Wilton Daniel Gregory, 60, the Archbishop of Atlanta, said that in the past POPE BENEDICT XVI HAD HIMSELF SUGGESTED THAT THE ELECTION OF A BLACK PONTIFF WOULD "SEND A SPLENDID SIGNAL TO THE WORLD" ABOUT THE UNIVERSAL CHURCH.

Archbishop Gregory, who in 2001 became the first African American to head the US Bishops Conference, serving for three years, said that the election of Mr Obama was "a great step forward for humanity and a sign that in the United States the problem of racial discrimination has been overcome". Like Mr Obama Archbishop Gregory comes from Chicago, and was previously Bishop of Belleville, Illinois.

He said that recent Popes, beginning with John XXIII and Paul VI, had brought prelates "FROM ALL NATIONS AND RACES" to Rome to take up senior positions in the Curia, the Vatican hierarchy. This offered "AN INTERNATIONAL VISION OF A CHURCH RICH IN DIVERSITY", he told the Italian newspaper La Stampa.

Archbishop Gregory said that the next time cardinals gathered to elect a Pope they could "in their wisdom" choose an African pontiff. "My own election as head of the US Bishops Conference was an important signal. In 2001 the American bishops elected someone they respected regardless of his race, and the same thing could happen with the election of a Pope."

Comments from Cisco that it saw a steep drop in orders in October and reports from retailers that consumers are skipping trips to the mall provided fresh evidence of the economy's struggles. While sales at Wal-Mart Stores Inc benefited from bargain-seekers, some specialty retailers posted huge drops in monthly sales.

Adding to investors' list of worries, the Labor Department said the number of people continuing to draw unemployment benefits jumped to a 25-year high, increasing by 122,000 to 3.84 million in late October. It marked the highest level since late February 1983, when the economy was being buffeted by a protracted recession.

While new claims for unemployment benefits dipped by 4,000 to a seasonally adjusted level of 481,000 last week, the levels remain elevated. The findings added to the market's unease ahead of Friday's October employment report, a widely watched barometer of the economy's health. "I think everybody kind of simultaneously - the consumers and businesses - is tightening belts so that's triggering a reasonably precipitous slowdown that's widespread," said Ed Hyland, global investment specialist at JP Morgan's Private Bank. "THIS IS SOMETHING THAT WE HAVEN'T REALLY SEEN, THIS LEVEL OF THIS RAPID AND SIGNIFICANT PULLBACK BOTH IN THE MARKET AND THE ECONOMY."

THERE HAD BEEN WIDESPREAD CALLS FROM INDUSTRY FOR A MAJOR CUT AS THE COUNTRY BEGINS TO FACE UP TO THE PROSPECT OF A DEEP RECESSION. It is the most dramatic cut since a two percentage point reduction in 1981. The cut comes after a raft of weak economic data recently. It is the first time the Bank has cut rates by more than half a percentage point since gaining its independence in 1997.

"This cut should help to ease conditions in the credit markets, and allow banks to pass the benefits on to their customers." BBC economics editor Hugh Pym said: "The Bank of England is using terms like 'very marked deterioration in the outlook' and 'severe contraction'. IT IS CLEARLY VERY CONCERNED ABOUT THE POSSIBILITY OF A PROLONGED RECESSION IN THE UK."

"The risks of high inflation have now evaporated, and because the bank is worried that inflation will now fall well below its target, it has felt the need to come up with this cut, which is much bigger than expected." Following the announcement the FTSE stock market gained more than 100 points, to stand down 86 points, or 1.90%, at 4444.67 by 12:45 in London.

Even the sound engineer got the applause of his life. The technician stood on the stage, in front of 25 huge US flags and counted "one, two, three" before saying with pleasure: "I am the sound check for the next president of the USA." The crowd cheered even louder, at least 70,000 were gathered in front of the stage, while around a quarter of a million were in the park. Most had been standing here since 3 p.m. and some had paid up to $1,000 dollars on the Internet for their tickets.

