Global Economic Crisis Accelerating

Bernanke tells Obama $775bn fiscal package is not enough (Independent)

Ruble Devalued to Six-Year Low as Gas Dispute Deters Investors (Bloomberg)

UK trade deficit balloons to a record (Telegraph)

Treasury mulls bad bank for toxic debt (Telegraph)

Greece’s Sovereign Credit Rating Cut to A- by S&P (Bloomberg)

Shipping rates hit zero as trade sinks (Telegraph)

Ohio Forced To Borrow Federal Money For Unemployment (NBC4i):
COLUMBUS, Ohio—It’s a sign of the times: The state of Ohio’s unemployment fund has run out of money and how Ohio has been forced to borrow from the federal government to keep paying out benefits.

LA board OKs layoff plan for nearly 2,300 teachers (AP)

Thousands of UK jobs go in bleak day for economy (Telegraph):
In a dark day for the UK economy, more than 3,500 jobs were cut or placed in immediate jeopardy yesterday, overshadowing attempts by the Government to reduce unemployment.

U.S. Economy: Retail Sales Decline for a Record Sixth Month (Bloomberg)

China’s authorities are running scared (Telegraph)

Financial Crisis Hits Home-Loan Banks (Wall Street Journal)

Toyota, Facing Crisis, Turns to Founding Family Scion (Bloomberg)

Nortel Files for Bankruptcy, Victim of Falling Sales (Bloomberg):
Jan. 14 (Bloomberg) — Nortel Networks Corp., North America’s biggest maker of telephone equipment, filed for bankruptcy protection in the U.S., a victim of the global credit crunch and declining sales.

Ukraine blocks gas after Russia turns taps on (Telegraph)

Results: California companies planning layoffs !!! (San Jose Mercury News):
California’s WARN law requires certain companies with more than 75 employees to provide 60 days advance notice of a plant closing or mass layoff involving 50 or more employees.

Northern Rock investors tell court they were cheated (Guardian):
Former shareholders in Northern Rock yesterday accused the government of cheating them of compensation when the bank was nationalised last year.
In the high court, lawyers representing the two largest shareholders argued that the government had unfairly rigged an independent valuation of the bank to ensure investors would end up with next to nothing.

Saudis cut oil output beyond Opec limit (Financial Times)

UK economy downturn ‘frightening’ (BBC NEWS)

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