George Bush, the US president, has warned of a "global meltdown" in the world economy unless action is taken, while defending the unregulated, free-market capitalism that many critics and world leaders have blamed for the crisis.

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A major casino development in Macau has been put on hold, with up to 11,000 workers facing lay-off, as the global economic slowdown starts to bite into Asia's gambling industry.

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Henry Paulson, the US treasury secretary, has said he wants to stop buying up bank mortgage debts as part of the $700bn US government bailout plan and instead use some of the funds to secure "non-bank" credit, such as credit cards.

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The Kuwaiti market has lost more than 43 per cent since June 24 [AFP]

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Germany, estimated to be the world's largest exporter, has officially fallen into recession, while markets across Europe have fallen on opening.

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China's industrial output has slipped to a seven year low as the global economic slowdown continues to batter the world's fourth largest economy, eroding demand for Chinese exports and causing manufacturers to throttle back on production.

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Investment into oil projects has slowed as a result of the global economic crisis [EPA]

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Alitalia has been crippled by debts totalling some $1.5bn [AFP]

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