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The Governor of the Bank of England braced Britain last night for a long march out of recession as he warned that the country faces an extended and painful economic downturn.
Mervyn King warns of Britain's 'long march' out of recession
Bank of England governor Mervyn King last night admitted that Britain was entering its first recession since the early 1990s. He is the most senior figure to use the word recession since the slowdown began
At last, Bank chief admits: it really is a recession
Lord Mandelson has warned that Lloyds TSB and HBOS will not get their 17bn rescue package unless the planned merger goes ahead, increasing Government pressure on shareholders to vote in favour of the deal.
Lloyds TSB and HBOS won't get 17bn from taxpayer if they don't merge, says Lord Mandelson
Wall Street fell back as disappointing third-quarter profits increased fears about the weakness gripping the economy.
Wall Street falls as company profits disappoint
The Federal Reserve is to buy up to $540bn (320bn) worth of assets from money market funds in its latest attempt to stimulate the credit markets.
Fed to provide $540bn in bid to kick-start credit markets
A key insurance settlement relating to $400 billion of contracts on Lehman Brothers debt has been finalised without any big hitches, according to an industry clearing organisation.
Lehman insurance settlement eases through
BHP Billiton said growth from China, its most important commodities customer, had softened during the three months ended September and warned volatility and uncertainty would continue in the short term.
BHP Billiton warns of softening China demand
Some of Russia's richest men have been forced into a firesale of assets as tough market conditions make it difficult for them to repay Western and local lenders.
Russia's rich forced to sell assets to repay loans
Kirk Kerkorian, the billionaire investor, is abandoning his $1bn bet on Ford, after being crushed by the car maker's collapsing share price.
Kerkorian cuts losses on $1bn Ford stake
Mouradian claims he was in charge of deciding how the pooled money was to be shared. For the second half of 2006, the bonus purse contained 1.43m. Two members of his team received payments of 60,000 and 47,000, while another was given 2,000. The remaining desk employees were awarded nothing. However, documents submitted to the court show that Mouradian awarded 1.32m - or 92% of the total bonus pool - to himself.
Trader sues bosses over shortfall in 1.3m he awarded himself
E*Trades (ETFC) mid-decade foray into mortgage lending continues to haunt the online brokerage firm. The New York company posted a steep third-quarter loss after the market closed Tuesday and said it expects to lose money in the fourth quarter as well.
E*Trade may seek federal aid