IBT Staff Reporter

The global economic crisis will hit jobs hard, with unemployment set to reach double digits in many developing and advanced countries, the Organization for Economic Cooperation and Development (OECD) said on Sunday.

UBS is expected to announce that it will write down at least $2 billion in illiquid assets and cut another 8,000 jobs in the next few days, Swiss newspaper Sonntag reported Sunday, according to Reuters.

U.S. Treasury Secretary Timothy Geithner -- noting on Sunday that the Treasury had $135 billion in uncommitted bank bailout funds -- said on Sunday that if the agency needed additional money, he would make a strong case to Congress about it.

Rupert Murdoch's News Corp plans to hire former AOL Chief Executive Jonathan Miller to supervise the media conglomerate's digital strategy, two News Corp media outlets reported and a source with knowledge of the situation confirmed.

Center-left world leaders including Britain's Gordon Brown and Brazil's Luiz Inacio Lula da Silva on Saturday called for global financial reforms at next week's G20 summit, but the U.S. warned against over-regulation.

Thousands of people marched in Britain, France, Germany and Italy on Saturday to protest about the economic crisis and urge world leaders to act on poverty, jobs and climate change at a G20 summit next week.

Bankrupt U.S. companies lucky enough to survive a court restructuring are hitting another roadblock created by the economic downturn -- finding the money they need to put it all behind them.

An economic indicator which accounts for two thirds of all U.S. domestic economic activity has staged a rebound in the first two months of the year after a precipitous drop in the previous two quarters.

The President’s meeting with the top U.S. bankers on Friday was a non-confrontational gathering, which nevertheless saw the nation’s chief executive tell the industry leaders that it was necessary to show restraint while continuing to help the nation by continuing to lend, according to several reports.

The market making business unit of Bernard Madoff’s securities firm has been sold to a Boston-based brokerdealer which will pay $500,000 at closing and payments of up to $15 million in revenues from trades through 2012.

The Walt Disney Co and Hulu.com have restarted talks over offering shows from Disney's ABC television network on the online video distributor owned by NBC Universal and News Corp, paidContent.org reported on Friday, citing unnamed sources.

Goldman Sachs Group Inc Chief Executive Lloyd Blankfein's compensation fell 98.4 percent in 2008, as banks faced huge writedowns and losses due to investments in toxic assets.

The market-making arm of jailed swindler Bernard Madoff's firm is set to be sold to Castor Pollux, a Boston financial company, for $500,000 plus future payments of up to $15 million, according to a statement by a court-appointed trustee.

The U.S. banking system showed some signs of thawing this week, but it may prove to be a false spring.

Calpers, the biggest U.S. public pension fund, said on Friday it would restructure its relationships with hedge fund managers to better control its assets and urged them to base their fees on long-term instead of short-term performance.

An independent investigating arm of the Treasury Department found a handful of cases in which a bank regulator ignored questionable backdating of capital injections, an official said on Friday.

Ford Motor Co, Hertz Global Holdings and Las Vegas Sands Corp are among companies seeking to take advantage of low prices of their loans by buying back the debt, and potentially getting more breathing room in the debt's covenants.

As IBM's negotiations to buy Sun Microsystems Inc enter another week, some analysts are weighing the risks in what could be the biggest U.S. technology deal this year.

Optimism that the latest U.S. tarnished asset cleanup plan will refloat foundering banks may soon fade, triggering a renewed surge of risk aversion and selling of both financial firms' and industrial companies' corporate bonds, analysts said.

He promised a grand bargain but British Prime Minister Gordon Brown's hopes of an overarching deal to pull the world out of recession look doomed even before the G20 crisis summit has started.

President Barack Obama will announce the next steps to help General Motors Corp and Chrysler LLC on Monday, the White House said, amid signs of progress for GM in talks aimed at slashing its debt and cutting costs in response to slack demand.

Leave the flash car at home, spend the night in a hotel, hire a bodyguard. This is the kind of advice security experts are giving bank executives who fear attacks from people angered by the financial crisis.

Intel is open to making acquisitions with weakening markets making prices more palatable, and sees technology's key growth areas in healthcare and visual media, outgoing chairman Craig Barrett said on Friday.

President Barack Obama won support from top bankers on Friday for his efforts to rid financial institutions of bad debts, but differences remained over broader U.S. plans for the financial industry.

Charter Communications , the fourth largest-cable operator, filed for bankruptcy on Friday under pressure from a massive debt load built up over years of borrowing to pay for technology and acquisitions.

Google Inc is hiring to fill about 360 jobs, even after it announced plans this week to lay off almost 200 sales and marketing employees in its third round of job cuts this year.

Nokia's pull-back from using subcontractors in phone-making will shed more than $5 billion in revenue from electronics contract manufacturers, research firm iSuppli said on Friday.

In another blow to the beleaguered electronics contract manufacturing business, Nokia—the world’s largest mobile handset brand—announced that it has stopped using outside contract manufacturers for the assembly of its phones.

The Walt Disney Co has cut an undisclosed number of workers at its domestic parks this month in a previously announced plan to consolidate behind-the-scenes operations for Walt Disney World in Florida and Disneyland in California, a spokesman said.