Top Story

U.S. power and influence is waning, according to a new report by the U.S. intelligence community. The good news? So is al Qaeda's.

But "the unipolar moment is over," declared Tom Fingar, chairman of the National Intelligence Council (NIC), in announcing the report.

The NIC expects United States will remain the world's foremost economic and military superpower. But its report, "Global Trends 2025: A Transformed World," argues that the rise of powers like China and India means that the United States will be just one of many players in a "global multipolar system." It concludes, "The US will remain the single most important actor but will be less dominant."

Now, writes columnist Philip Stephens of the findings, "the world confronts a choice between chaos and order," adding, "[President-elect Barack] Obama would do well to read it closely."

U.S. Presidential Transition

Hillary Clinton is looking increasingly likely as secretary of state. But she might instead play an enhanced role in the Senate.

The ouster of Michigan Rep. John Dingell as chairman could provide a boost for Obama's climate change plans.

Rumor has it Marine Gen. James L. Jones (Ret.) and Adm. Dennis C. Blair (Ret.) are top candidates for senior national security posts.

Verizon employees improperly accessed Obama's cellphone records.

Economy

The world's central bankers have a new fear: deflation.

Floyd Norris questions whether Washington is doing enough to stabilize the U.S. economy.

Americas

A federal judge ruled that five Guantánamo prisoners have been held unlawfully and must be released.

U.S. Attorney General Michael Mukasey is "in good spirits" after collapsing during a speech Thursday evening.

CIA officials withheld information from Congress about the downing of a plane in Peru, the agency's inspector general has concluded.

Asia

A bomb disrupted a Pakistan Shiite funeral, killing at least six people.

Exile groups say China is cracking down in Tibet.

A popular Burmese comedian was sentenced to 45 years in prison for criticizing the government.

Middle East and Africa

Insurgents attacked Mogadishu, the ostensible capital of Somalia. Ethiopian troops are supposed to begin withdrawing today.

The U.N. Security Council approved sending more than 3,000 additional peacekeeping troops to the Democratic Republic of Congo. But it's anybody's guess where they will come from.

Thousands of Iraqis protested the prospective troop deal with the United States.

Europe

Economic activity is rapidly decreasing in the eurozone, shocking observers.

French President Nicolas Sarkozy introduced a $25 billion "strategic investment fund" to protect French industries from the economic downturn.

Weekend Agenda

Peru hosts 21 heads of state for the annual Asia-Pacific Economic Cooperation forum.

Russian President Dmitry Medvedev visits Latin America, along with some Russian warships.

Top Story

Investors around the world may not know where the bottom lies, but collectively, they sure are trying to get there.

The Dow Jones Industrial Average sank below 8,000 points Wednesday for the first time since March 2003. Asian and European stocks followed in today's trading. Globally, stocks are at 5-1/2 year lows, and oil has sunk below $52 a barrel.

"The problem is there is absolutely no silver lining visible," one Singapore-based analyst told the New York Times. "A serious recession now appears all but assured," the Washington Post reports, citing a morass of depressing new data.

Meanwhile, it looks increasingly unlikely that U.S. automakers will get their $25 billion bailout this year. The heads of the "Big Three" manufacturers went to Capitol Hill Wednesday and received another verbal beating. It didn't help that they had flown to Washington on corporate jets.

The next industry to feel the pain? Hedge funds. "An estimated 700 hedge funds may go out of business by the end of the year," according to data cited by Bloomberg News.

U.S. Presidential Transition

Bill Clinton has reportedly agreed to reveal the names of his foundation's donors, clearing a path for Hillary to become secretary of state -- if she wants the job.

President-elect Barack Obama named a few more White House staffers: David Axelrod as senior advisor, Lisa Brown as staff secretary, and Chris Lu as cabinet secretary.

The next secretary of homeland security is said to be Arizona Gov. Janet Napolitano. 

The transition team announced the leaders of "policy working groups" in areas like economics, immigration, and national security. Tea-leaf readers will note that Jim Steinberg's name is listed above that of Susan Rice.

In a bizarre, bigoted new tape, al Qaeda's No. 2 accuses Obama of selling out his race and Muslim heritage.

Americas

Authorities in Panama are holding David Murcia, the alleged mastermind of a pyramid scheme whose collapse has roiled Colombian politics.

Bolivian President Evo Morales did not exactly receive a warm welcome in Washington this week.

