Asian stocks markets had some of their steepest declines this month, amid fresh worries about the state of the U.S. and Chinese economies, and poor corporate news out of the United States.

Teresa Earnhardt and Chip Ganassi will combine their sponsorship-strapped race teams next season in an effort to stabilize their organizations in a tough economic time.

Stock markets across Asia follow Wall Street down as the US signals a shift in policy on its $700bn bail-out package.

Bridget Kendall on finance and the balance of power

Reuters - U.S. foreclosure activity in October rose 25 percent from a year earlier, although filings in California fell by double-digit percentage points for the second consecutive month due to a state law slowing the foreclosure process, according to a monthly report by RealtyTrac.

Reuters - Retailers, already struggling to capture sales in the U.S. economic downturn, are now facing rising rates of returned merchandise that are not expected to abate during the holidays, according to a survey released on Wednesday.

German gross domestic product contracted by 0.5 percent in the third quarter, putting Europe?s largest economy in recession for the first time in five years.

Siemens, the German industrial conglomerate, reported a huge quarterly loss as it wrote off the cost of shedding its troubled business telecommunications unit.

Shares fell more than 4 percent as investors wondered about the depth and length of the recession.

Google said that it would begin selling space on YouTube search-results pages to advertisers, part of its effort to turn its acquisition into a major revenue producer.

The electronics retailer said that it was sharply cutting its outlook below analyst estimates amid what it called the toughest retail environment it has ever seen.

Germany falls into recession after figures show the economy has shrunk for two quarters in a row.

Telecoms giant BT says it expects to have cut 10,000 jobs by the end of the March, in the latest gloomy news on the economy.

Reuters - Asian shares fell on Thursday to their lowest this month on uncertainty about the U.S. Treasury's banking rescue plan and signs the global financial crisis biting deeper in Asia.

Reuters - Some directors on the Citigroup Inc board are considering a move to replace chairman Win Bischoff as they are dissatisfied with the company's performance, the Wall Street Journal said, citing people familiar with the matter.

Reuters - Five of the world's richest and most powerful hedge fund managers will face a U.S. Congressional panel on Thursday that wants to know if the secretive industry poses risks to the financial system.

Reuters - Citigroup Inc is in talks to buy U.S. regional lender Chevy Chase Bank FSB (CCX_pc.N), which operates in the mid-Atlantic region, the Wall Street Journal said.

Asian stock markets had some of their steepest declines this month amid fresh worries about the state of the U.S. and Chinese economies and poor corporate news out of the U.S.

BT Group, the British telecommunications company, said it would cut 10,000 jobs as it sought to revive profit.

Chinese state-funded investment company Citic Group increases its stake in its Hong Kong subsidiary in order to cover massive losses.

A court orders Kuwait's stock exchange to close until 17 November following protests over falling share prices.

The Danish toy maker Lego loses a European court battle to protect its iconic plastic bricks.

The number of jobless people in the UK jumps by 140,000 in the quarter to September to 1.82 million - the worst in 11 years.

Reuters - New York state's attorney general, Andrew Cuomo, this week issued a subpoena to Bank of America Corp , asking for details on how it allocates its bonuses, the Wall Street Journal said, citing a person familiar with the matter.

Wal-Mart Stores Inc. is reporting a 10 percent increase in third-quarter profit as its renewed focus on low prices is attracting financially squeezed shoppers.

Industrialized countries are facing a major slowdown, the OECD predicted as data showed that Germany had already entered a recession.

With the economy in free fall and stocks down, legions of middle- and upper-middle-class retirees are suddenly worried about having enough to carry them through.

Wal-Mart Stores Inc. reported a 10 percent increase in third-quarter profit but is reducing its profit outlook.

German industrial conglomerate Siemens AG posts a 46% increase in annual net profits despite the economic gloom.

Sterling's losses mount as the currency hits its lowest rate in six years against the dollar on fears of a deep recession.

The Organisation for Economic Co-operation and Development forecasts a 'protracted slowdown' for leading economies.

The closure of one suspect web host has reduced the levels of global junk mail by 70%, an anti-spam firm says.

The Bank of England says that the UK has entered a recession which will continue into 2009, and suggests it may cut rates further.

The London Stock Exchange says profits have risen 30%, as trading volumes get a boost from the financial market turmoil.

Reuters - S&P 500 and Dow stock index futures turned higher on Thursday after Wal-Mart Stores Inc posted a stronger-than-expected third-quarter profit and said it was optimistic about the current quarter.

Reuters - Wal-Mart Stores Inc reported better-than-expected quarterly profit on Thursday as shoppers seeking relief from deteriorating global economic conditions scoured its aisles for discounts on groceries and medicine.

AP - Wal-Mart Stores Inc. reported a 10 percent increase in third-quarter profit as the world's largest retailer's renewed focus on low prices is attracting financially squeezed shoppers around the world.

Industrialized countries are facing a major slowdown, the O.E.C.D. predicted, as data showed that Germany had already entered a recession.

