Reuters - Bank of America Corp completed its purchase of Merrill Lynch & Co and Wells Fargo & Co finished buying Wachovia Corp, the latest sea changes in a transformed banking industry facing dire economic times ahead.

Reuters - Chinese factories slashed output and workers at a record pace in December and manufacturing activity overall fell for a fifth month as the global financial crisis hit export demand, a survey by brokerage CLSA showed on Friday.

AFP - US president-elect Barack Obama Saturday unveiled a broad proposal to boost job growth and the troubled American economy, a top priority for the incoming administration.

AP - China's manufacturing shrank for a third month in December as export demand fell, suggesting an economic slump is worsening despite government efforts to shield the country from global turmoil, according to data reported Sunday.

AFP - Asian stocks rose on Monday, with Tokyo hitting the highest level for almost two months as investors hoped that the US economy would start to recover this year after a dire 2008.

AP - Europe's services sector continued to contract sharply in December while the jobs outlook looked increasingly bleak, closely watched surveys showed Tuesday.

Reuters - Japan is reportedly considering cash injections for scores of regional banks in an effort to encourage lending as the financial crisis creates havoc for companies and economies around the globe.

Reuters - A monthly gauge of online labor demand in the United States slid in December, suggesting job conditions worsened with the economy stuck in a recession, a private employment group said on Thursday.

AFP - US president-elect Barack Obama's team was working Friday to push forward giant stimulus measures to jolt the country out of recession after an unexpectedly rocky reception from his own party.

AFP - US president-elect Barack Obama sought to cool down expectations from his incoming administration Saturday, saying the most serious crisis since the Great Depression gripping the United States will probably get worse before the economy starts to improve.

Reuters - President-elect Barack Obama said in an interview broadcast on Sunday he would not try to dictate to lawmakers the details of an economic stimulus package but would work closely with them to hammer out a plan.

AP - Russia's Central Bank allowed the ruble to drop for a second straight day Monday after the country's 10-day New Year's and Orthodox Christmas holiday.

Reuters - President-elect Barack Obama sought the remaining half of $700 billion in U.S. financial bailout funds from Congress, as sinking company earnings and weak Chinese trade figures underlined the depth of the gathering recession.

Reuters - China on Wednesday revised up the country's gross domestic product growth for 2007 to 13.0 percent from 11.9 percent, leapfrogging Germany in the process to become the world's third-largest economy.

AP - Singapore retail sales fell in November as the city-state's residents tightened their belts amid the worst recession in decades.

AFP - Bank of America will receive 20 billion dollars in fresh capital and a 118-billion-dollar asset guarantee program to help shore it up after acquiring Merrill Lynch, the US Treasury Department announced early Friday.

AP - The German economy, Europe's biggest, could shrink by as much as 2.5 percent this year, the country's economy minister was quoted as saying Saturday.

Reuters - The new board of embattled Satyam Computer Services has asked Citigroup and BNP Paribas , the company's bankers, to help it with immediate funding needs, a top board member told the Economic Times newspaper.

AP - The European Union said Monday it is facing a 'deep and protracted recession' with government spending the only source of growth this year.

Reuters - Barack Obama takes over as President on Tuesday with hopes riding high he can conjure up a rescue that will jolt the world's biggest economy back to life and contain the financial crisis ravaging global markets.

AP - Singapore slashed its 2009 growth forecast for a second time this month, saying the economy could shrink as much as 5 percent, as the city-state reels from plunging demand for its exports.

AP - China's economic slump worsened in the final quarter of 2008 as the impact of the global crisis spread, heightening fears of job losses and unrest, while Japanese exports fell at a record pace in December.

Reuters - Few laid off workers can afford to take advantage of a U.S. program that helps people keep their health benefits, and many low-income workers are not eligible, a report released on Friday said.

AFP - President Barack Obama will meet Saturday with his economic team to discuss the government's budgetary priorities as he makes a concerted effort to bolster the flagging US economy.

Bloomberg - Jan. 25 (Bloomberg) -- The U.S. economy faces “very difficult” months ahead, requiring quick passage of a stimulus package and a retooled bank rescue plan aimed at reviving lending, said Lawrence Summers, director of the White House’s National Economic Council.

Reuters - With California facing a $42 billion deficit in the current economic downturn, a glum Gov. Arnold Schwarzenegger has warned that the Golden State is on the brink of insolvency.

AFP - Federal Reserve policymakers open a two-day meeting Tuesday in search of new tools to stimulate lending and revive an economy that has so far failed to respond to its zero-interest rate policy.

AP - With the country reeling from a recession, Federal Reserve policymakers are weighing what other tools they can use to brace the economy.

Reuters - Policymakers and business chiefs flagged new trouble for the global economy on Thursday, with India's trade minister warning of protectionism and OPEC saying it was determined to push up the price of oil.

AP - The pain of Japan's recession is spreading from the factory floor to the living room, as December figures showed companies slashing output at a record pace, the jobless rate surging and household spending falling sharply.

Reuters - The United States is working to ensure that any stimulus package for the economy is in line with international trade rules, acting U.S. Trade Representative Peter Allgeier said on Saturday.