AFP - The FTSE 100 index was lower on Tuesday, mirroring a general slump across Europe in the wake of more steep losses on Wall Street and in Asia, despite weekend moves by the US government to rescue two mortgage giants.

Reuters - General Motors Corp on Tuesday announced a plan to cut costs by $10 billion, suspend its common stock dividend and sell up to $4 billion in assets in a bid to shore up cash and survive a deep industry slump.

Reuters - U.S. securities regulators issued an emergency rule on Tuesday to limit certain types of short selling in major financial firms, including Fannie Mae and Freddie Mac .

Reuters - Former Samsung Group chief Lee Kun-hee, one of South Korea's most powerful businessmen, was handed a 3-year suspended jail sentence on Wednesday for tax evasion, but was cleared of other charges.

AFP - US retail sales slowed more than expected in June as American consumers cut back spending in the face of economic concerns and worries about the health of major banks, a government survey showed Tuesday.

AP - Federal Reserve Chairman Ben Bernanke told Congress Tuesday the fragile economy is facing "numerous difficulties" despite the Fed's aggressive interest rate reductions and other fortifying steps.

Reuters - The Dow and S&P fell on Tuesday in turbulent trading after the Federal Reserve chairman said financial markets were under considerable stress, outweighing optimism that a dramatic drop in oil prices could help corporate profits and consumer spending.

Reuters - Oil dropped more than $9 on Tuesday, the largest drop in dollar terms in 17 years, as growing concern about the economic health of top energy consumer the United States stirred demand worries.

Reuters - General Motors Corp on Tuesday announced a plan to cut costs by $10 billion, suspend its common stock dividend and sell up to $4 billion in assets in a bid to shore up cash and survive a deep industry slump.