AP - China's growth will slow to 7.5 percent next year — the lowest rate since 1990 — as the global financial crisis takes a greater toll on the world's fourth-largest economy, the World Bank said Tuesday.

AP - Investors on Tuesday braced for several reports expected to show the U.S. economy contracted even more than originally thought in the third quarter as home prices shrank, more banks fell into trouble and consumer confidence sagged.

AFP - President-elect Barack Obama was set to expand his call for swift action to revive the stricken US economy Tuesday in his second press conference in as many days focused on unveiling his economic team.

AP - Wars. Bailouts. Unemployment aid. Automakers. Washington has opened the tap on big spending and money is gushing down the pipeline.

AP - The financial crisis will likely push the world's developed countries into their worst recession since the early 1980s, the Organization for Economic Cooperation and Development (OECD) said Tuesday.

AP - BHP Billiton Ltd., the world's biggest mining company, abandoned a hostile $68 billion takeover bid for rival Rio Tinto Ltd., blaming the global economic downturn and plunging commodity prices.

AP - Bank of England Governor Mervyn King told British lawmakers Tuesday that banks could require more capital injections before they are in conditions to resume lending, a problem he defined as the biggest challenge facing the country's financial institutions.

AP - Top officials from China and the United States will meet for high-level economic talks next week in Beijing as both countries grapple with the worst global downturn in decades.

Bloomberg - Nov. 25 (Bloomberg) -- The U.S. Treasury and Federal Reserve will unveil as soon as today a lending program to shore up the consumer-finance market, using money from the government’s $700 billion rescue, two people familiar with the effort said.

Reuters - President-elect Barack Obama will outline steps to trim the federal budget on Tuesday as he simultaneously plans a costly stimulus package to jolt the ailing U.S. economy.

Reuters - The Federal Reserve, in another massive life-support intervention for the U.S. financial system, on Tuesday announced a $600 billion program to buy mortgage-related debt and securities and a $200 billion facility to support consumer debt securities,

Reuters - Apparel retailers Talbots Inc and Chico's FAS , which cater to women aged 35 and over, reported weaker quarterly results on Tuesday as their customers cut spending in the softening economy.

Reuters - The economy shrank more severely during the third quarter than first estimated as consumers cut spending at the steepest rate in 28 years, according to a Commerce Department report on Tuesday that underlined how rapidly activity was slowing.

AFP - The US economy contracted at a 0.5 percent pace in the third quarter, the government said Tuesday, revising down its earlier estimate for gross domestic product (GDP).

Reuters - Prices of single-family homes in September plunged a record 17.4 percent from a year earlier, according to the Standard & Poor's/Case-Shiller Home Price Indices issued on Tuesday.

AFP - The Federal Reserve announced plans Tuesday to pump up to 800 billion dollars into the financial system in purchases of mortgage- and asset-backed securities.

AFP - US consumer confidence bounced back in November from an all-time low a month earlier, but still reflects weak economic conditions, the Conference Board said Tuesday.

Reuters - Treasury Secretary Henry Paulson on Tuesday said the U.S. economic situation might be much worse than it already is if Congress had not approved a $700-billion financial bailout program.

AFP - The US economy shrank at a 0.5 percent pace in the third quarter, the government said Tuesday in a revised estimate for gross domestic product that many analysts say is the start of a steep downturn.

AFP - President-elect Barack Obama was set Tuesday to promote swift action to revive the US economy, and appeal for sacrifice from voters and politicians alike, in his second press conference in as many days.

Reuters - Federal Reserve programs announced on Tuesday are aimed at ensuring consumers have access to credit to buy homes, cars, or other purchases, U.S. officials said on Tuesday.

AFP - The US Treasury Tuesday banned any dealings with four loyalists of Zimbabwean leader Robert Mugabe, including his Malaysian doctor and a Thai gem dealer, and froze their assets in the US.

U.S. News & World Report - If the election of Barack Obama showed anything, it's that America--at war and coping with a financial crisis--is hungry for leaders who inspire us. The nation's greatest leadership, however, does not come just from the most powerful office in the land but also from the worlds of science, education, art, and, even in this troubled economy, business. This year's crop of Best Leaders was chosen by a panel of judges convened by Harvard University's Center for Public Leadership. ...

Reuters - Women's clothing retailers Talbots Inc and Chico's FAS reported quarterly results that were in line with or better than Wall Street forecasts, allaying concerns their business would perform even worse in a contracting U.S. economy.

AFP - The dollar weakened against the euro Tuesday after the US economy contracted at a faster pace in the third quarter than initially thought and Washington announced another 800 billion dollar stimulus package.

AFP - The dollar fell against the other major currencies Tuesday as weak US economic news and bit more risk-taking by global investors weighed on the greenback.

Reuters - Unbowed by his defeat in the U.S. presidential election, Republican John McCain promised on Tuesday to seek a fifth Senate term and praised President-elect Barack Obama's choices for his economic team.

AP - Rolling out powerful new weapons against the financial meltdown, the Bush administration and the Federal Reserve pledged $800 billion Tuesday to blast through blockades on credit cards, auto loans, mortgages and other borrowing. Total bailout commitments neared a staggering $7 trillion.

Reuters - Along a congested highway in New Jersey lies a small strip mall whose challenges illuminate those of malls throughout the the United States as their tenants are brought low by the economic slump.

Reuters - Many Americans have abandoned their love of getting behind the wheel during the last year, and opted to hop on buses instead, according to a study released this week.

AFP - US and European officials pledged billions of dollars in fresh cash Tuesday to battle a credit crunch as a key survey showed wealthy nations face their worst economic slump in decades.

Investor's Business Daily - The Federal Reserve unveiled two aggressive efforts Tuesday to free up consumer credit, committing $800 billion to reduce mortgage rates and unfreeze the asset-backed securities market.