This year's Nobel Prize in Economic Sciences has gone to Paul Krugman for his theories on how economies of scale affect international trade. Krugman, a professor of economics and international affairs at the Woodrow Wilson School at Princeton University and a columnist for The New York Times, says he was stark naked, about to step into the shower at 6:40 a.m. when his cell phone rang with the news. He called the award "an awesome surprise."
Afghanistan is more violent than at any time since the war to oust the Taliban seven years ago. The most notable deterioration in security in recent months has been in Afghan provinces bordering Pakistan, places the U.S. military used to tout as the greatest success stories.
European governments have promised nearly $2 trillion of support for the banking system in Europe. After the British announcement of massive intervention last week, governments using the euro announced similar measures when they met in Paris Sunday night.
Britain has said it would provide up to $63 billion to boost the balance sheets of three of the country's largest banks but demanded in return the departure of some of the country's top bankers. Stocks in Britain rose at the news.
Higher trading on Monday is thanks to an effort to pump more cash into the commercial banking system. Major European nations pledged to put up nearly $2 trillion to protect banks, but with some conditions, including keeping mortgage lending at 2007 levels.
Stock markets soared after European governments announced a series of giant financial rescue plans. The packages were unveiled by Great Britain, Germany, France, Italy and others. They involve government guarantees of bank lending, as well as cash injections into troubled banks. The rescue plans may involve pay limits for CEOs, and the government taking equity stakes. Great Britain's plan involves the government buying shares in three big financial institutions, and becoming an owner of these once-private banks. The U.S. Treasury is also working on a similar plan.
The 15 countries that use the Euro as currency met in Paris over the weekend to coordinate measures to guarantee bank refinancing. It's the latest effort to restore faith in European markets.
Fighting has been on the increase in northwest Pakistan. The Pakistani government is trying to crack down on Taliban and al-Qaida strongholds.
Leaders from the 15 countries that use the Euro as currency met at a summit in Paris over the weekend to plan a bailout for European banks.They've developed an international program in hopes of stimulating markets across Europe.
The latest dispute among Sunni and Shiite Muslims is spreading across several countries. The alarm was sparked by a warning from a prominent Sunni Muslim scholar that Shia were expanding their influence and converting Sunnis.
Victor Cha, director of Asian studies at Georgetown University and a senior fellow at the Pacific Council, explains the Bush administration's recent move to delist North Korea from the list of states that sponsor terrorism.
Author David Boyle discusses his new book, Toward the Setting Sun: Columbus, Cabot, Vespucci, and the Race for America and explores the relationship between the three men and their joint venture in crossing the Atlantic.
Many are watching to see whether Taro Aso, Japan's new prime minister, can break through a tough political stalemate and overcome a flagging economy. The tough-line Aso is popular, but critics note that his party has seen a series of short-term leaders.
Two drone aircraft were seen in the skies above northwest Pakistan over the weekend. They apparently fired missiles at a militant hideout. Five people were reported killed in the latest strike. There has been no comment from U.S. officials, but these attacks have become more and more common.
Paul Krugman has won the Nobel Prize in economics. The Royal Swedish Academy of Sciences says the Princeton economist won "for his analysis of trade patterns and location of economic activity." Krugman is also a columnist for The New York Times.. Reporter Curt Nickisch talks with Renee Montagne about Krugman's work.
Europe is taking stronger, coordinated action to restore confidence in the continent's banking system. Fifteen euro zone countries have agreed to guarantee future loans among banks through the end of next year, according to French President Nicolas Sarkozy.
After twenty years, North Korea has been taken off the U.S. list of state sponsors of terrorism. Why is it so important for North Korea to be removed from the list and why did the U.S. agree to do it? Liane Hansen speaks with NPR's Mike Shuster.
In Berlin, students at a business management school get an explanation of how the crisis developed, how it might play out, and how it might affect their own careers.
After North Korea agreed to nuclear inspection demands, the U.S. took it off a terrorism blacklist.
Members of the G-7 have been meeting in Washington this weekend, trying to come up with solutions to the financial crisis. On Friday, they issued a five-point action plan, but it's unlikely to have an immediate effect on the turmoil in the financial markets. They met with President Bush on Saturday morning at the White House.
