By ROBERT WIELAARD, Associated Press Writer 46 minutes ago BRUSSELS, Belgium - Leaders of the 27-nation European Union pledged Thursday they will stick to a pricey plan for deep cuts in greenhouse gas emissions, saying the recent meltdown of financial markets must not deter efforts to combat global warming.

By Claudia Parsons 10 minutes ago NEW YORK (Reuters) - U. S. stocks bucked the global trend to end higher on Thursday, despite news of huge losses at major U. S. banks, layoffs in the auto-industry and a slowdown in industrial production, all reinforcing fears of recession. Japan's Nikkei fell 11 percent in its worst one-day drop since the stock market crash of October 1987, oil fell more than 6 percent to below $70 a barrel, and European shares lost 5 percent.

by Michel Comte 41 minutes ago QUEBEC CITY (AFP) - The global finance crisis is to overshadow a summit of some 30 French-speaking nations Friday to Sunday in Quebec City, and Canada-EU trade talks on its sidelines, say organizers. The agenda of the 12th Francophonie summit hosted by Canada and Quebec was to focus on four main themes: the environment, the economy, democracy and the rule of law, and the struggles of French language itself.

13 minutes ago LONDON (AFP) - The London FTSE 100 index of leading shares fell 5. 35 percent Thursday to close at 3,861. 39 points as recession clouds deepened over the US economy. Elsewhere, the CAC 40 lost 5. 92 percent to finish at 3,181 in paris and the Frankfurt Dax closed 4. 91 percent in negative territory at 4,622.

by Simon Sturdee 21 minutes ago BRUSSELS (AFP) - European Union leaders headed home Thursday from a summit that saw unity on fixing the global financial system but schisms when it came to an ambitious climate pact and repairing ties with Russia. Two days before he flies to the United States for talks with President George W.

AP - The global credit crunch has given the euro a shinier gloss in Nordic nations that have so far resisted Europe's common currency.

39 minutes ago LONDON (AFP) - European stock markets fell sharply in late trading Thursday on rising fears of a recession in the United States and Europe. Nearing the close of play, London's FTSE 100 index of leading shares was down 4. 46 percent at 3,897. 83 points, Frankfurt's DAX 30 had shed 5.

by Lorne Cook 15 minutes ago BRUSSELS (AFP) - European Union leaders fought growing pressure on Thursday to roll back their climate change plans, standing by their targets and timetable for the package as the financial crisis bites. Italy and Poland brandished the threat of a veto if their reservations were not taken into account, while Germany, Europe's largest economy, also voiced concerns over the ambitious environmental plans.

By Sumeet Chatterjee 25 minutes ago BANGALORE (Reuters) - Indian shares pared losses to 2. 1 percent on Thursday after slumping to their lowest in more than two years in early trade, with lingering fears of a global economic recession keeping investors jittery. The market tumbled as much as 7. 3 percent at one stage before clawing back as U.

By SHAWN POGATCHNIK, Associated Press Writer 29 minutes ago DUBLIN, Ireland - Wealthy nations are reneging on commitments to help feed the world's hungry and may cite the banking crisis as a reason why they cannot do more, former U. N. Secretary-General Kofi Annan told an international conference on combating starvation Thursday.

33 minutes ago PARIS (AFP) - Calls mounted Thursday for an overhaul of the global financial system as stocks took a new hammering and Switzerland took drastic action to defend its prized banks with a 60 billion dollar package for UBS. The Tokyo stock market suffered its worst loss for two decades, closing down more than 11 percent and European indices shed almost 6.

6 minutes ago BANGALORE (Reuters) - Indian shares provisionally dropped 2. 51 percent on Thursday as fears of a global economic slowdown lingered, although they pared some sharp early losses after Europe came off lows and U. S. stock futures indicated a higher opening on Wall Street. Index heavyweight Reliance Industries led the losses.

By PAUL AMES, Associated Press Writer 5 minutes ago BRUSSELS, Belgium - European Union leaders were deeply divided Thursday over calls by Poland, Italy and other countries to dilute and delay an ambitious program to fight global warming to take account of the looming economic downturn. On the second and final day of the bloc's summit in Brussels, the leaders were expected to confirm their approval of a euro1.

By PAN PYLAS, AP Business Writer 31 minutes ago LONDON - European stock markets were lower Thursday after Japan's Nikkei tumbled more than 11 percent overnight amid mounting anxiety that the world economy is plunging into a deep and protracted recession. The latest bout of selling in the markets was stoked by a record percentage fall on Wall Street Wednesday after weaker-than-expected U.

11 minutes ago BANGALORE (Reuters) - Indian shares pared losses to less than 2 percent on Thursday afternoon after falling more than 7 percent early, as European markets came off lows and U. S. stock futures that indicated a higher opening on Wall Street. By 2:07 p. m. , the main 30-share BSE index was down 1.

36 minutes ago BRUSSELS, (AFP) - The European Commission will come up with proposals by the end of the year to help industry cope with slumping economic activity, according to draft conclusions of an EU summit on Thursday. "Outside the financial sector, the European Council underlines its determination to take the necessary steps to react to the slowdown in demand and the contraction in investment, and in particular to support European industry," the document said.

58 minutes ago TOKYO (AFP) - Emergency measures to tackle the financial crisis provided little relief for nervous investors Thursday, as stock markets around the world took a battering on fears of a global recession ahead. With most analysts now considering a US recession inevitable, markets looked beyond the current wave of bank rescue packages and towards the possibility of a sustained period of lower demand.

by Simon Sturdee 17 minutes ago BRUSSELS (AFP) - EU leaders were to wrap up a summit Thursday dominated by the financial crisis with a call for an overhaul of the global financial architecture to avert a repeat of the current turmoil. Following intense discussions on the first day of the two-day summit, European Commission President Jose Manuel Barroso said it was "essential" for the EU, the United States and other countries to work "hand in hand.

by Christian Spillmann 25 minutes ago BRUSSELS (AFP) - Italian Prime Minister Silvio Berlusconi threatened Thursday to torpedo the European Union's climate change plans, branding them too big a burden for business amid the global financial crisis. Berlusconi's announcement, at an EU summit in Brussels, came despite pleas from fellow leaders not to abandon the targets in the face of growing financial pressure, although Poland also appeared ready to vote parts of it down.

26 minutes ago WASHINGTON (AFP) - Growing fears that the financial crisis will morph into a worldwide recession prompted a new bloodbath on stock markets Wednesday as EU leaders pushed for swift moves to overhaul global finance. "The world economy is still headed into a recession despite the global financial market rescue effort," said Carl Weinberg, chief economist at High Frequency Economics.

By AOIFE WHITE, AP Business Writer 28 minutes ago BRUSSELS, Belgium - The Group of Eight major industrial nations announced Wednesday they will hold a global summit — perhaps as early as November in New York — to forge common action to prevent another economic meltdown. French President Nicolas Sarkozy said all European Union nations backed radical restructuring of global institutions like the International Monetary Fund and World Bank.

by Amelie Bottollier-Depois 5 minutes ago BRUSSELS (AFP) - European Union leaders pushed Wednesday for rapid moves to overhaul global finance, demanding a world summit be convened for a complete rethink of the system in the wake of the banking crisis. Announcing that all 27 of the EU's leaders were behind measures taken by members of the single currency eurozone to safeguard banks, French President Nicolas Sarkozy said there was also a unanimous demand for a world summit to be held by the end of the year on reforming global financial institutions.

