Recession fears deepen as Citigroup slashes 50,000 jobs

AFP, 18 Nov 2008

TOKYO (AFP) - Asian shares fell Tuesday on mounting fears of an extended global recession after US banking giant Citigroup announced 50,000 job cuts and carmakers on both sides of the Atlantic pleaded for help.

Investors were unsure where the next boost to the global economy would come from, after world leaders vowed at a weekend summit to cooperate to galvanise growth but stopped short of announcing specific steps.

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