Brussels - The European Union on Friday approved a Danish plan for restoring confidence to the country's financial sector, saying that it was the "most appropriate" response.

"The scheme would provide liquidity facilities for banks operating in Denmark and protect depositors and ordinary creditors in case of insolvency," the EU's executive body, the European Commission, said in a statement.

New York - Wells Fargo won the takover battle for the ailing US banking giant Wachovia on Friday, with rival bidder Citigroup giving up its claim.

However, Citigroup said it would pursue its legal claim for 60 billion dollars in punitive and compensatory damages which it had launched against Wachovia after it made a deal with Wells Fargo despite an earlier sale agreement with Citigroup.

The acquisition is set to move Wells Fargo to the top of the US private banking business sector.

UK government has announced that it will pump US$ 87 billion pounds (around US$ 50 billion pounds) in an extraordinary step to prevent a fall down of the U.K. banking system.

Amsterdam - The Netherlands late Thursday made available another 20 billion euros to shore up the liquidity of banks embattled by the global financial crisis, Finance Minister Wouter Bos said.

Dutch central bank chief Nout Wellink said the funds would be made available for all financial firms that need it, including insurance groups.

Washington - As the world's richest nations debate how to bring a catastrophic financial crisis under control, international groups are warning that its reach now goes far beyond the developed world.

Poor countries in Africa, Asia and Latin America, which are already dealing with a surge in food and energy prices, are now finding it harder to sell goods abroad and encourage investment in their own economies.

Amsterdam - The Netherlands late Thursday made available another 20 billion euros to shore up the liquidity of banks embattled by the global financial crisis, Finance Minister Wouter Bos said.

Dutch central bank chief Nout Wellink said the funds would be made available for all financial firms that need it, including insurance groups.