SNAPSHOT - Financial Crisis - 1600 GMT



- Kuwait cancels $17 bln deal with Dow Chemical

- South Korean President Lee says economy may see negative growth in first half 2009, 1st economic contraction in decade

- Spain will start to see first shoots of economic recovery within a year, Prime Minister Jose Luis Rodriguez Zapatero says

- German Vice Chancellor Frank-Walter Steinmeier seeks state incentives for car purchases

- Panasonic Electric Works will close three additional plants and cut 800 workers

- Japan's steelmakers likely to cut profit forecasts as demand plunges -Nikkei


- U.S. stocks close slightly higher, energy shares rise alongside oil. 2008 could have been worst-ever year for Wall Street.

- Dollar up versus yen on Friday, down against euro amid grim outlook for U.S. economy.

- Oil above $37 a barrel after UAE joins Saudi Arabia in deepening oil supply curbs. Gold finishes week strong.


"Given the difficulty in the world economy and South Korea's high dependence on outside markets, we are at a critical moment which may see negative growth in the first and second quarters although the annual number may be positive."

- South Korean President Lee Myung-bak.

"We will comply with the OPEC and slash production of private (contracts) where we are losing money." - Ecuador President Rafael Correa during his weekly media address.

"Production is falling like Niagara Falls. What's going on now is beyond what Toyota and Sony had ever imagined." - Mitsuru Saito, chief economist at Tokai Tokyo Securities.

"This recession is global and it's deep and, more importantly, it's probably still deepening." - Chip Hanlon, president of Delta Global Advisors, Inc. in Huntington Beach, California.


Dec 29

- Federal Reserve releases weekly assets and liabilities of commercial banks

- Federal Reserve Bank of Chicago releases its Chicago Fed Midwest Manufacturing Index for November


- Federal Reserve holds $150 billion, 83-day TAF auction at 1500 GMT; Treasury Dept. weekly sale of 4-week bills at 1600 GMT; Treasury weekly sale of 3-,6-month bills at 1800 GMT.



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