Critics of Nicaraguan President Daniel Ortega say he is leading the country in an anti-democratic direction. The evidence suggest they are right.

Asia

A U.S. drone struck beyond Pakistan's tribal areas for the first time Wednesday. The Pakistani government is hauling in the U.S. ambassador.

South Korean activists are sending propaganda balloons into North Korea.

A serial killer may be stalking Japanese bureaucrats.

Middle East and Africa

Iraq's Parliament turned into a free-for-all yesterday as lawmakers aligned with rogue cleric Moqtada al-Sadr denounced the troop agreement with the United States. Iraq's foreign minister thinks there's a "chance" the agreement will pass. The brawling continued today.

Somali pirates are demanding a $25 million ransom for the Saudi oil tanker.

Experts say Iran has enough enriched uranium to build one nuclear weapon.

The IAEA released a report suggesting that Syria was building a nuclear reactor.

Europe

French President Nicolas Sarkozy is calling his own financial summit, to the irritation of some.

Iceland is finally getting help: $2.1 billion from the IMF and $2.5 billion from Finland, Sweden, Norway, and Denmark.

EU agriculture ministers have reached a deal to reform farm subsidies.

Today's Agenda

U.S. Treasury Secretary Henry Paulson speaks at the Reagan Library.

The U.S. Department of Labor releases its weekly unemployment report.

Photo: AFP/Getty Images

Top Story

The Guardian is reporting, but other news outlets seem unable to confirm, news that New York Sen. Hillary Clinton intends to accept an offer to become President-elect Barack Obama's secretary of state.

It's not actually clear that there is a formal offer on the table just yet. The chief obstacle slowing the process appears to be former President Bill Clinton, whose ongoing entanglements with foreign governments could pose thorny legal and policy problems for the Obama administration. Bill returned from a trip to Kuwait only yesterday.

Politico's Ben Smith senses some "angst and ambivalence" among Obama supporters about the prospective choice of Hillary.

The Washington Post's Anne Kornblut does not expect any major personnel announcements "before the weekend."

U.S. Presidential Transition

President-elect Barack Obama met with John McCain, his former opponent, in Chicago. The two men pledged to work together.

Domestic spying could be an early test for the incoming administation.

The rigor of Obama team's vetting process is said to be "unprecedented."

Officials aren't sure if an expected 4 million people can fit on the National Mall for inauguration.

Economy

Ford, desperate for cash, is selling a 20 percent stake in Mazda.

Reuters wonders if the electric car is doomed.

Bank profits continue to fall around the world.

Americas

The Colombian government has declared a state of emergency to deal with popular anger over widespread investment scams.

Asia

NATO says a recent attack in Pakistani territory was carried out with the government's consent.

An American scientist has admitted selling sensitive rocket technology to China.

China's demand for oil is slowing along with its economy.

Middle East and Africa

Iraq's prime minister is purging anti-corruption officials who were installed by the United States.

Baghdad has a commuter train. Seriously.

In a shift, Iran's speaker of a parliament urged Iraqis to reject a troop deal with the United States.

Congo update: The army appears to be fracturing, the head of the armed forces was fired, and endangered mountain gorillas are caught in the crossfire.

A Saudi oil tanker that was hijacked by pirates is nearing the Somali coast.

Europe and the Caucasus

President-elect Obama spoke with Mikheil Saakashvili over the phone Monday. According to the Georgian president, Obama "underlined that he supports Georgia's territorial integrity and paid attention to the importance of continuing reforms in Georgia."

The outspoken queen of Spain is getting in trouble with Spanish liberals.

A French lawmaker and member of President Nicolas Sarkozy's party shot a woman and then killed himself.

Today's Agenda

Senate Democrats vote this morning on whether to strip Sen. Joseph Lieberman of his committee chairmanship. Odds are he keeps it.

U.S. Secretary of State Condoleezza Rice meets with Seif al-Islam al-Qaddafi, the West-friendly son of the mercurial Libyan leader.

Chinese President Hu Jintao is visiting Cuba.

Photo:  Stephen Lovekin/Getty Images

Top Story

Hopes could not be much lower for the Group of 20 summit that begins tomorrow in Washington.

The summit, conceived by French President Nicolas Sarkozy and grudgingly agreed to by outgoing U.S. President George W. Bush, is ostensibly aimed at addressing the financial crisis that has frozen credit markets and sent many of the world's leading economies into a dizzying tailspin.

