WASHINGTON - US wholesalers cut back on their inventories in October by the largest amount since the period following the 2001 terrorist attacks while they watched their sales plunge by a record amount.

Analysts predict more grim news in the months ahead as the current recession deepens.

WASHINGTON - THE World Bank announced on Wednesday the creation of a US$2 billion (S$3 billion) fast-track lending programme to help the world's poorest countries weather the global financial crisis.

The bank's executive board approved on Tuesday the creation of the lending facility which will speed up grants and long-term, interest-free loans to the struggling poor countries, the development lender said in a statement.

NEW YORK - US stocks opened higher on Wednesday amid market optimism a US$15-billion (S$22 billion) bailout plan for troubled American automakers will be implemented.

The Dow Jones Industrial Average rose 116.76 points (1.34 per cent) to 8,808.09 in the first exchanges.