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Bank of America gets 20 billion to help absorb Merrill Lynch
AFP - Bank of America will receive 20 billion dollars in fresh capital and a 118-billion-dollar asset guarantee program to help shore it up after acquiring Merrill Lynch, the US Treasury Department announced early Friday.
Singapore Dec non-oil exports plunge 21 percent
AP - Singapore's non-oil exports, which account for two-third of the city-state's gross domestic product, plunged in December, underlining that the country is mired in its worst recession for decades.
US lobby favors balanced currency, not weak dollar
AP - A weak dollar policy won't help revive the U.S. economy, and currency fluctuations are best left up to the marketplace, the head of a top American business lobby said Friday.
China's US bond appetite to slow: economists
AFP - China is expected to ease its spending on US debt as growth in its foreign exchange reserves slows and Beijing seeks to fund its own economic stimulus plan, analysts say.
Bank of America gets new $20 billion injection
AFP - The US government threw Bank of America a new 20-billion-dollar lifeline Friday as once-rock steady firms such as Japan's Honda cut thousands of jobs piling on a new round of gloomy news for governments battling recession.
Top UK central banker says recession will be deep
AP - Countries around the world are facing a deep recession, and more government rescue plans and interest rate cuts may be necessary to stop it being a long one, the deputy governor of the Bank of England said Friday.
Oil languishes near $35 on weakening US economy
AP - A weakening U.S. economy and falling global demand kept oil prices near $35 a barrel Friday — about 30 percent off last week's highs.
WellPoint cutting 1,500 positions
Reuters - WellPoint Inc said on Friday that it would eliminate about 1,500 positions, or about 3.5 percent of its workforce, to reduce administrative costs, becoming the latest U.S. health insurer to cut jobs in the face of the weakening economy.
Spain: economy will shrink, unemployment will soar
AP - Spain's economy will contract 1.6 percent this year and unemployment will jump to nearly 16 percent, the government predicted Friday in a desperately gloomy outlook for a country that had been one of Europe's great success stories.
Schwab profit climbs 1 percent, shares rise
Reuters - Charles Schwab Corp reported a slim rise in fourth-quarter earnings on Friday, beating expectations, as strong trading volume offset the effects of low interest rates.
US consumer prices drop 0.7% in December
AFP - US consumer prices fell 0.7 percent in December, capping a 2008 inflation rate of 1.8 percent amid a deepening recession, government data showed Friday.
Paulson: TARP still needed for bank capital
Reuters - Treasury Secretary Henry Paulson said on Friday that a substantial portion of the second half of the U.S. government's $700 billion financial rescue fund should be reserved for bank capital programs.
Paulson defends financial bailout program
AP - Treasury Secretary Henry Paulson on Friday defended his handling of the $700 billion financial rescue program, saying it has made real progress toward achieving financial stability.
US government acts to shore up crisis-hit Bank of America
AFP - The US government mobilised to shore up Bank of America Friday, injecting another 20 billion dollars in capital, as Japanese carmakers once seen as rock-steady shed jobs and cut costs in further signs of a painful global recession.
Mexico central bank cuts lending rate to 7.75 pct
AP - Mexico's central bank cut interest rates for the first time since 2006 on Friday to boost the country's slowing economy as it inches toward recession.
US business lobby expects SKorea deal to go through
AFP - A top US business leader said Friday he expected the new US Congress to ratify a controversial free-trade deal with South Korea but doubted a similar pact could be reached with Asia's largest economy Japan.
Consumer sentiment improves a little in January
Reuters - Consumer confidence rose slightly in January but remained at comparatively depressed levels, with expectations of a deep and long recession persisting, a survey showed on Friday.
Industrial output drops more than expected in Dec.
AP - Industrial production plunged by double the amount analysts expected in December, capping the worst year for manufacturers since 2001.
Obama cranks up hard sell of stimulus plan
AFP - Barack Obama heads to economically battered Ohio on Friday to crank up the hard sell on his massive stimulus plan, four days before he is sworn in as the 44th US president.
Schwab profit beats Street, shares down on warning
Reuters - Charles Schwab Corp reported a slim earnings rise, beating expectations, but its shares lagged peers as the company warned that conditions boosting its trading and asset gathering may soon disappear.
Crude prices fall again; storage space grows thin
AP - The lack of space to store burgeoning crude inventories pushed oil prices lower Friday with yet another major energy group predicting demand in will fall again this year in a widening recession.
US Treasury provides 1.5 billion dlr loan to Chrysler's credit arm
AFP - The US Treasury said Friday it would inject 1.5 billion dollars to the credit arm of ailing auto giant Chrysler aimed at financing new consumer loans to help fuel sales.
