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| US pledges financial rescue plan | US pledges financial rescue plan |
| (10 minutes later) | |
| US officials say they will hammer out a "comprehensive" plan to tackle what has become a global financial crisis. | US officials say they will hammer out a "comprehensive" plan to tackle what has become a global financial crisis. |
| US Treasury Secretary Henry Paulson said after meeting members of Congress legislation would be required to rid US banks of their bad assets. | |
| He said this was at the heart of the rescue plan, which will be worked out over the weekend. | He said this was at the heart of the rescue plan, which will be worked out over the weekend. |
| US stocks had earlier surged on news of the rescue plan, with the Dow Jones up 3.86%, to 11,019.69. | US stocks had earlier surged on news of the rescue plan, with the Dow Jones up 3.86%, to 11,019.69. |
| Japan's Nikkei echoed the rally, with a 1.24% rise at Friday's opening. | Japan's Nikkei echoed the rally, with a 1.24% rise at Friday's opening. |
| World markets have been volatile in the wake of huge upheavals among banks. | World markets have been volatile in the wake of huge upheavals among banks. |
| Since the start of the week, Lehman Brothers has collapsed, the Federal Reserve has bailed out insurance giant AIG, Merrill Lynch has been acquired by Bank of America and in the UK, Lloyds TSB has acquired HBOS. | Since the start of the week, Lehman Brothers has collapsed, the Federal Reserve has bailed out insurance giant AIG, Merrill Lynch has been acquired by Bank of America and in the UK, Lloyds TSB has acquired HBOS. |
| Mr Paulson and Federal Reserve Chairman Ben Bernanke briefed Congress leaders on the plans they were considering. | Mr Paulson and Federal Reserve Chairman Ben Bernanke briefed Congress leaders on the plans they were considering. |
| "We talked about a comprehensive approach that will require legislation to deal with illiquid assets on financial institutions' balance sheets," Mr Paulson said. | "We talked about a comprehensive approach that will require legislation to deal with illiquid assets on financial institutions' balance sheets," Mr Paulson said. |
| Democrat Senate Majority leader Harry Reid said he expected to have a proposal in a matter of hours, rather than days. | Democrat Senate Majority leader Harry Reid said he expected to have a proposal in a matter of hours, rather than days. |