CHICAGO (Reuters) - Barack Obama will have his campaign promises put to the test on Friday as he meets with economic advisers to discuss his transition to the White House and holds his first news conference as U.S. president-elect.

SINGAPORE (Reuters) - South Korea's central bank, anxious to soothe markets and shore up its economy, cut interest rates for the third time in a month on Friday after a flurry of deep rate cuts across Europe failed to calm panicky investors.

TOKYO (Reuters) - Tokyo staged its biggest ever anti-terrorism exercise on Friday, in an attempt to prove its credentials for staging the 2016 Olympic Games, days after Barack Obama's U.S. election victory boosted rival Chicago's hopes.

AP - President-elect Obama accepted congratulations from nine presidents and prime ministers Thursday, returning calls from world leaders who reached out after his presidential victory.

AP - HONG KONG — Asian markets were mixed Friday but rebounded from early lows amid grim profit forecasts from Toyota and other companies as well as sluggish U.S. economic data.

AP - A vicious cycle of vanishing jobs and stresses on American consumers is spelling deeper trouble for the already sinking U.S. economy.

AP - Shoppers are scrimping on holiday gifts, but not when it comes to their pets.

Reuters - Barack Obama will have his campaign promises put to the test on Friday as he meets with economic advisers to discuss his transition to the White House and holds his first news conference as U.S. president-elect.

Reuters - South Korea's central bank cut interest rates for the third time in a month on Friday to soothe markets and shore up its economy, after a flurry of deep rate cuts across Europe failed to calm panicky investors.

Reuters - Tokyo staged its biggest ever anti-terrorism exercise on Friday, in an attempt to prove its credentials for staging the 2016 Olympic Games, days after Barack Obama's U.S. election victory boosted rival Chicago's hopes.

BEIJING (Reuters) - Chinese Premier Wen Jiabao said rich nations must abandon their 'unsustainable lifestyle' to fight climate change and expand help to poor nations bearing the brunt of worsening droughts and rising sea levels.

NAIROBI (Reuters) - U.N. Secretary-General Ban Ki-Moon met African leaders at a summit in Kenya on Friday to try and end the conflict in the east of Democratic Republic of Congo before it engulfs the whole region.

PESHAWAR, Pakistan (Reuters) - A suspected U.S. drone fired a missile Friday into Pakistan's tribal region of North Waziristan on the Afghan border, killing 10 people, security officials said.

AP - President-elect Obama is seeking some economic advice from leaders of business, government and academia, making the struggling economy — the nation's No. 1 concern — his first order of public business.

Reuters - Chinese Premier Wen Jiabao said rich nations must abandon their 'unsustainable lifestyle' to fight climate change and expand help to poor nations bearing the brunt of worsening droughts and rising sea levels.

Reuters - U.N. Secretary-General Ban Ki-Moon met African leaders at a summit in Kenya on Friday to try and end the conflict in the east of Democratic Republic of Congo before it engulfs the whole region.

Reuters - A suspected U.S. drone fired a missile on Friday into Pakistan's tribal region of Waziristan on the Afghan border, killing 10 people, security officials said.

LONDON (Reuters) - European leaders will propose a new global financial framework on Friday after the International Monetary Fund (IMF) warned the world's richest economies face their first year of contraction since World War Two.

MOSCOW (Reuters) - Russia will study Washington's proposals on an anti-missile system and on how to find a replacement for a key nuclear arms reduction treaty, Interfax quoted a Russian foreign ministry source as saying Friday.

BAGRAM AIR BASE, Afghanistan (Reuters) - Abdul Matin was resting under a tree with seven fellow Afghan soldiers this week when three U.S. helicopters opened fire.

AP - The Bush administration, in the midst of a wide review of its war strategy in Afghanistan, is likely to recommend soon to the incoming Obama administration that the U.S. push for further expansion of the Afghan army as the surest path to an eventual U.S. withdrawal, The Associated Press has learned.

AP - Outside the gates of a Mormon temple, Kai Cross joined more than 2,000 gay-rights advocates in a chorus of criticism of the church's role in a new statewide ban on same-sex marriage.

AP - Whether whites supported Barack Obama or not, they don't seem to have lied to pollsters about it.

AP - A suspected U.S. missile strike killed at least eight people near the Afghan border Friday, security officials said, the latest in a surge of attacks that a top American general said has eliminated three militant leaders.

AP - A North Korean diplomat says the communist country is ready to deal with any new U.S. administration following Barack Obama's election to the presidency as talks continued over dismantlement of its nuclear weapons program.

