The global financial crisis continues to make international headlines.

*Financial Developments from Around the World.

The International Herald Tribune reports highlights of financial markets around the world.

*European stock markets higher Friday

Some exchanges rose following Thursday’s temporary Wall Street rebound and the Nikkei index's overnight recovery.

*A new cop for global finance

The US must join Europe in revamping the rules of finance – for mutual prosperity.

*G-8 Nations Plan Summit On Global Financial Rules

The G-8 will convene a summit to plan changes in the regulation and structure of the world financial industry.

*Future Role of IMF

IMF future role questioned as financial crisis takes its toll.

*The Impact of the Global Financial Crisis on Brazil

The fall in world demand is liable to impact the Brazilian economy primarily through the balance of payments.

*Emerging markets may feel financial pain next

The flow of capital into emerging markets is slowing, raising fears that another phase of the global financial crisis may be brewing.

*German Parliament Passes $675 Billion Bank Bailout

The Bundestag approved the $675 billion rescue package for German banks.

* Pakistan’s rupee crisis

Pakistan moved closer to a balance of payments crisis on Friday, as the rupee slumped to a record low after the central bank reported it had barely enough foreign currency to cover six weeks of imports.