AP - Warren Buffett, one of the world's best known and wealthiest investors, is betting $5 billion that the U.S. financial system is not about to collapse.

AP - The House on Wednesday took up a $630 billion-plus spending bill awarding the Pentagon a record budget while giving generous help to U.S. automakers and victims of hurricanes and floods.

AP - Thousands of people returned on Wednesday for the first time since their island city was blasted by Hurricane Ike nearly two weeks ago, choosing home over warnings that Galveston is "broken" and infested with germs and snakes.

AP - President Bush readied a prime time speech to the nation and Treasury Secretary Henry Paulson accepted a major change in legislation for a $700 billion bailout of the financial industry on Wednesday as the administration scrambled to prevent further deterioration in the economy.

AFP - World leaders demanded urgent steps to contain the global financial crisis and a sweeping reform of multilateral institutions, including the Security Council, during the UN General Assembly's annual debate.

AFP - Taro Aso took charge as Japan's new prime minister Wednesday, lining up his cabinet with like-minded conservatives to help his mission to revive the economy and win upcoming elections.

Reuters - Japan's new prime minister Taro Aso was tipped to appoint several conservative allies for his cabinet Wednesday, including a China critic for the finance job, while keeping a fiscal reformer in a key post.

Reuters - Democrat Barack Obama has opened a 9-point lead over Republican John McCain in the U.S. presidential race amid turmoil in the financial system and growing pessimism about the economy, according to a Washington Post-ABC News national opinion poll released on Wednesday.

Reuters - The U.S. Federal Reserve said on Wednesday that it had set up $30 billion worth of new currency swaps with central banks in Australia and Scandinavia, marking its latest bid to ease global credit market strains.

Reuters - The FBI is investigating Fannie Mae, Freddie Mac, Lehman Brothers Holdings Inc and insurer American International Group Inc and their senior executives for potential mortgage fraud, CNN reported on Tuesday.

AP - The New York Yankees will miss the postseason for the first time since starting their run in 1995. Mike Mussina pitched five shutout innings to earn his 19th win, Jason Giambi homered and the Yankees beat the Toronto Blue Jays 3-1 on Tuesday night.