Reuters - European leaders will propose a new global financial framework on Friday after the International Monetary Fund (IMF) warned the world's richest economies face their first year of contraction since World War Two.

Reuters - Russia will study Washington's proposals on an anti-missile system and on how to find a replacement for a key nuclear arms reduction treaty, Interfax quoted a Russian foreign ministry source as saying Friday.

Reuters - Abdul Matin was resting under a tree with seven fellow Afghan soldiers this week when three U.S. helicopters opened fire.

PESHAWAR, Pakistan (Reuters) - Suspected U.S. drones fired missiles into a Pakistan border region on Friday killing 13 militants, including four foreigners, officials said, the latest in a series of strikes that has infuriated Pakistan.

WASHINGTON (Reuters) - Al Gore's Alliance for Climate Protection has some environmental advice for the incoming Obama administration: focus on energy efficiency and renewable resources, and create a unified U.S. power grid.

AP - Ford Motor Co. says it lost $129 million in the third quarter as the struggling automaker burned up $7.7 billion in cash.

AP - President-elect Obama is seeking some economic advice from leaders of business, government and academia, making the struggling economy — the nation's No. 1 concern — his first order of public business.

AP - Wall Street anticipated a dreadful jobs report Friday, but seemed to believe the bad news is already priced into the market. Stock futures rose ahead of the market's open.

AP - A hurricane watch has been issued for parts of Cuba as Paloma continues barreling toward the Cayman Islands.

Reuters - Suspected U.S. drones fired missiles into a Pakistan border region on Friday killing 13 militants, including four foreigners, officials said, the latest in a series of strikes that has infuriated Pakistan.

Reuters - Al Gore's Alliance for Climate Protection has some environmental advice for the incoming Obama administration: focus on energy efficiency and renewable resources, and create a unified U.S. power grid.

AFP - Fresh fighting broke out on Friday in eastern Congo, wreaking panic among civilians even as regional leaders gathered in Nairobi tried to rekindle dialogue and hammer our a roadmap to peace.

AFP - Incoming US president Barack Obama discussed the financial crisis and other problems with top world leaders ahead of his first public comments Friday since his election triumph.

CHICAGO (Reuters) - President-elect Barack Obama was to meet his economic advisers on Friday as new U.S. jobless figures underlined the enormity of the task confronting him to stabilize an economy that is shedding jobs fast.

WASHINGTON (Reuters) - Employers cut payrolls by a much steeper-than-expected 240,000 jobs in October as the unemployment rate shot up to its highest in more than 14 years, underscoring the economy's steep slide.

WASHINGTON (Reuters) - The Treasury Department is preparing to open its $700 billion bailout package to companies outside the traditional banking sector, the Washington Post reported on Friday.

LONDON (Reuters) - European leaders will propose new rules for global finance on Friday to help counter an economic slump underscored by fresh figures showing U.S. unemployment at a 14-year high.

RAMALLAH, West Bank (Reuters) - U.S. Secretary of State Condoleezza Rice on Friday denied the Israeli-Palestinian peace process she sponsored was a failure, saying it should lay the ground for an eventual deal.

PESHAWAR, Pakistan (Reuters) - Suspected U.S. drones fired missiles into a Pakistan border region on Friday killing 13 militants, including five foreigners, officials said, the latest in a series of strikes that has infuriated Pakistan.

AP - The nation's unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, stark proof the economy is almost certainly in a recession.

AP - President-elect Obama is calling on economic experts to discuss the first steps toward healing a damaged economy as he forms a new administration in the face of a worsening crisis.

AP - Buyers are returning to the stock market after two days of heavy losses although the government has issued a worse-than-expected employment report.

Reuters - President-elect Barack Obama was to meet his economic advisers on Friday as new U.S. jobless figures underlined the enormity of the task confronting him to stabilize an economy that is shedding jobs fast.

Reuters - Employers cut payrolls by a much steeper-than-expected 240,000 jobs in October as the unemployment rate shot up to its highest in more than 14 years, underscoring the economy's steep slide.

Reuters - The Treasury Department is preparing to open its $700 billion bailout package to companies outside the traditional banking sector, the Washington Post reported on Friday.

Reuters - European leaders will propose new rules for global finance on Friday to help counter an economic slump underscored by fresh figures showing U.S. unemployment at a 14-year high.

Reuters - U.S. Secretary of State Condoleezza Rice on Friday denied the Israeli-Palestinian peace process she sponsored was a failure, saying it should lay the ground for an eventual deal.

