Toyota’s Announces 2008 Sales, New Prez; Constellation Unloads London Unit to Goldman; China Urban Unemployment Rises; Kingdom Holding Posts Massive 4Q Loss; WB Cuts 800 Jobs; JNJ Profit Up 14%; Rohm and Haas Sheds 900 Jobs; Google Shelves Print Ads Program

Dow Chemical, Kuwait deal collapses… Nasdaq dragged by large-cap tech companies… Oil rises above $38 per barrel on Middle East tensions…  Dow off 1.6 pct, S&P off 1.6 pct, Nasdaq off 2.3 pct

The airline industry is facing a major crisis.

The price of fuel now makes up 35 percent of airline costs compared with 13 percent a decade ago. Capital and Crisis editor Chris Mayer says if oil prices stay where they are and nothing else changes, the airline industry will lose about $6 billion this year, compared with a profit of $5.6 billion last year.

This creates a great ‘hidden’ opportunity for investors. More fuel-efficient engines will require the use of exotic metals that can cope with higher-then-normal engine temperatures – metals like cobalt…

We’ve been warning you since the start that the subprime crisis would have some real staying power.Indeed, every time optimistic prognosticators have predicted an end to this global financial debacle, we’ve had the same response: Don’t you believe it.

The Dow Chemical Co. (DOW) yesterday (Thursday) announced its plans to buy rival Rohm and Haas Co. (ROH) in an $18.8 billion deal, $3 billion of which will come from Warren Buffett’s Berkshire Hathaway Inc. (BRK.A, BRK.B). News of the Dow buyout sent Rohm and Haas shares soaring over 60% by midday in New York.