AP - China's economic slump worsened in the final quarter of 2008 as the impact of the global crisis spread, heightening fears of job losses and unrest, while Japanese exports fell at a record pace in December.

AFP - Singapore on Thursday announced a stimulus package of more than 13 billion US dollars to cope with what is likely its worst-ever recession, the finance minister said.

AP - Police used tear gas to break up an angry protest outside Iceland's parliament early Thursday, and two officers were hospitalized after being hit by rocks, the force said.

AP - Positive news from U.S. companies and economic optimism spurred by the U.S presidential inauguration boosted prices Thursday, with crude trading around $45 a barrel.

AFP - The dollar languished close to a 13-year low against the yen on Thursday, pressured by doubts about whether US measures to boost the economy would bring quick relief, dealers said.

Reuters - Top mobile phone maker Nokia reported a worse-than-expected dive in fourth-quarter profit, and warned market volumes would shrink 10 percent this year as the economic slowdown hits consumer spending.

AP - French economic growth will be 'close to zero' this year as the financial crisis takes its toll, the top official for France's economic recovery plan said Thursday.

AFP - Singapore will for the first time tap its vast financial reserves, as part of measures to fight what is likely its worst-ever recession, the finance minister said Thursday.

AFP - US housing starts and building permits tumbled in December to half-century lows amid a deepening housing crisis and recession, government data showed Thursday.

AP - New-home construction plunged to an all-time low in December, capping the worst year for builders on records dating back to 1959.

AFP - The number of new US unemployment claims shot up to 589,000 in the past week, matching the highest level in over 16 years, the Labor Department said Thursday.

Reuters - The number of workers filing new claims for jobless benefits rose by a more-than-expected 62,000 last week, government data on Thursday showed, as a year-long recession continued to chill the labor market.

Reuters - Southwest Airlines on Thursday reported a quarterly net loss due to one-time charges related to its fuel-hedging program, and said it was seeing softness in bookings for this year as the recession eats away at demand for flights.

Reuters - Top cell phone maker Nokia (NOK1V.HE) reported a worse-than-expected dive in fourth-quarter profit, and warned market volumes would shrink 10 percent this year as the economic slowdown hits consumer spending.

AP - Rising U.S. jobless claims and a slump in new home construction pushed oil prices lower Thursday on fears that crude demand in the world's largest economy will soften further.

AP - Oil prices tumbled Thursday after the government reported enormous builds of oil and gasoline at storage facilities, another manifestation of how badly the deteriorating economy has cut into energy demand.

AFP - US unemployment claims hit a 16-year high and housing construction fell to half-century lows, data showed Thursday, highlighting the troubling depths of the recession facing the new Obama administration.

Reuters - The House of Representatives will consider next week the $825 billion economic stimulus package sought by President Barack Obama, House Speaker Nancy Pelosi said on Thursday.

AP - The German economy, Europe's biggest, will shrink by 2.5 percent this year as the global downturn decimates its exports, the International Monetary Fund said Thursday.

Reuters - Microsoft reported disappointing earnings on Thursday and plans to cut up to 5,000 jobs as U.S. jobless claims rose more than expected and Asia's two largest economies buckled under the strain of the global financial crisis.

AP - Brazil's unemployment rate has dropped to its lowest point in seven years.

AP - A senior figure in Iceland's main governing party said Thursday that she expects early elections this year, as protesters demanded the government step down over the country's severe economic crisis.

Reuters - Apple Inc shares rose more than 7 percent on Thursday a day after it announced stronger than expected financial results and solid outlook for the current quarter despite the weak economy.

Reuters - A series of large U.S. regional banks on Thursday said rising credit losses led to lower fourth-quarter earnings, illustrating the breadth and depth of the nation's credit crisis and recession.

AP - Peru's top exporters' guild asked the government on Thursday for credit lines, tax deferrals and other measures to buffer the sector from the impact of the global financial crisis.

AFP - US unemployment claims hit a 26-year high and home building fell to half-century lows, data showed Thursday, highlighting the scale of the recession facing the new Obama administration.

Reuters - President Barack Obama's administration is committed to moving as quickly as possible on measures to restore financial and economic stability and will ensure there are strict conditions attached to using taxpayer money, White House spokesman Robert Gibbs said on Thursday.

AFP - Trade reform must be a part of President Barack Obama's economic plan if the US manufacturing base is to recover from the current recession, a top union chief said Thursday.

Reuters - The tough U.S. economy is forcing hard choices on health-care managers around the country, such as those at Swedish Covenant Hospital in Chicago, which is closing its skilled nursing unit to cut costs.

Reuters - President Barack Obama will be receiving a daily economic briefing from his senior advisers each day at his request, White House spokesman Robert Gibbs said on Thursday.

AP - The number of newly laid-off Americans filing jobless claims and the pace of home construction both posted worse-than-expected results in government data released Thursday, lending urgency to the economic recovery plan President Barack Obama and Congress are scrambling to advance.

AP - The government says it has distributed an additional $1.5 billion to 39 banks nationwide as part of the $700 billion financial rescue program.

AP - Oil prices rose in volatile trading Thursday after the government reported an enormous buildup of oil and gasoline at U.S. storage facilities, another manifestation of how badly the deteriorating economy has cut into energy demand.

Reuters - Top U.S. business groups geared up on Thursday to stop a congressional effort to create U.S. jobs by including new 'Buy America' provisions in the $825 billion package to jump-start the struggling U.S. economy.

Reuters - A 'tweenage' Dora the Explorer doll and a pair of ticklish Elmo gloves will be among the mostly moderately priced toys unveiled by Mattel Inc for 2009, as it tries to entice consumers in a recession-ridden economy.

AFP - US President Barack Obama added an intelligence-style economic briefing to his daily agenda as his new administration promised action to shore up crisis-hit banks and homeowners.

Reuters - Lost jobs, bankruptcies and home foreclosures have forced Americans to cut their spending, but one luxury sector is more interested in weather forecasts than economic forecasts -- the ski business.

Reuters - Samsung Electronics posted its first ever quarterly loss as its memory chip and display units buckled under the weight of diving prices, and the technology giant faces even more pain as global recession saps demand.