The world?s largest digital camera maker announced profits 81.5 percent down compared to the year before.

Global leaders gather for the World Economic Forum in Davos, Switzerland as the economic climate worsens.

Reuters - Toyota Motor Corp (7203.T) said on Wednesday it would recall more than 1.35 million Vitz and two other models globally to fix a defect in the seatbelt, a component in the exhaust system or both.

Toyota Motor Corp said it would recall more than 1.35 million Vitz and two other models globally to fix a defect in the seat belt, the exhaust system or both.

Engineering group GKN says it has cut 2,800 jobs since October and may have to shed more because of the slump in the car industry.

Canon, the world's largest maker of digital cameras, reports a 90% fall in quarterly profits as a result of the economic downturn.

Novartis, the Swiss pharmaceuticals giant, reports strong growth in full-year profits, driven by sales of blood-pressure and cancer drugs.

Global leaders gathering for the World Economic Forum in Davos, Switzerland are in gloomy mood over the economic outlook.

Spanish police arrest six people on suspicion of a $600m fraud on the London stock market, according to news agency AFP.

Troubled US bank Citigroup cancels a new corporate jet after President Barack Obama questions the wisdom of the purchase.

Japan's third-largest bank, Sumitomo Mitsui, sees profits fall sharply on the back of bad loans and stock market losses.

An independent think tank says it will take the UK 20 years to return to pre-crisis levels of government debt.

Canada's minority government pledges C$40bn in spending over five years to boost the slowing economy.

Asda is to create 7,000 jobs, becoming the latest supermarket to add new positions as sales rise despite the recession.

Luxury car maker Aston Martin puts half its workforce on a three-day week as it struggles to cope with the industry downturn.

Reuters - Stock index futures pointed to a higher open on Wall Street on Wednesday, extending recent gains, as investors braced for a slew of company results as well as the outcome of a Federal Reserve meeting.

Reuters - Repairing financial markets and revitalizing lending will require governments to remove bad assets from banks and recapitalize them, Laura Tyson, an economic adviser to the Obama administration, said on Wednesday.

Reuters - Japanese automakers are looking at an ugly third-quarter earnings season that will almost certainly include profit warnings from Nissan Motor Co (7201.T) and others that have not updated their outlooks in the past three months as global vehicle demand shows no sign of reviving.

AFP - Asda, the British supermarket chain owned by the world's biggest retailer Wal-Mart Stores, said Wednesday it planned to create 7,000 jobs during 2009.

Banco Santander offered to pay $1.8 billion to reimburse private banking clients for money lost in Bernard Madoff?s alleged Ponzi scheme.

Millions of workers face unemployment because of the economic crisis, the International Labour Organization says.

Spanish police arrest six people on suspicion of a £420m fraud relating to a London-listed company.

Private equity group 3i sees the value of its biggest 50 investments decline 21%, as the economic downturn worsens.

Reuters - Stock index futures rose on Wednesday on optimism the new administration was moving quickly to stabilize the ailing banking sector and as lawmakers get ready to vote on a stimulus package.

Reuters - Boeing Co reported a fourth-quarter loss on Wednesday, due to a strike by its assembly workers that cut commercial plane deliveries in the quarter and charges for delays on its new 747 jumbo.

The bank reported a $2.55 billion loss in the quarter, as profits were weighed down by mortgage assets it assumed when it took over Wachovia weeks ago.

The company posted a loss of $56 million, hurt by a labor strike and charges related to its 747 passenger jet and a legal reserve.

Earnings fell 23.6 percent in the fourth quarter, narrowly missing analyst estimates, as rising costs offset strong performance in the wireless business.

The company posted fourth-quarter income of $27.6 million, down 47.5 percent from a year ago. For the year, the company lost $57.8 million, after more than $300 million in non-cash charges.

Wall Street futures pointed to a strong open after global markets rose, with Lloyds Banking Group leading banking advances in London.

The oil company recorded massive, previously disclosed one-time charges and encountered sharply lower crude prices in the final three months of 2008.

Higher profits in business jet and shipbuilding units outweighed an earnings drop in the company?s division that makes armored vehicles and tanks.

The health insurer said that its fourth-quarter profit dropped 61 percent due to a large loss on investments and as growing unemployment cut the number of workers on its membership rolls.

World economic growth will fall to 0.5% this year, the lowest since World War II, says the International Monetary Fund.

Spain's economy is in recession for the first time since 1993, according to figures from the Spanish central bank.

Indian steel giant Tata Steel sees its quarterly domestic profits slump 56% because of the falling price of steel and higher raw material costs.

