US regulators say a group of firms that are not banks should be deemed potential threats to the financial system that need stricter government oversight.

American International Group is set to sell nearly all of ILFC, the world’s second-largest plane-leasing business, to a Chinese consortium for up to $4.8bn (€3.7bn), giving the fastest growing aviation market easier and cheaper access to planes.

AMERICAN International Group is suing Bank of America to recover more than $10 billion (€7bn) over a “massive fraud” on mortgage debt, deepening the litigation morass facing the largest US bank.

Comedian Frank Skinner told today how he lost millions of pounds as a “victim of the credit crunch”.

Defiant Icelandic voters have resoundingly rejected a €3.9bn plan to pay off Britain and the Netherlands for debts spawned by the collapse of internet bank Icesave, according to initial results today.

US treasury secretary Timothy Geithner is to face a congressional grilling about suppressed details about deals that funnelled billions to big investment banks while he was president of the Federal Reserve Bank of New York.

Foreign countries including Saudi Arabia gave millions to former President Bill Clinton’s charity at a time when his wife Hillary was serving her first year as secretary of state, records released today show.

The Obama administration extended the $700bn (€475bn) bailout programme until October, setting the scene for a Congress battle.

The London market was given a late session boost from the US today, but the lift was not enough to save Royal Bank of Scotland from plunging into the red.

Troubled US insurer American International Group (AIG) has posted its first quarterly profit since before the recession began in late 2007.

Federal Reserve chairman Ben Bernanke said he had to “hold his nose” over last year’s taxpayer-funded bailouts of financial giants.

The US government will today announce new rules on compensation for top financial sector executives.

The Obama administration wants the US government to have a say in how financial institutions pay their employees.

Financial services company Prudential have confirmed they are in talks with Manchester United about becoming the club‘s new shirt sponsor.

US car workers vented their fury today over Barack Obama’s tough tactics, inflaming long-simmering feelings that the people who put America on wheels are treated differently to the wizards of Wall Street.

The Obama administration today launched its much-awaited assault on the worst banking crisis in 70 years.

Activists representing working and middle-class families descended on the lavish homes of American International Group executives to protest at the millions in bonuses awarded by the struggling insurance company.

Documents turned over to the office of Connecticut’s attorney general by American International Group (AIG) show the company paid out US$218m (€160.6m) in bonuses, higher than the US$165m (€121.5m) previously disclosed.

American politicians have approved a bill to slap punishing taxes on big employee bonuses from firms bailed out by taxpayers.

American International Group is giving its executives tens of millions of dollars in new bonuses even though it received a taxpayer bailout of more than US$170bn (€131.5bn).

The former chief executive of American International Group is suing the company he led for 38 years, saying the giant insurer misled investors about its exposure to sub-prime mortgages.

The US government unveiled a bold plan to rescue troubled Citigroup, including taking a $20bn (€15.7bn) stake in the firm as well as guaranteeing hundreds of billions of dollars in risky assets.

The Bush administration is abandoning the centrepiece of its massive €520bn economic rescue plan and exploring new ways to shore up not only banks but credit card, car loan and other huge businesses.

Wall Street got another dose of painful reality today, with stocks falling sharply as investors recognised that few industries are safe from the consumer spending slump.

Wall Street sank further today, extending its heavy losses as enthusiasm over Federal Reserve efforts to inject confidence into credit markets gave way to concerns about financial companies’ balance sheets.

Troubled insurer American International Group is understood to be planning to sell some of its UK operations in a bid to repay its debt to the US Government, it was reported today.

The Bush administration insisted Congress must move quickly to approve what one politician called the "mother of all bailouts" - a US$700bn (€483.5bn) proposal to buy a mountain of bad mortgage debt in a bid to free up the nation's credit markets.

The Government is increasing the statutory guarantee limit for bank deposits from €20,000 to €100,000 per person.

Presidential candidate Barack Obama today turned to some of the most respected names in the business world for fresh ideas to end the US financial upheaval and win the confidence of voters.

The head of the Singapore unit of troubled insurance giant American International Group has resigned with immediate effect, the country’s central bank said today.

US president Bush attempted to ease America's fears over the economy today in a set-piece speech that was short on specifics.

Barack Obama regained a slight lead over John McCain today as the battered US economy intruded on an American presidential election more than any since the Great Depression of the 1930s.

The US stock market took another nosedive as the American banking system appeared even shakier and investors worried that the financial crisis is spinning so far out of control that even government rescues cannot stop it.

Asian stocks tumbled today, tracking declines on Wall Street as investors feared more companies could succumb to the global financial crisis that forced the US to bail out troubled insurer American International Group.

Stocks plunged on Wall Street today as investors remained worried about chaos in the US financial market even after the government forged an extraordinary $85bn (€59bn ) rescue of insurance giant American International Group.

America was bombarded with new television adverts from its presidential candidates today, both promising to end the economic meltdown.

US financial watchdogs today acted to stop aggressive forms of short-selling that were blamed in part for the demise of Lehman Brothers.

Asian stock markets partly recovered today after the US government announced a £47.2 billion plan to bail out troubled insurance giant American International Group.

US stocks ended another tumultuous day with a big gain, partly recovering from its worst sell-off in years after the Federal Reserve said it was keeping interest rates unchanged at 2%.

Shares of Manchester United sponsor American International Group nosedived on Wall Street today as US investors questioned whether the huge insurer would come up with more money and avoid igniting even more global financial turmoil.

The FTSE 100 Index closed at its lowest level for more than three years today after another traumatic session for UK blue chips.

Shares in insurance giant American International Group (AIG) fell another 63% on Wall Street today amid concerns of a deepening cash crisis at the firm.

Republican presidential candidate John McCain today called for a top-level inquiry into the economic crisis, claiming that a corrupt and excessive Wall Street had betrayed American workers.

American International Group will be allowed to use $20bn (€14bn) of assets held by its subsidiaries to provide cash needed for the troubled insurer to stay in business.