Reuters - U.S. Treasury Secretary Henry Paulson said on Wednesday a recently approved financial bailout bill gives him wide authority to inject capital into the banking system and would not rule out having Treasury take an ownership position in banks if necessary.

Reuters - The United States signaled it could consider buying into debt-laden banks to help get funds flowing through the financial system again after the IMF warned the world was on the brink of recession.

AP - American shoppers went into hiding in September, sticking to buying the bare-bone essentials and leading many retailers to report dismal sales for the month as skittish consumers grappled with the financial meltdown spreading around the globe.

Reuters - U.S. consumer borrowing fell for the first time in more than a decade in August amid tighter credit markets, tougher lending standards and declining consumer spending, a Federal Reserve report showed on Tuesday.

AFP - US stocks zigzagged on Wednesday after the Federal Reserve joined a global coordinated interest rate cut in an extraordinary bid to ease credit and calm roiling markets.

Reuters - American International Group Inc , a day after being criticized for a lavish event held just days after the insurer got an $85 billion government rescue loan, shot back on Wednesday saying the event was for independent life insurance agents, not its employees.

Reuters - Pending sales of existing U.S. homes unexpectedly jumped in August to the highest in over a year, data from a real estate trade group showed on Wednesday.

Reuters - Wachovia Corp , Citigroup Inc and Wells Fargo & Co agreed again to hold off on litigation over the acquisition of Wachovia while talks between the banks and the Federal Reserve continue.

Reuters - Stocks rose on Wednesday as investors scoured for bargains after five straight sessions of losses, but trading was extremely volatile on fears the coordinated interest rate cuts by central banks around the world would not be enough to contain the credit crisis.

Reuters - Central banks around the world cut interest rates in unison on Wednesday, responding to a worldwide clamor for concerted action to contain the worst financial crisis since the Great Depression.

Reuters - Britain's government is poised to announce a "comprehensive" rescue package for the banking system, the BBC reported on Tuesday, including the possibility of injecting capital into banks.

Reuters - Federal Reserve Chairman Ben Bernanke on Tuesday signaled a readiness to lower U.S. interest rates in a dramatic shift to support an economy battered by a financial crisis of "historic dimension."