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This is Money
Hank Paulson, the US Treasury Secretary, has warned that more banks and businesses will fail amid the financial crisis despite Americas $700 billion bail-out plan.
Hank Paulson warns that more banks and businesses will fail
The US Treasury Department is considering taking ownership stakes in many US banks in a bid to restore confidence in the battered financial system, reports the NYT. US officials told the paper that the $700bn bailout bill gives them authority to inject cash directly into banks that request it, a move that would quickly strengthen banks balance sheets and hopefully persuade them to resume lending.
US Treasury considers buying bank stakes
The International Monetary Fund has slashed its growth forecast for the UK by more than any other major country in the world, as it warned that the UK is heading into recession.
IMF slashes UK forecast and warns of recession
Banks continued to hoard their cash, with long-term inter-bank lending remaining at a standstill despite the announcement of the Chancellor's UK bail-out plan.
Inter-bank lending still frozen despite bail-out
Lloyds TSB is renegotiating the terms of its planned takeover of mortgage lender HBOS, The Daily Telegraph has learned.
Lloyds TSB seeks new terms for HBOS deal
The Federal Reserve uses emergency powers to authorise a further $38 billion loan to AIG to prevent it going bankrupt.
AIG thrown a further $38bn lifeline
Dozens of local councils risk losing hundreds of millions of pounds of taxpayers money held in Icelands stricken banks. Town halls across the country may have to raise council tax and cut services as the repercussions of the collapse of the Icelandic economy broadened into a diplomatic row with Britain.
Town hall millions may be lost in Iceland
Robert Tchenguiz, the UK-based property entrepreneur, lost 1bn in just 24 hours after being forced to offload his stakes in J Sainsbury and Mitchells & Butlers as the fallout of the Icelandic banking crisis hit corporate UK.
UKs Tchenguiz loses 1bn on stake sale