AFP - UN chief Ban Ki-moon urged African leaders gathered in Nairobi on Friday to stop the rot in eastern DR Congo or face a regional crisis, even as fresh fighting erupted and thousands were displaced.

LONDON/NEW YORK (Reuters) - U.S. unemployment hit a 14-year high, exacerbating a world financial crisis that European leaders hope to attack with major reforms they will propose at a summit in Washington next week.

PESHAWAR, Pakistan (Reuters) - Suspected U.S. drones fired missiles into a Pakistan border region on Friday killing 13 militants, including five foreigners, officials said, the latest in a series of strikes that has infuriated Pakistan.

MOSCOW (Reuters) - Russia will study Washington's proposals on an anti-missile system and on how to find a replacement for a key nuclear arms reduction treaty, Interfax quoted a Russian foreign ministry source as saying on Friday.

NAIROBI (Reuters) - U.N. Secretary-General Ban Ki-moon warned on Friday at a summit of African leaders that the crisis in Democratic Republic of Congo could engulf the region.

AP - Angolan troops have joined Congolese soldiers battling rebels near the city of Goma, U.N. officials reported Friday, raising new fears the conflict will spread in the region as African leaders struggled to find a way to stop the violence.

AP - The spotlight started out pointing directly at Brady Quinn.

Reuters - U.S. unemployment hit a 14-year high, exacerbating a world financial crisis that European leaders hope to attack with major reforms they will propose at a summit in Washington next week.

Reuters - Suspected U.S. drones fired missiles into a Pakistan border region on Friday killing 13 militants, including five foreigners, officials said, the latest in a series of strikes that has infuriated Pakistan.

Reuters - Russia will study Washington's proposals on an anti-missile system and on how to find a replacement for a key nuclear arms reduction treaty, Interfax quoted a Russian foreign ministry source as saying on Friday.

AFP - UN chief Ban Ki-moon urged African leaders gathered in Nairobi on Friday to stop the conflict in eastern DR Congo or face a regional crisis, as thousands were displaced by fresh clashes.

DETROIT (Reuters) - General Motors Corp and Ford Motor Co reported far deeper-than-expected quarterly losses on Friday, and said their rate of cash burn was accelerating, as an extended slump in car sales raised questions about the future of the U.S. auto industry.

TEHRAN (Reuters) - Iran said Friday EU foreign policy chief Javier Solana had urged the Islamic state to hold fresh talks to remove remaining concerns over its disputed nuclear program, the students' news agency ISNA reported.

KIBATI, Congo (Reuters) - Fighting between rebels and the army caused a fresh refugee exodus in east Congo on Friday, and African leaders called for an immediate ceasefire to end a conflict the U.N. said could engulf the Great Lakes region.

AP - General Motors Corp. said Friday it lost $2.5 billion in the third quarter and warned that it could run out of cash in 2009 if the U.S. economic slump continues and it doesn't get government aid.

AP - A school building with students inside has collapsed outside Haiti's capital.

AP - Major North Dakota roads closed by a blizzard that tore through the region began reopening Friday, but freezing rain left thousands without power to the east, authorities said. In South Dakota, stranded vehicles continued to clog a major highway.

Reuters - General Motors Corp and Ford Motor Co reported far deeper-than-expected quarterly losses on Friday, and said their rate of cash burn was accelerating, as an extended slump in car sales raised questions about the future of the U.S. auto industry.

Reuters - Iran said Friday EU foreign policy chief Javier Solana had urged the Islamic state to hold fresh talks to remove remaining concerns over its disputed nuclear program, the students' news agency ISNA reported.

AFP - Regional leaders called on Friday for an immediate ceasefire and the creation of humanitarian corridors in the Democratic Republic of Congo, as fresh fighting erupted on the ground.

AFP - President-elect Barack Obama Friday prepared to meet his economic lieutenants on a day of more dismal news for US workers while his aides dampened expectations of imminent cabinet announcements.

WASHINGTON (Reuters) - President-elect Barack Obama said on Friday he wanted Congress to pass another stimulus package as soon as possible to stabilize the U.S. economy.

WASHINGTON (Reuters) - The unemployment rate shot to a 14-1/2 year high last month as employers slashed jobs by an unexpectedly steep 240,000, suggesting President-elect Barack Obama will face a deep recession when he takes office.

TORONTO (Reuters) - It is certain that U.S. gross domestic product will be down sharply in the fourth quarter, but hard-hit housing prices may start to stabilize in the first half of next year, former U.S. Federal Reserve Chairman Alan Greenspan said on Friday.

WASHINGTON (Reuters) - Senior U.S. diplomats held substantive talks with a North Korean official about moving forward with the process of North Korea abandoning its nuclear programs, the State Department said on Friday.

