Another loss for US mortgage firm

Second attack on UK fiscal moves
A second German politician breaks with diplomatic convention and criticises the UK government's attempts to tackle the downturn.

Downturn to hit Philips profits
Electronics giant Philips says the downturn is without "recent comparison" and that its revenue will be less than expected.

German car downturn 'worst ever'
The German car market is suffering an unprecedented slowdown, the country's main trade body warns.

World economy 'weakest since 30s'
The United Nations says the world economy faces its worst downturn since the Great Depression.

Wolseley to shed 2,300 more jobs
Building materials firm Wolseley is to cut 2,300 more jobs, the majority in the UK, as the housing downturn continues to bite.