made up for

its huge loss of yesterday but not for the ground it's lost since America's sovereign debt rating was downgraded at the weekend. President Obama has acknowledged that the wild swings on the market are challenging the US economy. He also warned that Europe's debt problems were "lapping up on our shores". Shares in Europe were up earlier despite continued concern about the spreading debt crisis.

The Italian Finance Minister Giulio Tremonti has told parliament that government costs are to be cut, state companies privatised and taxes raised on savings. The measures will be part of a programme to satisfy the European Central Bank that Italy is controlling its debts.

The governing body of world football, Fifa, has announced it's investigating 16 Caribbean Football Union officials over allegations of attempted bribery that involve the former presidential candidate Mohamed Bin Hammam. Mr Bin Hammam was banned from football for life in July after he was found guilty of trying to buy votes in the Fifa presidential election. From Switzerland, Imogen Foulkes.

Among others, officials from Barbados, Guyana and Trinidad and Tobago are

implicate

d. They are alleged to have been offered envelopes containing $40,000 in cash in return for backing Fifa presidential candidate Mohamed Bin Hammam, and then to have denied any attempted bribery took place. Fifa says all 16 will be invited for fresh interviews, and it does not

rule out