President George W. Bush sought to allay economic and financial market worries Friday, saying the U.S. will work aggressively to improve clogged credit flows, rescue besieged banks and improve consumer and investor confidence.

The city of Austin is expected to hold a presentation at its City Council meeting on Oct. 16 regarding the city’s financial situation in light of the widespread financial crisis.

The Austin area is one of six metropolitan regions in the country chosen to participate in a new national study of alternatives to the gas tax.

In what may be one of the first signs that Austin consumers are being hit hard by the financial crisis, the city’s take from sales taxes fell 5 percent in October.

The University of Texas at Austin has received $190,000 from Exxon Mobil Corp. to support six of the university’s individual schools.

Retail gasoline prices in Austin have fallen an average of 22 cents over the last week as refiners increase the supply of fuel on the market after recovering from Hurricane Ike last month.

The U.S. Department of Commerce’s Economic Development Administration has awarded $739,832 to PeopleFund to help make the nonprofit’s new Center for Economic Opportunity LEED certified.

Medicus Insurance Co. has named Mark Johnson vice president and chief financial officer.

More than 4,000 people attended last weekend’s Lake Travis In-the-Water Boat Show at the Rough Hollow Yacht Club & Marina.

Wells Fargo & Co. is seeking to reassure Wachovia Corp. employees, indicating that massive layoffs are not a part of its acquisition plan. (WFC) (C) (WB) (BAC) (JPM)