But with Bush's political capital approaching zero, President-elect Barack Obama playing his cards close to the chest, and policymakers at odds on what to do, it will be surprising if much of substance is decided this weekend. Bush stressed in remarks yesterday that he would resist calls to impose regulations he sees as too strict. "The crisis was not a failure of the free market system. And the answer is not to try to reinvent that system," he said.

Differing expectations could doom the summit to an acrimonious ending. "Let this be very clear," Sarkozy, who is pushing for sweeping changes to the global financial architecture, warned last week. "If I don't get concrete results, I'll take off. I'll leave Washington and come home." His finance minister, Christine Lagarde, is more circumspect, telling reporters, "I'm not suggesting we will find solutions or have big announcements that will thrill the media or political observers."

"A lot of people are talking about 'Bretton Woods II,' IMF chairman Dominique Strauss-Kahn cautions, "The words sound nice but we are not going to create a new international treaty."

What would be a realistic, if less-than-thrilling outcome? Brad Setser of the Council on Foreign Relations expects world leaders to produce "an agreement to start putting in place principles for reforms, and then agree to meet again."

At a minimum, Mark Landler of the New York Times says, the summit will clarify "how completely the crisis is reshaping the economic map -- rendering obsolete the old club of Western powers that fashioned the financial pillars of the post-World War II era."

The festivities kick off with a working dinner at the White House tonight.

U.S. Presidential Transition

Hillary Clinton is reportedly emerging as a serious contender to become secretary of state. CNN says that, as of yesterday evening, the transition team had not contacted her about taking the position.

Defense insiders expect President-elect Obama to make Richard Danzig his defense secretary, according to the the Army Times.

Politico reports that Larry Summers may be off the short list for Treasury secretary.

Americas

Nearly 2,000 Chileans were not notified that they carried HIV.

Brazil's once-hot economy is being pummeled by the global financial crisis.

Election-related violence is rocking Nicaragua.

Asia

North Korea is ratcheting up its war of words with South Korean President Lee Myung-bak.

Fresh U.S. airstrikes killed 12 people in Pakistan's tribal belt.

The U.S. Food and Drug Administration will now detain certain Chinese food products at the border, where they must prove to be melamine-free.

At least 67,000 factories closed in China during the first half of 2008.

Middle East and Africa

Small, but deadly "sticky bombs" are becoming a weapon of choice in Iraq.

The American University in Iraq is finding success in only its second year.

Hamas fired a fresh round of rockets into Israel.

Hezbollah leader Hassan Nasrallah expects Obama will be more of the same.

Europe

Russia's parliament is fast-tracking a bill to extend the presidential term to six years.

Russian President Dmitry Medvedev, who has been harshly criticized in Europe for his cold welcome of the U.S. president-elect, expects to meet with Obama "very soon."

The eurozone is officially in recession, according to EU figures.

Today's Agenda

The EU is wrapping up its first summit with Russia after the Georgian war.

U.S. Federal Reserve Chairman Ben Bernanke speaks at a conference in Frankfurt, Germany.

The executive director of the International Energy Agency briefs the Japanese press on the latest World Energy Outlook.

Photo: GERARD CERLES/AFP/Getty Images

Top Story

Without explicitly admitting error, U.S. Treasury Secretary Henry Paulson announced yesterday that his widely criticized plan to buy up illiquid mortgage-related assets had hit a few snags. Paulson indicated the Treasury would focus instead on ensuring that American consumers have continued access to credit.

The Washington Post reports that $290 billion of the $700 billion in bailout money has already been committed but "it's sort of a joke in terms of oversight," in the words of one congressional staffer.

Paulson's press conference came amid another tough day in the markets. The Dow Jones Industrial Average fell more than 400 points as dire economic news kept piling up. Asian stocks followed the downward trend today, while European markets rose slightly despite word that OECD countries are probably in recession. China, meanwhile, posted its slowest growth in industrial output in seven years.

Financial luminaries have issued hair-raising warnings this week about the shape of things to come. Merrill Lynch CEO John Thain thinks the U.S. economy is contracting faster than at any point since 1929. JPMorganChase CEO Jamie Dimon says the recession in the real economy could be worse than the credit crisis. And former Goldman Sachs Chairman John Whitehead fears the coming economic slump will in fact be "worse than the depression."

U.S. Presidential Transition

President-elect Barack Obama is sending former Iowa Rep. Jim Leach and former U.S. Secretary of State Madeleine Albright as his representatives to the G-20 summit.

