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NEW YORK - The United States economy might be edging toward a recession in the wake of mortgage-related credit woes plaguing the financial markets, bankers and analysts has said on Monday.

NEW YORK - The Federal Reserve should be ready to reverse two interest rate cuts if the United States economy escapes major damage from recent market turmoil, but recovery is a way off for housing and subprime mortgage markets, Fed officials has said on Monday.

NEW YORK - Major Wall Street banks and brokerages, struggling under the weight of large subprime mortgage holdings whose value has plunged steeply, may take additional write-downs of between $30 billion and $40 billion in the fourth quarter, a top analyst predicted on Monday.

NEW YORK - Stocks fell on Monday after Citigroup’s warning of billions more in loan losses compounded fears that the credit crunch could get worse.

NEW YORK - Internet conglomerate IAC/InterActiveCorp has said on Monday it will spin off four of its largegest divisions, including the HSN cable shopping network, and retain 30 of its fastest-growing businesses to better capitalize on Web media and services.

NEW YORK - Stocks pared losses to trade nearly flat on Monday, with the Dow briefly trading in positive territory as financial shares came off their worst levels of the session.

NEW YORK - Citigroup Inc’s problems deepened on Monday as it was unable to assure investors a potential $11 billion write-down for subprime mortgages won’t grow, and its nearly pristine credit rating was downgraded.

NEW YORK - Time Warner Inc has said on Monday Chief Executive Richard Parsons will step down on January 1 and be replaced by Chief Operating Officer Jeffrey Bewkes, stoking expectations that large changes lie ahead for the world’s largegest media company.