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US votes against $700bn rescue plan

The US House of Representatives have voted against the $700bn rescue plan that was set to save the US from recession.

The proposal to extract toxic debts from the banking system failed by 228 votes to 205 in the Congressional house.

Despite falls worldwide and the greatest one-day drop -7% – in the history of the Dow Jones share indexes in the UK and France are alive and kicking.

Early morning trading shows the FTSE 100 is up by 0.74%, following a fall of 3% yesterday. France’s Cac 40 index is also showing a tentative rise of 0.06%.

Banking shares in the UK were particularly hard hit yesterday, with HBOS down 12%, Royal Bank of Scotland down 11% and Lloyds TSB seeing a drop of 9%.

President George Bush is due to make a speech in response to the failure of the bill later today.

But Congress will not return to session until Thursday following Rosh Hashana, the celebration of Jewish New Year.


Up and down

Mole had to stifle his laughter last week after receiving a frantic call from Lending Strategy editor John Murray.

Brown confident about HBOS LLoyds merger

Prime Minister Gordon Brown has faith in the HBOS Lloyds TSB merger arranged last week despite market concerns that Lloyds will restructure the deal

House builders develop code of conduct

The house building sector is developing a code of conduct to address consumer concerns about excessive delays, faults in new homes and issues with fees.


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