In Washington, White House and Congressional negotiators worked on Dec. 6 to resolve differences in an emergency rescue package for the ailing “Big Three” US automakers due to include at least US$15 billion in loans.

The plan gained urgency after US employment data on Dec. 5 showed more than half a million jobs were lost in November. A report on Dec. 8 that Japan's Toyota Motor Corp was eyeing a sharp cut in capital spending showed how the industry downturn is engulfing all automakers.

US President-elect Barack Obama unveiled plans over the weekend for the largest US infrastructure investment program since the 1950s and to create 2.5 million jobs, which analysts said could cost at least US$500 billion.

British Prime Minister Gordon Brown, French President Nicolas Sarkozy and European Commission chief Jose Manuel Barroso were due to meet business leaders in London later on Dec. 8 to discuss the economy.

China's leaders also gathered to map out economic policy for next year, state media reported, with the government struggling to shore up growth and jobs as export demand shrinks.

The European Union (EU) leaders will meet just before the EU summit in Brussels on Dec. 11-12, which will study European Commission proposals to give the sagging economy a sharp boost with a US$250 billion spending plan.

Britain and France have announced ambitious stimulus plans to jump-start their faltering economies. But Europe's biggest economy, Germany, is resisting pressure to provide billions more euros to finance EU economic growth measures, arguing that its already-launched fiscal programme is sufficient.