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Gov't eyes plan to take ownership stakes in banks (AP)

U.S. Treasury Secretary Henry Paulson speaks at a news conference after the G7 Ministerial meeting in Washington October 10, 2008. The world's rich nations vowed on Friday to take all necessary steps to unfreeze credit markets and ensure banks can raise money but they offered no collective course of action to avert a deep global recession. (Yuri Gripas/Reuters)AP - Treasury Secretary Henry Paulson told international leaders on Sunday that isolationism and protectionism could worsen the spreading financial crisis. With a new trading week dawning, U.S. lawmakers urged quick action by the Bush administration on measures to make direct purchases of bank stock to help unlock lending.


World Bank to protect poor from economic turmoil (AP)

World Bank Group President Robert B. Zoellick, center, listens as International Monetary Fund Managing Director Dominique Strauss-Kahn, right, briefs reporters at IMF headquarters on efforts to heal the economy, in Washington, Sunday, Oct. 12, 2008. He is joined at far left by Mexico's Secretary of Finance Augustin Carstens. (AP Photo/J. Scott Applewhite)AP - The World Bank agreed Sunday to help developing countries strengthen their economies, bolster their financial systems and protect the poor against the financial turmoil in international markets.


 

Business News

Europe and others bolster banks to fight crisis (Reuters)

From L-R, Germany's Chancellor Angela Merkel, France's President Nicolas Sarkozy, Britain's Prime Minister Gordon Brown, and French Prime Minister Francois Fillon attend an emergency meeting at the Elysee Palace in Paris on October 12, 2008. France's President Sarkozy and leaders of euro zone countries hold an emergency meeting in Paris to agree on specific, pan-European measures to prop up the battered financial sector and halt market panic. (Eric Feferberg/Pool/Reuters)Reuters - Countries from Europe to Australia rushed out plans on Sunday to shore up their banks, trying to stem a crash in markets by pledging to back lending, buy stakes in financial institutions and take other measures.


Wells Fargo wins Fed approval on Wachovia bid (Reuters)

A Wachovia sign on its ATM is seen inside a branch in New York October 8, 2008. (Lucas Jackson/Reuters)Reuters - The Federal Reserve on Sunday gave its stamp of approval to the takeover of Wachovia Corp by Wells Fargo & Co of San Francisco, which had battled New York-based Citigroup for ownership of the wounded bank.