European recession
Europe's economy fell into its first recession in 15 years in the third quarter, paving the way for deeper cuts to interest rates and taxes. Gross domestic product in the 15 euro nations shrank 0.2 per cent from the previous three months, when it also contracted 0.2 per cent.
Dow Jones
The Dow Jones Industrial Average sank 337.94 points to 8,497.31 last Friday - handing back more than half of the previous day's 552-point advance. The entire drop occurred in the final 45 minutes of trading.
Retail sales
The government said United States retail sales slid 2.8 per cent last month, the largest drop on record.
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Japan's pledge
Japan pledged US$2 billion (S$3 billion) to a World Bank fund intended to help recapitalise struggling banks in developing countries.
Alarm system
The International Monetary Fund (IMF) and the Financial Stability Forum said on Friday they will cooperate to provide an early-warning system in an effort to prevent future financial crises. The forum is an international group that includes central banks, the IMF and other financial and regulatory bodies.
Pakistan's loan
Pakistan announced yesterday it will receive a loan of at least US$7.6 billion from the IMF, the fund's first rescue in Asia since the global financial crisis began.
The country has almost run out of foreign currency reserves to cover its import bill, the rupee has lost 25 per cent of its value this year and the stock market has dropped 35 per cent.