By CATRINA STEWART and NATALIYA VASILYEVA, Associated Press Writers 7 minutes ago MOSCOW - Talking to Russians on the street, you'd be forgiven for thinking there was no economic crisis. TV channels gloss over the subject and state news agencies are under orders to avoid frightening language.

23 minutes ago BRUSSELS (AFP) - Leaders of the 27 European Union nations on Wednesday approved a rescue plan for the troubled financial sector, French President Nicolas Sarkozy announced. "The whole of Europe, without exception, approves the measures adopted on Sunday in Paris" by the 15 nations that make up the single currency eurozone and Britain, Sarkozy told a press conference after the first day of an EU summit in Brussels.

By ARTHUR MAX, Associated Press Writer 52 minutes ago THE HAGUE, Netherlands - The global financial crisis could hardly come at a worse time for nations seeking a new agreement on climate change that — on top of everything else — will cost tens of billions more dollars. As Western governments muster more than a trillion dollars to bail out ailing financial institutions, poor countries wonder if there will be any money to rescue them from the predicted ravages of global warming.

AP - Poland's finance minister says EU leaders have endorsed a continent-wide bailout for the banking sector.

By AOIFE WHITE, AP Business Writer 12 minutes ago BRUSSELS, Belgium - The world's top economies should hold a global summit this year on reforming the world's financial system, British and French leaders declared Wednesday. British Prime Minister Gordon Brown said the international summit could be held as soon as November and should involve the United States, European nations and emerging economies such as China and India.

AP - Eastern European leaders pushed for changes to a EU climate package at the opening of a two-day summit Wednesday, saying it would be too much of a burden on their economies to make further cuts to greenhouse gas emissions.

AP - British Prime Minister Gordon Brown on Wednesday set out his plan to reform the way the world's banks are governed, saying governments need to work together to stem the reckless and inappropriate lending that has destroyed confidence in financial markets.

AP - Eight Eastern European nations want the EU to ease targets for greenhouse-gas cuts because of the global economic crisis.

27 minutes ago LONDON (AFP) - Leading European stock markets plunged 6. 0-7. 0 percent at the close of trade Wednesday on mounting fears of recession in Europe and the United States. The London FTSE 100 index of leading shares shed 7. 16 percent to close at 4,079. 59 points while in Paris the CAC 40 fell 6.

19 minutes ago LONDON (AFP) - The FTSE 100 index of shares closed down steeply Wednesday as weak economic data reignited fears of a world recession and dampened the mood of optimism which had prevailed earlier in the week. London fell 7. 16 percent to close at 4079. 59. Vodafone was the most traded stock, seeing 203 million units change hands, followed by BP which saw 114 million shares switch owners.

8 minutes ago BRUSSELS (AFP) - Fears grew on Wednesday that the financial crisis will mutate into a worldwide recession with leaders calling for new global action against a slowdown. As EU leaders gathered for a summit devoted to the financial turmoil, a top US central bank official said the United States appeared to be already in recession.

AP - British Prime Minister Gordon Brown is calling for global talks this year to reform the world's financial system.

43 minutes ago LONDON (AFP) - Shares in London slumped on Wednesday, with the FTSE 100 shedding almost three percent as a rally lost momentum amid growing fears of recession. In midday trade, the index of leading shares slid 2. 95 percent. The FTSE 100 had closed up 3. 23 percent on Tuesday. .

By Eddie Evans and Paul Taylor 3 minutes ago NEW YORK/BRUSSELS (Reuters) - European leaders pressed on Wednesday for an overhaul of global financial structures, as signs of global recession mounted. The United States reported its biggest monthly decline in retail sales in more than three years in September, sending stock index futures lower before Wall Street markets opened.

AP - Iceland's central bank slashed official interest rates by 3.5 percentage points on Wednesday as it warned that the collapse of its banking system will lead to a "very sharp" contraction in the Nordic nation's economy.

AP - British Prime Minister Gordon Brown is urging his EU counterparts to support calls for overhauling the International Monetary Fund in the wake of the global financial crisis.

AP - Ukrainian authorities have asked the International Monetary Fund for help in stemming a financial crisis in the country, the organization said Wednesday.

52 minutes ago NEW YORK (AFP) - A top Federal Reserve official raised new fears about the health of the US economy, adding to worries of a global slowdown while nations are already battling a serious crisis in money markets. The comments came as the United States unveiled plans to take a stake in nine major banks, propping up more institutions hit by the credit crunch that has set off the worst financial crisis since the Great Depression.

By PAN PYLAS, AP Business Writer 12 minutes ago LONDON - European and Asian stock markets mostly fell back Tuesday after a two-day rally amid profit-taking and concerns that the global efforts to restore confidence in the battered financial system will not be enough to stave off a deep recession.

34 minutes ago LONDON (AFP) - London shares slipped 0. 19 pecent to 4,385. 79 points at the start of trading on Wednesday on uncertainty over the world economy despite massive government efforts to restore confidence in the financial system. The FTSE 100 index of leading shares had closed up 3. 23 percent on Tuesday.

18 minutes ago WASHINGTON (AFP) - US authorities have unveiled plans to inject billions of dollars into banks to ease a global credit crisis, but the move appeared to provide little relief for ailing stock markets. Nine large banks, including Citigroup, JPMorgan Chase and Goldman Sachs, agreed to give the government stakes in exchange for new capital, as the US partly nationalises banks for the first time since the Great Depression.

By WILLIAM J. KOLE, Associated Press Writer 2 minutes ago Hungary's currency has crumbled. Stocks have plunged in Poland. Real estate prices have eroded by 40 percent in Estonia. Ukraine's central bank is trying to avert a large-scale panic among bank depositors, who have made large-scale savings withdrawals in the past two weeks.

by Leigh Thomas 4 minutes ago BRUSSELS (AFP) - EU leaders will try to show at a crunch summit starting Wednesday that they have finally brought the financial crisis under control, eager to revive flagging confidence in shell-shocked banks. Desperate to contain the crisis, governments across Europe have pledged about 2.

by Rob Lever 12 minutes ago WASHINGTON (AFP) - US authorities unveiled plans Tuesday to inject billions of dollars into banks to ease a global credit crisis as European economies showed signs of recession and a powerful global stock rally stalled. The government infusion of up to 250 billion dollars into struggling banks and new guarantees to help restore credit flows marked the latest effort in the battle against a loss of global confidence.

By ALEXANDER G. HIGGINS, Associated Press Writer 12 minutes ago GENEVA - The world's poorest people will be hungrier, sicker and have fewer jobs as a result of the global financial crisis, and cash-strapped aid agencies will be less able to help, aid groups are warning. The charities that provide food, medicine and other relief on the ground say cutbacks have already started, but it will take months or more before the full impact is felt in the poorest countries of Africa, Latin America and Asia.

AP - While the world's economic giants may have averted financial collapse through rescue plans and huge infusions of cash, some smaller countries like Ukraine seem to have stumbled with little help on the horizon.

