United States Treasury Secretary Henry Paulson said that what remains of the 700 billion USD bail out plan authorized by Congress will be left for unforeseen emergencies and to help the incoming President elect Barack Obama administration.
Colombia, a country that has adjusted to living with four decades of guerrilla warfare and drug cartels declared a 30 day state of emergency Monday to crack down on illegal investment schemes that lured millions of people with promises of high payouts, only to collapse amid rioting.
Troubled US carmaker Ford Motor is selling a 20% stake in Japan's carmaker Mazda Motor. The announcement follows General Motors decision to sell its 3% stake in carmaker Suzuki for 230 million US dollars to raise cash.
Falling energy costs meant US wholesale prices dropped by 2.8% in October, the biggest one-month decline since records began more than 60 years ago. The larger-than-expected fall was triggered by a 12.8% drop in energy prices, the biggest monthly decline for 22 years.
Christmas has come early to Australian sailors after the country's navy ordered an extended two-month holiday in response to staff shortages and a drive to attract and retain sailors with a better work-life balance.
Britain's Barclays PLC has said that executive directors will not receive any annual bonus this year as the bank seeks to pacify investors over its £7 billion fundraising. The bank also announced that all members of its board, including chief executive John Varley and investment banking boss Bob Diamond, are to be put up for re-election at its AGM next April.
Inflation in the United Kingdom is dropping at its fastest rate for 16 years thanks to falling fuel prices. The Consumer Prices Index (CPI) slowed to 4.5% in October from 5.2% the previous month.
United States president-elect Barack Obama said all parties involved in the US auto industry should come together to formulate an economic survival plan.
Japan's economy has entered its first recession since 2001 after shrinking by 0.1% in the third quarter. The world's second-biggest economy had previous shrunk by 0.9% in the April to June quarter.
The head of the International Monetary Fund says it will need more funding if it is to play a bigger role in aiding a global economic recovery.