As the Dow opened to the upside on Friday, Jack Welch, former General Electric chairman & CEO, shared his insights on Detroit, the economy and Wal-Mart's new CEO.

Euro zone services and manufacturing business activity sank much further and faster than expected in November to record lows, pushing some economists to call for larger rate cuts from the European Central Bank.

Japan slid into its first recession in seven years in the third quarter as the financial crisis curbed demand for Japanese exports, and the economy minister and analysts offering a bleak outlook for the economy.

Australian banks are lining up to raise less costly funds in Europe now that the Australian
government has finalized a long-awaited wholesale funding guarantee, market sources said.

Australia is in a good position to defend itself against the global economic crisis despite a bleak report that forecasts a possible recession in 2009, according to the central bank chief.

The dollar and yen fell Friday as Wall Street rebounded and reports that banking giant Citigroup was mulling a merger helped quell some of the market's worst fears about the financial crisis.

A consortium led by sovereign wealth fund China Investment Corp is in talks to buy a 49% stake in American Life Insurance , a unit of AIG, in a deal that could be worth up to $10.6 billion, Japan's Nikkei business daily reports.

The Big 3 U.S. automakers may have reached a bailout compromise Thursday — or not. Citigroup shares hover near $5, even after mega-investor Saudi Prince Alwaleed bin Talal said he'd boost his Citi stake to 5 percent. Strategists told CNBC to expect more volatility — and no bottom for months yet.

The Swiss National Bank made a surprise cut in interest rates on Thursday, slashing 100 basis points off its target range for the 3-month Swiss franc LIBOR to 0.50-1.50 percent, sending the franc tumbling.

Stabilizing employment is the top priority for China, a minister said on Thursday as he revealed a rise in jobless workers triggered by a weakened export sector amid a series of strikes and protests.

Federal Reserve officials have pared their outlook for economic growth through 2009 to minimal levels and are prepared to cut interest rates further, while concern has risen that a deflationary spiral may take hold.

Australia is in a good position to defend itself against the global economic crisis despite a bleak report that forecasts a possible recession in 2009, according to the central bank chief.

Japan's exports logged their biggest annual decline in seven years in October, pushing the trade balance into deficit and reinforcing worries the global financial crisis may push the economy deeper into recession.

The dollar and yen rose against the euro and other currencies from countries with high interest rates as fears of a deep global recession sent investors fleeing for the safest assets.

Cuts to interest rates may not be enough in and of themselves to boost the economy, Pimco's Bill Gross said on Wednesday.