EU Creates Bailout Guidelines

Losses for Banks Rein In Markets

European stocks closed Tuesday with moderate losses, a day after the worst day of trade in at least 20 years. A sell-off in the banking sector offset a pop from the Federal Reserve's attempt to help the commercial paper market.

RBS Shares Extend Sharp Losses

Royal Bank of Scotland shares plunged for a second consecutive day amid plans by the British government to shore up confidence in weakening U.K. financial stocks.

Iceland Scrambles to Shore Up Finances

Iceland nationalized its second-largest bank, said it was negotiating a $5.4 billion loan with Russia and intervened to support the krona.

Aufhauser, NY Reach Settlement

Former Treasury and UBS official David Aufhauser has settled with New York Attorney General Andrew Cuomo on allegations of insider trading in the auction-rate securities market.

IMF Urges Global Coordination

The IMF now sees losses on bad U.S. assets topping $1.4 trillion and urged global policy makers to coordinate a response to the financial crisis.

European Auto Output Is Cut

Auto makers are reducing production in Europe, as fears of a prolonged economic downturn hinder demand for new cars.

Japanese, American Win Physics Nobel

Two Japanese and an American won the 2008 Nobel Prize for discoveries in the world of subatomic physics.

• 2008 Nobel Prizes: Winners and Schedule

French Mutual Banks in Merger Talks

Caisse d'Epargne and Banque Populaire will convene board meetings to ask that directors approve the principles of a merger aimed at creating one of France's largest retail banking group.

Russians Want Bailout of Bailout

Russia's stock indexes fell well below levels seen before the government's $150 billion rescue plan last month.

P&G Pact to Reopen Rochas Fashion House

Smaller Oil Firms Feel Credit Crunch

WPP to Acquire Taylor Nelson

BNP Deal Offers Model for Consolidation

Prison Term Sought for Ex-Parmalat Chief

Zurich Hires Ex-AIG Officer