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Up to 51 million people could lose their jobs this year around the world the U.N.'s International Labor Organization predicted. The organization's best-case scenario was 18 million jobs lost. Developing countries will likely be hardest hit from the job losses. "We have to assume that we are now facing a global jobs crisis," said the ILO's Director-General.
In an effort to limit the damage in the U.S. at least, the House will vote tonight on an $825 billion stimulus bill. Despite last-minute lobbying from President Barack Obama, the bill is unlikely to gain support from Republicans skeptical of its emphasis on domestic spending rather than tax cuts. It may be a few years before voters can judge whether the plan worked.
Europe
Russia may halt plans to place missiles in Kaliningrad after learning that Barack Obama was in no rush to implement a missile defense system in Eastern Europe.
Spain has arrested six people in connection with a $600 million London stock market fraud.
Participants have little to celebrate at Davos this year.
Middle East
Israeli planes bombed smuggling tunnels on the Gaza-Egypt border.
U.S. envoy George Mitchell met with Egyptian President Hosni Mubarak.
Mahmoud Ahmadinejad welcomed the possibility of talks with the U.S. but demanded an apology for past "crimes" against Iran.
Early voting has begun in Iraq's provincial elections.
Asia
The first of the additional 30,000 troops to be sent to Afghanistan have arrived.
Speaking before the Senate Armed Services Committee, U.S. Defense Secretary Robert Gates said missile strikes against al Qaeda hideouts in Pakistan would continue.
Sri Lanka faces a humanitarian crisis from the civilians trapped between government forces and Tamil Tiger rebels.
Africa
More than 3,000 have died of cholera in Zimbabwe, says the WHO.
Barack Obama may be planning a diplomatic push to oust Robert Mugabe.
Madagascar's military is trying to restore order after two days of anti-government protests and rioting.
Americas
Hugo Chavez will hold a summit of Latin America's leftist leaders next week.
Remittances sent home by Mexican migrants dropped for the first time ever last year.
Illinois governor Rod Blagojevich's trial is proceeding without him.
Photo: JES AZNAR/AFP/Getty Images
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