The Obama team signaled it will be taking swift action on climate change.

The New York Times looks at what it takes to get a top job with Obama.

The Boston Globe previews Obama's technology policy.

Americas

Thousands of Colombians rioted against investment scams.

U.S. experts believe the plane crash that killed Mexico's interior minister was an accident.

Asia

A suicide bomber killed at least 19 people in eastern Afghanistan, while a tanker bomb in Kandahar killed at least six.

China denied having a hand in the arrest of former Taiwan President Chen Shui-bian, who has gone on hunger strike to protest his detention.

North Korea says it will no longer allow nuclear samples.

Middle East and Africa

An Iraqi soldier shot and killed two U.S. troops in western Mosul.

Iran suddenly doesn't seem so excited about talking to the incoming Obama administration.

Israeli President Shimon Peres had kind words for Saudi Arabia's peace plan.

Europe

Russian President Dmitry Medvedev says Russia is "ready to abandon" its plan to put missiles on the Polish border if the United States "decides to abandon its anti-missile system."

The U.S. military insists its missile defense technology is farther along than President-elect Obama, who has expressed doubts about the system, thinks.

Speaking in Estonia, U.S. Defense Secretary Robert Gates urged Moscow not to see NATO expansion as a threat.

The New York Times chronicles the woes of post-boom London.

Today's Agenda

U.S. Vice President-elect Joe Biden visits Dick Cheney at the Naval Observatory, the vice president's official residence.

President Bush is due to address the U.N.'s "interfaith dialogue" event in New York, after which he'll speak on the financial crisis.

Financier George Soros testifies on hedge funds before the House Committee on Oversight and Government Reform. Hedge funds lost $100 billion in October.

Photo: Alex Wong/Getty Images

Top Story

As world leaders prepare to descend on Washington for the upcoming G-20 summit, the grim economic news just keeps coming.

In the United States, consumer spending has fallen off a cliff and the fate of the auto industry hangs in the balance. Shares in General Motors dropped below $3 Tuesday, continuing a downward slide that accelerated after a particularly dire third-quarter earnings report. Bankruptcy looms unless the U.S. Congress can put together an effective rescue deal.

The Bush administration yesterday announced new measures to help homeowners renegotiate their mortgages, but critics -- including the Republican chair of the FDIC -- fear the move won't have a big-enough impact.

Meanwhile, new data from Europe, China, and South Africa suggest the long-feared global recession has finally arrived. Oil prices, accordingly, have fallen below $60, a level not seen for 20 months.

Former Canadian PM Paul Martin hopes the G-20 summit will lead to greater input from emerging economies such as China and India. "Do what you think is necessary with the Bretton Woods institutions, but for heaven's sake, stop keeping half the world out of them!" he tells FP.

U.S. President-elect Barack Obama will not attend the meeting, the Guardian reports. Nor will he meet any leaders on the sidelines, according to the New York Times.

Raghuram G. Rajan, former chief economist at the IMF, doesn't expect sweeping changes at the summit, but warns that "if enough of the other countries make their voices heard at this meeting and say 'we are not willing to go along with incremental change,' it does put a lot of pressure on the Obama administration to respond, because this is a crisis that was made in America."

U.S. Presidential Transition

Top intelligence officals expect to lose their jobs when Obama takes power.

Closing the Guantanamo Bay prison is said to be a priority for the incoming Obama administration, but potential snags remain.

Americas

Joshua Partlow analyzes the return of the Shining Path, the Peruvian rebel group.

Time profiles a site in Mexico that reenacts the trauma of crossing illegally into the United States.

Asia

A U.S. aid offical was shot dead in Peshawar, Pakistan.

North Korea threatened to close its land border with South Korea.

A Chinese company has signed a $3.5 billion oil deal with Iraq.

Fourteen democracy activists in Burma received harsh prison sentences.

Middle East and Africa

Iran test-fired new missiles along its border with Iraq.

Voters in Jerusalem rejected the ultra-Orthodox incumbent and elected Nir Barkat, a secularist, as mayor.

Sudanese President Omar Hassan al-Bashir announced an "immediate unconditional ceasefire" in Darfur.

Insurgents have seized control of Merka, a port city in Somalia.

Europe

Norway leads the world in closing the gender gap, according to new rankings by the World Economic Forum.

