The Federal Reserve and six other major central banks from around the world slashed interest rates Wednesday in an attempt to prevent a mushrooming financial crisis from becoming a global economic meltdown.

The Fed reduced its key rate from 2 percent to 1.5 percent. In Europe, which also has been hard hit by the financial crisis, the Bank of England cut its rate by half a point to 4.5 percent and the European Central Bank sliced its rate by half a point to 3.75 percent.

Also cutting rates were the central banks of China, Canada, Sweden, and Switzerland. The Bank of Japan said it strongly supported the actions.

Source: http://www.boston.com/business/articles/2008/10/08/meltdown_advances_despite_efforts_to_limit_damage/

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Harvard University said yesterday it received the largest individual gift in its history, a $125 million donation from entrepreneur Hansjörg Wyss. The money will underwrite a new biological engineering institute where scientists will research everything from new materials inspired by the natural world to restoration of diseased tissue.

Source: http://www.boston.com/news/education/higher/articles/2008/10/08/in_largest_gift_harvard_gets_125m_for_biological_institute/

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Russian troops have left "buffer zones" around Georgia's breakaway regions of Abkhazia and South Ossetia, Georgia's interior ministry said.

Moscow has not confirmed the move but earlier Russian officials said five out of six checkpoints around South Ossetia had been dismantled.

President Dmitry Medvedev said the pullout - which is part of a ceasefire deal - would be completed by midnight.

Moscow has kept troops in the region since ousting Georgia's army in August.

Source: http://news.bbc.co.uk/2/hi/europe/7658385.stm