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Economy

Gordon Brown hosts talks on economic crisis

PM and chancellor to meet Bank of England governor and FSA chairman this afternoon Downing Street raised speculation that a government bail-out of the banking system could be imminent when it announced this afternoon that...

IMF urges Darling to act fast on credit crisis

Alistair Darling and governments around the world need to take immediate, radical action to tackle the credit crisis, the International Monetary Fund said. By Edmund Conway in Washington In what will be seen as a veiled rebuke...

Australian dollar rises after surprise rate cut

The Australian dollar eked out gains on Tuesday after the Reserve Bank of Australia slashed interest rates by 100 basis points, double the amount expected. The RBA’s interest rate cut to 6 per cent from 7 per cent was its...

Banks in crisis as billions wiped off share prices

The banking industry was plunged into unprecented turmoil as share prices plummeted, knocking billions off the value of some of the High Street's top banks within minutes. By Katherine Griffiths and James Quinn Shares in RBS,...

Royal Bank of Scotland shares battered

Banking stocks suffered further falls today as an early rally for the beleaguered London market ran out of steam. The FTSE 100 Index initially opened more than 2 per cent higher as investors eyed cheap looking stocks after...

Banks mauled as government meets for crisis talks

Downing Street raised speculation that a government bail-out of the banking system could be imminent when it announced this afternoon that Gordon Brown will be hosting a key meeting to discuss the crisis.

Rogue trader pins crisis on banks

Nick Leeson said there was a lack of understanding of financial markets One of the most notorious rogue traders in global finance has blamed central banks and government for the current money market crisis. Nick Leeson's...

FTSE rises on commodities as banks slide further

LONDON (Reuters) - Britain's top share index crept back from a four-year low set earlier in the session by midday on Tuesday, as gains in energy stocks outweighed heavy losses in the ailing banking sector in volatile trade.

Darling in EU economic crisis talks

Chancellor Alistair Darling is meeting European finance ministers to discuss a response to the global economic crisis. They will mull an EU-wide deposit guarantee for savers of 100,000 euros - about £80,000 - at talks in...

UK banks in govt funding talks as crisis grips

LONDON (Reuters) - Britain and its banks will hold more urgent talks over a possible multi-billion pound injection of public money into the sector over coming days, an industry source said as the financial crisis tightened its...