A record decline in oil prices helped to push the country?s trade deficit down to the lowest level in nearly a year even though the deficit with China shot to an all-time high.

The largest US retail chain, Wal-Mart, sees third-quarter profits rise 10%, but says customers are under pressure.

Up to 11,000 workers in Macau could lose their jobs after gaming giant Las Vegas Sands suspends its building projects.

A former private bank boss and six others are jailed for murdering Russian central banker Andrei Kozlov in 2006.

The European Commission unveils plans to diversify the EU's energy imports and reduce reliance on Russia.

The bleak future facing Detroit's big three carmakers

Reuters - Wal-Mart Stores Inc reported a slightly better-than-expected 10 rise in quarterly profit on Thursday as shoppers seeking relief from deteriorating global economic conditions scoured its aisles for discounts on groceries and medicine.

Reuters - Stocks headed for a flat to slightly higher open on Thursday after Wal-Mart Stores Inc offered some reassuring news about consumer spending, offsetting data that signaled more labor market deterioration.

AP - Wal-Mart Stores Inc. reported a 10 percent increase in third-quarter profit Thursday but trimmed its profit outlook because of the troubled global economy and the renewed strength of the dollar.

Five money managers are set to appear before a House panel to discuss the role of hedge funds in the financial crisis and whether hedge funds should be regulated.

Markets in the United were calm as buyers tentatively stepped in a day after the major exchanges all fell about 5 percent.

A senior director of Swiss bank UBS is charged by US authorities with helping US citizens commit tax evasion totalling $20bn.

Indian conglomerate Tata Group says it will cut down on acquisitions because of increasing problems in raising capital.

The Organisation for Economic Co-operation and Development expects a 'protracted slowdown' for the world's economies.

Reuters - U.S. technology shares slipped in choppy trade on Thursday as Intel Corp's lowered revenue outlook heightened fears that the slumping global economy is stifling technology spending by businesses and consumers.

Reuters - The U.S. Securities and Exchange Commission is trying not to stand in the way of companies that need to complete deals to survive the financial crisis, a top regulator said on Thursday.

Reuters - The Bush administration could quickly disburse $25 billion in loans to U.S. automakers if Congress amends the 2007 energy act that authorized the loan program, a top Bush administration official said on Thursday.

Two academics told a House panel that hedge funds do not disclose enough information about their activities to allow regulators to determine whether particular funds could cause market turmoil.

Five of the nation?s most highly paid hedge fund managers answer questions during their appearance before a House panel.

The three major indexes slid in midday trading, marking the fourth day of losses for Wall Street. The Dow has lost nearly 8 percent of its value since Monday.

Industrialized countries are facing a major slowdown, the O.E.C.D. predicted, as data showed that Germany had already entered a recession.

The boss of struggling US car firm Chrysler warns it would be 'very difficult' to survive without government support.

US President George W Bush will claim that the global financial crisis is not 'a failure of the free-market system' in a speech later.

Sterling's losses mount as it hits its lowest rate in six and a half years against the dollar on fears of a deep recession.

A US hedge fund leader tells Congress he would be happy to see his industry become more transparent.

Has the pound's fall put paid to cheap holidays to the US?

Digger-maker JCB blames extreme deterioration in business confidence for its decision to cut 400 more jobs.

Reuters - Stocks fell for a fourth straight day on Thursday, with the Nasdaq dropping over 3 percent and the S&P 500 slipping to the lowest since March 2003 after chip maker Intel shocked Wall Street by slashing its revenue forecast and warning of weak demand worldwide.

Reuters - Some of the world's richest and most powerful hedge fund managers told U.S. lawmakers on Thursday that they support greater transparency for the secretive industry, but offered divergent views on whether the industry contributed to the financial crisis.

Reuters - General Electric Co confirmed on Thursday it plans to pay a dividend through the end of 2009, but shares of the U.S. conglomerate remained down sharply.

Five of the nation?s most highly paid hedge fund managers answer questions during their appearance before a House panel.

The president, in New York?s financial district on Thursday, called for regulations that are in tune with the truly global marketplace of the 21st century.

U.S. markets swung wildly on Thursday, flirting with new lows before they recovered nearly all of their losses in a volatile trading session.

Products from China that contain milk will be held at the border until tests prove that they are not contaminated.

China agreed to loosen restrictions on foreign news and information providers inside the country, settling a trade dispute with the United States, the European Union and Canada.

Barclays' plans to raise up to £5.8bn from the Middle East have been attacked by a key advisory group, the BBC learns.

Reuters - Stocks rallied on Thursday, bouncing after the S&P 500 fell to a new multiyear low as investors scooped up languishing shares, including energy companies, offsetting worries about a deepening economic downturn.

Senator Christopher J. Dodd raised doubts about efforts to aid automobile manufacturers during a lame-duck session.

U.S. markets swung wildly on Thursday, flirting with new lows before rebounding, with the Dow closing up 552 points.

Five prominent hedge fund managers told a House committee that they would support rules that required hedge funds to provide information to a regulator.

