AP - Singapore retail sales fell in November as the city-state's residents tightened their belts amid the worst recession in decades.

AP - New Zealand's battered economy faces a year of stagnation with no recovery in sight until 2010, the government said Thursday, as it warned tens of thousands of workers will lose their jobs.

AP - European sales of new cars tumbled to a 15-year low last year, carmakers said Thursday, as recession fears saw people hold off big purchases.

AFP - US wholesale prices fell 1.9 percent in December amid a further plunge in energy costs and weak economic conditions that have put downward pressure on prices, official data showed Thursday.

AP - New claims for jobless benefits increased more than expected last week, reflecting continued weakness in the labor market in the new year that is not expected to ease anytime soon.

AP - Another huge plunge in energy costs sent wholesale inflation down for a fifth straight month in December, closing out a year in which prices dropped by the largest amount in seven years.

AP - The U.S. economy will begin to rebound by the middle of the year and a recovery can be expected by 2010, the head of a top American business lobby said Thursday.

Reuters - U.S. Treasury Department official Stuart Levey has agreed to act as treasury secretary pending confirmation of Timothy Geithner, a transition official said on Thursday.

AFP - Lawmakers from president-elect Barack Obama's Democratic party proposed a 825 billion dollar package Thursday to stimulate recovery of the recession-struck US economy.

AP - Poland's finance minister said Thursday that the country has managed so far to avoid the worst fallout from the global economic crisis that has driven some other European neighbors into recession.

AP - America's demand for crude oil fell to its lowest level since 2003 last year, as record high prices to start the year and an ailing economy at the end of 2008 combined to sharply curtail consumption, new statistics show.

Reuters - California Gov. Arnold Schwarzenegger said on Thursday the state 'faces insolvency within weeks' and he will put new policies on hold until it there is a deal to close the budget gap, which for the combined current and next fiscal years will top $40 billion.

AP - Democrats in Congress rolled out proposed spending increases and tax cuts totaling a whopping $825 billion on Thursday and debated whether to release a huge new infusion of cash for the financial industry, a rapid response to President-elect Barack Obama's plea to tackle national economic woes.

AP - The Federal Reserve on Thursday approved Protective Life Corp., an insurance and financial services firm, as a bank holding company.

Reuters - Doubts about whether the top three U.S. banks can manage rising credit losses jumped on Thursday while the European Central Bank cut interest rates to ease a global crisis that shows little sign of abating.

Reuters - Orlando high-school principal Van Mitchell used to visit 25 classrooms every school day but he's been absent from most since his operating budget was cut 6 percent.

Reuters - California Gov. Arnold Schwarzenegger said on Thursday the state 'faces insolvency within weeks' and he will put new policies on hold until there is a deal to close the budget gap, which will top $40 billion over the current and next fiscal year.

AP - The number of newly laid off workers seeking unemployment benefits rose more than expected last week, the latest sign the economy is shrinking and unlikely to rebound anytime soon.

AFP - Oil prices tumbled Thursday in a market hammered by dismal economic news, worries over increasing US energy stockpiles and a new OPEC forecast of falling demand for 2009.

Reuters - U.S. automakers, airlines and railroads would benefit from billions worth of infrastructure and advanced technology proposals included in an economic stimulus package unveiled by congressional Democrats on Thursday.

Reuters - Top Federal Reserve policy-makers hammered home their worries about the U.S. economy's downward spiral on Thursday, urging aggressive action on all policy fronts as deflationary forces gather and many banks face new pressure.

AP - Peru could seek financing from multilateral lenders to maintain growth in 2009 despite the economic crisis, but will probably not land credit from the U.S. Federal Reserve or China's central bank, Finance Minister Luis Valdivieso said Thursday.

Reuters - U.S. President-elect Barack Obama will hold a 'fiscal responsibility summit' next month with members of Congress and other groups to discuss entitlement programs and the economy, the Washington Post reported on Thursday.

Reuters - U.S. President-elect Barack Obama scored an early political victory on Thursday when the Senate cleared the way to release the remaining $350 billion from the $700 billion financial bailout aimed at stabilizing the sinking economy.

AFP - Democratic lawmakers from incoming US President Barack Obama's Democratic party unveiled a 825 billion dollar package aimed at jolting the US economy from a deep recession.

Reuters - Chaun Frost ran up her credit cards in when the U.S. economy was booming, and now the single mother is paying a heavy price.

AFP - In a sober farewell address, US President George W. Bush has celebrated the 'hope and pride' Barack Obama inspires and urged an often divided America to unite to overcome terrorism and economic crisis.

AP - Oil prices languished near $35 a barrel Friday in Asia as traders eyed a weakening U.S. economy and falling global demand that's sent crude down a third since last week.