UNITED KINGDOM

Royal Bank of Scotland reported the biggest loss in British history on Thursday and said the government's stake could rise as high as 95 percent after it stumped up billions to insure the bank's risky assets. RBS also unveiled plans to cut 2.5 billion pounds ($3.56 billion) in costs as part of a restructuring plan which will see it exit or reduce its presence in 36 of the 54 countries it operate...

The Australian Dollar opens a shade weaker today at 0.6468 but remains entrenched in its recent broad range between 0.6350 and 0.6550. The Aussie hit an overnight high of 0.6554 – a level which is proving a tough one to break. Despite further poor economic data out of the United States last night, this time in the form of a 12-year low in existing home sales, the Aussie was caught up in moves lower by the Euro and Yen.

Three potential bidders are still looking at buying a large stake in American International Group's key Asian life insurance unit, people close to the matter said on Wednesday.

Chocolate eating is on the rise in the current economic slowdown, while chewing gum is suffering, according to British confectionery giant Cadbury Plc.

Leaders of the G20 developed and emerging countries should not backtrack on their agreement last year to fight protectionism when they meet in London in April, the head of the World Trade Organization said on Wednesday.

The head of sovereign ratings at Standard & Poor's told Reuters on Wednesday he expected more sovereign ratings downgrades than upgrades this year and flagged financial markets' concern about the health of public finances.

Australian Dollar: The Australian Dollar opens higher today at US65 cents having traded between a low of 0.6388 and a high of 0.6525 over the last 24 hours.

Amazon.com Inc has established a clear lead in user preference for digital media download sites in Britain, despite a relatively late entry into the market, a survey published by Strategy Analytics said.

Even if the government took a large common equity stake in Citigroup Inc, worries would likely persist about the bank's ability to absorb soaring losses in a deepening recession. The third-largest U.S. bank by assets is in talks with federal regulators on a plan for the government to increase its stake, a person familiar with the matter said. Converting $45 billion of preferred stock, which the ...

On Monday distributors stated that various foreign press titles are set to return to the press stands this week following a 25 year absence.

Even if the government takes a large common equity stake in Citigroup Inc, worries are likely to persist about the bank's ability to absorb soaring losses in a deepening recession.

Germany and Sweden ruled out underwriting rescue plans for Opel and Saab while Canada's Industry Minister warned on Monday that the crisis-hit North American car industry was at the precipice of nonexistence. Underlining the severity of the crisis battering the car industry, with sales plunging as the credit crunch hits consumer confidence, assembly lines at some Volkswagen p...

A British resident held at Guantanamo Bay for more than four years returned to Britain a free man on Monday and accused the U.S. government of inflicting medieval torture on him -- with British collusion.

Investors queuing to pour cash into discounted corporate debt are in for a risky ride as hedge funds continue to dump assets on the market and default rates have yet to peak.

Debt-laden miner Rio Tinto may try to persuade irate shareholders to back a $19.5 billion tie-up with Chinalco by offering them bonds on the same terms as the Chinese company, according to a newspaper article on Monday. Rio declined to comment on the article by commentator Michael West on the Sydney Morning Herald's Web site (www.smh.com.au), which gave no source for...

Europe said on Sunday it was time to get tough with tax havens and strictly oversee all financial markets as part of sweeping reforms to avoid future meltdowns. European Union leaders met in Berlin to forge a common approach to the global economic downturn that they can take to a meeting in April of the G20, a group of rich and big emerging economies charged with reforming the rules of world fina...

was blamed by some politicians for exacerbating the banking crisis and economic meltdown. In the United States, regulators will soon launch a series of stress tests to determine which of the U.S. banks should get bigger capital cushions in case of a deeper recession, a person familiar with the plans of President Barack Obama's administration said. The largest U.S. banks are well capitali...

European leaders meeting in Berlin on Sunday backed oversight of the world's financial markets and products, including hedge funds, and urged that sanctions be drawn up to punish tax havens. A copy of the chair's summary from a summit hosted by Chancellor Angela Merkel and seen by Reuters describes the situation in financial markets as fraught and says structural reforms and a focus on ...

Royal Bank of Scotland is to announce a restructuring this week to create a non-core division into which unwanted assets will be placed, a banking industry source said on Sunday.

said in a statement the customer accounts were frozen until legal claims could be sorted out. Also, a federal judge presiding over the Stanford case, U.S. District Judge Reed O'Connor, was recused because a relative has substantial Stanford holdings, according to a court filing. The Stanford scandal, hard on the heels of allegations that Wall Street veteran Bernard Madoff carried out a $50...

European leaders meet on Sunday to form a consensual approach to tackle the global economic crisis, while U.S. President Barack Obama is due to unveil an ambitious plan to cut the ballooning deficit in half by 2013. Financial markets plumbed new lows last week on fears governments may have to intervene to nationalize struggling banks and as grim global economic data sent investors scurrying to se...