By RYAN LUCAS, Associated Press Writer 1 minute ago WARSAW, Poland - Environment ministers agreed Tuesday that the world financial crisis must not halt efforts to combat global warming, the top United Nations climate official said. Officials from the U. S. , China, Canada, India, the European Union and more than 30 other countries met for two days of informal talks in Warsaw ahead of a climate conference in December.

AP - Ukraine's prime minister said Tuesday the country cannot afford an early election in the face of a battered stock market, one of the world's highest inflation rates and massive bank withdrawals by depositors spooked by the growing political and financial instability.

31 minutes ago LONDON (AFP) - The FTSE 100 index of shares closed with solid gains for a second straight day Tuesday on sustained investor confidence in government efforts to snuff out a global credit crisis. London closed rose 3. 23 percent to close at 4,394. 21 Vodafone was the most traded stock, seeing 306 million untis change hands, followed by the Royal Bank of Scotland which saw 235 million shares switch owners.

54 minutes ago LONDON (AFP) - Prime Minister Gordon Brown said on Tuesday that the next few days would be "crucial" in tackling the global financial crisis, as the European Union (EU) prepared for a crunch summit. Brown said EU leaders -- who meet in Brussels Wednesday and Thursday -- need to take action fast to shore up banks and get them lending among themselves again.

28 minutes ago WASHINGTON (AFP) - The United States is to inject up to 250 billion dollars in capital into banks on Tuesday in the latest bid to end the financial crisis, officials said Tuesday as forecasters warned two key European economies risked recession. After markets surged on the back of rescue packages in Asia and Europe, US Treasury Secretary Henry Paulson delivered his own shot in the arm by announcing nine large banks would give the government equity stakes in exchange for new capital.

AP - A group of leading German economic think tanks said Tuesday that Europe's largest economy is on the "brink of a recession" and have scaled back their 2009 growth prognosis to 0.2 percent.

6 minutes ago LONDON (AFP) - The London stock market rallied 2. 65 percent to 4,369. 55 points in initial trading on Tuesday as investors continued to cheer global government action aimed at rescuing banks crippled by the credit crunch. The FTSE 100 index of leading shares had closed up 8. 26 percent on Monday as billions were pumped into ailing banks and money markets across the globe.

5 minutes ago BRUSSELS (AFP) - The European Commission has approved the government's a half-trillion-pound bank rescue plan intended to stabilise financial markets. The EU's executive arm said in a statement overnight on Monday that it "found the measures to be compatible with EU state aid rules, because they were an appropriate means to remedy a serious disturbance in the UK economy, while avoiding unnecessary distortions of competition".

28 minutes ago LOS ANGELES (Reuters) - Spain's Banco Santander SA, the largest euro zone bank, (SANB4. SA) (SAN. MC) said on Monday it will buy U. S. -based savings and loan Sovereign Bancorp Inc (SOV. N) in a stock-for-stock transaction worth $1. 9 billion. The transaction is expected to close in the first quarter of 2009.

By GEOFF MULVIHILL and ELLEN SIMON, Associated Press Writers 25 minutes ago PRINCETON, N. J. — Paul Krugman, whose relentless criticism of the Bush administration includes opposition to the $700 billion financial bailout, won the Nobel prize in economics Monday for his work on international trade patterns.

AP - A top official of the Vatican bank has offered assurances that its deposits are safe from the world financial meltdown, an Italian Catholic magazine said Monday.

By ANGELA CHARLTON and EMMA VANDORE, Associated Press Writers 16 minutes ago PARIS - European governments overcame their differences to put $2. 3 trillion on the line Monday in guarantees and other emergency measures to save the banking system in their most unified response yet to the global financial crisis.

by Simon Sturdee 9 minutes ago BERLIN (AFP) - European governments on Monday launched a multi-pronged attack on the financial crisis, approving more than a trillion dollars in loans and providing a shot in the arm to ailing world financial markets. Governments across the continent, rattled by the relentless downward spiral of shares, unveiled rescue packages after agreeing at a weekend summit to guarantee interbank lending and make state funds available to buy bank stocks.

by Katherine Haddon 34 minutes ago LONDON (AFP) - Former EU trade chief Peter Mandelson was elevated to the House of Lords Monday to allow him to re-join the government -- and immediately faced new criticism over money. Just days after being appointed by Prime Minister Gordon Brown as Business Secretary to help tackle the economic crisis, Mandelson is facing questions over a payoff and pension from the European Commission.

AP - European Union nations were divided Monday over whether to resume talks on a political and economic pact with Russia that were frozen in protest at its war with Georgia.

26 minutes ago LONDON (AFP) - The FTSE 100 soared on Monday, with the index of leading shares up 4. 84 percent after leading banks accepted billions of pounds of taxpayers' money to prop up their ailing institutions. Leading indices across the world had plunged by almost a quarter in value last week on a collapse of confidence in the global financial system, while some shed as much as 10 percent on Friday alone in the worst performance for 21 years.

by Simon Sturdee 6 minutes ago BERLIN (AFP) - European governments launched a multi-pronged attack to combat the financial crisis Monday, approving hundreds of billions of dollars in loans and buying into banks in a move to end panic on the markets. Governments across the continent, rattled by the relentless downward spiral of shares, unveiled rescue packages after agreeing at a weekend summit to guarantee inter-bank lending and make state funds available to buy bank stocks.

By EMILY FLYNN VENCAT, AP Business Writer 22 minutes ago LONDON - The British government is making a major cash infusion into three of the nation's largest banks — a move that will leave the taxpayers as their largest shareholders. The government said Monday it is spending about 37 billion pounds ($63 billion) in a bid to save the banking system from collapse amid the global financial crisis.

AP - Recent winners of the Nobel Memorial Prize in Economic Sciences, and their research, according to the Nobel Foundation:

By KARL RITTER and MATT MOORE, Associated Press Writers 5 minutes ago STOCKHOLM, Sweden - Princeton economist and New York Times columnist Paul Krugman won the Nobel economics prize on Monday for his analysis of how economies of scale can affect trade patterns and the location of economic activity.

AP - Germany and Italy want the European Union to resume talks on a political and economic pact with Russia that were frozen owing to Moscow's war with Georgia.

By PAN PYLAS, AP Business Writer 38 minutes ago LONDON - European markets opened strongly Monday following Asia's lead in response to the widespread government efforts over the weekend to shore up the world's troubled financial system. Germany's DAX was 299. 86 points, or 6. 6 percent, higher at 4,844.

12 minutes ago LONDON (AFP) - European governments attacked the financial crisis on several fronts Monday buying into banks and giving huge new loans in a campaign that brought relief to shell-shocked share markets. Stock markets in Europe and Asia rose strongly after a summit of European leaders agreed hundreds of billions of dollars of measures to guarantee inter-bank lending and make state funds available to buy banking stocks.

AP - The head of the International Monetary Fund welcomed a European bank rescue plan on Monday despite its high cost, and predicted that weekend efforts by world leaders would soothe anxious global markets.

AP - German leaders worked Monday to tie up a rescue package for their banking system that officials said could be worth as much as $543 billion — part of a coordinated effort to shore up the euro zone's financial sector.

7 minutes ago PARIS, (AFP) - European leaders agreed a plan that would inject billions of dollars into troubled banks in an attempt to restore confidence in the financial system, leading to a cautious rebound in Asian markets Monday. Meeting in Paris, governments from the 15 nations that use the euro promised to tackle the crisis together, buying into banks by taking preference shares and guaranteeing inter-bank lending to help increase liquidity.

