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World News
From The Financial Times
- Record contraction in US services sector
- The US services sector contracted by the most on record in November, while the private sector as a whole lost 250,000 jobs
- Fed survey offers bleak outlook
- Conditions in the US economy deterioriated further in the two months to November 24, the US Federal Reserve said, as consumer spending, manufacturing activity and lending continued to contract
- Warning over mass destruction attacks
- Terrorist groups would succeed in using weapons of mass destruction within five years unless the world community "acts decisively", according to a US congressionally mandated commission set up to scrutinise WMD after the 2001 attacks
- Obama picks Richardson for commerce
- Barack Obama nominated Bill Richardson, the governor of New Mexico and a former rival in the Democratic presidential primaries, as his secretary of commerce in the first high-profile appointment of a Latino to his administration
- Clinton role could breach constitution
- The US constitution forbids sitting members of Congress from being named to any government post "the emoluments whereof shall have been increased during his term" – and, unfortunately for Hillary Clinton, the Secretary of State's salary has increased during her time as New York senator
- Democrats fail to gain Senate super-majority
- Republicans regained a spring in their step after Tuesday night's election victory in Georgia, which denied the Democrats their much desired shot at a 60-seat "super-majority" in the US Senate
- Republican retains crucial Senate seat
- Saxby Chambliss, the Republican senator, easily won a run-off election in Georgia, denying Democrats the chance for a 60-seat 'super majority' that would have enabled them to pass legislation virtually at will
- US carmakers ask for $34bn
- Detroit's beleaguered carmakers sought to present themselves as lean, innovative and environmentally aware companies as they appealed to Congress for up to $34bn of emergency loans
- Gates 'less concerned' about Iraq troop removals
- Robert Gates, the US defence secretary who will remain as Pentagon chief in the Obama administration, said he was 'less concerned' about President-elect Barack Obama's 16-month timetable to remove combat troops from Iraq
- Carmakers on a road to nowhere
- The US motor industry should not be helped to stumble on through the downturn. Any state support should focus on forcing the Big Three to consolidate
- SEC crackdown on credit rating agencies
- US securities regulators moved to crack down on conflicts of interest at credit rating agencies but delayed taking action on other, more controversial proposals to overhaul business practices
- Western banks face snub by China fund
- Chairman of Beijing sovereign wealth fund will no longer risk investing in western institutions because of concerns about their viability and lack of consistency
- Russia claims victory in Nato's Georgia climbdown
- Russia said that a Nato decision to rule out near-term membership for Ukraine and Georgia showed that the US-led military alliance is shying away from interfering with the Russian sphere of influence
- Obama vows to help states weather recession
- The US president-elect asks governors to help him craft a stimulus package to tackle the crumbling economy, and is expected to nominate Bill Richardson as his commerce secretary
- Treasury tackled over Tarp concerns
- The Government Accountability Office cites lack of policies to ensure the troubled asset relief programme was achieving its goals or that funded banks were complying with restrictions
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