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Repossessions rise as crises bites

Lenders took possession of 11,300 homes in the third quarter, up from 10,100 in the second despite government efforts to make home repossessions a last resort, the Council of Mortgage lenders said on Friday.

U.S. stocks surge on Obama pick

NEW YORK (Reuters) - U.S. stocks surged and the dollar jumped on Friday on reports that President-elect Barack Obama has chosen his point person to combat the worst U.S. economic crisis in 80 years, giving hope to deeply fearful markets.

Citigroup shares drop and CEO plans to keep Smith Barney

NEW YORK (Reuters) - Citigroup Inc shares tumbled for a fifth straight day on doubts about its survival prospects after its chief executive downplayed speculation the bank might sell major businesses or merge with a rival.

Debenhams chain extends pre-Christmas sale

Department store group Debenhams has extended its pre-Christmas sale by another two days, underscoring retailers' worries about the weakness of consumer spending as the economy slides into recession.

Obama moves to pick Geithner for Treasury

President-elect Barack Obama on Friday moved towards nominating Timothy Geithner as Treasury secretary and charging the respected head of the New York Federal Reserve with helping pull the United States out of an economic nosedive.

Scottish former bankers drop HBOS campaign

George Mathewson and Peter Burt, the Scottish former bankers who tried to thwart Lloyds TSB's <LLOY.L> takeover of HBOS <HBOS.L>, dropped their campaign blaming tighter government funding terms for banks.

GM cuts output and jets as U.S. demands turnaround plans

DETROIT/WASHINGTON (Reuters) - Detroit automakers began work on turnaround plans demanded by Congress in return for $25 billion (16 billion pounds) in aid as General Motors Corp <GM.N> said it would cut production more and give up two of its controversial corporate jets.

FTSE slides 2.4 percent as Citi woes pile on pressure

Top shares ended 2.4 percent lower on Friday as fears over the fate of banking giant Citi and nervousness about the global economy gripped investors, leading them to sell relatively risky equities.