AP - Three of the largest British banks have announced plans to take up to $63 billion of government money to boost their balance sheets.

by James Franey 59 minutes ago PARIS (AFP) - European Union leaders hammered out a plan Sunday to confront the financial crisis which will involve hundreds of billions of dollars of new initiatives to head off a feared "meltdown". Two weeks after the Wall Street collapse of Lehman Brothers unleashed a worldwide crash on stock markets, US and European leaders signalled a growing commitment to take joint action to end the turmoil.

AP - European leaders agreed to several measures — German Chancellor Angela Merkel called them a "tool kit" — that governments will be able to use to shore up financial institutions and stop banks' financing problems from contaminating the wider economy. A few highlights:

By GREG KELLER and JAMEY KEATEN, Associated Press Writers 49 minutes ago PARIS - Nations in Europe's single-currency zone agreed Sunday to temporarily guarantee bank refinancing as part of a raft of emergency measures to ease the credit crisis. The head of the region's central bank welcomed the unity — but warned there is more work to do.

by James Franey 49 minutes ago PARIS (AFP) - Fifteen European Union leaders on Sunday hammered out action to confront the financial crisis before announcing hundreds of billions of dollars of new initiatives to head off a feared "meltdown". Two weeks after the collapse of Lehman Brothers unleashed a worldwide share crash, US and European leaders have signalled a growing commitment to take joint action to end the turmoil.

12 minutes ago PARIS (AFP) - Fifteen EU countries meeting in Paris will guarantee new medium-term loans between private banks in a bid to end the credit crunch, according to a draft statement seen by AFP on Sunday. This offer would stand for an "interim period" and would see governments underwriting new loans of up to five years "on appropriate commercial terms" by a variety of means, including issuing securities, the statement said.

AP - Countries that use the euro will temporarily guarantee future bank debt to encourage lending and ease the credit crunch, according to a draft statement under discussion by European leaders Sunday.

By KARL RITTER and MATT MOORE, Associated Press Writers 22 minutes ago STOCKHOLM, Sweden - If history is any guide, this year's Nobel economics prize will award the developers of economic theories that have had the time to take root, grow and prove resilient. The past also indicates that Monday's winner will probably be an American male who will have done the bulk of his work several decades ago, not someone who has analyzed issues related to the financial meltdown that is now throwing capitalism into turmoil worldwide.

By ELAINE GANLEY, Associated Press Writer 35 minutes ago PARIS - The president of the European Commission said he was very hopeful that a meeting of European leaders Sunday would take an important step toward a coordinated response to the global financial crisis. Some European officials said one of the proposals on the table would be governments guaranteeing interbank loans in order to unfreeze credit markets locked up by fear and uncertainty among lending institutions.

AP - European leaders are searching for a common response to the spreading financial crisis which has ricocheted across the Atlantic to their shores.

By SHAWN POGATCHNIK, Associated Press Writer 39 minutes ago DUBLIN, Ireland - Davey McKeever was down to his last bet slip of the night, crumpled in a sweaty fist, at the Shelbourne Park greyhound track. The remnants of McKeever's first unemployment check would rise or fall on the ironically named Nest Egg.

12 minutes ago LONDON (AFP) - The FTSE 100 index of leading shares plunged by almost nine percent on Friday after fresh falls on Wall Street, as investors continued to fret over the worldwide financial crisis. London stocks shed 8. 85 percent in volatile trading to finish at 3932. Vodafone was the most traded stock, seeing 508 million units change hands, followed by the Royal Bank of Scotland which saw 292 million shares switch owners.

By PAN PYLAS, Associated Press Business Writer 6 minutes ago LONDON - Europe's stock markets plunged Friday after Wall Street opened a breathtaking 7 percent lower — below the 8,000 level — but they soon recouped some of those losses when the Dow Jones index made a partial comeback.

26 minutes ago BUDAPEST, Hungary - A spokesman says NATO defense ministers have agreed their troops can target drugs facilities financing the Afghan insurgency. James Appathurai told reporters Friday that NATO troops in Afghanistan would act with Afghan authorities to move against "facilities and facilitators" who use drugs to raise funds for the Taliban.

By PAN PYLAS, Associated Press Business Writer 35 minutes ago LONDON - European stock markets slumped in early trading Friday following massive sell-offs on Wall Street and Asia as lending rates between banks continue to rise despite this week's efforts by central banks to break the logjam in credit markets.

32 minutes ago LONDON (Reuters) - European stocks tumbled at the open on Friday, tracking plunges in Asian and U. S. equities as investors feared world governments' attempts to unlock credit markets would not be enough to ward off a global recession. At 3:13 a. m. EDT, the pan-European FTSEurofirst 300 index was down 8 percent at 847.

by Jonathan Fowler 15 minutes ago VILNIUS (AFP) - Lithuania's general election Sunday comes as storm clouds gather over the EU "tiger" economy, with a long-running boom tailing off and grinding inflation hurting voters. Prime Minister Gediminas Kirkilas, whose Social Democrats are lagging behind the right-wing and populist opposition in the opinion polls, has said that Lithuania will not be able to escape the chain reaction of the global financial crisis.

7 minutes ago NEW YORK (AFP) - US and European stock markets slid Thursday as jitters mounted over the widening global financial crisis despite drastic actions by authorities to contain the turmoil. US shares plumbed fresh five-year lows in a headlong late-date selloff. The Dow Jones Industrial Average plunged 678.

AP - The financial crisis has irreparably damaged the image of the U.S. as the leader of the free world and the global economy, Russian Prime Minister Vladimir Putin said Thursday.

36 minutes ago LONDON (AFP) - The FTSE 100 index of leading shares closed down on Thursday as a mid-day rally on stepped up government support for banks ran out of steam just before the close of trade. London shed 1. 21 percent to finish at 4,314 points. Vodafone was the most traded stock, seeing 265 million units change hands, followed by the Royal Bank of Scotland which saw 248 million shares switch owners.

By JANE WARDELL, AP Business Writer 7 minutes ago REYKJAVIK, Iceland - Iceland suspended trading on its stock exchange for two days and took control of the country's largest bank — the third to be placed under its protective umbrella — on Thursday as it grappled with a banking crisis that is threatening to engulf the entire country.

By PAN PYLAS, AP Business Writer 29 minutes ago LONDON - European markets on Thursday recovered some of Wednesday's hefty losses after a relatively steady performance in Asia overnight, with British banking stocks in particular enjoying a strong rally in the wake of the government's $865 billion rescue plan.

AP - The United States on Thursday will push NATO allies to order their troops to target Afghanistan's thriving heroin trade in a bid to stem the flow of drug money to the widening insurgency against the troubled international military mission.

19 minutes ago FRANKFURT, Germany - European central banks continued to push liquidity at the financial sector Thursday, offering $120 billion to prop up lending between banks. The European Central Bank, representing the 15 countries that use the euro currency, offered $100 billion, while the Bank of England and the Swiss National Bank each offered $10 billion.