Obama warns about economy, even with stimulus
Reuters - President-elect Barack Obama said on Friday that even with a range of economic measures to move the United States out of a recession, the economy would likely get worse before it improves.
US Treasury targets alleged Al Qaeda operatives with Iran ties
AFP - The US Treasury Department on Friday targeted four alleged Al Qaeda operatives under an executive order, freezing their assets under US jurisdiction and outlawing transactions between them and US citizens.
Bush claims economy on track to recovery
AP - President George W. Bush said Friday that while the current economic crisis has sent shock waves around the world, he believes steps taken by his administration have 'laid the groundwork for a return to economic growth and job creation' early in the administration of President-elect Barack Obama.
In recession, poverty strikes middle class
Reuters - Chaun Frost ran up her credit cards when the U.S. economy was booming, and now the single mother is paying a heavy price.
Obama winds up hard sell of stimulus plan
AFP - Barack Obama on Friday headed to economically bereft Ohio to warn of years of recession unless Congress takes dramatic action on his stimulus plan, four days before he is sworn in as president.
Diminishing room to store cheap crude
AP - Burgeoning crude inventories pushed oil prices lower Friday with yet another major energy group predicting demand will fall again this year in a widening recession.
"Bad bank" good way to tackle crisis: Fed's Lacker
Reuters - A top Federal Reserve official on Friday said lifting bad assets from troubled banks would be a 'compelling' way to recapitalize the financial system, hours after the Fed backed major aid for Bank of America.
US Treasury targets bin Laden son, Al Qaeda with Iran ties
AFP - The US Treasury Department on Friday targeted one of Osama bin Laden's sons and three other alleged Al Qaeda operatives with Iranian ties under an executive order that freezes their assets under US jurisdiction and outlaws their supporters.
Obama says economy will worsen, even with stimulus
Reuters - Just days before his inauguration, President-elect Barack Obama on Friday warned Americans to expect even rougher economic times and said his plan to revive the struggling economy would take time to work.
California delaying tax refunds amid cash crisis
Reuters - California will not pay state tax refunds for individuals and business that overpaid 2008 taxes, in order to conserve dwindling cash for priority payments including school spending and debt repayment required by state law, the state's controller office said on Friday.
US provides 1.5 billion dlr loan to Chrysler's credit arm
AFP - The US Treasury said Friday it would inject 1.5 billion dollars to the credit arm of ailing auto giant Chrysler aimed at financing new consumer loans to help fuel sales.
US freezes assets of Taiwanese couple and their companies
AFP - The US Treasury moved Friday to freeze the assets of a Taiwanese couple and their companies, linking them to North Korean weapons proliferation.
Paulson says 'big' decisions made were 'best ones'
AFP - US Treasury Secretary Henry Paulson said Friday that the outgoing administration's key decisions to combat the global financial crisis were 'the best ones.'
US December industrial production slides 2.0 pct
AFP - US industrial production dropped 2.0 percent in December as the economic crisis slammed output, the Federal Reserve reported Friday.
ConocoPhillips to cut 4 pct of staff, take hefty writeoffs
AFP - US oil giant ConocoPhillips said Friday it was preparing to cut four percent of its global workforce and take writeoffs of 34 billion dollars to cope with weak energy prices and a slumping economy.
Deflation concerns grow as consumer prices shrink
AP - Consumer prices tumbled yet again in December, and inflation last year logged its smallest advance since the early 1950s, fanning new fears that the country may face a dangerous bout of deflation.
Nearly 40K job cuts announced as weakness persists
AP - This is the point in the recession where one round of job cuts leads to another.
Wise investors should focus on company cash, debt
AP - In the middle of a deep recession, corporate America is just like the rest of us: We all want cash in our pockets.
Bush go-ahead to Peru trade deal sparks criticism
AP - President George W. Bush signed off Friday on a free trade pact with Peru that U.S. officials say will foster economic growth, but which lawmakers in both countries complain does not meet environmental and labor protection requirements.
No expense safe as restaurants wring out costs
Reuters - Restaurant owners are wringing every last bit of fat from their operations as recession-weary diners pinch pennies -- and no extra phone line, idle manager or expensive lease is safe.
New York Fed selects trustees for AIG stake
Reuters - The New York Federal Reserve on Friday named three trustees to oversee the U.S. government's nearly 80 percent equity stake in insurer American International Group.
Rio Tinto cuts jobs at Kennecott copper in Utah
Reuters - Rio Tinto Ltd/Plc said Friday it cut 241 jobs at its Utah operations as part of a global plan to reduce costs as it struggles with the global economic downturn.
Illinois-based National Bank fails: FDIC
Reuters - Bank regulators closed Illinois-based National Bank of Commerce on Friday, the first U.S. bank to fail this year but the latest in an upsurge that began last year as the struggling economy and falling home prices take their toll on financial institutions.
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