JANUARY 2009

8 Germany's second biggest bank, Commerzbank, is partly nationalised.

9 Figures show 2.6 million Americans lost their jobs in 2008, the worst toll since 1945.

15 The European Central Bank cuts interest rates by a half point to 2 per cent - the lowest since the common currency was launched 10 years ago.

10 China reports a fall in exports for the first time in seven years.

19 RBS announces a 2008 loss of &pound28 billion, the biggest in British corporate history. Britain launches a second bank rescue plan.

20 US President Obama takes office. The Dow posts its worst inauguration day ever, falling 4 per cent.

22 Sony says it will make its first annual loss in 14 years. Figures show China's economic growth slowed to 9 per cent in 2008, its lowest rate of growth for seven years.

26 Banking crisis brings down Iceland's government.

FEBRUARY

2 France launches a ¥26 billion stimulus package.

3 Australia announces an A$42 billion (S$43 billion) stimulus plan.

4 Panasonic says it will cut 15,000 jobs and close 27 plants worldwide.

9 Nissan will cut 20,000 jobs worldwide.

10 New US Treasury Secretary Tim Geithner announces a revamped bank rescue plan, but its lack of specifics drives jittery markets lower.

13 US Congress passes a US$787 billion economic stimulus package of spending measures and tax cuts.

OBAMA TO THE RESCUE

18 Mr Obama announces a US$275 billion housing rescue plan.

25 US regulators begin 'stress tests' on the largest banks.

26 Mr Obama sends a US$3.55 trillion budget proposal to Congress with an eye-popping US$2.92 trillion deficit for the next two years.

27 Third bailout of Citigroup. The US government converts US$25 billion of its preferred stock in Citigroup into common shares. The Government of Singapore Investment Corporation does the same with its US$6.88 billion stake.

BUT BAD NEWS KEEPS COMING

MARCH

2 AIG stuns with a US$61.7 billion fourth-quarter loss - the biggest quarterly loss in history. It gets a fourth bailout, of US$30 billion.

5 Citigroup shares fall below US$1 for the first time.

10 World stocks rally after Citigroup CEO Vikram Pandit says his bank is having its best quarter since 2007.

12 Madoff pleads guilty to fraud.

16 AIG stokes bailout rage with news that it will pay out US$165 million in bonuses.

COMPILED BY ANN WILLIAMS

This article was first published in The Straits Times.