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FTSE rebounds on commodities

The leading share index rebounded on Tuesday after posting its biggest-ever one-day points fall in the previous session, as gains in commodity stocks offset heavy losses in the ailing banking sector.

Government to unveil major bank rescue package

Chancellor Alistair Darling will announce a rescue package for the banking system on Wednesday, a move likely to include a major injection of capital into banks, a government source said.

Economy seen to shrink

The economy shrank by 0.2 percent in the third quarter, the National Institute of Economic and Social Research said Wednesday as it urged the Bank of England to cut interest rates by half a percentage point.

RBS shares hit lowest level in 15 years

Shares in Royal Bank of Scotland slumped 41 percent in late trading on Tuesday to their lowest level since late 1993 amid concerns over funding needs for the banking sector.

Landsbanki's UK bank icesave suspends operations

Icelandic bank Landsbanki's <LAIS.IC> British internet bank icesave has stopped customers withdrawing or depositing money, according to its website.

U.S. judge says cannot rewrite BP refinery plea deal

A U.S. judge on Tuesday said she lacks legal authority to rewrite BP's proposed $50 million (28.6 million pound) plea agreement with the U.S. government to resolve criminal liability for a deadly 2005 Texas refinery explosion despite victims' assertions that it is too lenient.

U.S. Fed steps in but U.S. stocks dive

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Former AIG execs draw fire from U.S. lawmakers

Lawmakers criticized American International Group Inc <AIG.N> on Tuesday for ignoring financial warnings and for lavish spending, including an executive retreat just days after getting an $85 billion (48.6 billion pound) rescue loan.