WASHINGTON (Reuters) - Ninety-year-old Sen. Robert Byrd, the longest serving senator in history, announced on Friday that he will step down from his chairmanship of the powerful Senate Appropriations Committee.

WASHINGTON (Reuters) - Treasury Secretary Henry Paulson is considering 'all options' regarding implementation of the $700 billion financial rescue plan, including areas of the financial sector beyond traditional banks, a senior Treasury official said on Friday.

AP - President-elect Obama said Friday that the country is facing the greatest economic challenge of our lifetime and 'we're going to have to act swiftly to resolve it.'

AP - Buyers returned to Wall Street Fridayafter two days of heavy losses, mindful of the economy's growing problems but attracted by stocks' lower prices. Analysts said the advance, which also came amid dour third-quarter reports from Ford and General Motors, was to be expected as Wall Street experiences a rocky recovery from October's devastating selling.

AP - Black Eyed Peas frontman will.i.am debuted his new music video celebrating President-elect Obama's victory on 'The Oprah Winfrey Show' Friday.

Reuters - President-elect Barack Obama said on Friday he wanted Congress to pass another stimulus package as soon as possible to stabilize the U.S. economy.

Reuters - The unemployment rate shot to a 14-1/2 year high last month as employers slashed jobs by an unexpectedly steep 240,000, suggesting President-elect Barack Obama will face a deep recession when he takes office.

Reuters - It is certain that U.S. gross domestic product will be down sharply in the fourth quarter, but hard-hit housing prices may start to stabilize in the first half of next year, former U.S. Federal Reserve Chairman Alan Greenspan said on Friday.

Reuters - Senior U.S. diplomats held substantive talks with a North Korean official about moving forward with the process of North Korea abandoning its nuclear programs, the State Department said on Friday.

Reuters - Ninety-year-old Sen. Robert Byrd, the longest serving senator in history, announced on Friday that he will step down from his chairmanship of the powerful Senate Appropriations Committee.

Reuters - Treasury Secretary Henry Paulson is considering 'all options' regarding implementation of the $700 billion financial rescue plan, including areas of the financial sector beyond traditional banks, a senior Treasury official said on Friday.

AFP - A crisis summit on eastern DR Congo called for an immediate ceasefire Friday and the creation of humanitarian corridors amid fresh fighting on the ground and a warning by UN chief Ban Ki-moon the conflict could spread.

AFP - President-elect Barack Obama Friday convened his high power panel of 17 economic advisors and was set to hold a press conference on another day of dismal news for the US economy.

CHICAGO (Reuters) - U.S. President-elect Barack Obama said on Friday the United States was facing one of its greatest economic challenges and vowed to confront the crisis head-on as soon as he takes office in January.

BAGHDAD (Reuters) - Iraqi security forces supported by U.S. firepower killed a senior al Qaeda leader who made car bombs and ran Islamist militant cells throughout northern Iraq, the U.S. military said on Friday.

TORONTO (Reuters) - U.S. gross domestic product will drop sharply in the fourth quarter, but hard-hit housing prices may start to stabilize in the first half of next year, former U.S. Federal Reserve Chairman Alan Greenspan said on Friday.

AP - In his preparation to become president, Barack Obama said Friday that he has had discussions with all former presidents — or almost all of them.

AP - A hillside school where roughly 500 students crowded into several floors collapsed during classes on Friday, killing at least 30 people and injuring many more. Rescuers used bare hands to pull bleeding students from the wreckage.

AP - Buyers returned to Wall Street Friday after two days of heavy losses, mindful of the economy's growing problems but attracted by stocks' lower prices. Analysts said the advance, which also came amid relief that a bad report on unemployment wasn't worse and followed dour third-quarter reports from Ford and General Motors, was to be expected as Wall Street experiences a rocky recovery from October's devastating selling.

AP - A former UBS AG executive who hatched an insider-trading scheme that prosecutors said was one of the biggest on Wall Street since the 1980s was sentenced on Monday to 78 months in prison.

Reuters - U.S. President-elect Barack Obama said on Friday the United States was facing one of its greatest economic challenges and vowed to confront the crisis head-on as soon as he takes office in January.

Reuters - Iraqi security forces supported by U.S. firepower killed a senior al Qaeda leader who made car bombs and ran Islamist militant cells throughout northern Iraq, the U.S. military said on Friday.

Reuters - U.S. gross domestic product will drop sharply in the fourth quarter, but hard-hit housing prices may start to stabilize in the first half of next year, former U.S. Federal Reserve Chairman Alan Greenspan said on Friday.

