| No agreement for US car bail-out Carmakers given deadline to produce a viable recovery plan if they want a $25bn government bail-out.  Recession fears hit stock markets World stockmarkets falter amid growing concerns that the world economy is entering a protracted downturn. Oil price goes below $50 a barrel Oil prices have fallen below $50 a barrel amid growing fears over a global recession and lower demand for oil. Rolls-Royce plans 2,000 job cuts Aircraft engine maker Rolls-Royce says it plans to cut between 1,500 and 2,000 jobs in 2009, including 140 in the UK. Russia pushes Ukraine on gas debt Russia demands Ukraine to repay a $2.4bn gas debt, raising fears of a renewed dispute which could disrupt supplies to Europe. Latvia to seek support from IMF Latvia becomes the second European Union country to seek the International Monetary Fund's help to stabilise its financial system. Peugeot Citroen cuts 2,700 jobs French car company Peugeot Citroen announces plans to shed 2,700 jobs because of falling demand in Europe. IMF approves $2.1bn Iceland loan The International Monetary Fund approves a $2.1bn (£1.4bn) loan for Iceland, after its banking system collapsed in October. EU reaches deal on farm reforms EU ministers agree to reform farm policy by moving more subsidies away from production and liberalising the dairy market. China fears grow over job losses Beijing says its employment outlook is "grim", amid concerns of increasing social unrest caused by economic problems. News Wizard |