US President George W Bush plans to host a summit of world leaders in the near future to discuss the global response to the financial crisis, according to a senior official tonight.

President George W Bush today sought to reassure Americans about the cost and scope of the US financial bail-out plan and said that in the long run “our economy will bounce back”.

The European Commission is to provide nearly €60m in aid to the cash-strapped African Union which is struggling to finance plans on the continent, officials said today.