Grim economic data reported in the U.S. on Wednesday helped reignite global economic worries and sent Asian stock markets sharply lower on Thursday.

Mobile phone giant Motorola says it is to reduce its global workforce by about 6% as demand falls.

A sharp fall in machinery orders in Japan provided the latest grim indication that the country?s economic contraction will be deep and prolonged as exports plunge.

Japanese machinery orders, a key indicator of corporate activity, saw their steepest monthly fall on record in November.

Sales at several of Britain's top High Street retailers fall markedly as a result of the economic slowdown.

The owner of Primark says sales at the discount fashion chain over the Christmas period were better than expected.

Reuters - Asian shares hit a six-week low on Thursday and safe-haven Japanese bond futures rose to their highest since Lehman Brothers collapsed in September as the U.S. banking crisis deepened, sparking fears of prolonged financial turmoil.

Global stocks maintained a downward trajectory, with European stocks slipping after sharp declines in Asia.

European planemaker Airbus outstrips rival Boeing on plane deliveries and orders in 2008 after the US firm was hit by a strike.

Eurozone inflation fell to a 26-month low in December, raising expectations eurozone interest rates will be cut later.

Channel Tunnel operator Eurotunnel sees three-month revenues fall 24%, partly due to the impact of September's fire.

The Chinese economy grew more than first thought in 2007, overtaking Germany's to become the world's third largest economy.

Reuters - Stock index futures pointed to a lower open on Wall Street Thursday ahead of JPMorgan Chase's Q4 results as woes about the state of the banking industry persisted. At 5:05 a.m. EST, futures for the S&P 500, Dow Jones and Nasdaq 100 were down between 0.5 and 2.2 percent

Reuters - Bank of America , the largest U.S. bank, is close to getting billions of dollars more in federal support from taxpayers, a person familiar with the matter said on Wednesday.

AP - The owner of Argos catalog company and home-improvement chain Homebase Thursday said sales fell sharply in the 18 weeks through Jan. 3 as consumers cut spending on big-ticket items amid the economic downturn.

Whether Ruth Madoff knew of her husband?s scheme or whether she didn?t are two unnerving possibilities.

Saying his health issues were ?more complex? than he originally thought, Steven P. Jobs is taking a leave until the end of June.

The European Central Bank decided Thursday to lower its main interest rate by half of a percentage point in the face of mounting evidence of lower prices and weaker activity.

JPMorgan Chase reported a $702 million profit, beating expectations for a quarter expected to be among the toughest in its history.

The Ukrainian-Russian dispute that has left Europe without most of its Russian gas supplies since January 6 dragged on into its ninth day.

The European Central Bank (ECB) cuts eurozone interest rates to 2% as it continues efforts to aid an economic recovery.

EU officials plan to join Russia and Ukraine in Moscow talks to resolve the crisis that has shut down Russian gas supplies.

Shares of fraud-hit Satyam Computers in India slump by a third after a board member rules out accepting government money.

Nigeria's President Umaru Yar'Adua sets up a team of economic advisors, as he warns of a looming financial crisis.

Reuters - Stock index futures resumed their descent on Thursday as an initial boost from JPMorgan's quarterly results proved short-lived and worries about the health of the financial sector persisted.

AP - Shares in DSG International PLC, Britain's largest electronics retailer, fell more than 7 percent Thursday after the company said sales fell during the holiday period as customers waited for discounts to kick in.

The European Central Bank decided to lower its main interest rate by half of a percentage point to 2% amid mounting evidence of lower prices and weaker activity.

The report showing the fifth straight month of declining wholesale prices raised fears of persistent deflation.

Wall Street fell sharply, following Europe and Asia lower, as the latest economic reports kept pressure on markets around the world.

The UK arm of telephone equipment maker Nortel goes into administration, after its US parent filed for bankruptcy protection.

Reuters - Stocks were set to open little changed on Thursday as reassuring quarterly results from JPMorgan Chase were offset by worries stemming from news of a push by Bank of America for more government aid.

Reuters - The number of workers filing new claims for unemployment aid rebounded last week after a brief slowdown, data showed on Thursday, as employers slashed jobs to cope with a worsening economic downturn.

Reuters - The number of workers filing new claims for unemployment benefits rebounded last week after a brief holiday-induced slowdown, government data showed on Thursday, suggesting that the year-long recession was deepening.

AP - Associated British Foods PLC on Thursday reported a 21 percent rise in revenue in late 2008 from the same period last year, citing strong sales from retailer Primark.

