austerity measures from Beijing to slow the nation's sizzling economy. The Shanghai Composite Index tumbled 8.8 percent, or 268.81 points, to close at 2,771.79, its largest decline since it fell 8.9 percent on Feb. 18, 1997, at the time of the death of Communist Party elder Deng Xiaoping.

MONTREAL — Bombardier Inc., the world's third-largest commercial-aircraft maker, delivered 3.3 percent fewer planes last year as regional-jet shipments dropped.

Bombardier, based in Montreal, said in a statement it delivered 326 aircraft in the year ended Jan. 31, down from 337 a year earlier.

Regional-aircraft deliveries dropped 19 percent to 112 on falling demand from airlines. Business-jet deliveries grew 7.6 percent to 212, Bombardier said. It was the third consecutive year in which the company delivered fewer regional jets, while lifting business-jet shipments.

The slackening in regional-jet deliveries prompted the company to announce plans in October to cut 1,330 jobs and reduce production. The cuts, equal to about 5 percent of the work force, cost the company about $31 million in its third quarter.

WASHINGTON — Mortgage giant Freddie Mac said Tuesday it will no longer buy those high-risk home mortgages that it deems to be the most vulnerable to foreclosure. The surprise move came amid a deteriorating market for subprime loans affected by slumping home prices and rising interest rates

The government-sponsored company, which is the second-biggest financer of home loans in the United States, said it will begin using stricter standards for mortgages that it buys — including limiting the use of loans requiring less documentation of the borrower's status than conventional mortgages. The goal is "to help ensure that future borrowers have the income necessary to afford their homes," McLean, Va.-based Freddie Mac said.

"The steps we are taking today will provide more protection to consumers and enhance the level of underwriting standards in the market," Richard Syron, the company's chairman and CEO, said in a statement.

The changes will take effect Sept. 1, the company said, to avoid disrupting the mortgage market.

FORT WORTH, Texas — Potty parity is coming to American Airlines.

Starting Thursday, coach passengers will be allowed to use the lavatory in first class on American flights, a move that should provide relief for those who've had too much coffee.

Since 2003, the first-class lavatory has been a forbidden zone for coach travelers on American — the only airline with such a rule on all flights.

"It was difficult to explain to customers sitting in the forward section of coach why they couldn't walk a few feet away and use the lavatory," said airline spokesman Tim Wagner.

Not to mention long lines.

On a Boeing 757, there are two lavatories in first class with 22 seats and two in coach for up to 160 passengers.

"It was a ridiculous policy," said Joe Brancatelli, publisher of Internet business travel site JoeSentMe.com.

CINCINNATI — Federated Department Stores Inc., parent of Macy's and Bloomingdale's, said Tuesday that stronger sales at established stores and lower costs drove fourth-quarter earnings 5 percent higher. The retailer also announced plans to change its name.

Federated, which is building a national department store brand under Macy's, said it will ask shareholders to approve changing its name to Macy's Group Inc. The company also announced a $4 billion increase to its stock buyback program and said it will immediately repurchase 45 million shares for $2 billion under the plan.

For the quarter ended Feb. 3, net income rose to $733 million, or $1.40 per share, from $699 million, or $1.26 per share, in the prior-year period. Stripping out costs related to the integration of the stores acquired in the 2005 acquisition of May Department Stores Co., Federated said earnings for the latest quarter were $1.66 per share, topping the company's estimate of $1.55 to $1.60 per share issued about three weeks ago. That figure includes a gain of 6 cents per share.