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Reuters - Britain will launch its biggest retail bank rescue on Monday when the four largest, HBOS, Royal Bank of Scotland, Lloyds TSB and Barclays, ask for a combined 35 billion pounds ($60.5 billion) lifeline, the Sunday Times reported.

Reuters - Iran will ask for an oil output cut at an OPEC emergency meeting scheduled for mid-November in Vienna, Oil Minister Gholamhossein Nozari told an Iranian newspaper.

Reuters - The IMF warned the world's financial system was near meltdown and France promised that a meeting of European leaders in Paris will detail measures to keep a market panic from triggering the most severe global downturn in decades.

Reuters - Finance leaders from the International Monetary Fund's 185 member countries on Saturday endorsed a plan by major economies to chart a course out of the credit crisis, hoping the broader support will calm markets.

Reuters - Government-owned wealth funds and the countries that accept their investments agreed on Saturday to a set of principles aimed at ensuring that both sides play by the rules.

Reuters - Finance leaders from the International Monetary Fund's 185 member countries on Saturday endorsed a plan announced by major economies to chart a course out of the credit crisis.

Reuters - The IMF warned on Saturday that the global financial system was on the brink of meltdown, while France and Germany pushed ahead with a pan-European crisis response to try to prevent the worst global downturn in decades.

Reuters - Italy will push for broadening membership in the Group of Seven when it takes over leading the rich nations' club next year, Italian Economy Minister Giulio Tremonti pledged on Saturday.

By Heather Landy
Special to The Washington Post
Saturday, October 11, 2008; D03

NEW YORK, Oct. 10 -- In what may shape up to be the most expensive payout ever in the credit-default swap market, sellers of insurance against a debt default by Lehman Brothers will have to pay 91.375 cents on the dollar to settle the contracts.

The results of a settlement auction held Friday imply that banks, hedge funds, insurance companies and other writers of the insurance-like swaps would have to come up with as much as $365 billion for buyers of the protection. But many of the firms on the hook may have taken steps to offset their obligations, which could minimize the blow, industry experts said.

Sens. Barack Obama and John McCain issued new economic proposals on Friday, underscoring how both presidential candidates are rewriting their playbooks to keep up with the worsening economic crisis.

Sen. Obama, campaigning in Chillicothe, Ohio, unveiled a plan to temporarily provide low-interest loans to struggling businesses by using existing structures already in place through the Small Business Administration.