The bank reported a $702 million profit for its fourth quarter, topping forecasts for a quarter expected to be among the toughest in its history.

Wall Street fell sharply, following Europe and Asia lower, as the latest economic reports kept pressure on markets around the world.

The managed-care company said that it would pay $350 million to settle the class-action suit over reimbursement for out-of-network claims.

The Ukrainian-Russian dispute that has left Europe without most of its Russian gas supplies since January 6 dragged on into its ninth day.

Apple shares fall by more than 4% after chief Steve Jobs says he is taking medical leave until the end of June.

Former German Chancellor Gerhard Schroeder is to join the board of troubled Russo-British oil giant TNK-BP.

European planemaker Airbus outstrips rival Boeing on plane deliveries and orders in 2008 after the US firm was hit by a strike.

Eurozone interest rate cut targets economic revival

New York-based bank JP Morgan reveals greatly reduced profits for the fourth quarter.

Reuters - Stocks tumbled on Thursday as news of a plea by Bank of America for more government aid compounded investors' fears about mounting financial sector losses.

Reuters - Job losses in the moribund U.S. economy mounted last week and manufacturing remained in dire straits this month, while other data on Thursday showed the threat of deflation persisted in December.

Reuters - New York state's top legal officer has issued subpoenas to three investment funds run by hedge fund founder Ezra Merkin as part of a probe into accused swindler Bernard Madoff, a source close to the investigation said on Thursday.

AP - Britain's struggling retailers posted a mixed bag of trading statements Thursday, with sales of cheap clothes and baby equipment staying strong while electronics and home improvement goods slumped.

The package, developed by Congressional Democrats in partnership with President-elect Barack Obama, includes an expansive combination of spending and tax cuts.

State regulators in Massachusetts have accused top executives of the Reserve Fund with lying to shareholders about the safety of their investments.

Some people simply don?t have the same privacy rights as the rest of us, whether they like it or not.

The cuts, through buyouts and possibly layoffs, are the latest example of a sharp contraction in the size of American newspapers as they grapple with falling advertising and circulation.

The report said that the agency should fulfill promises it made to fix its system for approving medical devices.

Democratic leaders in the House of Representatives unveil a $825bn economic recovery package.

Reuters - Stocks fell on Thursday as a plea for government cash by Bank of America and fears about Citigroup's fate as it restructures heightened concerns of greater impact from the credit crisis.

Bloomberg - Jan. 15 (Bloomberg) -- Mary Schapiro, seeking to win Senate confirmation to be chairman of the Securities and Exchange Commission, said she will “reinvigorate” an enforcement unit that has drawn fire from lawmakers for missing Bernard Madoff’s alleged $50 billion Ponzi scheme.

AP - Carrefour SA, the world's second-largest retailer, said Thursday its sales growth slowed to just 0.7 percent in the fourth quarter from a year earlier as its hypermarkets continued to underperform at home and across Europe.

Appearing at her confirmation hearing before a Senate panel, Mary L. Schapiro outlined an ambitious agenda that included tighter regulation of hedge funds and credit rating agencies.

Shares on Wall Street, which spent much of the day sharply lower, rose in mid-afternoon trading.

The managed-care company said that it would pay $350 million to settle the class-action suit over reimbursement for out-of-network claims.

The Irish Government has said it is to nationalise the Anglo Irish Bank

Reuters - Stocks rose on Thursday as investors turned hopeful that the government would provide fresh capital to crisis-hit banks, including Bank of America , while falling oil prices buoyed hopes that lower energy costs will spur business and consumer spending.

Reuters - Bank of America Corp is in talks with the U.S. government to receive about $15 billion in additional capital from the Treasury Department's Troubled Asset Relief Program, plus government guarantees, according to a financial policy source familiar with the talks.

Reuters - General Motors Corp said on Thursday it expected this year's U.S. auto sales to drop to their lowest level in 27 years, cutting a central planning forecast as it works to slash debt and labor costs.

Reuters - The U.S. is in the midst of a 'serious' recession and if credit markets and the economic outlook do not start to improve, the Federal Reserve may need to expand its use of unconventional policy tools, a top Fed policy-maker said on Thursday.

The chief executive said Intel would continue to invest in manufacturing technology as it looks to outpace rivals.

Shares on Wall Street, which spent much of the day sharply lower, rose in mid-afternoon trading.

The New York attorney general has issued subpoenas to determine whether J. Ezra Merkin defrauded universities and charities when he invested their money with Bernard L. Madoff.

The remaining $350bn of a US financial bail-out fund can be made available, the Senate votes.

