WASHINGTON - THE US economy still faces 'substantial' downside risks US President Barack Obama's chief economic adviser Larry Summers told NBC television on Sunday, as a regional Americas summit wound down.

LONDON - BRITISH Treasury chief Alistair Darling is likely to present a bleak annual budget next week with little good news for the average Briton as the economy wallows in recession.

Along with a hefty downgrade to the country's growth forecasts, Mr Darling is expected to unveil deferred tax increases and lower spending to deal with a blowout in public finances caused by the government's recent attempts to stimulate the struggling economy.

GULF INVESTORS are launching a new US$10 billion (S$15 billion) Islamic bank and plan a $3 billion initial public offering in the fourth quarter to tap interest in sharia-compliant institutions, bank executives said on Sunday.