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Microsoft, a component of all three major stock indexes, said business is so bad, it must cut 5,000 jobs over the next 18 months. That marks the software bellwether's first major round of layoffs in its history. Earlier this week, Intel also announced 5,000 cuts — not good news for the tech sector.

By most countries' standards, China's economy is flourishing. It grew almost 7 percent in the last quarter and 9 percent for 2008. Still, that was a slowdown, snapping a five-year streak of double-digit growth. China is the world's third-largest economy after the United States and Japan.

President Barack Obama is freezing all pending federal rules changes left by the Bush administration. He also froze salaries for White House staffers who make more than $100,000 a year. And because of some bungled wording during Tuesday's swearing-in ceremony, Chief Justice John Roberts re-administered the oath to Obama Wednesday.

President Obama's pick for Treasury secretary, Timothy Geithner, began his confirmation hearing with an apology Wednesday. He told members of the Senate Finance Committee the tax questions that delayed his confirmation were the result of his own careless mistakes. But he added the mistakes were unintentional. The panel is expected to vote Thursday on his nomination.

Caroline Kennedy has ended her bid to win appointment to the U.S. Senate seat vacated by Hillary Clinton and once held by her late uncle, Bobby Kennedy. In a statement released early Thursday, Kennedy says she told New York Gov. David Patterson she is withdrawing for personal reasons. She was considered a favorite for the New York Senate seat, though she has never held elective office.

Caroline Kennedy has asked Gov. David Paterson to withdraw her name from consideration for the New York Senate seat vacated by Hillary Clinton. A source familiar with the matter says she is no longer pursuing the seat for personal reasons. Robert Siegel speaks with New York Post reporter Fred Dicker about the story.

The Senate has voted 94-2 to confirm Hillary Clinton as secretary of State. Clinton was expected to be confirmed Tuesday, but Texas Sen. John Cornyn raised objections, citing foreign contributions to Bill Clinton's foundation.

DC Central Kitchen, a charity organization, got its start 20 years ago this week by collecting leftover food from the inaugural balls of George H. W. Bush and giving it to the homeless. Now, the group's culinary arts students are doing some of the cooking for this year's inaugural festivities.

George Tillman Jr.'s sketch of the life and death of the Notorious B.I.G. looks at how the Brooklyn rapper changed hip-hop. Corey Takahashi takes a look back at the man who would become Biggie Smalls.

President-elect Barack Obama scored an early legislative victory on Capitol Hill Thursday. After intense lobbying by Obama and top economic aides, the Senate voted to release the second half of the $700 billion financial rescue package. When Obama takes office on Tuesday, he will have $350 billion available to battle the financial crisis.