Economics / Markets

US GDP was revised down from 2.5% to 2% in the third quarter, the Commerce Department said today.

The former chief executive of AIG is suing the US government for $25bn for its 'unconstitutional' takeover of the insurer in 2008.

Our round-up of Tuesday's national newspaper headlines...

Asian stocks fell overnight after a US congressional committee charged with reducing the nation's deficit failed on Monday to agree on cuts.

US shares plunged at opening ahead of an expected announcement politicians have failed to agree a deal to cut the US' sprawling budget deficit.

Hungary has asked the International Monetary Fund (IMF) and the European Union (EU) for financial aid as its debt pile grows and its currency weakens.

Lloyds Banking Group has announced the interim replacement for group chief executive António Horta-Osório.

Global markets fell this morning over fears the new Spanish government - instated over the weekend - will not be able to pull back its domestic economy from the brink of default.

The FTSE opened 1% lower on Friday following heavy falls in the US and across Asia overnight, with investors spooked by Spanish bond yields moving perilously close to the critical 7% level yesterday.

A meeting in Berlin between David Cameron and German Chancellor Angela Merkel will be dominated by the European debt crisis, but is expected to also tackle the concept of a tax on financial transactions - known as the Tobin Tax - on which the two nations...