New York - Wall Street took another tumble on Wednesday, with the Dow Jones Industrial Average spiralling down by more than 700 points amid renewed worries the United States is already in the grip of a recession.

US Federal Reserve chief Ben Bernanke warned that the emergency action taken by the Bush administration in response to the financial crisis is unlikely to produce a swift economic recovery.

"Stabilization of the financial markets is a critical first step, but even if they stabilize as we hope they will, broader economic recovery will not happen right away," Bernanke said to the Economic Club of New York.

New York - The United Nations General Assembly on Friday elected Japan, Uganda, Turkey, Austria and Mexico to seats on the UN Security Council.

It will be the 10th term for the economically strong Japan.

The five new members will begin their two-year terms on January 1, 2009, replacing Indonesia, South Africa, Belgium, Italy and Panama.

For developing countries, membership to the 15-nation council brings international prestige and authority as the council is the the top political body responsible for the maintenance of peace and security around the world. They will share the limelight with the permanent members who have veto power - The United States, Russia, China, Britain and France.

New York - The United Nations General Assembly on Friday elected five countries to serve two-year terms on the UN Security Council, the top political body responsible for the maintenance of peace and security around the world.

Japan, Uganda, Mexico, Turkey and Austria won the required two- thirds majority of votes in the 192-nation assembly. They will begin their terms on January 1, 2009.

New York, Oct. 17 : Oil prices have for the first time in 14 months dropped below the 70 dollar per barrel mark, prompting the Organisation for Petroleum Exporting Countries (OPEC) to consider summoning an emergency meeting next week to establish some stability in prices.

A New York Times report said the oil prices have tumbled by nearly 40 dollars a barrel in just three weeks as indications grow that demand for energy will slow along with weakening economies around the world.

As recently as July, oil was trading at a record of 145 dollars a barrel, the report said.

New York, Oct 17 : Democratic vice presidential nominee Joe Biden today cast doubt on Joe the Plumber, who was a focal point of last night’s presidential debates after he questioned Barack Obama’s tax plan.

“I don’t have any Joe the plumbers in my neighborhood who make 250,000 dollar a year and are worried,” Biden told NBC.

New York, Oct 17 : Republican John McCain for the last 19 days of the presidential campaign will be playing nothing but defense as the global financial crisis, coupled with his rival Barack Obama’s steady performance through the three presidential debates, have left him with an extremely difficult path to the White House.

The Washington Post reported that McCain has been unable to pick off any state won by the Democrats four years ago, and he must prevent Obama from winning any of half a dozen Republican states that now appear vulnerable.