– Here comes ‘terrible’ (CNN Money):
The week ahead: Investors gear up for a deluge of weak earnings and the biggest plunge in GDP in 26 years.
– Report: IBM quietly lays off North American staff (CNET News)
– GM, Ford, Chrysler Lost About 988 Auto Dealers During 2008 (Bloomberg)
– Cities, towns expect to fire thousands (Boston Globe)
– Downturn Accelerates As It Circles The Globe (Washington Post):
The world economy is deteriorating more quickly than leading economists predicted only weeks ago…
– Obama’s team turn to EU bank for inspiration (Independent)
– Obama Sides With Bush in Spy Case (Wired):
The Obama administration fell in line with the Bush administration Thursday when it urged a federal judge to set aside a ruling in a closely watched spy case weighing whether a U.S. president may bypass Congress and establish a program of eavesdropping on Americans without warrants. (More change!)
– Pakistan Urges Obama to Halt Drones (ABC News)
– Afghan President Condemns US Raid He Says Killed 16 Civilians (Voice of America)
– Obama’s partisan, profane confidant reins it in (IHT):
– Official: £40000 loss for every taxpayer (Guardian):
Latest City figures reveal that the plummeting stock market and plunging house prices have wiped out £1.2 trillion of Britain’s national wealth
– Fed up companies plan to launch their own lender (Independent):
City law firm Taylor Wessing is believed to be working on a plan to create a bank backed by six leading UK listed corporates disenchanted with the failing lending institutions in the Square Mile.
– Inquests into Troubles deaths to be kept secret (Guardian):
Under new laws, key parts of inquests into the deaths of people killed by British security forces in Northern Ireland during the Troubles will be held in secret, without the scrutiny of juries.
– Bank of England goes for broke with asset buying (Telegraph)
– Corus to axe 3500 jobs as crash hits steelmakers (Times Online):
BRITAIN’s largest steelmaker, Corus, is poised to cut up to 3,500 jobs this week in one of the biggest blows yet to the faltering manufacturing sector.
– GKN to offer ‘token dividend’ as it slashes workforce by thousands (Telegraph):
GKN, the British car and aircraft parts maker, is expected to announce this week that it has cut several thousand jobs, with more to cuts to come, as the deepening recession inflicts further pain on the manufacturing industry.
– IMF set to slash global growth forecast (Financial Times)
– Third Bank Is Seized This Year (New York Times)
– State lawmakers bet gambling can help with budgets (AP)
– Economy in U.S. Probably Contracted Most Since 1982 as Spending Collapsed (Bloomberg)
– Home Price Declines Compound US Economic Decline (VOA)
– Flood of foreclosures: It’s worse than you think (CNN Money):
Banks are moving slowly to list repossessed homes for sale, which could mean that housing inventory is even more bloated than current statistics indicate.
– Madoff’s UK investors set to sue (Times Online)
– A shameful war: Israel in the dock over assault on Gaza (Independent)
– Iran vows to pay for Gaza aid as children return to UN schools (Telegraph)
– Tunnel vision sees Gazans dig for victory (Scotland on Sunday)
– China Reports 6th Case of Bird Flu This Year (Voice of America)
– Car dealers try to survive as economy, sales drop (AP)
– Chocolate prices set for further increases (Financial Times)
– 12 Die in Storms in Western Europe (New York Times)