American shares rise strongly as bargain hunters pick up cheap stocks following three straight days of falls.

Reuters - Stocks surged on Thursday and broke a three-day losing streak after the S&P 500 and Nasdaq touched new five-year lows earlier in the session, prompting investors to put aside worries about the flagging economy and scoop up wilted shares at fire-sale prices.

Reuters - Treasury Secretary Henry Paulson on Thursday encouraged Congress to come up with the funds to help ailing Detroit automakers, but stuck to his position that the government's $700 billion bailout fund is for financial institutions only.

AP - Wal-Mart officials sounded an upbeat tone for the holidays as the retailer posted a 10 percent increase in third-quarter profits on Thursday, saying that shoppers are responding to its early Christmas promotions.

Christine Lagarde is in the perfect position to help mediate between Europe and the United States in the search for solutions to the global economic downturn.

The Fortress Investment Group, one of a handful of publicly traded hedge and private equity firms, reported a wider-than-expected quarterly loss, as heavy redemptions hurt returns.

Two stations in Philadelphia owned by NBC and Fox are combining some of their video operations in a move intended to save money.

BT Group, the British telecommunications company, said it would cut 10,000 jobs as it sought to revive profit.

As the line for handouts grows, we can only hope the government will have a better understanding of the problems and a willingness to force painful changes on these troubled industries.

World economic stability will not be rebuilt in a day

Funds flood in as the security situation improves

Royal Bank of Scotland (RBS) is to cut about 3,000 jobs in the next few weeks, the BBC has learned.

Reuters - U.S. mortgage finance companies should soon adopt a foreclosure prevention plan developed by Fannie Mae and Freddie Mac to ease loan terms for troubled borrowers, the companies' overseer said on Thursday.

AP - Wal-Mart Stores, Inc. — with its re-emphasis on low prices — is among the few retailers performing well in what has become an increasingly bleak consumer spending climate.

Motorists? gas bills are down but instead of spending the money, they are putting it in the bank and paying debt.

This weekend?s summit meeting by the Group of 20 may clarify one thing: how completely the crisis is reshaping the global economic map.

Christine Lagarde is in the perfect position to help mediate between Europe and the United States in the search for solutions to the global economic downturn.

A record decline in oil prices helped to push the country?s trade deficit down to the lowest level in nearly a year even though the deficit with China shot to an all-time high.

The president, in New York?s financial district on Thursday, called for regulations that are in tune with the truly global marketplace of the 21st century.

Wal-Mart Stores Inc. is reporting a 10 percent increase in third-quarter profit as its renewed focus on low prices is attracting financially squeezed shoppers.

China agreed to loosen restrictions on foreign news and information providers inside the country, settling a trade dispute with the United States, the European Union and Canada.

General Motors? deal to integrate two vehicles into an NBC drama hit a snag when the network confirmed that it was canceling the series after only four episodes.

The gloomy outlook unveiled this week by the electronics giant Best Buy and a plunge in September retail sales show that consumers are in full retreat.

Royal Bank of Scotland (RBS) is to cut about 3,000 jobs in the next few weeks, the BBC has learned.

AP - Senate Democrats pressed ahead on Thursday with plans to vote next week on a $25 billion emergency loan plan for U.S. carmakers as the auto industry and business groups readied a lobbying onslaught to overcome GOP opposition.

Democratic leaders calling for an aid package to help auto companies conceded that they would face potentially insurmountable opposition in Congress.

More than a month after the government began a financial rescue of Wall Street, many of the nation?s financial arteries seem as clogged as they were before.

Once the most valuable financial company in America, Citigroup is experiencing a shrinking share price and work force.

Motorists? gas bills are down but instead of spending the money, they are putting it in the bank and paying debt.

This weekend?s summit meeting by the Group of 20 nations to discuss the global financial crisis accentuates the shift in power away from the West.

U.S. markets swung wildly on Thursday, flirting with new lows before rebounding, with the Dow closing up 552 points.

Five hedge fund managers told a House committee that they would support greater disclosure of information to a regulator.

A troubled money market fund that has been frozen for more than two months began returning about 40 percent of investments made by shareholders.

The German economy tipped into recession in the third quarter as weakening exports fueled a decline in national output.

Two stations in Philadelphia owned by NBC and Fox are combining some of their video operations in a move intended to save money.

The gloomy outlook unveiled this week by the electronics giant Best Buy and a plunge in September retail sales show that consumers are in full retreat.

Siemens, the German industrial conglomerate, reported a huge quarterly loss as it wrote off the cost of shedding its troubled business telecommunications unit.

J. Terrence Lanni, chairman and chief executive of the casino operator MGM Mirage, said that he would retire at the end of the month after more than 13 years building the company.

An export slowdown that has been magnified by the global financial crisis is contributing to the shutdown of factories in China?s coastal regions.

As the line for handouts grows, we can only hope the government will have a better understanding of the problems and a willingness to force painful changes on these troubled industries.