AP - Singapore slashed its 2009 growth forecast for a second time this month, saying the economy could shrink as much as 5 percent, as the city-state reels from plunging demand for its exports.

Reuters - BHP Billiton Ltd/Plc will cut 6,000 jobs and close its giant Ravensthorpe nickel mine in Australia, writing off $1.6 billion, as the global resources giant battles a collapse in commodity prices.

AP - The German government has forecast that the country's economy will shrink by 2.25 percent this year. That would be its worst performance since World War II.

Reuters - BHP Billiton Ltd/Plc will cut 6,000 jobs and close its giant Ravensthorpe nickel mine in Australia, writing off $1.6 billion, as the global resources giant battles a collapse in commodity prices.

AFP - The dollar fell against the euro on Wednesday, rose versus the yen and struck a multi-year high against sterling as US President Barack Obama set to work in the White House on rescuing the ailing economy.

AP - European Central Bank President Jean-Claude Trichet lent his weight Wednesday to new British and French moves to support their economies by shoring up banks with new bailout programs.

AP - The German government forecast Wednesday that the country's economy will shrink by 2.25 percent this year, which would easily be its worst performance since World War II as exports decline sharply amid the global downturn.

AP - Unemployment in Britain rose to nearly 2 million in November, fuelling speculation Wednesday that statistics later this week will show the economy contracting at its sharpest rate since the early days of Margaret Thatcher's government.

AFP - Two major US airlines, American and United, reported heavy losses Wednesday as the global economic crisis hit the companies reeling from record high fuel costs last year.

Reuters - President Barack Obama was set to meet with his economic advisers at 3:15 p.m. EST on Wednesday, followed by a meeting with military commanders at 4:15 p.m., a White House spokeswoman said.

AFP - Treasury secretary designate Timothy Geithner vowed Wednesday to act with 'strength, speed and care' to get the stricken US economy moving again.

Reuters - Congressional Republicans plan to seek a meeting as early as Thursday with President Barack Obama to discuss ideas for boosting the ailing economy as lawmakers begin work on a $825 billion Democratic stimulus package.

Reuters - AMR Corp , parent of American Airlines, on Wednesday said its quarterly net loss widened on higher fuel costs and economic uncertainty would force more capacity cuts in 2009.

Reuters - Home builder sentiment sank to a new low in January as concerns about the faltering economy and reluctant home buyers hurt confidence in the market for newly built single-family homes, an industry group said on Wednesday.

AFP - US President Barack Obama's chief economic advisor and possibly his pick for treasury secretary are to attend the annual gathering of the world's elite in Davos at the end of the month, organisers said Wednesday.

Reuters - Diversified U.S. manufacturers United Technologies Corp and SPX Corp said on Wednesday they plan to aggressively cut costs as the severe global recession threatens profits.

AFP - Treasury secretary designate Timothy Geithner apologized Wednesday over past tax transgressions while vowing to act with 'strength, speed and care' to get the stricken US economy moving again.

Reuters - Tickets for the National Football League's Super Bowl could be the most affordable in years as a recession drives down prices, top ticket exchange executives said.

AP - President Barack Obama and Congress tackled the troubled economy on Wednesday, weighing tactics for fixing the struggling financial industry and pushing ahead with a massive economic recovery package of new spending and tax cuts.

Reuters - Two of the largest U.S. airlines, AMR Corp and UAL Corp , on Wednesday posted wider quarterly losses and warned that the economic slowdown in 2008 would likely continue this year, causing larger-than-expected job and route cuts.

AFP - The euro slipped back after early gains on Wednesday, with the market cautious as players hoped for a positive lead from US President Barack Obama on resolving the global financial crisis.

Reuters - The top Republican on the U.S. House Financial Services Committee said on Wednesday he has reservations about giving the Federal Reserve new powers as Congress mulls how to regulate systemic risk that has wreaked havoc in the financial markets.

Reuters - Home builder sentiment sank to a new low in January as concerns about the faltering economy and reluctant home buyers hurt confidence in the market for newly built single-family homes, an industry group said on Wednesday.

AP - The chairman of a key House committee expressed doubts Wednesday that an economic stimulus package will be adequate to help the troubled economy even as House Republicans requested a meeting with President Barack Obama to air worries that the plan was too big.

Reuters - Congressional Republicans asked President Barack Obama to meet them to push their preferences for tax cuts as lawmakers on Wednesday began work on a $825 billion Democratic stimulus package to boost the ailing economy.

AFP - Incoming Treasury secretary Timothy Geithner apologized Wednesday over past tax transgressions while vowing to act with 'strength, speed and care' to revive the stricken US economy.

AP - Brazil's central bank reduced its benchmark interest rate to 12.75 percent on Wednesday as industry and labor leaders called for eased lending to boost the country's stalling economy.

Reuters - Walt Disney Co said on Wednesday it sent voluntary buyout offers to 600 executives at its domestic theme parks to cut costs amid an economic meltdown that has depressed attendance and prompted the company to deeply discount Walt Disney World stays.

AP - Brazil's central bank issued its biggest interest rate cut in five years Wednesday, slashing its benchmark rate to 12.75 percent amid signs that growth in Latin America's largest economy may be slowing to a virtual halt.

AP - President Barack Obama and the Democratic-controlled Congress pressed forward on two economic fronts Wednesday, working out details of a huge stimulus plan and pledging to spend billions of dollars from a financial bailout fund with greater controls and with more attention to the nation's rising foreclosures.

AP - China's economic slump deepened in the final quarter of 2008 as the impact of the global financial crisis worsened, adding to the threat of more heavy job losses and possible unrest, the government reported Thursday.

AP - Japanese exports plunged 35 percent in December, marking a third straight month of decline, the Finance Ministry said Thursday, underscoring the drop in global demand for automobiles, electronics parts and other products.

Reuters - The U.S. House of Representatives' Appropriations Committee voted on Wednesday to bar Illinois Gov. Rod Blagojevich, charged in a corruption scandal, from touching any money the state would receive from an economic stimulus package.

AP - South Korea's economy shrank in the fourth quarter of 2008, contracting from the previous year for the first time in a decade as sharply lower overseas demand for the country's products devastated production and exports.

Reuters - China's economic growth slumped to 6.8 percent last quarter, dragging down the pace of expansion for all of 2008 to a seven-year low of 9.0 percent as the full force of the global financial crisis struck home.

AP - China's economic slump deepened in the final quarter of 2008 as the impact of the global financial crisis spread, according to data released Thursday, adding to the threat of more heavy job losses and possible unrest.