By JANE WARDELL, AP Business Writer 33 minutes ago REYKJAVIK, Iceland - Iceland plunged further into financial turmoil — and muddled into a diplomatic spat with Britain over its handling of the crisis — on Wednesday as the country's third-largest bank went into receivership and the government abandoned attempts to put a floor under its free-falling currency.

22 minutes ago PARIS - Two French researchers who shared the Nobel Prize in medicine for discovering the AIDS virus are voicing fears that the world financial crisis will hurt funding to fight the disease. Luc Montagnier and Francoise Barre-Sinoussi say they told President Nicolas Sarkozy of their concerns that both research and international funding to fight AIDS could be cut in the crisis.

6 minutes ago LONDON (AFP) - Prime Minister Gordon Brown wrote to EU leaders Wednesday to urge them to follow Britain in guaranteeing loans between banks, proposing a "European-wide funding plan" to help ease the financial crisis. In a letter to French President Nicolas Sarkozy and copied to EU leaders and the European Commission, Brown outlined the rescue package announced by his government Wednesday and said a "concerted international approach" was needed.

By COLLEEN BARRY and EMMA VANDORE, AP Business Writers 31 minutes ago CRAMANT, France - Savoring a rustic lunch of tuna salad, veal stew, and red wine, Benoit Gouez, chief vintner at Champagne house Moet & Chandon, took a long view of the financial crisis rocking the global economy. "We are more than two centuries old and crisis and wars and problems, we have known them all in the past, and we are still here," he said as pickers outside harvested the latest crop of Champagne grapes.

48 minutes ago LONDON (AFP) - The FTSE 100 index of leading shares closed with heavy losses of more than 5. 0 percent Wednesday as investors brushed aside central bank efforts to counter the global financial crisis. London shares shed 5. 18 percent in turbulent trade to finish at 4,366. 69 points.

37 minutes ago LONDON (AFP) - The London stock market plunged 5. 38 percent on Wednesday as investors were unconvinced that a global round of emergency interest rate cuts would resolve the financial crisis, dealers said. The FTSE 100 index of leading shares sank to 4,357. 66 points in late afternoon trade despite the Bank of England cutting its key lending rate by a half-point to 4.

By Crispian Balmer and James Mackenzie 50 minutes ago EVIAN, France (Reuters) - The leaders of France and Britain led calls on Wednesday for more joint action to combat the global financial crisis after criticism that divisions have hampered Europe's response. Simultaneous interest rate cuts by six central banks, including the European Central Bank, failed to revive world stock markets that have plunged on fears of a global recession.

By JANE WARDELL, AP Business Writer 10 minutes ago REYKJAVIK, Iceland - Iceland plunged further into financial crisis on Wednesday as it scrapped plans to nationalize a major bank, instead placing it into receivership, and abandoned attempts to put a floor under its falling currency by fixing the exchange rate.

AP - European governments struggled Wednesday to contain the deepening world financial crisis, with Britain stepping in to help its hard-pressed banks and Russia shutting down its biggest stock market for two days. But some relief emerged when the European Central Bank joined the U.S. Federal Reserve, the Bank of England and others in slashing interest rates.

By PAN PYLAS, Associated Press Writer 23 minutes ago LONDON - European markets fell, then recouped most of their losses Wednesday after six central banks jolted markets by cutting interest rates together in an attempt to shore up confidence in the world's crisis-stricken financial system. The move by banks including the U.

36 minutes ago LONDON (AFP) - The London stock market plunged back into the red on Wednesday, revealing a loss of 4. 5 percent in mid-afternoon trade. The FTSE 100 sank to 4,397. 86 points at 2:15pm, reversing earlier gains made after the Bank of England cut interest rates by a half-point to 4. 50 percent.

AP - The U.S. still has the world's most competitive economy, despite the recent turmoil that has seen some Wall Street giants tumble and others turn to the Federal Reserve for financial bailouts, according to a survey released Wednesday.

6 minutes ago LONDON (AFP) - London shares rebounded from earlier losses on Wednesday after the Bank of England slashed interest rates as part of a coordinated move by major central banks amid the growing financial crisis. The FTSE 100 index of leading shares was up 0. 36 percent at 4,621. 86 points at 12:40 pm after the Bank of England cut its key lending rate by a half-point to 4.

By JANE WARDELL, AP Business Writer 22 minutes ago REYKJAVIK, Iceland - Iceland's biggest bank received an emergency loan from Sweden on Wednesday, and Britain said it would guarantee deposits in an Icelandic bank's online unit as the financial crisis engulfing this tiny Nordic nation showed no sign of easing.

29 minutes ago LONDON (AFP) - The FTSE 100 index of top shares slumped on Wednesday despite the government's part-nationalisation of leading banks in a broader bailout package worth up to 500 billion pounds. The index was also down amid massive sell-offs worldwide on concerns over an escalation of the global financial crisis, dealers said.

By PAN PYLAS, Associated Press Writer 8 minutes ago LONDON - European markets tumbled in early trading Wednesday amid ongoing fears about the state of credit markets despite the British government's 50 billion pound ($87. 5 billion) rescue package for the banking system. In Asia, Japan's Nikkei suffered its worst day since the 1987 stock market crash.

AP - U.S. Treasury Secretary Henry Paulson made a mistake by letting investment bank Lehman Brothers fail, France's finance minister said Wednesday.

By EMILY FLYNN VENCAT, AP Business Writer 20 minutes ago LONDON - The British government said Wednesday it would partly nationalize major banks, with taxpayers taking a share stake in a bid to shore up a financial sector that many investors feared could not survive the global turmoil without government help.

AP - Prime Minister Gordon Brown says the U.K. will take legal action to recover money held by British savers in branches of troubled Icelandic banks.

35 minutes ago LONDON (AFP) - London's FTSE 100 index of top shares briefly plunged by more than seven percent early on Wednesday after the government announced the part-nationalisation of eight banks and amid a sell-off worldwide. At about 9:00am, the FTSE 100 stood at 4,293. 88 points, down 6.

10 minutes ago LONDON (AFP) - London's FTSE 100 index of top shares was down 3. 47 percent at 4,443. 94 points shortly after the start of trading on Wednesday after the government announced the part-nationalisation of eight major banks. Ahead of the opening, the government unveiled a plan to purchase stakes worth up to 50 billion pounds in leading local banks amid an escalating global financial crisis.

25 minutes ago BERLIN, (AFP) - European Industry Commissioner Guenter Verheugen defended on Wednesday bank nationalisations to prevent bankruptcies, in an interview with the German daily Hannoversche Allgemeine Zeitung. If a bank were about to fail, "I would stop at nothing, as unconventional as it might be, even if nationalisation turned out to be the only way to prevent a collapse," Verheugen said.

AP - The British government has announced an $87.5 billion plan to partially nationalize its major banks in a bid to restore economic stability.

9 minutes ago NEW YORK (AFP) - Stocks plunged for a second day running on Wall Street on Tuesday, while those in Europe were mixed, on persistent anxiety over the health of the banking sector -- and despite central bank initiatives to shore up confidence. Wall Street opened with solid gains, bolstering both spirits and prices in Europe after the US Federal Reserve, the European Central Bank and EU finance ministers all announced new measures to stanch a credit crisis and protect savers' deposits.

by Rob Lever 38 minutes ago WASHINGTON (AFP) - US and European authorities launched fresh initiatives Tuesday to break the grip of a global credit crunch, but the moves failed to boost market confidence as Wall Street and other stock markets sank to new lows. The US Federal Reserve said it would buy up short-term commercial paper or company debt in an effort to kick-start credit flows and ease a squeeze in bank lending, a move it described as "necessary to prevent substantial disruptions to the financial markets and the economy.

