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U.S. job losses worst since 1974 as downturn deepens

WASHINGTON, Dec. 5, 2008 (Reuters) — U.S. employers axed payrolls by 533,000 jobs in November, the most in 34 years and far more than expected, government data on Friday showed, as the year-old recession hammered every corner of the U.S. economy. ...  > full story

China, U.S. pledge cooperation after "robust" talks

BEIJING, Dec. 5, 2008 (Reuters) — China and the United States pledged on Friday to boost efforts to tackle the turmoil engulfing global markets and to continue high-level cooperation when President-elect Barack Obama takes office. ...  > full story

Treasury says bank rescue a success so far

WASHINGTON, Dec. 5, 2008 (Reuters) — The Treasury's program to give banks billions of dollars in fresh capital has been a success in helping stabilize financial markets, a senior Treasury official said on Friday. ...  > full story

Understanding but no consensus on auto bailout

WASHINGTON, Dec. 5, 2008 (Reuters) — There is broad understanding of distress but no consensus yet in Congress to rescue U.S. automakers as industry chiefs hope on Friday to advance their case in a second appearance before lawmakers in two days. ...  > full story

Bailout still faces challenges: Paulson

BEIJING, Dec. 5, 2008 (Reuters) — The United States has made clear progress in steadying its financial system, thanks in part to a $700 billion bailout fund authorized by Congress, but the rehabilitation process still faces many challenges, Treasury Secretary Henry Paulson said on Friday. ...  > full story

Paulson says China investments no threat to U.S.

BEIJING, Dec. 5, 2008 (Reuters) — The United States is not threatened by the fact that China and other countries are big investors in U.S. securities, U.S. Treasury Secretary Henry Paulson said on Friday. ...  > full story

Sweden rate cut boosts global stocks

LONDON, Dec. 4, 2008 (Reuters) — European shares rallied on Thursday after a record Swedish interest rate cut boosted expectations for aggressive moves from the euro zone and UK, while government bonds and the yen surged on economy concerns. ...  > full story

Citigroup top execs ready to forego bonuses: report

Dec. 4, 2008 (Reuters) — Citigroup Inc's top executives and Robert Rubin, a director and senior counselor at the firm, are ready to forgo their bonuses this year as the bank reels from the effects of the financial crisis, the Financial Times reported. ...  > full story

U.S. working on affordable mortgage plan: sources

WASHINGTON, Dec. 3, 2008 (Reuters) — The Treasury Department is developing a plan to try to reduce mortgage rates on home loans to 4.5 percent on typical mortgages by expanding its purchases of mortgage backed securities, sources familiar with the plan said on Wednesday. ...  > full story

New York mayor urges Obama to fix municipal bond market

NEW YORK, Dec. 3, 2008 (Reuters) — New York City Mayor Michael Bloomberg said he had advised President-elect Barack Obama's transition team to boost U.S. economic growth by fixing the credit markets so that cities and states can resume borrowing to build infrastructure projects. ...  > full story
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