Reuters - Oil tumbled by more than 6 percent on Tuesday to below $51 a barrel after data showed the U.S. economy in the third quarter shrank at its fastest pace in seven years, stoking concerns fuel demand will slow further.

AP - The government has introduced a pair of new programs that will provide $800 billion to help unfreeze the market for consumer debt which Treasury Secretary Henry Paulson calls vital to supporting the economy.

AP - Wall Street sold off Tuesday as investors, while heartened by government plans to aid consumer lending companies, cashed in some of their winnings after a huge two-day rally.

Reuters - The Federal Reserve threw a massive life-line to consumers on Tuesday with two new programs aimed at making it easier for them to obtain loans for homes, cars and on credit cards.

Reuters - U.S. Treasury Secretary Henry Paulson plans to announce on Tuesday the formation of a program to increase the availability of auto loans, student loans and credit cards, the Wall Street Journal reported, citing people familiar with the matter.

AFP - US authorities launched fresh efforts Tuesday to unfreeze credit and limit the economic downturn with programs to buy up to 800 billion dollars in mortgage- and asset-backed securities.

Reuters - President-elect Barack Obama formally set his economic team with a pledge to act "swiftly and boldly" and Britain unveiled a round of tax cuts and spending to stem a slide into deep, lengthy recession.

AP - British Prime Minister Gordon Brown set out plans Monday to raise an income tax rate for the first time in three decades, abandoning a pledge that had carried his Labour Party to power.

Reuters - China Life Insurance Co Ltd (2628.HK)(601628.SS), the world's biggest life insurer by market value, is interested in buying Asian assets of American International Group Inc , a senior China Life executive briefed on the situation said on Monday.

AP - President George W. Bush has granted pardons to 14 individuals and commuted the prison sentences of two others convicted of misdeeds ranging from drug offenses to tax evasion, from wildlife violations to bank embezzlement, The Associated Press learned Monday.

Reuters - U.S. Treasury Secretary Henry Paulson plans to announce on Tuesday the formation of a program to increase the availability of auto loans, student loans and credit cards, the Wall Street Journal reported, citing people familiar with the matter.

Reuters - President-elect Barack Obama called on his new economic team to act "swiftly and boldly," and Britain said it planned a round of tax cuts and new spending to battle its worsening financial woes.