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World News
From The Financial Times
- US growth to stay weak until 2010
- US growth will remain weak this year before a turnround in 2010 as unemployment rates continue to rise and prices remain flat, the Bush administration's top economists said as government data showed prices rising at the slowest pace since 1954
- Approval grows for toxic assets 'aggregator'
- Speculation is growing that the Obama administration will announce fresh plans to clean up US banks within days of taking office next week, after a top regulator called for a new bank to be set up to unblock the system
- Chrysler lifted by $1.5bn US loan
- The beleaguered US car industry received fresh support after Washington said it would provide $1.5bn in loans to help financing by Chrysler, while it emerged the Treasury was also in talks with Ford
- GM might fail to meet loan condition
- General Motors has signalled it might be unable to meet a key condition of the $13.4bn lifeline extended by the US Treasury requiring a two-thirds reduction in the carmaker's unsecured debt
- Bush inhabits lonely White House
- George W. Bush does not formally leave office until midday on Tuesday, but he might find the White House pretty lonely in the meantime. By Friday morning only about a third of administration staff were still at their posts. Far fewer than that are expected to turn up to work on Monday.
- US inflation crawls at slowest rate since 1954
- Prices in the US rose at the slowest pace since 1954 during the last year as the recession has brought the economy to the brink of deflation
- Bank of America gets $138bn lifeline
- The bank is to get capital injection of $20bn as part of a federal government emergency package which will also see the government guarantee most of $118bn worth of loans related to the acquisition of Merrill Lynch
- Airliner crash lands in New York river
- A US Airways jet departing New York's LaGuardia Airport crashed minutes after takeoff, sending 148 passengers and as many as six crewmembers into the Hudson River's frigid waters before their safe evacuation
- Bush defends 'war on terror'
- A defiant George W Bush insisted that his administration's 'war on terror' had been vindicated by the absence of attacks on US soil since September 2001
- UBS to face pay-out calls over Madoff ties
- A Luxembourg judge has ordered the Swiss Bank's unit there to hand over €30m that French investment house Oddo et Cie has been trying to withdraw from a fund that had invested with Bernard Madoff, the US financier charged with running a $50bn fraud scheme
- Schapiro pledges tougher SEC action
- Mary Schapiro, nominee for Securities and Exchange Commission chairman, vowed to "reinvigorate" enforcement at the agency which has come under an avalanche of criticism for regulatory failures during the financial crisis
- Democrats unveil $825bn stimulus
- Democratic lawmakers unveiled a much-awaited $825bn stimulus package to halt America's vertiginous economic slide which Nancy Pelosi, the speaker of the House, said was only the "first step" in a process that could take weeks to pass into law
- California faces insolvency, governor warns
- Arnold Schwarzenegger issues a warning after a protracted budget dispute and record $42bn deficit leaves the finances of the US state in a 'state of emergency'
- Sharp drop in US demand for petrol
- Petroleum deliveries fell by 6% last year underlining the steep decline in demand amid a slowing economy, plunging oil and natural gas prices and the credit crunch
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