National Business Digest

NATION

American Express plans to cut 10% of work force

NEW YORK — In a stark acknowledgment of the tough times ahead in the credit-card industry, American Express Co. said Thursday that it plans to cut 7,000 jobs, or about 10 percent of its worldwide work force, in an effort to slash costs by $1.8 billion in 2009. The New York-based credit-card issuer said it is also suspending management-level salary increases next year and instituting a hiring freeze.

30-year mortgage rates at highest since mid-Oct.

WASHINGTON — Rates on 30-year mortgages spiked this week as the tumult in financial markets continued to be felt in housing finance.

Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.46 percent this week, up from 6.04 percent last week. Rates on 15-year fixed-rate mortgages, which are popular with people who are refinancing, rose to 6.19 percent, compared with 5.72 percent last week.

REGION

Dominion East Ohio to lower price of gas

CLEVELAND — Customers who buy their gas from Dominion East Ohio will pay $8.80 per thousand cubic feet starting Nov. 13. The current rate for the Standard Service Offer is $9.80. Current market conditions have caused prices to fall, the utility said.

From Vindicator staff and wire reports