AP - Volkswagen AG said Thursday it will focus on keeping competitive amid the financial crisis and pledged to build more efficient cars.

Reuters - Treasury Secretary Henry Paulson said on Thursday that federal authorities have the right tools and have taken the necessary steps to prevent a financial system collapse.

AP - As Russian winter approaches, there are fears Moscow’s much-vaunted electricity reform ? aimed at heading off looming power shortages ? will fall victim to the country’s economic crisis.

AP - An Estonian man suspected of embezzling money from a U.S.-based program to rebuild Iraq will be extradited to the United States, Estonia said Thursday.

AP - Britain’s top retailers are hoping unusual pre-Christmas discounts can convince consumers to open their wallets during a holiday season that coincides with a looming recession.

AP - World stocks fell sharply Thursday as recession fears gripped markets and briefly sent oil prices below $50 a barrel.

Reuters - Shares of General Motors Corp and Ford Motor Co jumped on Thursday, rebounding from multi-decade lows after U.S. senators reached a bipartisan agreement on a government bailout for the struggling U.S. automakers.

AFP - London shares were in the backfoot on Thursday as recession fears deepened on new data showing a surge in US jobless claims.

Reuters - Citigroup Inc lost as much as a quarter of its market value Thursday as mushrooming worries about whether the bank has enough capital to withstand billions of dollars of additional loan losses outweighed new support from its largest individual investor.

AP - Royal Bank of Scotland PLC shareholders approved a 20 billion pound ($30 billion) government bailout Thursday, a plan intended to help the struggling lender survive the global financial crisis.