The Irish government has said it is to nationalise the troubled Anglo Irish Bank as its funding struggles continued.

Reuters - Stocks rose on Thursday amid market optimism the government will act to prevent the year-long recession from deepening, offsetting news that Bank of America was seeking more government aid that had fueled worries about the health of the financial sector.

Reuters - Genentech Inc reported higher fourth-quarter profit on Thursday, but sales of its most closely watched drug, Avastin, and its 2009 earnings forecast were shy of Wall Street expectations and its shares fell nearly 2 percent.

Reuters - Yahoo Inc will pay its new Chief Executive, Carol Bartz, an annual base salary of $1 million, plus a yearly bonus of around $2 million to as much as $4 million, according to a filing on Thursday.

AP - Bracing for their year-end 401(k) statements, many investors who put money in 2010 target-date mutual funds may be facing a delayed retirement.

The bank would get a $20 billion capital injection and potentially absorb $100 billion in additional losses.

House Democrats unveiled an $825 billion recovery package, and the Senate voted to release the second half of the Treasury?s $700 billion bailout fund.

The New York attorney general has issued subpoenas to determine whether J. Ezra Merkin defrauded universities and charities when he invested their money with Bernard L. Madoff.

The cuts, through buyouts and possibly layoffs, are the latest example of a sharp contraction in the size of American newspapers as they grapple with falling advertising and circulation.

Slowing spending on computers saw Intel profits fall by 90% in the last three months of 2008.

An audio slideshow of Detroit's two best known exports

Will the soaring US deficit limit Obama's options?

Reuters - Genentech Inc on Thursday reported sales of its most closely watched drug, Avastin, that came in shy of expectations and disappointed investors with its 2009 earnings forecast, sending its shares lower.

Reuters - Yahoo Inc's new Chief Executive Carol Bartz will receive a compensation package of about $19 million in 2009, in addition to a bonus and stock options, according to a regulatory filing on Thursday.

The government would provide a $20 billion capital injection and absorb as much as $98.2 billion in losses.

The automaker said it expected total sales of vehicles of just 10.5 million vehicles in the U.S. this year, suggesting it might need more government money to remain solvent.

The report showing the fifth straight month of declining wholesale prices raised fears of persistent deflation.

The managed-care company said that it would pay $350 million to settle the class-action suit over reimbursement for out-of-network claims.

Reuters - Intel Corp expects margins to bounce back to 'healthy' levels in the second half, but held back on giving detailed quarterly forecasts when it issued earnings on Thursday, citing economic uncertainty.

Losses have become so large that the government may have no choice but to take majority stakes in some banks.

The government would provide a $20 billion capital injection and absorb as much as $98.2 billion in losses.

The 52-42 Senate vote gave Barack Obama a $350 billion war chest, just as Democrats in the House unveiled an $825 billion fiscal recovery plan.

Many point to the talent available at Apple as reassurance as Steve Jobs takes a medical leave of absence from the company. But others are looking at the company?s history with worry.

Carol Bartz delivered her first speech since she replaced Jerry Yang as Yahoo?s chief executive, offering the glimpse of a personality very different from Mr. Yang?s.

The magazine is running a front cover advertisement in its February issue ? taking the whole space behind a flap which open from the middle of the cover.

As sales fell more than 27 percent in the luxury market in December, Saks Inc. said it would cut about 9 percent of its work force. A day earlier, Neiman Marcus also announced cuts.

The chief executive said Intel would continue to invest in manufacturing technology as it looks to outpace rivals.

The report said that the agency should fulfill promises it made to fix its system for approving medical devices.

The amount is $150 million more than previously disclosed, aimed at preventing 4,200 employees from quitting.

The $702 million profit was a far cry from the $2.97 billion the bank earned in the fourth quarter of 2007, but still topped analysts? expectations of flat earnings or a loss.

The approval, in an especially heated session in parliament, came despite mounting opposition from residents, lawmakers and environmental campaigners.

The European aircraft maker forecast drops in both deliveries and orders in 2009 even if world air traffic recovered.

The recent acquisitions made by Bank of America make up the sort of track record that should lead to the quick firing of its chief executive. But he might not be entirely at fault for Merrill Lynch.

Steve Jobs?s decision to reveal more about his health may not belong entirely to him, not when so much of Apple?s business relies on his personality as chief executive.

There are limited signs that the credit markets in the U.S. are starting to function, at least for better-qualified borrowers. One of them is the rate on traditional 30-year fixed-rate mortgages.