AFP - From the moment reporters stood as he entered the room, the transition from hard-charging candidate to 'Mr President-elect' Barack Obama was underway as the trappings of power envelop the next US leader.

DETROIT (Reuters) - General Motors Corp and Ford Motor Co reported far deeper-than-expected quarterly losses on Friday and said their rate of cash burn had accelerated, as an extended slump in car sales raised questions about the future of the U.S. auto industry.

GEORGE TOWN (Reuters) - Hurricane Paloma strengthened into a dangerously powerful storm in the Caribbean on Friday as it bore down on the wealthy British territory of the Cayman Islands and threatened storm-battered Cuba.

AP - Inheriting an economy in peril, President-elect Obama warned on Friday that the nation faces the challenge of a lifetime and pledged he would act urgently to help Americans devastated by lost jobs, disappearing savings and homes seized in foreclosure. But the man who promised change cautioned against hopes of quick solutions.

AP - President-elect Obama has called Nancy Reagan to apologize for joking that she held seances in the White House.

AP - Alaska Gov. Sarah Palin called her critics cowards and jerks Friday for deriding her anonymously and insisted she never asked for the expensive wardrobe purchased for her use on the presidential campaign.

AP - High in the mist-shrouded Mushaki mountains, amid a drenching tropical storm, the rebel leader swept into the crumbling brick farmhouse, his sinewy frame swathed in a red-and-black shawl — dutifully followed by a pet lamb called Betty.

AP - Buyers returned to Wall Street Friday after two days of heavy losses, mindful of the economy's growing problems but attracted by stocks' lower prices. Analysts said the advance was to be expected as Wall Street experiences a rocky recovery from October's devastating selling.

Reuters - General Motors Corp and Ford Motor Co reported far deeper-than-expected quarterly losses on Friday and said their rate of cash burn had accelerated, as an extended slump in car sales raised questions about the future of the U.S. auto industry.

Reuters - Hurricane Paloma strengthened into a dangerously powerful storm in the Caribbean on Friday as it bore down on the wealthy British territory of the Cayman Islands and threatened storm-battered Cuba.

AFP - US President-elect Barack Obama on Friday said he would act 'swiftly' as soon as he takes office to confront the economic crisis head on, during his first news conference since his historic election.

WASHINGTON (Reuters) - Alaska Gov. Sarah Palin fired back on Friday against post-election claims by aides to Republican presidential candidate John McCain that she thought Africa was a country, not a continent, calling the anonymous sources 'jerks.'

PORT-AU-PRINCE (Reuters) - A ramshackle church school collapsed in a shanty town on the outskirts of Haiti's capital on Friday, burying dozens in rubble and killing at least 50, many of them children, rescue workers said.

AP - President-elect Obama called Nancy Reagan on Friday to apologize for joking that she held seances in the White House.

Reuters - Alaska Gov. Sarah Palin fired back on Friday against post-election claims by aides to Republican presidential candidate John McCain that she thought Africa was a country, not a continent, calling the anonymous sources 'jerks.'

Reuters - A ramshackle church school collapsed in a shanty town on the outskirts of Haiti's capital on Friday, burying dozens in rubble and killing at least 50, many of them children, rescue workers said.

GEORGE TOWN (Reuters) - Hurricane Paloma pounded the wealthy British Caribbean territory of the Cayman Islands on Friday after strengthening into a dangerously powerful storm, and also posed a serious threat to storm-battered Cuba.

AP - The nation's jobless ranks zoomed past 10 million last month, the most in a quarter-century, as piles of pink slips shut factory gates and office doors to 240,000 more Americans with the holidays nearing. Politicians and economists agreed on a painful bottom line: It's only going to get worse.

AP - Late-season Hurricane Paloma strengthened into a Category 3 storm as it lashed the Cayman Islands with wind and rain Friday, knocking down trees and signs.

AP - When 10-year-old Austin Smith heard Barack Obama had been elected president, he had one question: Does this mean I won't get a new gun for Christmas?

AP - Devin Harris scored a career-high 38 points Friday night to lead the New Jersey Nets to a 103-96 victory over Detroit, spoiling Allen Iverson's debut with the Pistons.

Reuters - Hurricane Paloma pounded the wealthy British Caribbean territory of the Cayman Islands on Friday after strengthening into a dangerously powerful storm, and also posed a serious threat to storm-battered Cuba.

AFP - About 50 schoolchildren and teachers were killed when a shantytown school packed with hundreds of students collapsed during classes Friday, a government official said.