Recession worries gained further momentum on Wednesday after a private report showed U.S. employers cut 250,000 positions in November.
The report sets the stage for gloomy official statistics from the Labor Department due on Friday.
In a bit of good news, home loan rates dropped to a more than three-year low, according to a mortgage industry group.
Conway Gittens reports from New York.
The euro zone's services economy fell deeper into recession in November adding pressure for a deep ECB rates cut.
*Telecom Italia moves to cut debts
*UK gov. strengthens bank rescue measures
About 200 foreign workers employed by a construction firm in the Russian city of Ekatherinburg have gone on strike after not being paid for three months.
The desperate workers, mostly from Central Asian states, say they have not been paid by their employer "Alfa-Stroy" since September. Unable to pay rent, the workers have moved into unfinished buildings with wood fires being their only source of heat. The global financial crisis has hit the Russian construction market hard, resulting in the freezing of major building projects and job losses.
The Palestinian Authority warns its employees in Gaza will not receive salaries as border closures prevent cash from reaching the Hamas controlled territory.
EU's Barroso has suggested that British politicians are considering the move to the euro because of the global finance crisis.
President of the European Commission Jose Manuel Barroso made the comments on French radio and it's prompted renewed discussion over whether Britain should join the European currency.
In an effort to avoid bankrupcty General Motors asked Congress for $18b Tuesday.
As part of restructuring plans ordered by Congress, GM says, in turn, it will increase production of fuel efficient vehicles and cut wage and benefit costs.
Jeanne Yurman reports.
A sharp drop in crude oil futures has brought the price of a barrel of oil near $47, more than $100 off the record high set in July.
The Dow rallied 270 points to 8,419. The S&P 500 rose 32 points to 848. The Nasdaq climbed 51 points to 1,449.
Conway Gittens reports from New York.
The Big Three automakers submit detailed restructuring plans after Congress rejected their initial plea for a $25B federal bailout.
The companies are under pressure to downsize operations and expenses, to sell assets, cap executive pay and to green up their product lines.
SPEAKER: Efraim Levy, equity analyst, Standard & Poor's
EU's Barroso has suggested that British politicians are considering the move to the euro because of the global finance crisis.
President of the European Commission Jose Manuel Barroso made the comments on French radio and it's prompted renewed discussion over whether Britain should join the European currency.
Billionaire investor Warren Buffett has seen shares of his Berkshire Hathaway cut in half as investors fear the company could be hit with a big payout in the future.
Buffett's company has issued insurance policies for equity derivatives, that if values keep dropping, would result in payments which could total as much as $37 billion.
Speaker: Bill Bergman, equity analyst, Morningstar
Conway Gittens reports from New York.
The Bush administration's Troubled Asset Relief Program, or TARP, was criticized on Capitol Hill for not doing enough to stop home foreclosures or helping the auto industry.
On Wall Street, a volatile session finished with the Dow up 151 points to 8,424. The S&P 500 climbed 8 points to 859. The Nasdaq crept one point higher to 1,488.
Oil prices fell to $54.39 a barrel.
SPEAKER: Henry Paulson, U.S. Treasury Secretary
Conway Gittens reports from New York.
India's cricket bat makers are struggling because of a shortage of quality willow.
The number of people growing willow trees is decreasing. Bat makers like Mudasir Dar say the government has failed to act to preserve willow stocks despite agreeing three years ago that there was a problem.
Barclays offers slice of capital injection and cancels bonuses after shareholders complain terms of the injection were too generous for the Middle East investors.
* Record UK CPI drop sparks deflation fear
* Carphone Warehouse says toughest outlook ever
Britain's central bank chief says the country is probably already in recession and heading for a difficult year but said falling inflation would give balance to the economy.
* Oil hits 20-month low on consumption fears
* EU fines car glass maker cartel 1.3 billion euros
* Wonky veg is back after EU standards law overturned
The last known surviving member of the architects of the global financial system says poor supervision of banks is behind today's crisis.
Jacques Polak, one of the 700 delegates to the 1944 Bretton Woods conference that led to the creation of the World Bank and International Monetary Fund, says calls for a shake-up of the global system are politically appealing but not the solution.
Billionaire investor Warren Buffett has seen shares of his Berkshire Hathaway cut in half as investors fear the company could be hit with a big payout in the future.
Buffett's company has issued insurance policies for equity derivatives, that if values keep dropping, would result in payments which could total as much as $37 billion.
Speaker: Bill Bergman, equity analyst, Morningstar
Conway Gittens reports from New York.
China scoops its first major overseas deal for a home-grown aircraft but the world aviation industry as a whole is in a tail spin.
The biennial Zhuhai gathering is a major showcase for the international aviation industry and is particularly significant in the current financial climate as many major players bank on China's potential as the world's largest aviation market to help them weather the economic storm.
Car giant Honda has unveiled a pair of experimental robotic legs it says can help lighten the burden of factory workers.
Honda's Walking Assist device is designed to support bodyweight and is expected to help people who work standing or in a crouching position for a long time. The Japanese car maker says the gadget works by redistributing body weight along its frame and lightening the burden on a workers' real legs.
Pharmaceuticals and energy stocks fall after Barack Obama's presidential win with markets fearing his policies could hurt profits.
* ArcelorMittal slashes output, feezes growth plans
* Carlsberg trims 2008 outlook
Pirates have plagued the Horn of Africa for years but now their attacks are increasing in number and audacity.
The hijacking of the 310, 000 ton supertanker Sirius Star marks a new watershed in world piracy both because of the size of ship the pirates have seized and the range at which they carried out the assault some 800 kilometres off the coast of Kenya.
American companies slashed 240,000 jobs in October highlighting recession fears and helping to set the agenda for President-elect Barak Obama's first news conference.
Practitioners of 'keyhole' surgery may soon have new tools at their disposal, such as a mechanical 'snake' that enters the body through the mouth or rectum.
The brand name of the Latvian-invented camera favoured by spies worldwide lives on in Germany.
The revolutionary Minox camera was invented by Waltar Zapp and produced in Latvia in the 1930s and the brand still lives on in Germany where everything from everyday cameras to spy gadgets are still made under the famous name.
NEW YORK (Reuters) - Panasonic Corp <6752.T> has raised its buyout offer for Sanyo Electric Co Ltd <6764.T> by 10 yen to 130 yen per share in the hope of closing a deal this week, the Nikkei financial daily reported, without citing sources.
Panasonic, the wo...
SAN FRANCISCO (Reuters) - Billionaire Carl Icahn opposes selling part of Yahoo to former AOL Chief Executive Jonathan Miller or anyone else because it is undervalued, he told CNBC on Wednesday.
"I don't think there is very much to having a partial bid for th...
By Kevin Krolicki
DETROIT (Reuters) - The board of General Motors Corp met on Sunday to review a restructuring plan intended to cut costs and win support for up to $12 billion in emergency funding from the government, a person familiar with the delibe...
By Burton Frierson
NEW YORK (Reuters) - Private employers slashed an unexpectedly high 250,000 jobs in November, the most in seven years, while third-quarter labor costs rose less than first thought, in the latest signs the job market is nowhere near a botto...
By Caren Bohan and Richard Cowan
CHICAGO/WASHINGTON (Reuters) - Treasury Secretary Henry Paulson is weighing whether to ask Congress for the remaining $350 billion of the financial bailout fund, with White House aides approaching President-elect Barack Obama...
SAN FRANCISCO (Reuters) - Financial services company Citigroup Inc said on Wednesday it had teamed its customer loyalty program with global online retailer Amazon.com Inc in what an executive said was the largest-ever rewards program.
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