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China factories cut output at record pace: CLSA PMI
Reuters - Chinese factories slashed output and workers at a record pace in December and manufacturing activity overall fell for a fifth month as the global financial crisis hit export demand, a survey by brokerage CLSA showed on Friday.
Euro-zone manufacturing contracts at record pace
AP - Manufacturing activity contracted for the seventh month running in December for the countries using the euro, falling at its sharpest rate for at least 11 years, a closely-watched survey found Friday. The figures reinforced expectations that the European Central Bank will cut interest rates again this month.
Belarus ruble plunges 20 percent
AP - Belarus' central bank sharply devalued the Belarusian ruble Friday, allowing the currency to plunge 20 percent in a move that will stop the hemorrhaging of its reserves.
Paulson 'blames global imbalances for credit crisis'
AFP - Outgoing US Treasury Secretary Henry Paulson said that a failure to address the rise of emerging markets and resulting imbalances was partly to blame for the global financial crisis, according to an interview published Friday.
Paulson blames global imbalances for credit crisis: report
AFP - Outgoing US Treasury Secretary Hank Paulson said that a failure to address the rise of emerging markets and resulting imbalances was partly to blame for the global financial crisis, according to an interview published Friday.
US manufacturing slumps to 1980 low: ISM
AFP - US manufacturing contracted for the fifth consecutive month in December to a 1980 low amid a sharp Asian slowdown and deepening recession in the world's biggest economy, a survey showed Friday.
Manufacturing index drops to 28-year low
AP - Manufacturing activity fell more than expected in December, hitting the lowest reading in 28 years as new orders and employment continue to decline.
Belarus ruble sinks 20 percent, shocking citizens
AP - Belarus' central bank sharply devalued the Belarusian ruble Friday, allowing the currency to plunge 20 percent to help stop the hemorrhaging of its reserves. The move came as an unwelcome shock to ordinary citizens.
Mid-America economic activity gauge hits record low
Reuters - An index of business conditions in nine U.S. Midwest and South-Central states hit a record low in December, indicating the recession would deepen in the months ahead, according to an economic survey released on Friday.
Recession will persist for the time being: ECRI
Reuters - A measure of future economic growth in the United States and its annualized growth rate rose in the latest week but were still near all-time lows, a sign that an end to the recession is still out of sight, a research group said on Friday.
Brazil: Foreign reserves hit high
AP - Brazil says its foreign currency reserves hit an all-time high in 2008.
Recession, snow put $31 million hole in Chicago budget
Reuters - Chicago's budget has a new approximately $31 million budget hole as the recession cut revenues and unexpectedly heavy December snowfalls increased expenses, the city's chief financial officer said on Friday.
Obama to discuss economy with lawmakers Monday: officials
AFP - US president-elect Barack Obama will meet Monday with key congressional leaders to discuss a multi-billion-dollar economic stimulus plan that Democrats hope to pass shortly after Obama takes office on January 20, officials told AFP Friday.
Banks borrow more, investment firms less from Fed
AP - Commercial banks borrowed slightly more, while investment firms drew less over the past week from the Federal Reserve's emergency lending program.
US Treasury assumes free rein on finance, auto rescues
AFP - The US Treasury Department has given itself free rein in deciding the rescues of companies in the finance and auto sectors, according to two Treasury statements published this week.
Obama, lawmakers to finalize economic plan Monday: officials
AFP - US president-elect Barack Obama will meet Monday with key congressional leaders to finalize a multi-billion-dollar economic stimulus plan Democrats hope to pass shortly after Obama takes office on January 20, officials told AFP Friday.
US Treasury finalizes 4-billion-dollar loan to Chrysler
AFP - The US Treasury said Friday it has finalized a 4-billion-dollar loan to troubled cash-strapped carmaker Chrysler.
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