Global business

Big oil companies reported mixed earnings. Despite a 33 percent fall in its net income in the fourth quarter compared with a year earlier, Exxon Mobil turned an annual profit of $45.2 billion in 2008, the biggest ever for an American company. Chevron's quarterly profit of $4.9 billion was similar to a year ago. And BP said its replacement-cost profit was $25.6 billion for the year, though it had a net loss in the last quarter.

Warren Buffett bought half of a $600 million debt offering from Harley-Davidson. The motorcycle maker is using the funds to shore up its loss-making financing arm. The notes pay 15 percent annual interest to Buffett, more than twice the rate of a standard corporate bond. Buffett also agreed to invest $2.6 billion in Swiss Re. The reinsurer is boosting its capital after booking massive write-downs and making an annual net loss.

More Japanese electronics companies announced job reductions. Panasonic cut 15,000 employees, NEC 20,000, and Hitachi said 7,000 jobs would go. The companies all posted big fourth-quarter losses as consumers reined in their spending and the yen strengthened, hurting Japanese exports.

Dow Chemical, America's biggest chemical company, reported a quarterly net loss of $1.6 billion as demand for its products fell among manufacturers. It was dealt an additional blow late last year when Kuwait pulled out of a multibillion-dollar investment venture, which in turn caused Dow to delay its takeover of Rohm & Haas. That company is suing Dow to complete the deal.

Roche launched a new bid for the 44 percent of shares it doesn't already own in Genentech, and took it directly to the biotechnology company's shareholders. A committee of independent directors at Genentech rejected a proposal from Roche last August.

Motorola released dismal quarterly earnings, suspended its dividend and said its chief financial officer was leaving. Motorola's share of the global mobile-phone market has fallen to 6.5 percent, from 23 percent just a few years ago.

Political economy The Bank of England reduced interest rates by half a percentage point, to 1 percent.

Amid a spate of bad economic news in Europe, Spain reported a sharp rise in unemployment to 14.4 percent and Ireland a jump to 9.2 percent, both the highest rates for more than a decade.

The Russian ruble came under fresh attack after the central bank tried to establish a floor for it. It has lost a third of its value against the dollar since August. The deputy prime minister, Igor Shuvalov, said Russia would not run a budget deficit.

Britain was hit by a series of wildcat strikes over the use of foreign workers. The strikers' main objection was to a European Union directive that they say makes it easier for firms to employ foreign workers.