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Message to Wall Street: Don't put away your worried faces just yet. Monday's 11% bounce on the Dow Jones industrial average was followed by a more solemn Tuesday, with the Dow sinking .8% as investors pulled back fearing tough times ahead. There's still a real economy out there - and it's still hurting. Shares in blue-chip companies fell yesterday as layoffs in places like PepsiCo loomed. In the days ahead, Wall Street will receive several reality checks that could take the fizz out of any good cheer brought on by the Dow's biggest...
...developing world still must cope with the prospect of lower economic growth in the months ahead that could compound problems for countries that are already struggling. Although prices for oil and other commodities have declined recently, they remain at unusually high levels. Justin Lin, chief economist at the World Bank, says his organization is preparing lending programs to help ease the burden of high food and fuel costs for developing countries. "They still need to have the support, in order to protect the poor," Lin says. But it's unclear how widely available such programs will...
...financial and banking systems from collapsing. Less than a day after European leaders revealed a collective commitment of more than $1 trillion in capital injections and interbank loan guarantees, a 14% bound by Tokyo's Nikkei index led surges across Asia. Bourses in Europe also opened with renewed gains ahead of Wall Street's 3.8% opening spurt. Yet the burst of renewed confidence inspired sober observers to take up the Churchillian reminder that this is less "the beginning of the end" of the world's economic woe than it is, at best, "the end of the beginning...
...Berlusconi told an Italian television station. "I was never convinced that war was the best system to achieve democracy in a country that had to emerge from a bloody dictatorship. I maintained that military action should be avoided." That he'd provided Bush with key political cover to forge ahead with the war he supposedly opposed was somehow lost on Berlusconi...
...named female saint from India; and Narcisa de Jesús Martillo Morán, a pious laywoman from Ecuador who died in 1869. In the Catholic faith, only God can make a saint; these four are among those who "have emerged as individuals who can light the way ahead," as the Modern Catholic Encyclopedia puts it. But the means by which these saints are identified - and by whom - has varied over the history of the church...