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China, US pledge 20 bln dollar trade boost (AFP)

AFP - China and the United States on Friday ended key economic talks with vows of 20 billion dollars of trade financing to boost commerce amid uncertainty over whether the biannual discussions would continue.

US job losses rise ahead of labor report (AFP)

AFP - A new wave of job losses and more pain in the unemployed ranks fed anxiety ahead of Friday's US government jobs report as Americans faced the fallout of a deepening recession.

BMW sales plunge, Honda quits Formula One (Reuters)

Reuters - Global sales at BMW, the world's top premium carmaker, plunged by a quarter in November, and Honda backed out of Formula One racing on Friday as the economic downturn exacted a mounting toll on automakers.

Bundesbank: German economy to shrink in 2009 (AP)

AP - Germany's central bank forecasts that the country's economy � Europe's biggest � will shrink 0.8 percent next year.

All eyes on job losses (Reuters)

Reuters - China and the United States sparred on Friday over how to handle an economic crisis that has forced central banks around the globe into a series of dramatic interest rate cuts.

China, US promise $20 billion for trade (AP)

AP - The United States and China promised Friday to jointly tackle the global financial crisis and pledged $20 billion to finance trade as they wrapped up high-level talks marked by a pointed Chinese appeal to Washington to stabilize its economy.

Singapore faces years of slow growth, PM Lee says (AP)

AP - Singapore's economy may shrink for a year and faces slow growth for several more as a global downturn undermines demand for the city-state's exports, Prime Minister Lee Hsien Loong said Friday.

Uncertain impact of US push to cut mortgage rates (The Christian Science Monitor)

The Christian Science Monitor - Another week, another proposal to shore up plummeting US home values. This time, the US Treasury Department is considering a plan to dramatically push down mortgage rates, which it hopes will stimulate demand for new homes.

Bailout still faces challenges: Paulson (Reuters)

Reuters - The United States has made clear progress in steadying its financial system, thanks in part to a $700 billion bailout fund authorized by Congress, but the rehabilitation process still faces many challenges, Treasury Secretary Henry Paulson said on Friday.

Paulson says China investments no threat to U.S. (Reuters)

Reuters - The United States is not threatened by the fact that China and other countries are big investors in U.S. securities, U.S. Treasury Secretary Henry Paulson said on Friday.

Facebook delays plan on employee stock sale: report (Reuters)

Reuters - Social networking company Facebook is delaying a previously announced plan to let employees sell part of their stocks, due to difficult global economy, the Wall Street Journal said.

Tough economy forces many US Muslims delay hajj (AP)

AP - Zeinab Chami planned to save money from her part-time job and get a little more from her family. But the 24-year-old graduate student ultimately couldn't round up enough to pay for a trip to Mecca.

Dodd, Frank Warn Paulson May Not Get TARP’s Next $350 Billion (Bloomberg)

Bloomberg - Dec. 5 (Bloomberg) -- Two top U.S. lawmakers warned Treasury Secretary Henry Paulson that he may not get the second half of the $700 billion financial rescue fund, joining Republicans upset with how the program is being managed.

US, China promise $20 billion to finance trade (AP)

AP - The United States and China will provide $20 billion in loans to finance trade by developing countries amid a global crisis that has battered credit markets, U.S. Treasury Secretary Henry Paulson announced Friday as the two sides wrapped up high-level economic talks.

China and U.S. pledge cooperation after "robust" talks (Reuters)

Reuters - China and the United States pledged on Friday to boost efforts to tackle the turmoil engulfing global markets and to continue high-level cooperation when President-elect Barack Obama takes office.

Fed officials say not running out of policy tools (Reuters)

Reuters - The year-long U.S. recession has taken a turn for the worse recently, two top Federal Reserve policy-makers said on Thursday, raising expectations for aggressive policy action by the central bank as soon as next week.

Bernanke: more action needed to cut foreclosures (AP)

AP - Federal Reserve Chairman Ben Bernanke called on the government Thursday to ramp up efforts to stem soaring home foreclosures, which are feeding into the country's deep economic troubles.

Bernanke wants more action to curb foreclosures (AP)

AP - Federal Reserve Chairman Ben Bernanke pleaded Thursday for more government action to relieve the foreclosure crisis and break a vicious cycle in which the housing meltdown is plunging the country deeper into recession.

Jobless rolls at 26-year peak, factory orders drop (Reuters)

Reuters - The number of U.S. workers collecting jobless benefits hit a 26-year high last month, data showed on Thursday, and it may head higher as a deepening economic slump forces a broad spectrum of firms to cut jobs.

Banks borrow less, investment firms borrow more (AP)

AP - Commercial banks borrowed slightly less from the Federal Reserve's emergency lending program over the past week, while investment firms stepped up their loans.

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