WASHINGTON - US EMPLOYERS slashed 598,000 jobs in January, the deepest cut in payrolls in 34 years as the national unemployment rate shot up to 7.6 per cent, according to a Labor Department report on Friday that underlined a deepening recession.
January's job losses were worse than the 525,000 that had been forecast by Wall Street economists, who also had expected the unemployment rate to come in lower at 7.5 per cent. The bleak employment data is certain to be cited by the Obama administration as a fresh reason for Congress to speed up debate over a multibillion-dollar package of proposals to try to stimulate economic activity.
IPOH - MALAYSIAN police fired tear gas on Friday at supporters of an opposition leader who was forcibly removed from his office when he refused to cede his post as chief minister in a political tussle over which party controls the state's legislature.
The ruling National Front coalition says it wrested control of the Perak state legislature after three opposition lawmakers switched loyalties and became 'friendly independents'. Perak was one of five states in the hands of Mr Anwar Ibrahim's three-party opposition alliance. But National Front lawmaker Zambry Abdul Kadir was sworn in as the new chief minister on Friday.
LONDON - THE days of wine and roses - and company-paid country club memberships - are fading fast for international bankers.
The move to slash their salaries, bonuses and perks extends far beyond the United States, where President Barack Obama has limited salaries to US$500,000 (S$750,000) for those whose banks accept bailout money.
BUYING a new life insurance policy has been crossed off many people's shopping list amid the grim economic times.
New figures show that premiums for new policies plunged by 64 per cent to $1.04 billion in the fourth quarter of last year, from the same period a year earlier.
