Manila  - The Philippines downgraded on Wednesday its economic growth target for 2009 due to the severe impact of the global slowdown, a senior official said.

Socio-Economic Planning Secretary Ralph Recto said the growth target for 2009 was revised to between 3.7 per cent and 4.4 percent from the previous forecast of between 3.7 per cent and 4.7 per cent.

In 2008, the Philippines' gross domestic product (GDP) grew 4.6 per cent, way below the three-decade high growth of 7.1 per cent in 2007.

Washington  - President Barack Obama will offer assurances that the United States will recover and emerge stronger from its worst economic crisis in decades, according to released excerpts of his speech to be delivered Tuesday evening to Congress.

But Obama will also challenge politicians and citizens alike to take responsibility for the country's serious problems and bring to an end an era that was dominated by a lust for quick profits and short-term gains.

Washington  - If massive government action to revive the US economy is successful the recession affecting the world's largest economy could begin to turn around this year, Federal Reserve Chairman Ben Bernanke said Tuesday.

Testifying before the US Senate Banking Committee, the central bank chairman said the government stimulus is essential to break the cycle of adverse feedback that helps to keep the economy down, even as he warned of ongoing negative pressures.

Washington  - If massive government action to revive the US economy is successful the recession affecting the world's largest economy could begin to turn around this year, Federal Reserve Chairman Ben Bernanke said Tuesday.

Testifying before the US Senate Banking Committee, the central bank chairman said the government stimulus is essential to break the cycle of adverse feedback that helps to keep the economy down.

Frankfurt - European shares slid by about 1 per cent in early trading Tuesday after renewed worries about the world banking industry and fresh recession fears drove down stock prices in New York and across Asia.

Europe's blue-chip Stoxx50 edged down by 1 per cent to 1,784 points shortly after the release of a key indictor showed business confidence in Germany slipping. This in turn helped to fuel concerns about the prospects of a protracted and deep recession.

London's FTSE index dipped by 0.62 per cent as the trading day got underway in Europe's premier stock market.

This was reflected across national bourses with Frankfurt's DAX index sinking 1.8 per cent and Paris' CAC dropping 1.4 per cent. The stock market in Zurich dropped by

Johannesburg  - The world's third-biggest platinum producer Lonmin announced plans Tuesday to lay off up to 5,500 workers at two operations in South Africa.

Production of platinum, a precious metal used in car manufacturing and jewellery, has been severely affected by the global downturn.

Lonmin's announcement follows the announcement earlier this month by leading platinum producer Anglo Platinum, the South African arm of mining giant Anglo American, that it planned to cut 10,000 jobs in 2009.