The global economy is set for recession in 2009, and could face worse if protectionism returns, economists warn in Davos.

Reuters - Wall Street opened higher on Wednesday, boosted by optimism that the new administration was moving quickly to stabilize the ailing banking sector and as lawmakers get ready to vote on a stimulus package to boost the recession-hit economy.

Reuters - Boeing Co reported an unexpected fourth-quarter loss on Wednesday due to a strike by its assembly workers and larger-than-anticipated charges for delays on its new 747 jumbo.

The $2.55 billion fourth-quarter loss is a sign that the acquisition of Wachovia was the start of a long struggle.

Investors grew hopeful about an economic recovery as the House neared a vote on an $825 billion stimulus plan.

Bonuses fell to $18.4 billion from $32.9 billion in 2007, the largest decline ever, but the size of the 2008 bonus pool is still the sixth-largest on record, the state?s comptroller said.

Withdrawals from its funds soared and the asset manager took charges related to its wealth management division, sending its shares down.

Boeing says it made a loss in the final three months of 2008 after a strike by workers disrupted aircraft deliveries.

China's Premier Wen Jiabao says although the global downturn has had an impact, his country can deal with it.

Reuters - Stocks climbed on Wednesday, led by financials, on optimism the new Obama administration was moving quickly to stabilize the ailing banking sector at the heart of the credit crisis.

Reuters - Boeing Co reported an unexpected fourth-quarter loss on Wednesday and forecast 2009 earnings well below Wall Street estimates as it grapples with a dip in demand for its planes while airlines feel the pain of recession.

Hours before the House was expected to approve his plan, largely along partisan lines, the president met with business executives at the White House.

Investors grew hopeful about an economic recovery as the House neared a vote on an $825 billion stimulus plan.

Bonuses fell to $18.4 billion from $32.9 billion in 2007, the largest decline ever, but the size of the 2008 bonus pool is still the sixth-largest on record, the state?s comptroller said.

The job cuts at the airline, which reported an unexpected quarterly loss, include 4,500 layoffs announced earlier this month.

The three-year-old Conde Nast magazine will publish its final issue in March.

Boeing says it will cut 6% of its workforce this year after it made a loss in the final three months of 2008.

Two major economics bodies predict that the UK economy is in for a difficult year in 2009.

Credit rating agencies admit errors were made when assessing some of the financial instruments blamed for the credit crunch.

Reuters - Stocks rose on Wednesday as bank stocks surged on optimism the Obama administration was making progress on a plan to remove money-losing assets from banks' books.

Reuters - The Obama administration is increasingly focused on the possible creation of a 'bad bank' that would let U.S. financial institutions move toxic assets off their books, an idea that cheered Wall Street and helped push financial shares higher on Wednesday.

Reuters - President Barack Obama said on Wednesday that he was confident the downtrodden U.S. economy can be turned around provided that everyone pitches in.

The Federal Reserve signaled that it would expand its use of unconventional measures to directly prop up lending.

News reports that the government was considering a deal to set up a ?bad bank? run by the Federal Deposit Insurance Corporation ignited a rally led by financial companies.

Eager to assuage concerns about his country?s economy, Wen Jiabao struck an unabashedly upbeat tone in his speech.

General Motors said that it would eliminate its jobs bank, a program often held up by critics as a symbol of Detroit?s inefficiency, as of next week. Chrysler has ended its jobs bank.

Intel?s decision to defy European antitrust investigators raised questions about how to handle the remainder of the investigation.

The challenge for the Obama administration is transforming the economy when Wall Street and Silicon Valley aren?t able to.

The US Federal Reserve keeps interest rates unchanged but pledges to 'employ all available tools' to revive the economy.

Russian Prime Minister Vladimir Putin tells the Davos forum it is dangerous for the world to over-rely on the dollar as its reserve currency.

Reuters - Stocks advanced on Wednesday as bank stocks surged on optimism that the Obama administration was accelerating a plan to remove money-losing assets from banks' books in an effort to revive lending.

Reuters - Wells Fargo & Co shares soared on Wednesday as the bank reassured investors by maintaining its dividend and saying it does not need more money from the federal government despite a massive quarterly loss.

Earnings fell 23.6 percent in the fourth quarter, narrowly missing analyst estimates, as rising costs offset strong performance in the wireless business.

Starbucks reported that its profit dropped 69 percent in its first quarter and that it planned to close more stores and cut more jobs.

Reuters - Stocks rose on Wednesday, capping the S&P 500's longest winning streak since November, as financial stocks soared on optimism the Obama administration was making progress on a plan to relieve banks of money-losing assets.