By WILLIAM J. KOLE, Associated Press Writer 2 minutes ago Wall Street's woes extend far beyond Main Street and all the way to Law Street — the hulking headquarters of the European Union. But the 27-nation bloc based at Rue de la Loi in Brussels, Belgium, hasn't taken sweeping joint action to deal with the global financial meltdown.

By JANE WARDELL, AP Business Writer 32 minutes ago REYKJAVIK, Iceland - This volcanic island near the Arctic Circle is on the brink of becoming the first "national bankruptcy" of the global financial meltdown. Home to just 320,000 people on a territory the size of Kentucky, Iceland has formidable international reach because of an outsized banking sector that set out with Viking confidence to conquer swaths of the British economy — from fashion retailers to top soccer teams.

28 minutes ago LONDON (AFP) - US and European stock markets lost steam in volatile trading Tuesday, giving up early gains on persistent anxiety over the health of the banking sector and despite fresh central bank support. Wall Street opened with solid gains, bolstering spirits and prices in Europe after the US Federal Reserve, the European Central Bank and European Union finance ministers all announced new measures to stanch a credit crisis and protect savers' deposits.

11 minutes ago WASHINGTON (AFP) - The United States opened up a major new front in the battle against financial turmoil Tuesday, sucking up huge amounts of corporate debt as European governments staged new rescues and nationalisations. The US Federal Reserve's move to absorb short term company debt perked up volatile stock markets as they took new blows with Iceland nationalising another bank and Russia setting up a 36 billion dollar bank bailout.

AP - A committee of EU lawmakers approved an ambitious climate change plan Tuesday, resisting heavy pressure from lobbyists who sought to water down the bill because of the financial crisis.

by William Ickes 51 minutes ago FRANKFURT (AFP) - The European Central Bank pumped 50 billion dollars (37 billion euros) into money markets on Tuesday and said it would double to 50 billion euros the amount of the single European currency it would lend for six months as it tried to ease a tightening credit crunch.

AP - The European Union's 27 governments agreed Tuesday to guarantee private savings of up to euro50,000 for one year and set guidelines on how each country could rescue failing bank, finally taking a measure of coordinated action against the financial crisis after days of wrangling.

AP - The European Union said Tuesday it will raise its minimum bank deposit guarantee to euro50,000 (US$68,160) as they agreed on guidelines to deal with banks in danger of collapse amid the global financial crisis.

37 minutes ago PARIS (AFP) - The EU moved to increase support for big banks as the international finance chaos deepened Tuesday, with Russia setting up a huge rescue package for its banks and markets again panicking. Russia was also to negotiate a four billion euro (5. 4 billion dollar) emergency loan to Iceland, which is battling against the whole country going bankrupt and nationalised its second biggest bank.

By PAN PYLAS, AP Business Writer 31 minutes ago LONDON - European stocks posted modest gains Tuesday ahead of Wall Street's opening on hopes the world's leading central banks will cut interest rates soon, possibly in a coordinated manner to deal with the world financial crisis. Those hopes, which were fueled by the Reserve Bank of Australia's overnight move to cut borrowing costs by a massive 1 percentage point to 6 percent, helped diminish the impact of another bad day for bank stocks.

By PAN PYLAS, AP Business Writer 45 minutes ago LONDON - European stocks shed early gains Tuesday as ongoing fears about the health of the banking system, particularly in Britain, offset hopes that the world's leading central banks will follow Australia's lead and cut interest rates aggressively.

AP - Shares in Royal Bank of Scotland Group PLC plunged 39 percent in early trading on Tuesday, as investors worried the British government is not doing enough to boost banks' balance sheets in the financial crisis.

AP - German carmaker Daimler AG joined GM subsidiary Adam Opel AG and the German unit of Ford Motor Company on Tuesday in announcing production cutbacks given the current financial situation.

13 minutes ago LONDON (AFP) - World stock markets stabilised Tuesday despite a tumbling banking sector across Europe, as Asia pulled back from the brink on the prospect of cuts to global interest rates, dealers said. London added 0. 66 percent, reversing earlier losses in volatile late morning trade, after slumping 7.

AP - Ireland's finance minister says the European Union is mulling increasing government guarantees for private savings in banks across the 27-nation bloc.

AP - An emergency meeting of European Union finance ministers debated raising guarantees for private savings across the 27-nation bloc on Tuesday in an attempt at a coordinated response to the global financial crisis.

by Hiroshi Hiyama 28 minutes ago TOKYO, (AFP) - Battered world markets shook off some of their recent gloom Tuesday as European stocks rallied and Asian bourses pulled back from the brink on hopes of cuts to global interest rates. Asian markets took another dive before Australia's central bank provided a rare dose of positive news, slashing interest rates in a move that sparked hopes policymakers in other countries could follow suit.

53 minutes ago LONDON (AFP) - London's FTSE 100 index of top shares rose 1. 50 percent at the start of trading on Tuesday, one day after plunging 7. 86 percent on growing fears about the global financial crisis. .

AP - Iceland's banks face a battle for survival Tuesday after government introduced emergency legislation to give itself sweeping new powers over its collapsing financial sector.

5 minutes ago LUXEMBOURG (AFP) - European finance ministers were set Tuesday to begin preparing their first joint measure to reassure savers unnerved by the financial crisis by ramping up minimum bank deposit guarantees. As panic swept through the European financial sector on Monday with stock markets plunging amid growing concerns about the health of the banking system following a series of recent state bailouts, EU countries signalled they plan to protect savers.

By AOIFE WHITE, AP Business Writer 52 minutes ago LUXEMBOURG - European Central Bank President Jean-Claude Trichet called Monday for calm in the continent's jittery markets, saying they are overestimating risks and the euro-zone central bank stood ready to provide all the liquidity needed for as long as necessary.

By ANGELA CHARLTON and PIERRE-ANTOINE SOUCHARD, Associated Press Writers 40 minutes ago PARIS - The son of a former French president, an Israeli-Russian billionaire and a tycoon with ties to Arizona's jet set were among the headliners Monday as 42 defendants went on trial in Paris, accused in a worldwide web of trafficked arms to Angola, money laundering and kickbacks.

AP - Individual European governments issued a cascade of deposit guarantees to shore up their banks but fell short of any coordinated action Monday to deal with the crisis sweeping financial markets, even as stock markets crashed and the euro sank to its lowest level for over a year.

By PAN PYLAS, AP Business Writer 9 minutes ago LONDON - European governments struggled to find a coordinated response to the crisis sweeping financial markets Monday, as countries one after the other announced sweeping deposit guarantees on their own to try and shore up their banks. Stock markets plunged.

31 minutes ago LONDON (AFP) - The London stock market nosedived 8. 65 percent on Monday, hitting a four-year trough on investor concerns about the spreading global financial crisis, dealers said. In late afternoon trade, the capital's FTSE 100 index of top shares sank by 430. 59 points to hit 4,549.

