AP - Singapore manufacturing plummeted 13 percent in October from a year ago as demand for the city-state's electronic and pharmaceutical exports dried up amid the global economic slowdown.

AFP - President-elect Barack Obama will press his aggressive plans to deal with his nation's woes Wednesday when he holds his third press conference in as many days focused on the stricken US economy.

AP - The leaders of France and Germany have called for swift action by Europe to stem an economic slide.

The Christian Science Monitor - Right now, the US Treasury and the Federal Reserve are like plumbers determined to get water flowing again through a system of clogged pipes. Each time they think they've got things working, another faucet stops up, and they have to drag out new and bigger tools to address the latest aspect of the ongoing US financial crisis.

AP - Chancellor Angela Merkel said Wednesday that Germany faces a 'year of bad news' in 2009 but insisted her government will do what is necessary to ensure Europe's biggest economy weathers the financial crisis.

AP - The leaders of France and Germany on Wednesday called for quick action within the European Union to halt an economic downturn with measures such as an injection of state funds for small businesses, households and infrastructure projects.

AP - The European Commission wants EU governments to jointly combat the growing economic slowdown with a wide range of measures 'big enough and bold enough' — costing about euro130 billion ($166.54 billion) — to boost growth and confidence among consumers and businesses.

AP - China slashed a key interest rate for the fourth time in three months on Wednesday in a new move to boost credit as Beijing launches a multibillion-dollar package to boost slowing economic growth.

AP - New Zealand will spend about $3.8 billion on stimulus measures in the next two years to try to lift the country out of recession, the new government said Wednesday.

Politico - President-elect Barack Obama on Wednesday will announce the creation of a president’s Economic Recovery Advisory Board, chaired by former Federal Reserve Chairman Paul Volcker, to provide outside advice from heavyweight thinkers, officials said.

AFP - The former chairman of the Federal Reserve Paul Volcker will be appointed by president-elect Barack Obama to head an executive advisory committee on the economy, the Wall Street Journal reported Wednesday.

AP - The European Commission wants EU governments to jointly combat the growing economic slowdown with a euro200 billion (US$256.22 billion) stimulus plan to boost growth and confidence among consumers and businesses.

AP - China announced its biggest interest rate cut in 11 years on Wednesday to spur private borrowing and support a multibillion-dollar stimulus package to boost slowing economic growth.

Reuters - Looking for some holiday spirit to escape the economic gloom? Never fear, Hollywood is here.

AFP - The dollar rose against the euro but fell against the yen, as traders eyed upcoming data and mulled a new 800-billion-dollar plan by the Federal Reserve to unfreeze credit markets.

AP - Bangladesh will likely miss its economic growth target as exports weaken and remittances from workers abroad fall because of the global financial crisis, the World Bank said Wednesday.

AFP - US consumer spending dropped 1.0 percent in October, the steepest fall since September 2001, government data showed Wednesday in a further sign of the credit crunch hitting economic activity.

AP - New jobless claims fell more than expected last week from a 16-year high, the government said Wednesday, though they remain at elevated levels due to the slowing economy.

Reuters - Business activity in New York City shrank in November to its weakest level in five years, according to an industry report released on Wednesday.

Reuters - The Federal Reserve threw a massive life-line to U.S. consumers on Tuesday with two new programs aimed at making it easier for them to obtain loans for homes, cars and on credit cards.

AP - Orders to U.S. factories for big-ticket manufactured goods plunged in October by the largest amount in two years as manufacturing was battered by the overall economic weakness.

Reuters - New orders for long-lasting manufactured goods plummeted in October as demand weakened across nearly every major sector and shipments faltered again, the Commerce Department reported on Wednesday.

Reuters - Consumers cut spending during October at the steepest rate in more than seven years, according to a Commerce Department report on Wednesday that underlined rising risks the economy was headed into a deep recession.

Reuters - The number of workers filing new claims for jobless benefits fell by 14,000 last week, Labor Department data showed on Wednesday, but remained at levels consistent with a deteriorating labor market.

AFP - President-elect Barack Obama Wednesday appointed former Federal Reserve chairman Paul Volcker to lead a new panel of advisers to steer the US economy back to health.

AFP - A series of grim economic reports Tuesday suggested the US economy is sinking fast into recession, with tight credit choking activity by consumers and businesses.

AP - Former Federal Reserve chief Paul Volcker will head an economic panel advising President-elect Barack Obama.

AP - The European Commission urged EU governments Wednesday to jointly combat the economic slowdown with euro200 billion (US$256.22 billion) in spending and tax cuts to boost growth and consumer and business confidence.

Reuters - Consumer confidence fell to a 28-year low in November as mounting job losses, falling incomes and tumbling household wealth battered sentiment, a survey showed on Wednesday.

AP - Oil prices stabilized Wednesday as a large interest rate cut in China and news of a possible Russian output cut appeared to counter another round of dour economic news and larger-than-expected fuel stockpiles in the U.S.

AFP - The dollar gained on the euro Wednesday despite another round of weak US economic reports and as the head of the European Central Bank said he was ready for more eurozone interest rate cuts.

AP - Sales of new homes fell in October to the lowest point in nearly 18 years while the median price of a new home dropped to the lowest level since 2004.

AP - Oil prices rose Wednesday as a large interest rate cut in China and news of a possible Russian output cut appeared to counter another round of dour economic news and larger-than-expected crude stockpiles in the U.S.

AP - The European Commission urged EU governments Wednesday to jointly combat the economic slowdown with euro200 billion (US$256.22 billion) in spending and tax cuts to boost growth and consumer and business confidence.

AP - Oil prices rose sharply Wednesday as a large interest rate cut in China and news of a possible Russian output cut appeared to counter another round of dour economic news and larger-than-expected crude stockpiles in the U.S.

AP - Chief Cabinet minister Yehude Simon says the global downturn will curb the sale of Peruvian exports, the engine behind the Andean nation's recent economic boom.

AFP - The Federal Reserve on Wednesday gave formal approval to Bank of America's acquisition of Merrill Lynch, the Wall Street icon battered by the housing and credit crisis.

Reuters - Working class men and women may soon steal Hollywood's spotlight from the not-so-desperate housewives of upscale Wisteria Lane as U.S. television writers consider how to appeal to viewers in tough economic times.

AFP - More grim economic news emerged from the United States Wednesday as European leaders proposed a fresh stimulus package in renewed efforts to halt the global financial slowdown.

AP - The Bush administration had to strive mightily to win congressional approval of a $700 billion rescue package for the financial system. Now, with no muss and no fuss, the Federal Reserve has announced an even bigger program totaling $800 billion.

AFP - The dollar rebounded Wednesday despite another round of weak US data, as markets appeared to welcome president-elect Barack Obama's focus on the economy.

Reuters - Panasonic Corp (6752.T) is likely to cut its annual operating profit forecast by 30 percent or more, a source familiar with the matter said, as a slowing economy depresses sales of flat TVs and other electronics products.

AP - The Philippine economy grew a sluggish 4.6 percent in the third quarter, slumping from 7.1 percent last year, after being 'damaged but not quite ravaged' by the global financial crisis, the government said Thursday.

AP - Oil prices fell to near $53 a barrel Thursday in Asia as dismal U.S. economic data and rising crude inventories outweighed the possibility of production cuts by OPEC and Russia.

AP - The Bank of Korea said Thursday that local banks will have their first chance to utilize a currency swap deal with the U.S. Federal Reserve aimed at alleviating a dollar shortage caused by the global credit crunch.