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Bank cuts rates to 2 percent

The Bank of England slashed interest rates to their lowest level since 1951 on Thursday but indicated more needed to be done to prevent a credit squeeze tipping the economy into a prolonged recession.

FTSE slips as rate cut fails to inspire

The FTSE 100 <.FTSE> ended a volatile session slightly lower on Thursday as investors digested a 100-basis point cut in interest rates and losses in miners eclipsed stronger oils.

U.S. senators grill car chiefs

The CEOs of General Motors and Chrysler said they would consider restarting talks about a merger during a nearly six-hour congressional grilling on the industry's pleas for $34 billion (23 billion pounds) in government aid.

Co-op lines up buyers for more Somerfield stores

The Co-operative Group said on Thursday it had found buyers for 24 stores as part of the regulatory approval process for its purchase of rival food retailer Somerfield.

U.S. jobless rolls at 26-year peak

The number of U.S. workers collecting jobless benefits hit a 26-year high last month, data showed on Thursday, and it may head higher as a deepening economic slump forces a broad spectrum of firms to cut jobs.

ECB makes record rate cut

The European Central Bank made its biggest ever cut to interest rates on Thursday, lowering benchmark credit costs by 75 basis points as it forecast a gloomy year ahead for the recession-bound euro zone economy.

Starbucks to cut more costs

NEW YORK (Reuters) - Starbucks <SBUX.O>, whose sales are slowing as U.S. consumers buy fewer premium coffee drinks, said on Thursday it does not expect to meet Wall Street estimates for the current quarter and would double its cost cuts for the full year.

Theo Paphitis pulls out of Woolworths talks

Entrepreneur Theo Paphitis said on Thursday he had pulled out of the running to buy Woolworths' <WLW.L> sweets-to-DVDs retail business, but talks between the administrators, Deloitte, and other suitors are continuing.