NPR 2008-10-13

Stock futures 1 in the US are moving higher this evening in advance of the opening of Asian markets. Investors 2 will be assessing the latest government moves to deal with the global financial crisis. At a summit in Paris today, leaders of the 15 nations that use the euro currency have agreed to guarantee loans between banks through next year, and to take ownership stakes in distressed 3 banks. British Prime Minister Gordon Brown was invited to join the meeting although Britain does not use the euro. He expressed confidence that the actions taken will help stabilize 4 the markets and free up credit. "I think you'll see over the next few days and indeed over the next few weeks, the effect of the coordinated 5 action we've agreed. The most precious asset of all is confidence, and it's something that has been lost in recent weeks, and it's now, in my view, by the action taken by the American government and now by European governments together is something that we will restore through coordinated intervention 6."

And in Washington, the World Bank's policy-setting committee pledged to protect poor nations and developing economies from being devastated 7 by the financial crisis. Also today the Federal Reserve has approved Wells Fargo's 12-billion-dollar acquisition of Wachovia Corporation. Citigroup dropped its effort to acquire Wachovia's banking 8 operations last week.

China's Communist Party has agreed on an important package of reforms which could reshape that country's economic structure. NPR's Louisa Lim reports from Shanghai.

The country's top leaders ended a four-day conclave 9 by agreeing it would push ahead with major rural reforms. They vowed 10 to double the incomes of China's 700 million farmers by 2020, who earn less than a third as much as city dwellers 11. No details have yet been given on how this would happen. Before the meeting, state media had said the committee would consider whether farmers should be given more power to transfer or lease their land. China's seeking to stimulate 12 consumption domestically to counter the global economic slowdown, which is reducing international demand for Chinese products. A commentary in XinHua News Agency said the global credit crisis might be a blessing 13 in disguise for China as it aims to modify its economic structure. Louisa Lim, NPR News, Shanghai.

The presidential candidates are preparing for their final debate Wednesday night on Long Island in New York. So they left the campaigning today to their running mates. GOP vice 14 presidential nominee 15 Sarah Palin told supporters in Ohio that she knows voters there are angry. "With serious reforms to change Washington, John McCain is gonna turn your anger into action." And Democratic nominee Joe Biden spoke 16 to a boisterous 17 rally in his childhood hometown of Scranton, Pennsylvania. "In 23 days, nothing less than our prosperity and our security is on the ballot 18." Biden was joined at the rally by former President Bill Clinton and Senator Hillary Rodham Clinton, Senator Clinton also has roots in Scranton.

This is NPR News from Washington.

The financial crisis has produced one benefit for consumers, sharply lower gasoline prices. Gas prices have plummeted 19 35 cents a gallon over just the past two weeks, down to a national average of $3.31 a gallon for regular. Industry analyst 20 Trilby Lundberg: "This is mostly much lower crude oil prices which have occurred because (of) the world demand that was punched by high price and also lower US gasoline demand." Lundberg says she expects prices to stay at this level or fall even further in the weeks ahead. The drop in prices at the pump was the largest two-week decline ever recorded in the 58-year history of the Lundberg Survey.

A formal speaker of Iran's parliament who is a leading reformist says he is running in the country's presidential election. He will challenge incumbent 21 Mahmoud Ahmadinejad who's widely expected to seek a second term. Roxana Saberi reports from Tehran.

Irani media are reporting that Mehdi Karroubi has decided 22 to run after a lot of what he called "negotiations 23 and consultations 24". Karroubi is a moderate cleric and former parliamentary speaker. He came in third place in Iran's last presidential election in 2005. Karroubi has criticized President Ahmadinejad for his handling of the economy and for needlessly antagonizing the West. But Ahmadinejad has often won the backing of Iran's highest authority Supreme 25 Leader Ayatollah Ali Khamenei. The presidential election is set for June 12th, 2009. It is not yet clear if Iran's previous reformist President Mohammad Khatami will run. For NPR News, I'm Roxana Saberi in Teheran.

The remnants of Hurricane Norbert have moved into the US, dumping moderate amounts of rain over waterlogged West Texas, so far though no major flooding has been reported.