By PAN PYLAS, AP Business Writer 46 minutes ago LONDON - European governments struggled to find a coordinated approach to the crisis sweeping financial markets, as Denmark became the latest country to guarantee bank deposits, putting more pressure on Britain and other countries to follow. Denmark's move came after a startling announcement by German Chancellor Angela Merkel on Sunday that her government would guarantee all private bank deposits held in the euro zone's single largest economy.

AP - Officials of troubled Belgian bank Fortis NV acknowledged Monday they had no choice but to seek a buyout by another bank because of the increasing problems the company suffered due to the global financial credit crisis.

By MATT MOORE, AP Business Writer 34 minutes ago STOCKHOLM, Sweden - Nordic countries Denmark and Sweden moved Monday to bolster protection of bank accounts as stock exchanges across Europe opened lower and central banks pumped more money to cash-starved banks. In Copenhagen, the Economy Ministry said commercial lenders had agreed to contribute up to 35 billion kroner, or about US$6.

AP - Pope Benedict XVI says the global financial crisis show the futility of money and ambition.

AP - The European Central Bank, the Bank of England and the Swiss National Bank offered more than $60 billion to markets Monday to try to keep the financial sector flush with cash.

By PATRICK McGROARTY, Associated Press Writer 19 minutes ago BERLIN - Germany on Sunday guaranteed all private bank accounts and negotiated a 50 billion euro ($69 billion) bailout deal for Hypo Real Estate AG as Europe's second largest economy sought to ward off financial crisis. The Finance Ministry and private banks reached a deal late Sunday to infuse an additional line of credit worth up to 15 billion euros ($21 billion) into the embattled real estate giant, expanding on an earlier 35 billion euro ($48 billion) bailout plan that would have found the government and private banks splitting the bill.

AP - British Prime Minister Gordon Brown announced more changes to his government Sunday, completing a shake-up intended to strengthen the government as it faces the global economic crisis.

50 minutes ago BRUSSELS (AFP) - EU regulators have provisionally approved the original three-country bailout package for troubled finance group Fortis, a spokesman said Sunday, though the deal is swiftly being superceded. "We have given provisional approval to last week's deal by the Belgian, Luxembourg and Dutch governments," said Jonathan Todd, spokesman for EU Competition Commissioner Neelie Kroes.

AP - Governments across Europe scrambled to save failing banks on Sunday, working largely on their own a day after leaders of the continent's four biggest economies called for tighter regulation and coordinated response to the global meltdown.

By PATRICK McGROARTY, Associated Press Writer 32 minutes ago BERLIN - German Chancellor Angela Merkel says her government is working hard to keep Hypo Real Estate AG afloat because it will not let the failure of any company disrupt Europe's biggest economy. She tells reporters: "We will not allow the distress of one financial institution to distress the entire system.

By EMMA VANDORE and AOIFE WHITE, Associated Press Writers 45 minutes ago PARIS - Europe's four major powers vowed Saturday to do all they could to prevent Wall Street's turmoil from destabilizing their banking systems — even as a $48 billion plan to save a German lender fell apart. But aside from vague statements of intent and calls for tighter regulation, the leaders of Germany, France, Britain and Italy shied away from the sort of massive bailout passed by the U.

By EMMA VANDORE and AOIFE WHITE, Associated Press Writers 36 minutes ago PARIS - Europe's four major powers called for the EU to give them a freer hand to tackle the global financial crisis, and they vowed on Saturday to support their countries' banks. But they stopped short of coming up with a U.

26 minutes ago PARIS (AFP) - European leaders have agreed to ask for the early release of 32 billion euros in European funds to help small businesses weather the global finance crisis, British Prime Minister Gordon Brown said Saturday. "This crisis that has come from America has affected all businesses, so we agreed to ask the European Investment Bank to frontload 25 billion pounds (44 billion dollars) of finance for small business loans," Brown said following a crisis meeting in Paris.

AP - Leaders of France, Britain, Germany and Italy will seek at a summit in Paris Saturday to reassure investors and markets jittery about a growing financial and economic crisis.

35 minutes ago LONDON (AFP) - Prime Minister Gordon Brown has said he will propose a 12-billion-pound fund to help small businesses deal with the international financial crisis when he meets other European leaders in Paris. Brown told reporters he would propose the fund "so that small businesses in our country and the rest of Europe can get money immediately so that they can continue to employ staff and continue to provide services".

By JOELLE DIDERICH, Associated Press Writer 14 minutes ago PARIS - In the cutthroat world of fashion, a designer can quickly lose rising star status — a fact that Alessandra Facchinetti knows only too well. For the second time in her career, the 36-year-old designer on Friday faced the prospect of losing her job after only two seasons at the helm of a major design house.

By Brian Love 12 minutes ago PARIS (Reuters) - Plagued by fears for the stability of the banking system, European leaders meet on Saturday for a summit French President Nicolas Sarkozy hopes will limit the damage caused by the worst financial crisis since the 1930s. The meeting follows approval by the U.

24 minutes ago NEW YORK (AFP) - US stock markets fell sharply Friday after the Congress passed a huge financial rescue plan, as optimism built up earlier in the day evaporated in late trading. Markets in Europe had finished sharply higher in anticipation of the 700-billion-dollar US bailout bill, but when an agreement was finally announced shares sunk on Wall Street, mirroring losses in Asia.

By DAVID STRINGER, Associated Press Writer 18 minutes ago LONDON - British Prime Minister Gordon Brown reached into the past in a bid to save his future Friday, recruiting stars from the Tony Blair era into his Cabinet. Brown said sweeping changes were required to handle the effects of high oil prices, the worsening credit crunch and doubts about the banking system.

AP - The 468-page French indictment makes seamy reading: secret arms deals feeding bloodshed in an oil-rich African country. Envelopes of cash changing hands in a Paris mansion. A cast of defendants ranging from a debt-ridden tycoon to a Chinese opera singer.

AP - As the world suffers a hangover from the financial excesses of the past few years, the tiny island nation of Iceland has a bigger headache than most.

By Anna Willard 26 minutes ago PARIS (Reuters) - France warned that the global economy stood "on the edge of an abyss" on Friday as European leaders grappled to find a unified response to the traumatic conditions on financial markets. The atmosphere of uncertainty was heightened when the Netherlands took over most of the Dutch activities of financial services group Fortis, days after a rescue of the group by the Belgian, Dutch and Luxembourg governments.

AP - The global financial crisis is forcing the leaders of France, Germany, Britain and Italy to come together for an emergency summit this weekend, but differences on how to respond to the economic turmoil could drive them apart.

16 minutes ago BRUSSELS (Reuters) - The European Commission welcomed on Friday the passage of the $700 billion financial industry bailout bill in the U. S. House of Representatives, saying it hoped the move would help restore market confidence. "We welcome the vote and we hope it will help restore confidence in financial markets," Commission spokeswoman Amelia Torres said.

AP - Human rights activists from China and Russia are considered front-runners to win the Nobel Peace Prize next week, while betters are putting their money on an Italian, a Syrian or an Israeli for the literature award.

53 minutes ago LONDON (AFP) - US stocks rallied, taking European markets sharply higher Friday as hopes the US Congress will pass a multi-billion-dollar bank rescue package offset a much weaker-than-expected US employment report. Dealers said news of 159,000 US job losses in September as the credit crunch hit industry failed to dent sentiment as investors looked to the House of Representatives for a lifeline after months of financial market turmoil.

