World markets soar after bailout - Toledo News Now, News, Weather, Sports, Toledo, OH

World markets soar after bailout

And other news minutes:

WASHINGTON (AP) - Congress is promising quick action on a plan to buy up soured assets, such as bad mortgages, held by troubled banks and other institutions. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke are crafting a proposal, which they plan to soon deliver to lawmakers.

HONG KONG (AP) - Hong Kong's Hang Seng Index has surged more than 9.6% and Japan's Nikkei was up 3.8% as Asian stock markets soared. The markets are fueled in part by news of a possible U.S. government plan to rescue banks from toxic mortgage debt.

MIAMI (AP) - Barack Obama plans to meet with a panel of big name business advisers in Florida today before announcing his new economic proposals. Obama says he would call for a Homeowner and Financial Support Act "that would establish a more stable and permanent solution" than the Bush administration.

PANMUNJOM, Korea (AP) - For the first time, North Korea is confirming that it's planning to restart its nuclear reactor. The country accuses Washington of failing to fulfill its obligations under an international disarmament-for-aid agreement.

WEST PALM BEACH, Fla. (AP) - Results of a Florida investigation into former Congressman Mark Foley are expected to be announced today. Two federal law enforcement officials say the lawmaker isn't expected to face charges for sending salacious messages to underage pages.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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