British unemployment has reached its highest rate since 1997. British PM Gordon Brown is calling on governments to coordinate their stimulus plans.

Europeans are wondering whether they can have their own Obamas.

Today's Agenda

U.S. Defense Secretary Robert Gates is attending a meeting of NATO defense ministers in Estonia to discuss Ukraine's NATO bid.

U.S. Treasury Secretary Henry Paulson is holding a 10:30 a.m. press conference on the $700 billion Wall Street bailout.

The U.S. Geological Survey is due to release an unprecedented study of the world's natural gas resources.

Saudi Arabia leads a U.N. conference on interfaith dialogue.

Photo: Bill Pugliano/Getty Images

Top Story

Meeting with U.S. President George W. Bush in the Oval Office Monday, President-elect Barack Obama pressed for emergency aid to U.S. automakers, which face severe headwinds after a sustained period of high gas prices followed by the credit crisis.

Bush indicated he might support some type of auto-industry bailout in exchange for passage of the free-trade agreement with Colombia. Democrats in Congress are already working on legislation to give automakers access to the $700 billion in bailout funds for Wall Street.

Shares in General Motors closed at $3.36 yesterday, a 60-year low.

As for his new digs, Obama thought he'd inherit "a pretty nice office."

Obama is considering a more regional approach to the war in Afghanistan, the Washington Post reports.

Transition tidbits: Obama is "leaning toward" asking Defense Secretary Robert Gates to stay, according to staffers. And he's said to be considering former Hillary Clinton aide Patty Solis Doyle for the Cabinet secretary position.

Economy

The U.S. Treasury Department may need to commit more than $100 billion to Fannie Mae after the mortgage company posted $29 billion in net losses during the third quarter. Also, Treasury may need to ask Congress for more funds to keep insurer AIG afloat.

The Washingon Post wonders if the federal bailouts are actually making these companies' problems worse.

Asian and European markets moved lower in Tuesday trading.

Americas

Mexico is hedging nearly all its oil exports.

Mexican President Felipe Calderon named a new interior minister to replace the one killed in a plane crash last week.

Caracas, Venezuela, has become a salon for international leftists.

Asia

Pakistan's military is destroying the Taliban stronghold of Bajaur in order to save it.

Chen Shui-bian, Taiwan's former president, was shown on TV in handcuffs but has yet to be arrested on corruption charges.

Time magazine's Simon Elegant wonders if China is launching its own version of the New Deal.

Middle East and Africa

Iran's conservatives are closing ranks behind President Mahmoud Ahmadinejad.

The Sunni fighters known as "Sons of Iraq" are leaving the U.S. payroll.

Syria accuses Lebanon's main Sunni party of funding al Qaeda-linked militants.

Zimbabwe's President Robert Mugabe is moving ahead with plans to form a government.

Europe

Italian Prime Minister Silvio Berlusconi isn't the only European politician making racially charged comments about Barack Obama.

The ethnically Georgian town of Perevi is becoming a flashpoint as Russian troops withdraw, leaving South Ossetians forces in control.

German investor confidence is on the rise, surprisingly.

Today's Agenda

Today's in Veterans' Day in the United States.

European leaders are commemorating the 90th anniversary of the end of World War I.

Jerusalem, a city in decline, holds its mayoral election after a bizarre campaign.

Maldives swears in its first new president in three decades.

Photo: Mark Wilson/Getty Images

Top Story

It was another brutal day in the markets, with the Dow Jones Industrial Average losing more than 440 points Thursday. Japan's Nikkei Average fell by 3.55 percent in Friday trading. Since Tuesday's election, shares on Wall Street have declined nearly 10 percent as grim reports from automakers, retailers, and the IMF have indicated that the global economy is far from hitting bottom.

More bad news is expected today as a host of government data, including the October jobs report, is due to be published.

Facing plunging sales, Detroit's Big Three automakers are pressing House Speaker Nancy Pelosi for a bailout package. "They're really in bad shape. Sales were bad when gas pieces were high, but now with the credit crunch and certainly what looks like a recession, consumer demand has really collapsed," says Frank Langfitt of NPR. Ford alone lost nearly $3 billion in the third quarter.

Democrats are working on a $100 billion stimulus package, but economists expect rising U.S. unemployment regardless of what happens in Washington. "Superman couldn't change what's in store for the U.S. economy. It's going to be ugly," one analyst tells CNN.

