WASHINGTON - THE billions of dollars slated to come coursing down the US economy over the next two years is not going to translate into immediate gains for the rest of the world.
MESA (Arizona) - PRESIDENT Barack Obama on Wednesday unveiled the next step in his multi-pronged efforts to lift the United States out of recession on Wednesday, pledging up to US$275 billion (S$421 billion) to help stem a wave of home foreclosures that sparked the US financial meltdown.
Mr Obama, who on Tuesday signed a landmark $787 billion economic stimulus bill mixing government spending and tax cuts, was set to unveil his housing plan formally at 12.15 pm EST/1715 GMT (1.15am on Thursday Singapore time) in Arizona, a state that has been especially hard hit by the housing crisis.
TOKYO - TOSHIBA said on Wednesday it will buy Fujitsu' loss-making hard disk drive business as it aims to increase market share and cut costs in a weak industry.
Heavily in debt, Toshiba, faces mounting losses on its chip business, but has not agreed on a price for Fujitsu's hard drive operations.
WASHINGTON - US INDUSTRIAL production dropped by a bigger-than-expected 1.8 per cent in January, Federal Reserve data showed on Wednesday, hurt by a steep drop in auto production as vehicle sales slumped.