The technician was announcing more than just a sound check. IT WAS THE PROMISE OF A NEW TONE - FOR AMERICA AND FOR THE WORLD. Even conservative commentators recognized this. "We have just achieved an incredible milestone for which the world has to have more respect for the United States," Republican analyst Bill Bennett, a one-time Reagan aide, told CNN. The new president is a man with the name Barack Hussein Obama, who grew up in Hawaii and Indonesia, who has a white mother from Kansas and a black father from Kenya. A MAN WHO PROMISES "CHANGE" AND "HOPE" - A NEW AMERICA.

It was not just an election victory, it is a thunderous mandate - the most radical cry for change in the US since Ronald Reagan's victory in 1980. The Democrats have also triumphed in Congress. They have increased their majority in the House of Representatives and now also have one in the Senate. McCain's tactic in the final days of the race of raising fears of a sweeping Democratic takeover did not bear fruit. The new power relations mean that Obama can expect to have to deal with some very self-confident Democrats in Congress.

There is a new sound here after eight long years of Bush. And America is determined to listen to it.

People from Australia to India, Brazil to Russia watched with bated breath as the returns came in. Never before had an American presidential election generated so much international interest; never before had the globe been so clear about who it wanted Americans to cast their vote for.

With Barack Obama now having won the election, though, it seems likely that he won't enjoy much of a grace period. The list of problems facing him and the world is daunting, and already some of them are rearing their heads. Russian President Dmitry Medvedev announced on Wednesday that he would be stationing missiles in Kaliningrad, the island of Russian territory that borders European Union members Lithuania and Poland.

Afghan President Hamid Karzai also sent a clear message, saying that the killing of civilians by NATO troops in Afghanistan has to stop. "The war on terrorism cannot be fought in Afghan villages," he said. And not to be outdone, a statement from the Iranian military was broadcast on state radio in Iran warning that, should the country's airspace be violated, Iran's armed forces "will respond."

The group, with 29 representatives per creed, was established by the Pontifical Council for Interreligious Dialogue and representatives of the 138 Muslim leaders who sent an open letter to Benedict XVI and other Christian leaders last October. According to the Vatican press office, the panel will consider the seminar theme from two main angles: "theological and spiritual fundamentals" and "the dignity of the human person and mutual respect."

Archbishop Pier Luigi Celata, secretary of the Pontifical Council for Interreligious Dialogue, told Vatican Radio on Monday that the seminar seeks "to see which elements we share, because together we can give a coherent response of love for God, seeking to love each other."

The assembly emphasized the importance of "respect for life, the rights of men and women, as well as the distinction between the sociopolitical sphere and the religious sphere in the promotion of justice AND PEACE IN THE WORLD."

Doctor Ibrahim al Fanni showed the newspaper sketches outlining the demolition of al-Aqsa Mosque and the Marwani mosque (Solomon's stables) beneath al-Aksa, as well as a plan involving opening up the Fatimi Halls, which are also located under al-Aksa.

Dr al Fanni claims the halls would be turned into a Jewish Temple, and construction would gradually move to the upper part of the compound, taking over space in Al-Aqsa. "Plan B" would see the demolition of the Al-Aqsa Mosque and the construction of a Jewish "Royal Palace" on the same site, which Muslims believe was the spot from which the Prophet Muhammad started his journey into the heavens.

Now that he has won the White House following a two-year campaign that relied on soaring rhetoric about America's future, reality is setting in - how can Obama deliver on his lengthy list of promises? "HE'S MADE COMMENTS ON THE CAMPAIGN TRAIL THAT WILL HAVE TO BE RECONCILED WITH HIS POLICIES," said Republican political analyst Dylan Glenn.

Obama has offered tax cuts for working families, affordable and expanded health care and a speedy withdrawal from Iraq intended to save billions of dollars each month. "His notion about what he will do in Iraq, his notion about what he will do in terms of fiscal policy for this country will have to be translated into real live policy, and that will be a challenge," Glenn said.

Political analyst and FOX News contributor Juan Williams said Obama's biggest critics will come from the party's left wing, because he won't be able to fulfill all of his promises. "Barack Obama realizes if he does anything precipitous with regard to American military forces in a place like Iraq and puts anybody in danger or in some way allows terrorists to make some gains, he will suffer a tremendous backlash that could be politically damaging to him to the point that he never recovers," Williams said.