Finance ministers from around the world tried to show they are working in a coordinated way to tackle a global financial crisis that has proved to be far more serious than anyone anticipated.
President Bush was short of specifics in his brief statement after Saturday morning's meeting. Will the meeting itself be enough to calm the worldwide markets after the weekend, or will the finance ministers have to offer a concrete plan to stabilize the world's financial systems?
Thousands of Pakistanis are fleeing to Afghanistan to avoid a military launch against the Taliban. Pakistani soldiers are going door-to-door in the area demanding that Afghan refugees, many of whom have lived in Pakistan for decades, go back to Afghanistan as well. Afghan officials question how many more refugees they can house and feed in the midst of a food shortage.
Africa has made some of its biggest gains ever in the past few years as China, India, Europe and the United States have competed for its natural resources. But what happens when the money dries up?
As the world's climate changes, many species are being forced out of their old habitats. While some species are able to migrate to cooler territory, those in the tropics may have no where else to go.
The nuclear disarmament deal between North Korea and the United States appears to be unraveling. North Korea has banned U.N. inspectors from a nuclear weapons complex, and there are reports that it may be getting ready to test some short-range missiles.
Many of the world's financial leaders are meeting in Washington, D.C., to discuss how to restore something that has turned out to be easy to lose and hard to get back: confidence in the financial markets. Britain's Alistair Darling says governments around the world will have to work together to end the crisis and stop it from happening again.
The Norwegian Nobel Committee announced Friday that Finland's former president, Martti Ahtisaari, has won the Nobel Peace Prize. He was cited for his long career of peace mediation work including a 2005 accord between Indonesia and rebels in its Aceh province.
In the midst of the financial crisis, one banking system in Germany is surprisingly sound. The Sparkasse banks cater to German customers who are more conservative than those in the United States or Europe.
A draft report from U.S. intelligence agencies says Afghanistan faces a "downward spiral" as Taliban fighters threaten stability in the region. They're conducting more sophisticated attacks, increasingly encroaching on government and working more closely with al-Qaida, it says.
A new report says Afghanistan is in danger of falling prey to Taliban influence yet again. The report, to be released by major U.S. intelligence agencies after the election, cites a breakdown in Afghani leadership and a steady increase in violence from militants as well as corruption.
Ofeibea Quist-Arcton, NPR's Africa-based correspondent, discusses the stories that have been painful and devastating for many nations on the continent. She also describes the stories that have been exciting, including the U.S. presidential race of Kenyan-born Sen. Barack Obama.
Although many governments in South America boast that aggressive saving and thriving commodities trading have been a buffer against economic hard times, the turmoil in the U.S. financial industry is starting to deflate those arguments.
There has been hope and speculation that Asian countries, particularly China, might step in and buy stakes in failing U.S. financial institutions. China is the world's fastest growing economy, and it has the world's largest foreign exchange reserves. But for now, China is not expected to rush to the rescue.
It's been one day since a multibillion-dollar rescue package was put forward by British Prime Minister Gordon Brown. Politicians in Britain warned Wednesday against measuring the success of the plan by looking at the stock exchange. Public reaction has been one of relief, although ordinary investors are angry that the banks are being bailed out.
The Swedish Academy praised Jean-Marie Gustave Le Clezio for his adventurous novels, essays, non-fiction and children's literature. His work is often about wanderers, people on a quest for meaning and grappling with national histories.
Spain's Banco Santander remains a robust international financial institution. Strong lending principles and local retail banking led to a $6.5 billion profit in the first half of the year. It does face the same threat as all other banks, however — a lack of consumer confidence.
Despite all the talk of change, the next president will likely provide more continuity on foreign policy than there was the last time the White House changed hands.
A judge on Tuesday ordered the release of 17 Chinese Muslims held at Guantanamo Bay and told the Bush administration to produce them in court Friday. The administration is appealing the order. If the attempt fails, the case likely will head to the Supreme Court.
Britain has announced a multibillion-dollar rescue plan for its banking system. The plan would partially nationalize the banking industry in an attempt to shore up a financial sector that many fear won't survive the turmoil without government help.