SAN FRANCISCO — AOL is shaking loose from Time Warner Inc. and heading into the next decade the way it began this one, as an independent company.

Unlike the 1990s, though, when AOL got rich selling dial-up Internet access, it starts the 2010s as an underdog, trying to beef up its Web sites and grab more advertising revenue.

Despite a few bright spots in its portfolio of sites, such as tech blog Engadget, AOL has a long way to go until Web advertising can replace the revenue it still gets from selling dial-up Internet access.

One especially popular property, entertainment site TMZ, is a joint venture with a Time Warner unit that will keep TMZ and its revenue after AOL splits off.

Now investors are getting a chance to place bets on AOL. Tomorrow, Time Warner shareholders as of Nov. 27 will get one share of AOL for every 11 of their Time Warner shares.

The next morning, AOL CEO Tim Armstrong is set to ring the opening bell at the New York Stock Exchange, and AOL will begin trading under the ticker symbol of the same name — the one it had when it was known as America Online and used $147 billion worth of its inflated stock to buy Time Warner in 2001.

AOL was co-founded in 1991 by Punahou graduate Steve Case.

RATES TO REMAIN LOW, BERNANKE SAYS

WASHINGTON — Federal Reserve Chairman Ben Bernanke warned yesterday that it's too soon to know whether the economic recovery will last and again pledged to hold rates at record-low levels for an "extended period."

The Fed chief's speech to the Economic Club of Washington made clear he thinks the economy will struggle even as it recovers from the recession. He said the economy confronts "formidable headwinds" — including a weak job market, cautious consumers and tight credit.

The central bank has leeway to keep rates low because inflation is under control and is expected to stay tame because of the economy's weakness. Some private forecasters even fear that the recovery could fizzle late next year as the government stimulus fades.

CONSUMER WALLETS HAVEN'T OPENED YET

WASHINGTON — Americans borrowed less for a record ninth straight month in October, another sign that consumer spending will remain weak, making it harder for the economy to mount a sustained rebound.

Consumer credit fell at an annual rate of $3.51 billion in October, the Federal Reserve said yesterday. Economists expected a $9.3 billion decline.

Demand for revolving credit, the category that includes credit cards, fell 9.3 percent, while borrowing in the category that includes auto loans rose at an annual rate of 2.6 percent.

Americans are borrowing less as they try to replenish depleted investments. Many are finding it hard to get credit as banks, hit by the worst financial crisis since the 1930s, have tightened lending standards.

GM TO SPEND $700M ON VOLT

DETROIT — General Motors Co. said yesterday it will spend $700 million at eight Michigan facilities to get its new rechargeable electric car road-ready — a technological and economic boost for its home state.

GM officials detailed their investment plans for the Chevrolet Volt on the floor of its assembly plant that straddles the border between Detroit and tiny Hamtramck. The plant, which will begin mass-producing the Volt in late 2010, is getting a $336 million upgrade that includes new machinery and other equipment.