U.S. Presidential Transition

After announcing Rahm Emanuel as his chief of staff, to mixed reviews, U.S. President-elect Barack Obama turned to the economy. He's putting together an advisory board that includes such heavyweights as Warren Buffett, Larry Summers, Robert Rubin, Paul Volcker, and Eric Schmidt.

Americas

Mexicans remain suspicious about a plane crash that killed the country's interior minister and 13 others. The government sees no foul play.

Asia

North Korea says it is "ready to deal" with the incoming Obama team.

Chinese Premier Wen Jiabao urged rich countries to give up their "unsustainable lifestyle" in the face of climate change.

China's economy is slowing rapidly. Nouriel Roubini fears the worst.

A senior U.S. official tells the Financial Times that Chinese hackers infiltrated the White House e-mail system.

Middle East and Africa

Iranian President Mahmoud Ahmadinejad broke with recent tradition and sent a congratulatory letter to Obama.

Obama's victory is already altering the political landscape of Iraq. But Iraqi leaders still want a hard-and-fast date for the withdrawal of U.S. troops.

The United Nations and African leaders held an emergency meeting on how to contain the violence in the Democratic Republic of Congo.

Europe

The Bank of England and the European Central Bank slashed interest rates.

The European Union ruled that Poland's aid to its shipyards is unlawful.

Irish police seized a yacht with more than £500 million worth of cocaine.

Weekend Agenda

President-elect Obama gives a press conference today at 2:30 p.m. ET.

Brussels is hosting an EU summit on financial reform.

South African political leader Jacob Zuma wants to "force" a power-sharing deal in Zimbabwe at this weekend's regional summit.

Chart: The Wall Street Journal

Top Story

With the U.S. election finally over, the media is turning its 1,000-watt spotlight on the presidential transition process. First up? Hard-charging Illinois Rep. Rahm Emanuel, who is widely expected to accept President-elect Barack Obama's offer to become White House chief of staff. No decision has yet been announced, however, and Emanuel is said to be torn about giving up his ambitions in the House of Representatives.

Heading the transition team are John Podesta, former chief of staff in the Clinton White House, Valerie Jarrett, a trusted advisor, and Pete Rouse, Obama's Senate chief of staff. Leading the foreign-policy component is Susan Rice, the former assistant secretary of state for African affairs, among others.

Given the state of the economy and the role it played in the campaign, most close observers expect Obama to name his Treasury secretary soon, and an announcement could come as early as today. Former Treasury Secretary Larry Summers and New York Federal Reserve Bank President Timothy Geithner are the names mentioned most frequently. Paul Volcker is another possibility, but the Wall Street Journal reports that the 81-year-old former Federal Reserve chairman doesn't want the job.

Other transition tidbits: Al Kamen reports that some Obama fundraisers have cause to worry that the president-elect won't give them plum ambassadorships. David Ignatius previews Obama's foreign policy and says that the personnel will come first, and then the policies. Reuters wonders if Obama might appoint a "climate czar."

Economy

Stocks in Asia and Europe continued their downward slide.

Toyota is slashing its profit forecast by a stunning 63 percent. Brace yourselves for Friday, when GM and Ford report their numbers.

Americas

Authorities in Mexico have found "no immediate signs of foul play" in yesterday's plane crash, which killed the interior minister and 13 others.

Asia

Afghan President Hamid Karzai welcomed President-elect Obama by demanding he put an end to errant U.S. airstrikes that kill civilians.

Pro-independence protesters in Taiwan trapped a visiting Chinese envoy inside his Taipei hotel, which he left under heavy police guard at 2:15 a.m.

Active planning is underway in Washington, Seoul, and elsewhere in case of a sudden power transition in North Korea.

Middle East and Africa

Israeli Foreign Minister Tzipi Livni warned Obama that dialogue with Iran "is liable to be interpreted as weakness."

Troop cuts in Iraq are happening two months ahead of schedule.

The latest craze in Kenya? Naming babies "Barack" and "Michelle."

Europe

Spain has rejected asylum for one of Osama bin Laden's sons.

The EU's drug agency is warning of a heroin tsunami in Britain.

Georgia fired more cluster munitions than previously thought, according to Human Rights Watch.

Today's Agenda

Obama receives his first intelligence briefing as president-elect.

Photo: Chip Somodevilla/Getty Images

Top Story

Voters elected Illinois Sen. Barack Hussein Obama the 44th president of the United States and the country's first African-American president amid record-shattering turnout.

