Reuters - Federal Reserve Chairman Ben Bernanke on Wednesday gave a dour assessment of the U.S. economy, citing a "significant threat" from shuttered credit markets in remarks that indicated he was open to cutting interest rates further.

Reuters - Insurance giant American International Group Inc is spending money to lobby states to soften new controls on the mortgage industry, the Wall Street Journal said.

Reuters - Switzerland's two largest banks will receive billions of francs of emergency funding from the country's government and other investors to shore them up against the financial crisis, they said on Thursday.

Reuters - Asian stocks plummeted, led by an 11 percent drop on Japan's Nikkei, and oil prices dropped to a one-year low on Thursday as fears grew of a more protracted and sharp global slowdown than initially expected.

Reuters - The global financial crisis shifted gears on Thursday with fears of recession battering financial markets even as governments sought yet more action to pull the world economy from the brink of collapse.

AFP - US retail sales slumped 1.2 percent in September, government data showed Wednesday in a sign of deeper troubles for an economy ailing from a financial market firestorm and tight credit.

AP - JPMorgan Chase & Co.'s profit tumbled 84 percent in the third quarter after it took big hits from souring mortgage investments, leveraged loans and home loans.

AP - European and Asian markets mostly fell back Wednesday following a strong two-day rally amid concerns that the global efforts to restore confidence in the battered financial system will not be enough to stave off a deep recession.

Reuters - Retail sales last month dropped the most in more than three years while a measure of New York state manufacturing hit its lowest since the index started in 2001, intensifying recession fears.

Reuters - Economic activity weakened across the United States in September as businesses revised capital investments, consumers curtailed spending and the general outlook darkened, the Federal Reserve said on Wednesday.

Reuters - Stocks extended losses in afternoon trading on Wednesday, after the Federal Reserve said economic activity weakened across the United States in September as businesses rethought capital investments, and consumers curtailed spending.

Reuters - Turmoil in credit markets poses a "significant threat" to the U.S. economy, Federal Reserve Chairman Ben Bernanke said on Wednesday, suggesting an openness to further interest-rate cuts.