The passage of Proposition 8 in Tuesday's election represents a crushing political defeat for gay rights activists, who had hoped public opinion on the contentious issue had shifted enough since the state overwhelmingly passed an earlier gay marriage ban in 2000 to help them defeat the measure.

"We pick ourselves up and trudge on," Kate Kendell, executive director of the National Center for Lesbian Rights, said early Wednesday when it appeared the measure was headed for passage. "There has been enormous movement in favor of full equality in eight short years. That is the direction this is heading, and if it's not today or it's not tomorrow, it will be soon."

"People believe in the institution of marriage," Frank Schubert, co-manager of the Yes on 8 campaign said. "It's one institution that crosses ethnic divides, that crosses partisan divides. … People have stood up because they care about marriage and they care a great deal."

Jake Rowe, 27, and James Eslick, 29, were in the midst of getting married at Sacramento City Hall Wednesday morning when someone from the clerk's office stopped the wedding. The two men had planned to get married next year because "We held in hope that 8 would not pass," Rowe said. "I'm thoroughly surprised. I THOUGHT CALIFORNIANS HAD COME TO THE POINT WHERE THEY REALIZED DISCRIMINATION WASN'T RIGHT," he said.

The European Central Bank and the Bank of England are expected to cut interest rates by at least half a percentage point but new evidence of the damage done to the world economy by the global financial crisis prompted many investors to price in larger, record cuts in British and euro zone rates.

News of bigger-than-expected job losses in the United States, a sharp contraction in the world services sector, steep house price declines and a manufacturing retreat in Britain, all underscored the global economic gloom. Markets buckled under the weight of the grim data with Asian stocks slumping more than 6 percent, tracking Wall Street and Europe and wiping out U.S. election day gains sparked by relief that a nearly two-year presidential campaign had come to an end.

"After the world rally on the day of the presidential election investors have now shifted their focus to how fast, and how well the new administration will address the current economic issues," said Yoo Soo-min, analyst at Hyundai Securities. Oil prices fell toward $65 a barrel, reflecting expectations a global recession will severely undercut demand.

Yet for more than 10 years he has been out of the limelight, shunned by bosses at the BBC where he made his name, as well as fellow scientists and environmentalists. His crime? BELLAMY SAYS HE DOESN'T BELIEVE IN MAN-MADE GLOBAL WARMING. Here he reveals why – and the price he has paid for not toeing the orthodox line on climate change.

"When I first stuck my head above the parapet to say I didn't believe what we were being told about global warming I had no idea what the consequences would be. I am a scientist and I have to ­follow the directions of science but when I see that the truth is being covered up I have to voice my ­opinions. ACCORDING TO OFFICIAL DATA, IN EVERY YEAR SINCE 1998 WORLD TEMPERATURES HAVE BEEN GETTING COLDER, AND IN 2002 ARCTIC ICE ACTUALLY INCREASED. Why, then, do we not hear about that?

The sad fact is that since I said I didn't believe human beings caused global warming I've not been allowed to make a TV programme. People such as former American Vice-President Al Gore say that millions of us will die because of global warming – which I think is a pretty stupid thing to say if you've got no proof. And my opinion is that there is absolutely no proof that carbon dioxide is anything to do with any impending catastrophe. The ­science has, quite simply, gone awry. In fact, it's not even science any more, it's anti-science. There's no proof, it's just projections and if you look at the models people such as Gore use, you can see they cherry pick the ones that support their beliefs.

THE THING THAT ANNOYS ME MOST IS THAT THERE ARE GENUINE ENVIRONMENTAL PROBLEMS THAT DESPERATELY REQUIRE ATTENTION. For example, we must stop the dest­ruc­tion of tropical rainforests, something I've been saying for 35 years. Mother nature will balance things out but NOT IF WE INTERFERE BY DESTROYING RAINFORESTS AND OVERFISHING THE SEAS. That is where the real environmental catastrophe could occur.

