US Congress probes banking crisis

Singapore officially in recession
Singapore downgrades its economic growth figure, which confirms it was Asia's first country in recession in the current financial crisis.

Bush warns over 'protectionism'
The US president says he is pleased with progress in leaders' talks on the financial crisis, but warns against "protectionism".

Pakistan probes money-change firm
Pakistan investigates the alleged illegal transfer of foreign currency abroad and arrests two directors of one large firm.

Munich Re profit almost wiped out
German reinsurance giant Munich Re sees its quarterly profits almost wiped out by the financial crisis and hurricane claims.

EU holds financial reform summit
EU leaders gather in Brussels to co-ordinate their approach to the financial crisis ahead of a global summit in Washington.