U.S. Army Captain Michael Kelvington, commander of the Battle company, 1-508 Parachute Infantry battalion, 4th Brigade Combat Team, 82nd Airborne Division, bows next to remains of Gulam Dostager, a member of Afghan Local Police who was killed in the blast of an Improvised Explosive Device (IED) during the joint Tor Janda (Black Flag in Pashtu) operation, in Zahri district of Kandahar province, southern Afghanistan May 25, 2012.  REUTERS/Shamil Zhumatov  (AFGHANISTAN - Tags: MILITARY CIVIL UNREST CONFLICT TPX IMAGES OF THE DAY)

Reuters Photojournalism

Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography.  See more | Photo caption 

Members of the U.S. Navy Blue Angels fly over the World Trade Center in lower Manhattan as part of the 25th annual Fleet Week celebration in New York, May 23, 2012.  REUTERS/Eduardo Munoz (UNITED STATES - Tags: MILITARY ANNIVERSARY TPX IMAGES OF THE DAY)

Fleet Week

The U.S. Navy takes Manhattan for a week.  Slideshow 

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The SpaceX mission

A privately owned unmanned rocket blasts off on a mission to be the first commercial flight to the International Space Station.  Slideshow 

TIMELINE: Financial crisis since October

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Sun Nov 16, 2008 5:28am EST

(Reuters) - Here is a chronology of the global financial crisis since October:

October 2 - Irish lawmakers vote to enact legislation guaranteeing Irish bank deposits and debts up to a total of 400 billion euros ($554 billion).

October 3 - The House of Representatives passes a revised $700 billion U.S. bailout plan which will take toxic mortgage assets off financial companies.

-- Wells Fargo & Co says it has agreed to buy Wachovia Corp for about $16 billion, thwarting a planned Citigroup Inc deal announced on September 29. However, Citigroup wins a court order on October 4 blocking the deal until the court rules otherwise. The two remain locked in an intense battle.

October 5 - Germany pledges to guarantee private deposit accounts. Germany also clinches a revised rescue deal for lender Hypo Real Estate after banks and insurers pulled out of a state-led 35 billion euros ($48.5 billion) rescue programme.

October 8 - The Fed leads a coordinated, global round of emergency interest rate cuts.

October 9 - Iceland, whose prime minister warned of "national bankruptcy," takes control of its biggest bank, Kaupthing, the third major Icelandic bank to be taken over by the state.

October 10 - Japan's Nikkei tumbles nearly 10 percent, registering its biggest one-day drop since 1987.

-- Finance ministers and central bankers from the Group of Seven meet in Washington and pledge to prevent big banks from collapse and to work together to stem the crisis. The International Monetary Fund backs the G7 plan the next day.

October 12 - European leaders meeting in Paris rush out plans to help banks through the crisis.

October 13 - Britain wades in with 37 billion pounds ($64 billion) of taxpayers' cash for three major banks -- Royal Bank of Scotland, HBOS and Lloyds TSB to help them survive.

October 14 - Japan joins the global push, saying it could inject public funds into regional banks. The Nikkei surges more than 14 percent -- the biggest one-day gain in its history.

-- Iceland's stock market plunges 76 percent as it resumes trading.

-- The U.S. offers to take $250 billion worth of stakes in nine top banks. Paulson says government part-ownership of banks was "objectionable" but vital to tackle the crisis.

October 16 - UBS AG is to get a 6 billion Swiss franc ($5.30 billion) injection from the state in return for a 9.3 percent shareholding. Switzerland's other major bank, Credit Suisse Group, says it will raise 10 billion from outside investors to insulate themselves from the crisis.

October 18 - U.S. President George W. Bush meets with French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso. They agree to hold global summits on the crisis.

October 19 - South Korea unveils rescue package worth over $130 billion, offering state guarantee on foreign debt and promising to recapitalize financial firms. Oct 24 - The British economy shrinks more than expected and for 16 years Q3 2008. GDP fell 0.5 percent in the biggest drop since Q4 1990 and the first contraction since Q2 1992.

October 27 - Iceland raises interest rates by a massive 6 percentage points to 18 percent, a surprise move that aims to please the IMF and restore trust in a shattered currency.

October 29 - The IMF and the EU agree to a $25.1 billion economic rescue package for Hungary. It is the biggest for an emerging market economy since the global crisis began.

-- The United States cuts interest rates by half a percentage point to 1.0 percent. China cuts its interest rate to 6.66 percent from 6.93 percent and Norway also cuts its rate.

October 30 - Japan unveils a 5 trillion yen ($51 billion) package of spending measures to support its economy. -- Germany plans a range of steps worth up to 25 billion euros ($32 billion) to boost business. October 31 - Barclays Bank saying it plans to raise 7.3 billion pounds ($12.06 billion) in additional capital from outside investors, including Gulf states Qatar and Abu Dhabi.

-- The Bank of Japan cuts its benchmark overnight call rate for the first time in seven years, to 0.30 percent from 0.50 percent.

November 4 - Democratic candidate Barack Obama's convincing win in the U.S. presidential election ends a source of uncertainty for global investors.

November 6 - The Bank of England cuts rates by 1.5 points to 3 percent, the lowest level in more than half a century. The ECB reduces its benchmark interest rate 0.5 percentage point to 3.25 percent.

November 11 - British Prime Minister Gordon Brown says he is ready to borrow to provide a fiscal boost to the British economy.

November 12 - Bank of England says that Britain's economy will shrink sharply in 2009 and inflation could be less than 1 percent.

November 13 - Germany says its economy, Europe's largest, contracted by 0.5 percent in the third quarter, putting it in recession for the first time in five years.

November 15 - World leaders pledge rapid action at a G20 summit to rescue a weakening global economy, setting out plans to toughen oversight for major global banks and to try for a breakthrough by year end in global trade talks.

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