AP - The man credited with toppling communism in Czechoslovakia says the global economic crisis is a warning not to abandon basic human values in the scramble to prosper.

AP - The man credited with toppling communism in Czechoslovakia says the global economic crisis is a warning not to abandon basic human values in the scramble to prosper.

By Anna Willard 21 minutes ago PARIS (Reuters) - Europe must find a united response to a financial crisis which risks pushing the global economy into an abyss, French Prime Minister Francois Fillon said on Friday ahead of a meeting of EU leaders to discuss the turmoil. Divisions have emerged within Europe over the past week with Ireland, offering guarantees on all bank deposits prompting a flight of capital from British lenders to Irish banks, and Greece also promising to safeguard savers' cash.

By DAVID STRINGER, Associated Press Writer 17 minutes ago LONDON - Prime Minister Gordon Brown made a raft of changes to the government Friday, bringing back some of the Labour Party's stalwarts in a comprehensive shake-up meant to sharpen focus on the economy. Britain's BBC and Sky News reported that Brown was appointing new Cabinet ministers in areas such as business, defense and transport.

13 minutes ago LONDON (AFP) - European stocks fell Friday, with losses less acute than in Asia where Tokyo matched Wall Street by striking a three-year low, as US lawmakers prepared to vote on a multi-billion-dollar rescue package. Markets were also rattled by economic growth concerns after the European Central Bank signalled it could soon cut eurozone interest rates amid unprecedented turmoil on global markets.

By JOELLE DIDERICH, Associated Press Writer 32 minutes ago PARIS - Judging from the glamorous parties and store openings in Paris this week, you would be forgiven for thinking the economy is thriving — prompting some observers to say the fashion industry is fiddling while Rome burns. As harried retailers stay glued to their Blackberries for hourly stock market updates, partygoers throng trendy nightclubs and upscale boutiques.

AP - The European Central Bank left interest rates unchanged Thursday, even as bank President Jean-Claude Trichet warned of slowing growth amid high inflation and the spreading financial crisis.

By EMMA VANDORE, AP Business Writer 44 minutes ago PARIS - The Paris Motor Show had both vroom and gloom as it opened Thursday under the cloud of global financial turmoil. Automakers made bold sales predictions, but unveiled smaller and more fuel-efficient cars to cater to consumers both cash-strapped and environmentally conscious.

AP - The European Central Bank left its key interest rate unchanged at 4.25 percent Thursday as the bank appeared to feel inflation fears outweighed concerns about the growing financial crisis that has swept through Europe.

3 minutes ago PARIS - France will host a European financial summit Saturday in Paris, bringing together leaders of four countries to deal with the international financial crisis. The leaders of Germany, Britain and Italy are to attend, a statement from President Nicolas Sarkozy's office said. Others invited are Luxembourg Prime Minister Jean-Claude Juncker, a top European financial official; European Central Bank chief Jean-Claude Trichet; and the president of the European Commission, Jose Manuel Barroso.

Reuters - The chairman of euro zone finance ministers sided with Germany on Thursday in rejecting any need for a European rescue fund for distressed banks, but the Dutch government endorsed a similar idea.

Reuters - The U.S. Senate's approval of a revised crisis bailout bill helped boost European stocks and lift the dollar on Thursday but economic worries weighed on Asia and concern about final passage of the proposal lingered.

Reuters - General Motors Corp. (GM) Chief Operating Officer Fritz Henderson said on Thursday he expected U.S. and western European markets to stay weak in the first half of 2009.

8 minutes ago LONDON (AFP) - European shares steadied at the start of trading on Thursday after the US Senate approved a modified financial rescue package for the stricken US financial sector. London's FTSE 100 index of leading shares edged up 0. 08 percent to 4,963. 47 points, Frankfurt's DAX 30 dipped 0.

10 minutes ago LONDON (AFP) - Stocks in FTSE 100 were flat in initial trading on Thursday, gaining 0. 08 percent to 4,963. 47 points, after the US Senate approved a modified rescue plan for the stricken US financial sector. .

AP - The European Central Bank is expected to hold its benchmark interest rate steady later Thursday as inflation fears outweigh the growing financial crisis.

By JOELLE DIDERICH, Associated Press Writer 47 minutes ago PARIS - Paris designers whipped up a rainbow burst of colors on Wednesday as an antidote to the economic blues plaguing the luxury industry. "Everyone wants to play in color this season," said Ken Downing, senior vice president and fashion director for luxury retailer Neiman Marcus.

By DAVID STRINGER, Associated Press Writer 45 minutes ago BIRMINGHAM, England - Conservative Party leader David Cameron pledged Wednesday to prove his ability to revive Britain's faltering economy — but warned he has no miracle cure. Striking a measured tone, the opposition leader told his party's annual conference he is not deterred by Prime Minister Gordon Brown's assertion that he is too much of a novice to lead Britain during tough times.

AP - Growth in the construction of new nuclear plants worldwide is at risk because of the global financial crisis, U.S. Energy Secretary Samuel Bodman said Wednesday, adding that short-term projects like oil drilling are more likely to go ahead.

4 minutes ago PARIS (Reuters) - French Economy Minister Christine Lagarde denied on Wednesday that France was planning a 300 billion euro ($424. 4 billion) EU bank rescue package. Earlier on Wednesday, an EU government source told Reuters that France was planning to propose an EU rescue package for banks worth 300 billion euros.

17 minutes ago LONDON (AFP) - The FTSE 100 finished more than one percent higher on Wednesday, with shares surging in HBOS and Lloyds TSB, as the US Senate prepared to vote on a revised financial rescue package. The FTSE 100 index of leading shares gaining 1. 17 percent at 4,959. 59 points. Investors in London seemed optimistic ahead of the upcoming Senate vote on a revised 700-billion-dollar Wall Street bailout, after the House of Representatives sparked markets chaos by rejecting an earlier version.

11 minutes ago BRUSSELS (AFP) - The European Commission called on Wednesday for a coordinated European Union response to a crisis ravaging the financial sector as it proposed tougher regulations and cross-border oversight. With confidence in financial markets at rock bottom, commission chief Jose Manuel Barroso assured: "Our system can cope, the European financial system has the ability to respond.

AP - Anglo-Swiss mining giant Xstrata PLC dropped its US$10 billion bid for British rival Lonmin PLC on Wednesday, saying the turmoil on the financial markets makes a takeover of the world's No. 3 platinum producer too risky.

AP - The jobless rate in the 15 nations that share the euro climbed again in August to 7.5 percent as worries over European economic growth deepened, EU statistics agency said Wednesday.

25 minutes ago LONDON (AFP) - London's FTSE 100 rose 1. 1 percent in mid-morning trade on Wednesday, following a rally across global markets on investor optimism that the US Senate would later approve a revised financial rescue package. The index of leading shares advanced to stand at 4,956. 38 points.

32 minutes ago LONDON (AFP) - European shares rose Wednesday, after gains in Asia and overnight on Wall Street, amid renewed hope that a revised version of a US financial rescue plan would be adopted by Congress. Shortly after the start of trading, London's FTSE 100 index of leading shares showed a gain of 1.