American Paul Krugman won the Nobel economics prize on Monday for his analysis of trade patterns and location of economic activity.

Krugman, born in 1953, and a professor at Princeton University in New Jersey and a columnist for The New York Times, formulated a new theory to answer questions about free trade, the Royal Swedish Academy of Sciences said.

'What are the effects of free trade and globalization? What are the driving forces behind worldwide urbanization? Paul Krugman has formulated a new theory to answer these questions,' the academy said in its citation.

European markets rallied strongly Monday following Asia's lead in response to the widespread government efforts over the weekend to shore up the world's battered financial system.

Germany's DAX was 309.28 points, or 6.8 percent, higher at 4,853.59, while France's CAC-40 was up 185.07 points, or 5.8 percent, at 3,361.56.

Britain's FTSE 100 was 181.11 points, or 4.6 percent, higher at 4,113.17, despite some hefty falls in the banks that have accepted government help. Wall Street was also projected to open up substantially higher.

Oct 13 - Asian markets started higher on Monday after officials pledged to help repair the world's broken financial system.

The Federal Communications Commission has sided with the National Football League in a long-running programming dispute with Comcast Corp., ruling that Comcast should carry the league's NFL Network on its popular digital cable package.

In a decision released late Friday, the FCC ruled that Comcast discriminated against the NFL Network by agreeing to carry the channel only on a more expensive sports cable service. The NFL filed the complaint against Comcast in May.

The FCC ruling now goes before an administrative law judge, who could force Comcast to carry the NFL programming at a certain price.

U.S. President Bush emerged from a meeting with foreign financial officials on Saturday and said they were cooperating on a global response to the credit crisis that will lead toward a "path of stability and ...

General Motors has had talks with smaller rival Chrysler LLC about a merger that would combine the No. 1 and No. 3 American automakers at a time when both are struggling to cut costs and shore up cash, according to a source briefed on the matter.

Gold, silver and platinum were pressured lower Friday, but ended higher for the week in London. London silver, gold and platinum prices climbed 4 percent, 7.7 percent, and 4.4 percent, respectively. The Dow and S&P sank just over 18 percent, while the Nasdaq lost 15.3 percent.

The looming threat of climate change and soaring energy prices has attracted vast amounts of capital into clean energy companies in the past few years.

A year and a day after the Dow Jones Industrial Average hit its all-time high, it fell below 9,000 for the first time in five years.

The Federal Reserve Bank of New York announced the borrowing of up to $37.8 billion in AIG fixed-income securities, in addition to last month's $85 billion loan to the insurer.

Pakistan's financial reserves are nearly dried up; offshore haven Iceland is near economic implosion - when a government goes bankrupt, what happens on the international sphere and on the ground? Awash in Red ...

Oct 9 - European carmakers are cutting output as the the credit crisis hits and recession spooks consumers.

In another attempt to loosen credit markets and restore confidence in the financial system, the Treasury Department is considering a plan to take ownership stakes in many U.S. banks, both healthy and troubled, ...

Demand for solar panels still exceeds supply despite a global financial crisis, allowing solar power company Suntech Power Holdings Co Ltd to keep 2009 price declines in the range it had previously forecast.

Despite the unprecedented volatility that has left stock markets reeling in recent days, data continue to show that the underlying fundamentals of the Canadian economy are strong, economists say.