Morning all. Monday's newspapers:
European leaders agreed to follow Britain's example by buying shares in banks, raising hopes for concerted global action to help resolve the global financial crisis.
Europe to follow Britain after G7 action plan
The Financial Times newspaper said on Monday Royal Bank of Scotland was expected to place shares with the government at 65 pence a share, compared to a closing price on Friday of 71.7 pence.
British banks set for 40 bln stg rescue - sources
Lloyds TSB was last night renegotiating the terms of its takeover of HBOS, the banking group which owns Halifax and in which the government is likely to hold a major stake following an estimated 12bn capital injection.
Treasury cash injection could threaten HBOS takeover by Lloyds
Iceland is poised to become the first Western nation to go cap-in-hand to the International Monetary Fund since Britains humiliating loan in 1976.
Iceland preparing to take IMF loan in echo of 1976 Britain
The collapse in Morgan Stanley's shares late last week has led to a wave of bets being taken on the blue-chip investment bank failing to meet its financial obligations. Investors fear that the bank's debt would return only a fraction of its face value in the event of a bankruptcy filing and are pushing up the cost of insuring its bonds against default.
Bets being taken on Morgan Stanley failing to meet its financial obligations
A band of Anglo-Saxon hedge funds have taken out large short positions on Santander, BBVA and other Spanish banks, betting the collapse of Spains property boom will inflict heavy losses on the whole financial sector.
Anglo-Saxon hedge funds shorting on Madrid falls
WASHINGTON (Reuters) - U.S. banks have asked the Securities and Exchange Commission to reinstate a short sale ban on financial stocks as the volatility on Wall Street showed no signs of letting up on Friday.
U.S. banks keep pressure on SEC to deal with shorts
The governments of the world's largest economies have moved decisively to prevent any recurrence of the collapse of the global financial system.
New banking code to restrict leverage
Accounting rulemakers are considering easing controversial fair value rules in a bid to head off the threat of action by the EU despite warnings from auditors that Brussels proposals could leave them struggling to validate accounts.
Shift likely on fair value accounting