WASHINGTON, USA/BERLIN, GERMANY - The German Foreign Minister has called on the new US administration to consolidate transatlantic economic relations. "Europe and the USA" should "soon reach an agreement on concrete negotiations for a transatlantic free trade zone," proposed Guido Westerwelle. This could bring new "growth." Berlin's initiative was provoked by Washington's explicit announcement that, in the future, it will mainly focus on East and Southeast Asia, rather than on Europe. Berlin is also making demands that are more extensive. Foreign Minister Westerwelle calls on Washington to assume the German austerity policy as its own model for fighting the crisis.

BURMA - A strong earthquake has rocked central Burma, with at least 12 people feared dead and dozens more injured. The 6.8-magnitude quake struck some 120km (70 miles) north of the second-largest city of Mandalay, at a depth of 10km, the US Geological Survey said. Burma's local media say a bridge under construction collapsed in the town of Shwebo, closest to the epicentre. The earthquake - which was felt as far away as Bangkok in neighbouring Thailand - was followed by two strong aftershocks.

GERMANY - Germany's finance minister has reportedly asked a panel of top advisers to examine France's economic problems amid concerns that weaknesses could spread to the rest of Europe. Wolfgang Schaeuble has asked the distinguished "wise men" panel, which advises the government in economic matters, to examine possible reform proposals for France, according to German daily Die Zeit. Lars Feld, an economist who sits on the panel, told Reuters: "Concerns are growing given the lack of action of the French government in labour market reforms." Two officials also told Reuters that Mr Schaeuble had asked the advisers to consider drafting a report on what France should do.

BRUSSELS, EUROPE - Talks to agree the EU's 2013 budget have collapsed, after negotiators from the EU and member states were unable to agree on extra funding for 2012. The EU Commission and European Parliament had asked for a budget rise of 6.8% in 2013. But most governments wanted to limit the rise to just 2.8%. The failure of the talks will dent hopes of agreement on the 2014-2020 budget, which is up for discussion later this month, correspondents say. An EU summit aimed at reaching a deal on that budget will be held on 22-23 November.

EUROPE - Senior Eurocrats were openly speculating last night that Britain could soon quit the European Union. Diplomatic sources admitted that a summit of European leaders scheduled for later this month may have to be scrapped because of David Cameron’s threat to veto an inflation-busting increase in the Brussels budget. And as the bitter row deepened, the sources went further by suggesting the dispute could “quickly” result in the UK’s exit from the EU. “The possibility of Britain’s exit from the EU, as quickly as possible, is no longer considered taboo.”

USA - The US has more in common with heavily indebted southern European countries than it might like to admit. And if the country doesn't reach agreement on deficit reduction measures soon, the similarities could become impossible to ignore. The fiscal cliff looms in the near future, and its not just the US that is under threat.

CHINA - Now that all the high-cost, mud-slinging drama of the US presidential campaign is over, the world can focus on another political transition of potentially greater consequence: China’s 18th Communist Party Congress, which began today.

USA - Representative Ron Paul, whose maverick presidential bids shook the GOP [‘Grand Old Party’ - Republicans], said in the wake of this week's elections that the country has already veered over the fiscal cliff and he sees no chance of righting the ship in a country where too many people are dependent on government.

USA - In the 2008 final exit polls, the electorate was 75 percent white, 12.2 percent African-American, 8.4 percent Latino, with 4.5 percent distributed to other ethnicities. Right now it appears to be pegged at about 72 percent white, 13 percent black, 10 percent Latino and 5 percent “other.” Obviously, this surge in the non-white vote is troubling to Republicans, who are increasingly almost as reliant upon the white vote to win as Democrats are on the non-white vote. With the white vote decreasing as a share of the electorate over time, it becomes harder and harder for Republicans to prevail.

MIDDLE EAST - Iranian warplanes fired at an unarmed US drone in international airspace last week but did not hit the aircraft, the Pentagon said on Thursday, disclosing details of an unprecedented incident that triggered a formal warning to Tehran through diplomatic channels. The November 1 intercept was the first time Tehran had fired at an unmanned American aircraft, in a stark reminder of how tensions between the United States and Iran could escalate quickly into violence. If Iran had hit the drone, as the Pentagon believes it was trying to do, it could have forced American retaliation - with the potential consequences that entails.

UK - MPs say the UK Border Agency's attempts to clear a massive backlog of cases could become an amnesty for immigrants with no right to be in the UK. Keith Vaz, who chairs the Home Affairs Committee, said the backlog was almost equivalent to Iceland's population and spiralling out of control.

USA - When Barack Obama signed the Lily Ledbetter fair pay act, which supported equal pay for women, his detractors called it pandering. When Republican candidates were caught making clumsy statements about rape and abortion, their supporters called the ensuing uproar a "distraction" from the real issues.

USA - President Obama wasn’t the only big winner on Tuesday: the Monsanto Co and the billion-dollar business behind genetically modified foods were victorious in California, where a measure that would've required the labeling of GMOs lost at the polls.

NEW YORK, USA - In the wake of superstorm Sandy, reports of lootings across the Tri-State have been widespread. Areas hit especially hard by Sandy continue to deal with dealing with lawlessness. Rockaways residents told 1010 WINS reporter Gary Baumgarten that looting and thievery have become such serious threats that taking up arms and fleeing town are the best options for staying safe.

NEW YORK, USA - The nor'easter that interrupted recovery efforts from Superstorm Sandy is pulling away from New York and New Jersey, and is making its way into New England. In its wake is a blanket of thick, wet snow that snapped storm-weakened trees and downed power lines from Brooklyn to storm-battered sections of the Jersey shore and Connecticut. Households that waited for days without power because of Sandy were plunged back into darkness in temperatures near freezing.