US unemployment rate up at 5.5%

BayernLB will cut staff by 5,000
Bayern Landesbank confirms it will be cutting 5,600 of its 19,000 jobs globally, more than a quarter of its workforce.

China factory output down sharply
China's manufacturing output fell sharply in November, figures show, just the latest sign that the global economic slowdown is impacting on its economy.

Economy warning from China leader
China's President Hu Jintao warns of the effects of the global financial crisis on his country, as economic growth slows.

Spain unveils 11bn euro stimulus
Spain launches an 11bn euros (£9.2bn) economic boost plan aimed at creating 300,000 jobs in 2009.

Obama vows to 'reform' US budget
US President-elect Barack Obama names more advisers and sets out measures to tackle the ailing economy.