Britannia Radio

IMF bails out Ukraine: The IMF has already agreed to lend Iceland $2.1bn and is in talks with Hungary for an estimated $10bn to $12.5bn in loans.

IMF now sees global recession in 2009: The advanced industrial economies will contract as a group for the first time since World War II, the IMF said. Negative growth is expected in the all major economies except Canada.

European Banks Cut Rates Sharply: The Bank of England unexpectedly reduced its benchmark rate by 1.5 percentage points, its biggest rate reduction in more than a decade, and the European Central Bank lowered its interest rate as expected by half a percentage point to 3.25 percent.

30 US states in recession, 19 at risk: Moody's: Thirty US states were mired in recession in September, and 19 others are at risk of falling into recession in the coming months, a survey by ratings agency Moody's Investors Service said Tuesday.

U.S. to Sell $55 Billion in Long-Term Debt Next Week: The U.S. Treasury said it plans to sell $55 billion in long-term government debt this quarter and bring back auctions of three-year notes, as a slowing economy balloons the budget deficit to a record level.

Retailers report steep sales declines in October: The nation's retailers saw their sales plummet last month to the weakest October level since at least 1969, as the financial crisis and mounting layoffs left shoppers too scared to shop.

Jobless claims higher than expected: Number of Americans filing for unemployment insurance reaches 481,000, those continuing to receive benefits at 25-year high.

Toyota Feeling 8-Year Low As Profits Plunge: Toyota's long expansionary streak has come to an end. The Japanese carmaker on Thursday slashed its annual net profit forecast by 68%, warning that the figure would drop to a eight-year low.

GM Executive: Next 100 Days Critical For GM, US Auto Industry: Troy Clarke, president of GM North America, urged auto industry executives to make the case to Washington leaders that the failure of auto companies would have devastating effects on the economy.