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AFP - President-elect Barack Obama was to flesh out details of his economic stimulus plan Thursday, after warning that dramatic action is needed to shrink a record trillion-dollar US budget deficit.
Reuters - Lenovo Group (0992.HK), the world's fourth-biggest PC maker, forecast a quarterly loss as China's slowing economy hit sales, and will axe 2,500 jobs as part of a restructuring, knocking its shares down by more than a fifth.
Reuters - President-elect Barack Obama will call for quick action on a fiscal stimulus package in a speech on Thursday aimed at reassuring Americans that he is determined to stem the economic crisis.
Reuters - A monthly gauge of online labor demand in the United States slid in December, suggesting job conditions worsened with the economy stuck in a recession, a private employment group said on Thursday.
Reuters - President-elect Barack Obama will decide how to spend the remaining half of a $700 billion economic rescue package, a top Bush administration official said on Wednesday, while a key Democratic lawmaker outlined his vision of how new rescue funds should be spent.
Reuters - FedEx Corp has cut its marketing budgets by more than 25 percent in 2009 as part of its response to the bleak U.S. economy, the package delivery giant said on Wednesday.
Reuters - New York state should fight obesity, help more residents get health insurance and revive the upstate economy with a research consortium for hybrid car batteries and energy storage, Governor David Paterson proposed on Wednesday.
AFP - US Senate Democrats Wednesday unveiled an agenda topped by economy, health and the environment for the new Congress, set to tackle the worst economic crisis since the 1930s Great Depression.
AFP - US computer storage firm EMC announced plans Wednesday to cut 2,400 jobs or seven percent of its workforce to remain competitive in the current economic slump.
Reuters - When U.S. central bankers eventually move to wean markets off the emergency support put in place to rescue the economy, they will face the difficult and delicate task of timing it right.
Reuters - The recession will drive the cost of the U.S. food stamp program, which helps poor people buy food, to $50 billion this year, up 27 percent from 2008, congressional forecasters said on Wednesday.
AP - Treasury Secretary Henry Paulson on Wednesday said the best option for the future of Fannie Mae and Freddie Mac could be for the mortgage giants to be run like public utilities.
Reuters - EMC Corp , the world's biggest maker of data storage equipment for businesses, said it plans to cut 2,400 jobs, or 6 percent of its staff, to help weather the global recession, and its shares rose 7 percent.
AFP - Two porn moguls including Hustler magazine founder Larry Flynt are seeking a five-billion-dollar bailout from Washington, arguing that the limp US economy has thrown cold water on the adult entertainment industry.
Reuters - Home furnishings retailer Bed Bath & Beyond reported a lower quarterly profit, hurt by the soft U.S. economy and a major rival's liquidation, and forecast earnings for the current period below Wall Street estimates.
Reuters - The U.S. budget deficit will swell to a record $1.186 trillion in fiscal 2009, congressional forecasters said on Wednesday, the result of an economic recession that has cut tax receipts and caused massive government bailouts of banks and automakers.
Reuters - Congress must approve a sweeping economic stimulus package by mid-February or the United States will face a deepening crisis and more job losses, House Speaker Nancy Pelosi said on Wednesday.
Bloomberg - Jan. 7 (Bloomberg) -- Treasury Secretary Henry Paulson, a
$500 million man when he entered office, said he’s about to
discover how much of his fortune remains after two years of
financial market turmoil.
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