Swiss bank UBS announced it would cut 2,000 more jobs and close down its commodities dealing operation as part of a major investment banking reorganisation. On Thursday, UBS said it would make a small profit in the third quarter.
France's state statistics agency INSEE forecasts that the GDP will drop by 0.1% in the third and fourth quarter, after dipping 0.3% in the second quarter, a downward trend that the budget minister reluctantly called a "technical recession".
US markets were in turmoil and the Dow Jones closed with a historic single-day drop of nearly 800 points as the House of Representatives voted 228 to 205 against the bill to deliver an unprecedented $700 billion bailout package.
The Dow Jones plunged 500 points as the results of the US House of Representatives vote on the bailout plan came through. The rescue package comprises a $700 billion government fund to buy bad debt in an effort to avoid financial disaster.
The US House of Representatives prepared to vote on Monday on a $700 billion government fund to buy bad debt in an effort to avoid financial disaster. The Senate is expected to vote on the same rescue package on Wednesday.
As Washington scrambles to put a lid on the spiralling financial crisis, FRANCE 24's Raphaël Kahane debates whether a Wall Street rescue plan is the right remedy with Edmund Phelps, the 2006 Nobel Prize laureate in Economics.
In this edition: The global financial crisis is affecting the Middle East as well. Saudi Arabia is grappling with double-digit inflation. Lebanon is less affected, but it's still watching the dollar closely.