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telegraph.co.uk for the latest news from the UK and around the world.

US mortgage rate scheme may push on a string
The US Treasury thinks lowering interest rates on mortgages will help stabilise the country's spiralling housing market. It wants mortgage giants Fannie Mae and Freddie Mac to purchase loans sporting interest rates of 4.5pc about 1.5 percentage points lower than on recent mortgages. Cheaper financing may help spur some individuals who are on the fence about a purchase. But it seems likely that ongoing home price deflation and growing economic uncertainty will keep most on the sidelines for some time.
Asian market attempt rebound
Asian markets tried to rebound as investors set aside a wave of global layoffs and overnight losses on Wall Street where stocks failed to get a boost from interest rate cuts in Europe.
Oil to hit 25 a barrel as global recession deepens Merrill Lynch predicts
Oil prices could tumble below 25 a barrel next year if the global recession reaches China investment bank Merrill Lynch has predicted.
Japanese cities among most expensive in world
The global financial crisis has propelled Japanese cities into four of the top five places on a list of of the most expensive parts of the world for foreigners to live.
Australians urged to take a holiday to help economy
Australians have been urged by the government to take a holiday to help stimulate the economy and head off a recession.
Big Three future hangs in balance
The fate of the "Big Three" car makers hung in the balance after US politicians appeared divided about the need for a bailout.
Interest rates cut: Nationwide waives collar for all tracker mortgage customers
Nationwide has decided not to enforce the 2.75pc collar on borrowers with existing tracker mortgages.
WorldCom's Ebbers seeks Bush pardon
Former WorldCom chief Bernie Ebbers is seeking a presidential pardon for his role in the 11bn fraud that brought down the company.
One small step for the economy won't stave off a record depression
City Comment
Only determined optimists think housing market has hit bottom
Banks are supposed to say No sometimes writes Tracy Corrigan.
Interserve boosted by contract speculation
Interserve which maintains and builds hospitals and schools for government agencies was in focus yesterday amid talk that it is set to win a huge contract.
Pioneering defence gadgets ensure QinetiQ is up for fight
Philips sounds profits warning
Philips the Dutch electrical group sounded a profit warning yesterday and hinted at further job cuts.
Questions over Channel 4's £150m funding gap
Channel 4 may be denied a slice of the BBC licence fee as the government shies away from major legislative changes.
ECB cuts to 2.5pc and mulls "printing money"
The European Central Bank has slashed interest rates by threequarters of a point to 2.5pc in the boldest move since the launch of monetary union and hinted at revolutionary action to head off a severe slump next year as the economic crisis ravages the car steel and machine tool industries.
Bank of England mulls "nuclear option" of cash injection
The Bank of England is working on plans to inject cash directly into the economy the nuclear option to be used only when interest rates approach zero.
The City's busiest man Nigel Rudd to chair Invensys
Sir Nigel Rudd has been appointed chairman of Invensys the engineering group.
UK biotech bosses call for Government rescue
Leading figures from the UK biotechnology sector have called on the Government to invest £500m to rescue the industry.
Morrisons trounces rivals with best growth for five years
Morrison had its strongest quarterly sales growth since it bought Safeway and said 700000 new shoppers visited its stores every week.
Oil may fall below 25 says Merill Lynch
The price of oil could tumble below 25 a barrel in 2009 if recession in the West spreads to China Merrill Lynch said.
Ryanair offers guarantees on Aer Lingus bid
Ryanair attempts to overcome Irish government objections to its Aer Lingus bid with consumer and union guarantees.
Bank has little option but to ready the printing presses
At times like this with central banks dropping interest rates to unprecedented levels it is tempting to say the textbooks are being dusted down for a hint about what to do next.
Telling the truth is lambasted in politically correct Britain
Jeff Randall criticises the "progressives" who would rather suppress inconvenient facts than confront reality.
Banks to face new liquidity rules
Banks will be told by the City regulator how much liquidity they must hold under new rules which will come into force next year.
John Lewis sees effect of VAT cut
John Lewis the department store owner said trade has been "much stronger" over the past week with purchases of bigticket items boosted by the 2.5 percentagepoint cut in VAT announced in last week's preBudget report.
Woolworths holds huge stock sale as rescue talks continue
Woolworths' administrator launches a massive fire sale of the retailer's stock as it talks to potential buyers.
Rolls Royce and Balfour Beatty lead British involvement in new nuclear power stations
Rolls Royce and Balfour Beatty have agreed a deal with France's Areva to start work on new UK nuclear power stations.
Shipping crisis as global economy slows down
The shipping industry is facing its biggest crisis in decades as more countries become engulfed in the global economic slowdown.
US retail sales fall ahead of Christmas
The American high street suffered its worst November in eight years as consumers tightened their belts in preparation for what could be a very lean Christmas holiday for retailers.
Sir Alex Ferguson among celebrity investors hit at property company
A property investment group whose celebrity investors include Sir Alex Ferguson and Sir David Frost has confirmed one of its principal subsidiaries has been placed into administration.

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