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A quieter week all round for economic and business news.

Chinese Premier Wen Jiabao says China will “significantly increase” investment in 2009 to counter a slowdown in the world’s third-biggest economy.

No joy, nothing positive for the battered US economy in coming months: in fact conditions are worsening and that could continue for some time.

The Australian economy finally succumbed to the global downturn in the December quarter with GDP falling 0.5%. We are now effectively in recession. In the absence of Government stimulus the fall would have been even steeper.

Despite the continuing global slump, copper is hot, well it’s warm compared to demand levels for oil, zinc, etc.

Australia is facing the prospect of rising balance of payments problems if forecasts for our vital commodity exports from the key government forecaster are anywhere near right.

The NAB, Commonwealth and Westpac are expected to go ahead with dividend cuts after ratings agency Moody’s Investors Service downgraded the ratings outlook for ANZ Bank, the Commonwealth Bank and Westpac yesterday.

Businesses felt the brunt of the global recession in the final three months of 2008 as profits sank at their fastest pace since June 2003.

GPT, Crown and OZ Minerals produced big losses Friday.