Speaking before a sea of elated supporters in Chicago's Grant Park, Obama declared that "change has come to America" after his win over Sen. John McCain of Arizona. McCain, in a gracious concession speech, pledged to "do all in my power" to help his erstwhile rival succeed.

George W. Bush, who is still in charge until Jan. 20, congratulated the president-elect on his "awesome night" and promised to "make this a smooth transition." FP spoke with veteran Washington insider Kenneth Duberstein this week about what Obama needs to do during the 77 days ahead.

As of this morning, Obama had amassed a projected 338 electoral votes, far above the 270 needed to win. Democrats increased their total seats to 251 in the House of Representatives, but appear to have fallen short of obtaining a filibuster-proof majority in the Senate.

More than 60 percent of voters said the economy was their top issue. More exit poll analysis here.

Early rumor has it Illinois Rep. Rahm Emanuel has been offered the chief of staff position and is "agonizing" over whether to accept the job. Find out who foreign-policy experts think should be named to other top positions here.

Economy

Wall Street rallied Tuesday despite the release of discouraging manufacturing data. But European stocks fell back in Wednesday trading.

Americas

Colombia's top Army general has resigned over a scandal involving shooting civilians to inflate body counts in the country's drug war.

Mexico's interior minister was killed in a plane crash. Were drug cartels involved?

Asia

Taiwan liberalized trade with China despite protests by native Taiwanese.

China is putting together a "national action plan" for human rights.

An economic slowdown could threaten China's stability, premier Wen Jiabao has warned.

Notorious warlord Gulbuddin Hekmatyar is emerging as a key swing player in Afghan politics.

Middle East and Africa

Kenya's president declared a national holiday after Obama's victory.

Rebels in Congo have resumed fighting with a pro-government militia north of the city of Goma.

Hamas fired rockets into Israel following an Israeli raid in Gaza.

Europe

Russia announced it is moving new missiles to the Baltic region.

A son of Osama bin Laden is asking for asylum in Spain.

Romania is in dire economic straits.

Europe is not impressed with France's plan to tackle the financial crisis.

Today's Agenda

It's Guy Fawkes day in Britain.

A cease-fire agreement is slated to go into effect in Somalia.

Condoleezza Rice embarks for the Middle East amid rumors that the U.S. secretary of state is a candidate for president... of the San Francisco 49ers.

Photo: Anthony Jacobs/Getty Images

Top Story

It's all come down to this...

After the longest and most expensive election in history, U.S. voters head to the polls today to elect either Sen. Barack Obama of Illinois or Sen. John McCain of Arizona. Despite widespread early voting, record turnout is expected.

The latest projections indicate a nearly insurmountable lead for Obama. Pollster.com's aggregate has Obama leading by 160 electoral votes with only 85 tossups. RealClearPolitics shows Obama ahead by 146. Nate Silver gives McCain less than a 2 percent chance of victory. InTrade's prediction market gives him a 9.5% chance.

A state board exonerated Alaska Gov. Sarah Palin of wrongdoing in the firing of a her public safety commisioner.

Obama received the tragic news that the grandmother who helped raise him did not live to see how this election turned out.

Democrats are hoping for a big night in the senate as well with at least seven close races and the possibility of a filibuster-proof 60-seat majority within reach.

Asia

Taiwan and China signed a series of historic trade and travel agreements.

In Islamabad, Pakistani officials complained to visiting Gen. David Petraeus about U.S. airstrikes.

Americas

Two senior police officers were killed by drug cartel hitmen in Mexico.

A Venezuelan businessman was convicted in Miami for his role in last year's "suitcasegate" scandal.

With regional elections coming up, Hugo Chavez is cranking up the rhetoric.

Middle East and Africa

A UN aid convoy entered rebel territory in Eastern Congo. UN peacekeepers are under international pressure to toughen up in response to the violence.

The bodies of 60 East African refugees washed ashore in Yemen.

Dissident members of South Africa's African National Congress plan to start their own party.

World Economy

U.S. automobile sales suffered badly in October.

Oil fell to below $60 per barrel

Today's Agenda:

After some last-minute campaigning, Barack Obama will be holding his election-night party in Chicago's Grant Park. McCain will be at the Arizona Biltmore hotel in Phoenix.

U.S. readers: Don't forget to vote.

International readers: We swear this will all be over soon.

Chris Hondros/Getty Images