Reuters - Starbucks Corp's quarterly profit lagged expectations after sales at established stores fell 9 percent globally, as the company said it will close 300 more outlets and slash nearly 7,000 jobs to try to save $500 million in fiscal 2009.

AP - Pennsylvania has joined a settlement with Countrywide Financial Corp. that makes available as much as $155 million to help keep thousands of state residents in their homes.

AP - Income tax filing season can be a trying time for small business owners, and in a recession, even more so.

The House voted, 244-188, for President Obama?s $819 billion plan meant to jump-start the economy out of its worst crisis in decades.

General Motors said that it would eliminate its jobs bank, a program often held up by critics as a symbol of Detroit?s inefficiency, as of next week. Chrysler has ended its jobs bank.

Starbucks reported that its profit dropped 69 percent in its first quarter and that it planned to close more stores and cut more jobs.

The job cuts at the airline, which reported an unexpected quarterly loss, include 4,500 layoffs announced earlier this month.

NBC will get $30 million of free promotional time during the Super Bowl, but is also banking on the opportunity for more than a temporary advertising jolt.

The $2.55 billion fourth-quarter loss is a sign that the acquisition of Wachovia was the start of a long struggle.

The Swiss drug maker Novartis was helped by sales of blood pressure and cancer drugs, but said it expected 2009 to be increasingly difficult.

The Washington Post has decided to shutter the print version its Sunday stand-alone book review section and shift reviews to space inside two other sections of the paper.

The move by the owner of the St. Petersburg Times is an attempt to separate the most profitable part of the business from the more troubled flagship newspaper.

Banco Santander offered to pay $1.8 billion to reimburse private banking clients for money lost in Bernard Madoff?s alleged Ponzi scheme.

Netflix is cracking the technology code on Internet downloads to find the ultimate film delivery system.

Starbucks says it will cut 6,700 jobs and shut 300 stores as it reports a 69% plunge in quarterly profit.

The US House of Representatives passes President Obama's $825bn (£576bn) economic package - but without any Republican support.

Is it wise to invest in a war-ravaged country?

Exploiting the poor or business as usual?

Reuters - U.S. stocks rose on Wednesday, capping the S&P 500's longest winning streak since November, as financial stocks soared on optimism the Obama administration was making progress on a plan to relieve banks of money-losing assets.

Reuters - Santander in Europe and Wells Fargo & Co in the United States offered a glimmer of hope to shareholders in the stricken financial sector after both banks held their dividends steady.

Reuters - Starbucks Corp quarterly profit fell more than expected as sales at established U.S. stores tumbled 10 percent, and the company said it will close 300 more coffee shops and slash as many as 6,700 jobs.

The House voted, 244-188, for President Obama?s $819 billion plan meant to jump-start the economy out of its worst crisis in decades.

Despite crippling losses on Wall Street, employees at financial companies in New York collected an estimated $18.4 billion in bonuses for the year.

The prices of private jets are falling faster than the value of McMansions as many companies sell their planes to save money and avoid bad publicity.

In football, the best seat in the house may be in the living room, not at the game. Now sports officials are trying to bring the screen to the stadium, not the other way around.

YouTube and the William Morris Agency, the Hollywood talent agency, are close to signing a deal that would place the company?s clients in made-for-the-Web productions.

The network has held discussions about moving its comedy star to compete directly with Conan O?Brien.

Starbucks reported that its profit dropped 69 percent in its first quarter and that it planned to close more stores and cut more jobs.

Netflix is cracking the technology code on Internet downloads to find the ultimate film delivery system.

Scant good news to be found amid the gloom and doom

Despite crippling losses on Wall Street in 2008, employees at financial companies in New York collected an estimated $18.4 billion in bonuses for the year.

The treasury secretary said the administration is working on a comprehensive plan to ?repair the financial system,? but declined to provide any specific details.

Investors are criticizing JPMorgan Chase for not sharing its concerns about funds tied to Bernard L. Madoff.

For older and low-income viewers who still use set-top rabbit ears or rooftop antennae, the switchover to digital television has often proven a bewildering and cumbersome burden.

At the World Economic Forum, the leaders of the former bastions of the communist bloc rebuked the U.S. and other capitalist countries for dragging the world into crisis.

A war of words is flaring between China and the United States that could leave both sides losers.

The energy company, hurt by $34 billion in asset write-downs and falling crude oil prices, lost $31.76 billion in the fourth quarter of 2008.

The telecommunications giant reported a loss on Wednesday, but the figures were clouded by changes to the way it accounts for sales of the iPhone.