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S.Korea's fin min admits depth of downturn

South Korea's new finance minister gave up his predecessor's rosy economic targets soon after taking office on Tuesday and pledged to try hard to recover confidence from investors toward the country's economic policy.Yoon Jeung-hyun, 62, a former financial regulator, said he felt uneasy to admit that Asia's fourth-largest economy will contract this year for the first time in 11 years but added winning investors' confidence was more important.

RBS to pay staff £1 billion in bonuses

The Royal Bank of Scotland (RBS) is proposing to pay close to £1 billion in bonuses to its staff, just months after it was rescued by a £20 billion taxpayer bail-out,. RBS, which has a new chairman and chief executive in place of their sacked predecessors, is sensitive to accusations that it is paying “rewards for failure”. Stephen Hester, the new boss, will give evidence to the Commons Treasury select committee on Wednesday, when he is likely to be questioned about the bonuses.

Japan carmakers to lose money

Japanese automakers are looking at an ugly third-quarter earnings season that will almost certainly include profit warnings from Nissan Motor Co and others that have not updated their outlooks in the past three months as global vehicle demand shows no sign of reviving.Even Honda Motor Co which slashed its forecasts in mid-December, could lower its annual outlook for a fourth time after outlining more production cuts at home for the business year ending on March 31.With production and sales in various markets plumbing multi-decade lows in recent months, operating losses at the top three Toyota Motor Corp, Honda and Nissan.

Boeing posts quarterly loss

Boeing Co reported an unexpected fourth-quarter loss on Wednesday due to a strike by its assembly workers and larger-than-anticipated charges for delays on its new 747 jumbo.The plane maker and defense contractor also forecast 2009 earnings well below Wall Street estimates as it grapples with a dip in demand for its planes as airlines feel the pain of recession.Its shares fell slightly in light premarket trading to $43.02 from Tuesday's close at $43.22 on the New York Stock Exchange.Boeing, which lost out to rival Airbus in the race for plane orders last year, reported a quarterly loss of $56 million, or 8 cents per share, compared with a year-earlier profit of $1.03 billion, or $1.36 per share.

Toyota Japan output to drop 60 percent

Toyota Motor Corp plans to reduce vehicle production in Japan by nearly 60 percent in April, a level that could force it to cut its domestic workforce amid slumping car sales.Toyota, the world's biggest automaker, is whittling down its non-permanent workforce by letting contracts expire, but executives have said they intend to leave full-time staff untouched despite unprecedented factory suspensions in Japan.

GE profit down 44 percent

General Electric Co reported a 44 percent drop in quarterly profit on weakness at GE Capital and its lighting and appliance units, as the U.S. conglomerate and economic bellwether closed out one of the toughest years in its 117-year history.Despite meeting Wall Street's lowered estimates, earnings at the company's GE Capital finance arm its Achilles heel for the past year stumbled 67 percent. Its energy infrastructure unit, which makes electric turbines and windmills, was the highlight, recording 11 percent profit growth.

Obama faces plunging stock markets as party ends

US President Barack Obama faced plunging global stock markets on Wednesday, with the music barely faded from euphoric star-studded celebrations to greet his arrival in the White House.Obama, who danced into the early hours to celebrate his inauguration as the nation's first black president, suffered an economic hangover as financial fears eclipsed hope that he will breath new life into the American economy.The woes facing the new president took on new urgency as the global banking crisis intensified and speculation grew on nationalisation of the troubled sector.