China’s 3 trillion yuan ($440 billion) insurance industry was largely insulated from the U.S. subprime crisis that hit AIG (AIG.N: Quote, Profile, Research, Stock Buzz) and other foreign firms, but the fallout poses the toughest challenge in a decade as profits tumble and demand for insurance products slumps.

European Central Bank President Jean- Claude Trichet signaled he’s reluctant to cut interest rates so low that policy makers are “trapped” with few options to respond to a deepening recession.

Dan Kopman looked up at the square hole in the roof of his brewery. High above, suspended from a crane, was the latest addition to the Schlafly Bottleworks — a 200-barrel fermenting tank, the largest ever put in the building.

Russian service industries ranging from banking and telecommunications to supermarkets shrank in November by the most on record as the global financial crisis deepened.

North American stock markets were awash in red as commodities prices continued to decline and electronics retailer Best Buy diminished optimism for U.S. investors when it issued a profit warning.

Air Canada has turned to its former frequent flier program for a lifeline as it faces a looming cash crunch. The country’s largest airline said yesterday that it has struck a deal with Aeroplan that will see the independently-owned loyalty program "accelerate" $70 million in payments to Air Canada for reward tickets that Aeroplan members have booked through the end of May.

Canadian Tire Corp. rang up a 6.3 per cent increase in summer-quarter profit as retail sales and other revenue increased over the same period last year, the company said Thursday.

The Philippine central bank refrained from cutting its benchmark interest rate on concern lower borrowing costs would weaken the peso and fan inflation. Bangko Sentral ng Pilipinas maintained the rate it pays banks for overnight deposits at 6 percent for a second month today, Governor Amando Tetangco told reporters in Manila. The decision was predicted by 7 of 16 economists in a Bloomberg News survey. Nine expected the bank to lower the benchmark.