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US economy

USA
Senate confirms Geithner for Treasury chief
The US Senate approved the nomination of 47-year-old Timothy Geithner as Treasury secretary by a 60-34 vote. A former New York Fed chairman was the "very best of a very short list of candidates" to tackle the US slowdown, observers said.
OBAMA - ADMINISTRATION
Geithner apologises for tax transgressions
The man US President Barack Obama has chosen to be the next US Treasury Secretary, Timothy Geithner, apologised at his confirmation hearing for his failure to pay $34,000 in back taxes while vowing to unfreeze credit and hold Wall Street to account.
USA - PERU
Free trade deal goes into effect
The United States and Peru have launched a free trade deal which took effect when it was signed by President George W. Bush on Friday, the White House said in a statement. The presidential order made official a treaty signed in April 2006.
BANKING
Citigroup splits after huge losses
US banking giant Citigroup has announced that it will split into two separate businesses in the face of huge losses. The company will become Citicorp and Citi Holdings, abandoning the "supermarket" model it has built over the years.
COUNTDOWN TO OBAMA
Security tightens as inauguration approaches
Barack Obama is considered a target for several reasons - for being the next president of the United States, by terrorists like Al Qaeda, and for being the first black man in the Oval Office, by racist groups.
BANKING
Morgan Stanley to buy share of Citigroup brokerage firm
US banking giant Citigroup and investment bank Morgan Stanley are said to be in advanced talks to create a joint venture of their brokerage activities. Morgan Stanley would take overall control of Smith Barney, the brokerage unit of Citigroup.
USA - EMPLOYMENT
Jobs are at heart of Obama's stimulus plan
US President-elect Barack Obama said his economic stimulus plan will "save or create" between three and four million jobs. He warned that the absence of a plan would cost the US economy four million jobs in the coming months and years.
AUTO INDUSTRY
Detroit motor show scales back as carmakers face crisis
With the car industry under enormous pressure, the Detroit auto show promises to be a subdued and tense affair as automakers launch new models that will compete for an ever-dwindling number of customers.
COUNTDOWN TO OBAMA
D-11 before inauguration
Barack Obama repeats his call for swift action on the economy as he gets his own character in the next issue of Spiderman comics. He also enters art history with his portrait now being hung in London's National Portrait Gallery.
CHRISTMAS - SHOPPING
Retailers hurting as holiday season nears end
The US retailers' federation said sales had been "tracking behind" initial forecasts of a 2.2 percent increase in overall sales to 470.4 billion dollars.
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