The Dow Jones industrial average (DJI) was down 486.01 points, or 5.05 percent, to end unofficially at 9,139.27, based on the latest data. The Standard & Poor's 500 Index (SPX) was down 52.98 points, or 5.27 percent, to finish unofficially at 952.77. The Nasdaq Composite Index (IXIC) was down 98.48 points, or 5.53 percent, to close unofficially at 1,681.64.

The drop marked Wall Street's biggest loss ever on the day after a presidential election, coming immediately on the heels of its biggest Election Day rally on record in the previous session.

President-elect Barack Obama was also greeted with reports showing deep cuts in employment by private employers, possibly foreshadowing weakness in the government's employment report on Friday, and separate data showing companies planned layoffs rising to the highest in nearly five years. The new Democratic leader, who swept to a White House victory, NOW FACES THE TASK OF TRYING TO LEAD THE UNITED STATES AND THE WORLD OUT OF ITS WORST FINANCIAL CRISIS SINCE THE 1930S.

"We the Kenyan people are immensely proud of your Kenyan roots," President Mwai Kibaki said. The BBC's Juliet Njeri says Mr Obama's step-grandmother was seen dancing and cheering jubilantly outside her house after the results were declared. She says Mr Obama's family stayed up all night in the western Kenyan village of Kogelo watching the election count, and they are now preparing for a big party.

African leaders from South Africa to Somalia have sent their congratulations to the US president-elect. Nelson Mandela, South Africa's first black president, welcomed Mr Obama's victory as a sign of hope for everyone. "Your victory has demonstrated that no person anywhere in the world should not dare to dream of wanting to change the world for a better place," he said in a letter of congratulations.

In January, Kisumu was the scene of running battles between members of the public and police after riots broke out over the Kenya's contested elections. But correspondents say the US election seems to be a unifying moment for the country, with people reported to be saying that Mr Obama's victory is a victory for all Kenyans.

"It's been a long time coming, but tonight… change has come to America," the president-elect told a jubilant crowd at a park in Chicago. His rival John McCain accepted defeat, saying "I deeply admire and commend" Mr Obama. He called on his supporters to lend the next president their goodwill. The BBC's Justin Webb said the result would have a profound impact on the US.

"On every level America will be changed by this result, it will never be the same," he said. Mr Obama appeared with his family, and his running mate Joe Biden, before a crowd of tens of thousands in Grant Park, Chicago. "If there is anyone out there who still doubts that America is a place where all things are possible, who still wonders if the dream of our founders is alive in our time, who still questions the power of our democracy, tonight is your answer," he said.

But he added: "Even as we celebrate tonight, we know the challenges that tomorrow will bring are the greatest of our lifetime - TWO WARS, A PLANET IN PERIL, THE WORST FINANCIAL CRISIS IN A CENTURY. The road ahead will be long. Our climb will be steep... But America - I have never been more hopeful than I am tonight that we will get there."

But some business groups want the Bank to go further and cut rates by one percentage point to 3.5%, which would be the biggest cut since 1993. The interest rate decision will be announced at midday GMT on Thursday.

Last month, the Bank cut its base rate from 5% to 4.5% in an emergency co-ordinated move by the world's central banks. PricewaterhouseCoopers (PwC) is calling for a cut to 4% on Thursday but says rates will need to fall further. PwC predicts that the UK economy will grow by 1% this year and shrink 0.5% in 2009 before reaching "calmer waters in 2010".

"The Bank of England Monetary Policy Committee needs to cut interest rates progressively to 3% or lower in order to prepare the economy for the recovery we hope to see in 2010," said John Hawksworth, head of macroeconomics at PwC. The report also calls for the government to introduce stimulus measures, such as bringing forward some of the public spending that is currently planned for future years.

However, David Smith, the chief executive of Jaguar Land Rover, said a dramatic one percentage point was "absolutely vital" to kick start the economy. "We need a real shock to the system that a significant rate cut will provide. Stimulating demand is crucial to avoid a deep and long recession, and interest rates are the place to start," Mr Smith said.