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Retailers ease Christmas fears but gloom lingers

A string of retailers eased fears of a collapse in consumer spending over Christmas but warned on Tuesday that rising unemployment and plunging house prices would blight trading for months to come.

Global stocks rise on stimulus plans

NEW YORK (Reuters) - Stocks climbed across the globe on Tuesday, extending last week's advance, as investors bet economic stimulus packages would spur economic recovery, while demand concerns pulled oil off of levels above $50 a barrel.

Bank set to cut rates to record low

The Bank of England looks set to cut interest rates by at least half a percentage point this week to their lowest level on record as it tries to prevent the economy sliding into a long and painful recession.

Lawyer says Madoff cooperating with U.S. probes

NEW YORK (Reuters) - Bernard Madoff is cooperating with government investigations into his alleged $50 billion (£33.5 billion) fraud, one of his lawyers said on Tuesday, as prosecutors sought to revoke his bail and jail him.

U.S. and European data grim as Toyota and Alcoa to cut back

NEW YORK (Reuters) - Dismal economic data from the United States and Europe pointed to further pain for the world's two largest economies, while aluminium maker Alcoa <AA.N> plans to slash thousands of jobs and curtail operations to conserve cash in a deepening recession.

U.S. court orders Enron's Skilling resentenced

A U.S. court upheld the 19 felony convictions of former Enron Corp President and Chief Executive Jeffrey Skilling stemming from his role in the collapse of the energy trading company, but said he must be resentenced.

German tycoon Adolf Merckle commits suicide

BLAUBEUREN, Germany (Reuters) - German billionaire Adolf Merckle has committed suicide, in despair over the huge losses suffered by his business empire during the financial crisis, his family said on Tuesday.

Macworld fizzles with no surprises

SAN FRANCISCO/NEW YORK (Reuters) - Apple announced plans to drop copy protection from songs sold over the Internet and debuted a slim, big-screen laptop, but with no dramatic products or master pitchman Steve Jobs, the company's final Macworld performance disappointed Wall Street.