The European Central Bank cuts its benchmark rate by half of a percentage point, following a series of weak euro-zone economic data. (Trichet statement | Video)
European shares ended down, as economic troubles pressured banks once more and the European Central Bank cut interest rates.
European new-passenger-car registrations slumped to a 15-year low in 2008 as weak consumer confidence ate into demand for new cars.
The Irish government will take control of Anglo Irish Bank after it took hits from an accounting scandal and the broader financial crisis.
Airbus finished a record year of plane deliveries but is now preparing contingency plans to cut production if demand for jetliners drops.
French President Sarkozy said banks will have to suspend dividend payments to shareholders and bonuses to top management to be eligible for additional state aid.
Swiss drug maker Roche plans to cut 780 production jobs over the next two to three years, warning that the pharmaceutical industry won't be immune to the effects of a worsening economic environment.
Private-equity firms are weighing an investment in the cement company owned by the family of late German billionaire Adolf Merckle.
Chip-equipment supplier ASML swung to a fourth-quarter net loss as semiconductor makers struggle with slumping demand and tight credit.
German auto-parts supplier and tire maker Continental said it is considering a $1.32 billion capital increase as an option to cover an expected goodwill-impairment charge.
Carrefour expects consumer spending to be weak for months as the retailer's sales gains nearly stopped in 2008's fourth quarter.
News from The Wall Street Journal and Dow Jones Newswires
Greece's credit was downgraded and fourth-quarter German GDP dropped, signaling the difficulties European countries face in spending their way out of recession.
As Russia and Ukraine continued to block gas exports to the EU, analysts said the standoff is exposing two EU weaknesses: an ineffective energy policy and an erratically led foreign policy.
The U.K. is making some delicate political compromises, in an effort to tackle the financial crisis.
BNP Paribas thought buying the Belgian assets of Fortis was a good deal. But the bank finds itself at the mercy of shareholders and courts.
The U.K. government spent months resisting calls for a loan guarantee scheme to help small enterprises get credit. It has succumbed, though the funding is much less than expected.