Russian shares soared Friday, regaining much of the value they lost earlier this week, after the government injected tens of billions of dollars into the markets to stave off a financial massive crisis.

U.S. stocks sank on Monday as the prospect of more losses from the mortgage crisis hurt the shares of banks and the two biggest home finance providers, pushing all three major indexes down about 1.5 percent.

Global stock markets have gone into a dizzying fall as the collapse of US investment bank Lehman Brothers sparked fears that more bad news is on the horizon for the finance sector and the economy.

MANILA, Philippines—The Department of Finance will not support a proposal for a lower corporate income tax rate on real estate investment companies (REICs).

European stocks fell Thursday, capping the Dow Jones Stoxx 600 Index's third straight monthly decline, as earnings from Sanofi-Aventis and Unilever reinforced concern that the profit slump is deepening.