CNN 2008-10-12

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Good morning to you, I am Creshon Saunders at the CNN. com newsroom in Atlanta. Here is a look at what's happening NOW IN THE NEWS.

President Bush says many countries are working together to restore stability and confidence in financial institutions. He spoke¹ early this morning from the White House after a meeting with world financial leaders. He said the Group of Seven nations agreed they need to take coordinated² action much like the widespread interest rate cuts earlier this week.

"The leaders gathered in Washington this weekend are all working toward the same goals. We will stand together in addressing this threat to our prosperity. We will do  what it takes to resolve this crisis and the world's economy will emerge stronger as a result."

A bipartisan state inquiry³ has found Alaska governor Sarah Palin abused her power by trying to get her former brother-in-law fired from the State Police. Now a state personnel panel is also investigating the matter. The Senate could pursue sanctions if the panel finds Palin broke state law. Palin maintains she did nothing wrong.

America's big three automakers could soon become the big two. Published reports say General Motors has been in talks to buy out Chrysler for more than a month now. This week's meltdown on Wall Streets stalled negotiations⁴ but they could start again if markets stabilize⁵. Sources say the chance of a merger⁶ is about "50-50" right now, neither company would comment directly.

North Korea has released new pictures of leader Kim Jong Il. The pictures show the reclusive leader inspecting soldiers. No word when the pictures were taken. These images are getting a lot of attention these days because Kim's health has recently been in question.

Connecticut has become the third state to legalize gay marriage. Celebrations broke out among gay marriage supporters after the state supreme⁷ court approved it yesterday. The decision was closed with 4 justices supporting it and 3 voting against it. Same sex weddings are expected to start in less than a month. Gay marriage is already legal in Massachusetts and California.

Those are the headlines this hour. For more on these stories and other news of the day, CNN is your source online, on TV even when you're on the go.