– Obama administration considers launch of ‘bad bank’ (Telegraph)
– US Initial Jobless Claims Match Highest Since ’82 (Bloomberg)
– Barack Obama inauguration: this Emperor has no clothes, it will all end in tears (Telegraph)
– Despite billions, banks still teeter on the brink (MSNBC)
– Microsoft to shed 5,000 jobs (Financial Times)
– Intel to Cut at Least 5000 Jobs (New York Times)
– GM Gets $5.4 Billion Loan Installment From Federal Government (CNNMoney)
– US jobless claims surge, housing start tumble (Forbes)
– Housing Starts, Permits in US Slump to Record Low (Bloomberg)
– Banks Foreclose on Builders With Perfect Records (New York Times)
– Jim Rogers: Now it’s time to emigrate, says investment guru (Independent)
– Saudi prince’s firm loses $8.3B in 4Q (AP)
– Investors flee after brutal losses at global markets (Emirates Business)
– Indians Flee Dubai as Dreams Crash – Fall out of Economic Crisis (Daijiworld):
It’s the great escape by Indians who’ve hit the dead-end in Dubai.
– China growth slows, Bank of Japan sees deflation (Forbes):
(Reuters) – China’s economy slowed sharply in the fourth quarter and Japan’s central bank on Thursday predicted two years of deflation as Asia’s largest economies buckle under the strain of the financial crisis.
– Roubini Sees China Recession Despite ‘Massaged’ GDP (Bloomberg)
– Asian economic woe grows as China slows and Japanese exports plunge (Telegraph):
China’s economy may have ground to a halt entirely between the third and fourth quarters of last year and Japanese exports plunged 35pc in December, underlining the scale of the slowdown in Asia.
– ZIMBABWE: Inflation at 6.5 quindecillion novemdecillion percent (IRIN)
– Sony forecasts $2.9bn operating loss (Financial Times)
– Hedge funds’ $400bn withdrawals hit (Financial Times)
– Google income drops 68% on one-time charges (IHT)
– Is Britain facing bankruptcy? (Guardian)
– Manufacturing outlook plummets (Financial Times)
– Car production plummets as pressure for industry bail-out grows (Telegraph)
– London’s Evening Standard sold to ex-KGB agent (Reuters)
– AIG starts $20bn auction of Asian unit (Financial Times):
AIG, the stricken insurance giant, on Wednesday kicked off the sale of its Asian life assurance unit – one of its most prized assets – in the hope of raising up to $20bn to help repay the $60bn US government loan that is keeping the group alive.
– UBS to Cut Securities Jobs, Close More Debt Units (Bloomberg)
– Japanese Housewives Desperate After Currency Scheme Collapses (Bloomberg)
– New age of rebellion and riot stalks Europe (Times Online)
– Increase in burglaries shows effect of recession (Guardian)
– Chinese media issues stinging attack on Barack Obama and George W Bush (Telegraph)
– Barclays may lose control to Gulf investors (Telegraph)
– Cars to be crushed in insurance crackdown (Scotsman)
– Investors say jailed pilot swiped money for years (Washington Post)
– Capital One Reports $1.42 Billion Loss on Charges (Bloomberg)
– Nokia reports sharp fall in profits (Financial Times)