MLC FLASH NEWS

TOKYO (Reuters) - Japan’s recession could last even longer than feared, the country’s economy minister warned on Tuesday, and reflecting increasing efforts by governments to provide a cushion against a global downturn, Taiwan said it would give its citizens $108-worth of shopping vouchers.

SAN FRANCISCO/NEW YORK (Reuters) - Yahoo Inc said Jerry Yang will step down as chief executive as soon as the board finds a replacement, sending its shares up 4 percent on hopes his departure will clear the way for a deal with Microsoft.

WASHINGTON (Reuters) - Senate Democrats took the first step toward bailing out the nation's crippled auto industry on Monday by proposing a $25 billion loan program, a plan that faces stiff political headwinds with millions of jobs potentially riding on the outcome.

NEW YORK (Reuters) - The U.S. economy fell into recession last spring and will contract sharply this quarter as more than 200,000 workers per month are added to the rolls of the unemployed, a survey said on Monday.

LONDON (Reuters) - Japan became the latest major economy to fall into recession on Monday with France close behind, and the IMF said it needed at least $100 billion to fight an economic crisis enveloping the world.

LOS ANGELES (Reuters) - Thousands of Southern Californians returned home to find their houses burned to the ground, or miraculously intact on Monday, after a wind-whipped weekend firestorm swept through bone-dry canyons and hillsides.

WASHINGTON (Reuters) - The U.S. economy is in recession and will contract at a faster pace in the fourth quarter, extending the decline into early 2009 as high unemployment crimps consumer spending, a survey showed.

WASHINGTON (Reuters) - World leaders pledged rapid action on Saturday to rescue a weakening global economy from the worst financial crisis in over 70 years and agreed to give emerging nations more say in running financial affairs.

WASHINGTON (Reuters) - Expect plenty of fireworks when the U.S. Congress meets next week for a post-election session focused largely on the ailing U.S. economy.

CHICAGO (Reuters) - U.S. Sen. Hillary Clinton left the door open to becoming secretary of state on Friday, a day after a meeting with President-elect Barack Obama at which a Democratic official said they discussed the job.