Wal-Mart's same-store sales miss analyst forecasts

Wal-Mart Stores Inc. said Thursday that its December sales at established stores edged upward, but the gain was less than analysts expected and the discounter cut its earnings forecast for the rest of its fiscal year.

Prosecutors: Madoff was ready to send out $173M

Prosecutors said Thursday that investigators found 100 signed checks worth $173 million in Bernard Madoff's office desk that he was ready to send out to his closest family and friends at the time of his arrest last month in what is alleged to be largest financial fraud in history. 1231461008

China's struggling airlines get tax break

China is taking new steps to shore up its aviation industry amid global economic turmoil, giving struggling airlines a $360 million tax break and $26 billion in loans to its main aircraft maker, state media said Friday. 1231472113

Indian markets closed Thursday for holiday

Trading on India's stock markets was closed Thursday to mark the Muslim month of Muharram.

Macy's will shutter 11 stores in 9 states

Department-store operator Macy's Inc. said Thursday it will close 11 underperforming stores in nine states - affecting 960 employees - and lowered its forecast for the fourth quarter after one of the weakest holiday seasons in years.

SEC reopens insider-trading probe of hedge fund

The Securities and Exchange Commission has reopened its investigation of possible insider trading involving a major hedge fund, a case closed two years ago that prompted scrutiny by Congress and the agency's internal watchdog.

Taiwan shares tumble on record fall in exports

Taiwan shares plunged Thursday after exports fell by a record amount in December.

UK builder Persimmon warns outlook challenging

British homebuilder Persimmon outlined a plan to conserve cash and reduce its debt Thursday, and warned that the short-term outlook for the British housing market was challenging.

USDA taking applications for Cattail eradication

Federal wildlife officials are taking applications from farmers who want the government to remove cattail-infested wetlands, the preferred habitat of sunflower-snacking blackbirds.

THE ECONOMY

Obama: Congress must act boldly and now on economy

President-elect Barack Obama implored Congress on Thursday to "act boldly and act now" to fix an economy growing perilously weaker. Democratic and Republican lawmakers complained about his tax policies, letting Obama know they intend to place their own stamp on the economic recovery effort. 1231471501

Consumer borrowing falls by $7.94B in November

Consumers cut back on their borrowing by a record amount in dollar terms in November, another sign of trouble for the rapidly weakening economy.

Toyota asks Japan workers to lower pay amid slump

Toyota Motor Corp. said Thursday it is negotiating with its workers in Japan to slash salaries as it stops production to adjust to slumping global demand.

Kuwait: Confident won't pay Dow Chemical penalty

Kuwait's Commerce and Industry minister says the government of this small oil-rich state is confident it will not have to pay a penalty for withdrawing from a $17.4 billion joint-venture with U.S. giant Dow Chemical Co.

FDA backs Vytorin after finishing study review

The Food and Drug Administration said Thursday patients should not stop taking Vytorin or other cholesterol-lowering drugs, based on its just-completed review of a controversial study that hammered Vytorin sales. 1231457396

German exports dive in November

Germany saw its sharpest monthly drop in exports in November since the country's reunification in 1990, official estimates showed Thursday, underlining the urgency of government efforts to put together a new multibillion-euro stimulus plan for Europe's biggest economy.

FSA fines Aon over weak anti-bribery controls

Britain's Financial Services Authority fined insurance broker Aon Ltd. 5.25 million pounds ($8 million) on Thursday for weak anti-bribery controls - the largest penalty of its kind.

Meltdown 101: The importance of same-store sales

Retailers confirmed fears that the dismal holiday shopping season was the worst in decades when they reported December same-store sales - a figure the retail sector relies on to periodically take its own temperature.

Dell to slash Ireland work force, shift to Poland

U.S. computer maker Dell Inc. announced Thursday it will slash its Irish work force and shift its European manufacturing operations to Poland in a move certain to undermine Ireland's recession-hit economy.

Finnair traffic grew 10 percent in 2008

A record 1.3 million passengers flew Finnair on Asian routes last year, increasing the carrier's traffic to the region by 16.5 percent, the Finnish carrier said Thursday.

South Korea says risk of recession has increased

South Korea is moving closer to recession, the government said Thursday, as key indicators worsen amid a shrinking global economy.