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Reuters - Finance ministers from the world's top economies faced calls on Thursday for united action after an emergency round of interest rate cuts and government support for ailing banks won only muted market support.

WASHINGTON -- The outlook for the global economy has darkened considerably, with the spreading financial crisis expected to push several advanced economies into recession, the International Monetary Fund said.

"The world economy is now entering a major downturn in the face of the most dangerous shock in mature financial markets since the 1930s," the IMF said Wednesday in its World Economic Outlook.

Retail price wars are starting early this year, and the latest weapon is the $10 toy -- a signal that retailers are bracing for a rough-and-tumble Christmas shopping season.

Wal-Mart Stores, Inc., which accounts for more than a fourth of U.S. toy sales, last week sent a clear message that it didn't plan to be undersold when it announced 10 well-known toys, including some Barbie dolls and Hot Wheels car sets, for $10.

WASHINGTON -- The Securities and Exchange Commission is telling chief financial officers that if they're estimating the value of troubled assets, they need to better explain what they're doing.

The SEC sent letters to about 30 CFOs of financial institutions last month outlining information they should include in financial statements if they're using measures other than market prices for valuing certain assets. As reported, the SEC also issued guidance last week to companies saying they needn't rely exclusively on market prices.

Reuters - Canada has the world's soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found as financial crisis and bank failures shake world markets.

Reuters - Talks between Citigroup Inc , Wells Fargo & Co and the U.S. government over a way to divide Wachovia Corp between its two suitors were hung up on several key issues Wednesday, The Wall Street Journal said citing people familiar with the situation.

Reuters - U.S. Treasury Secretary Henry Paulson said on Wednesday a recently approved financial bailout bill gives him wide authority to inject capital into the banking system and would not rule out having Treasury take an ownership position in banks if necessary.

AP - Trading on the Jakarta Stock Exchange was canceled Thursday and may remain suspended through the week as officials try to quell a stampede of selling that has sent the country's main stock index skidding more than 20 percent this week.

Reuters - Life insurer MetLife Inc recently approached life and property insurer Hartford Financial Services Group Inc about a merger transaction, The Wall Street Journal said citing people familiar with the discussions.

Reuters - UBS AG is halting its widely read weekly mortgage strategy report after more than 15 years of publication as the bank broadly scales down in the home loan business, including the closure of its asset-backed securities group, sources said.