President Bush says the US economy still faces "serious challenges" after signing into law the revised $700bn financial rescue package for the US financial system, after it received approval in the House of Representatives. The House rejected an earlier version on Monday, sparking a huge one-day drop in the US stock markets and sending a shudder through the world's financial system. The revised plan was approved by the Senate on Wednesday.
Meanwhile, the prime minister of Iceland is leading crisis talks with the country’s central bank and leaders of its top pension funds to thrash out a rescue plan for the country’s ailing banking industry.
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