Reuters - Former American International Group Inc executive Joseph Cassano is under investigation by U.S. prosecutors for possibly misleading auditors and investors about subprime mortgage-related losses, according to a Bloomberg report citing people familiar with the probe.

AP - European stock markets closed modestly higher Tuesday even as profit-taking trimmed gains enjoyed earlier on the U.S. government's latest attempt to revive lending in the world's largest economy.

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.