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Top World News

Bush, allies seek to calm jittery investors (AP)

President Bush makes a statement in the Rose Garden of the White House after meeting with G7 finance ministers about the financial crisis, Saturday, Oct. 11, 2008, in Washington. Pictured from left to right: Italy's central bank governor Mario Draghi; IMF Managing Director Dominique Strauss-Kahn; Eurogroup's Chairman Jean-Claude Juncker; Japan's Finance Minister Shoichi Nakagawa; Treasury Secretary Henry Paulson; France finance minister Christine Lagarde; Canada finance minister James M. Flaherty; Britain's Chancellor of the Exchequer Alastair Darling, Italy finance minister Giulio Tremonti; Germany's Minister of Finance Peer Steinbrueck; and World Bank President Robert Zoellick. (AP Photo/Charles Dharapak)AP - President Bush and foreign financial officials displayed joint resolve Saturday to combat the unfolding financial crisis, hoping to calm investors whose panic has spread despite bold and accelerating government action.


Tax rebate, food stamp money possible in aid plan (AP)

US House Speaker Nancy Pelosi holds a news conference in her offices at the Capitol in Washington, DC, in September 2008. The two Democratic leaders of Congress called Thursday on US President George W. Bush to convene a summit of G8 leaders to try to resolve the financial crisis.(AFP/Getty Images/File/Jonathan Ernst)AP - After consulting with Barack Obama, Democratic leaders are likely to call Congress back to work after the election in hopes of passing legislation that would include extended jobless benefits, money for food stamps and possibly a tax rebate, officials said Saturday.


 

Business News

IMF warns of financial meltdown (Reuters)

Group of Seven (G7) bank governors pose for a group photo after their meeting at the Treasury Department in Washington October 10, 2008. They are (from L-R) Bank of Canada Governor Mark Carney, Bank of France Governor Christian Noyer, President of Germany's Bundesbank Axel A. Weber, Chairman of the U.S. Federal Reserve Ben Bernanke, Italy's Central Bank Governor Mario Draghi, Japan's Central Bank Governor Masaaki Shirakawa, Bank of England Governor Mervyn King, President of the European Central Bank Jean Claude Trichet and International Monetary Fund Managing Director Dominique Strauss-Kahn. (Stephen Jaffe/IMF/Handout/Reuters)Reuters - The IMF warned on Saturday that the global financial system was on the brink of meltdown, while France and Germany pushed ahead with a pan-European crisis response to try to prevent the worst global downturn in decades.


Italy to push for broader G7 membership (Reuters)

U.S. Treasury Secretary Henry Paulson (L-R), Italy's Economy Minister Giulio Tremonti and and Japan's Finance Minster Shoichi Nakagawa pose for a group photo after the G7 Ministers meeting at the Treasury Department in Washington October 10, 2008. (Yuri Gripas/Reuters)Reuters - Italy will push for broadening membership in the Group of Seven when it takes over leading the rich nations' club next year, Italian Economy Minister Giulio Tremonti pledged on Saturday.