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RBS shares slump as banking sector falls sharply

Shares in Royal Bank of Scotland tumbled today as speculation over its funding position deepened during another day of market turmoil. continued...

HEADLINE NEWS

National Savings cuts rates after deluge of new customers

National Savings and Investments (NS&I) today cut the rates it pays savers after being deluged with customers looking for a safe haven for their cash.

Branson calls for deposit guarantees and interest rate cut

Sir Richard Branson called on the Government to guarantee all bank deposits today and urged the Bank of England to slash interest rates.

Shares crash £93bn in record market fall

Panic gripped the global money markets once again yesterday as business leaders claimed Britain was now in recession and warned unemployment was set to rise by up to 350,000 in the next year.

Rail chaos as signal workers begin stoppages

Thousands of rail travellers face days of disruption after talks aimed at averting strike action on Scotland�s services broke down yesterday.

Power firms warned over unfair charges for some

OFGEM, the energy regulator, yesterday warned suppliers to end unfair tariffs which discriminate against pensioners, low-income families and prepayment meter customers, or face action by the end of the year.

As markets tumble again . . .what next for banks?

Analysis: The full force of the financial hurricane that is the credit crunch swept through Europe yesterday with speculation growing that Chancellor Alistair Darling is planning the �big step� of taking shares in Britain�s banks to free up extra capital.

Faster check on volunteer workers’ records

A streamlined system to check past records of people working or volunteering with children has been proposed by the Scottish Government.

Calls for government to take bank shares

Alistair Darling, the Chancellor of the Exchequer, came under increasing pressure to recapitalise the UK banks by taking a government share in the banking system in the Commons yesterday.

Paisley ‘sermon’ says we need repentance to overcome calamity

Sketch: As he arrived in the chamber, Alistair Darling wondered what the large black book on the clerks� desk that divides government and opposition was.

Revamp to the fore in designer’s £30m makeover of Turnberry

It promises to be a make�over as stunning as the hotel�s views over to Ailsa Craig. Yesterday, the designer behind �30m plans to transform the famous Turnberry Hotel revealed how she would bring new life to the iconic building.

Scots arrested at Caribbean airport over drug trafficking

A Scots couple have been arrested in the Dominican Republic on suspicion of drug trafficking, the Foreign Office said last night.

MAIN BUSINESS

Markets gripped by panic selling

Global stock markets plummeted yesterday as governments threw ever more at the financial crisis but failed to stop it becoming significantly worse.

Royal Bank shares plunge and S&P cuts rating

More than �6bn was slashed from Royal Bank of Scotland�s stock market worth yesterday as its shares plummeted more than 20%, and the Edinburgh institution�s troubles were compounded when its credit rating was cut by international agency Standard & Poor�s.

European banks trampled in sell- off stampede

Share markets across Europe slumped yesterday, with banks and insurers among the hardest hit, as governments scrambled to devise measures to protect depositors and prop up faltering financial sector companies battered by the worsening global credit crisis.

Drink-drive footballer jailed Bereaved: Phil and Amanda Peak outside Stoke on Trent Crown Court yesterday.

MAIN SPORT

McFadden could be the man to lead Scots

James McFadden�s barren stretch of form at Birmingham City culminated in Alex McLeish taking the bold decision to drop the club�s record �6m signing for the weekend defeat of Queens Park Rangers.

Old Firm rivals have buried hatchet

David Weir, of Rangers, and Celtic�s Gary Caldwell have put their Old Firm feud behind them as they prepare for a possible reunion on international duty on Saturday.

Hampden would be new ground for Iwelumo

Chris Iwelumo, the Wolver�hampton Wanderers striker, cannot wait for Saturday�s World Cup game against Norway, especially as he has never even set foot in the Hampden Park complex.

Our turn to brag at last

This was a tale of ecstasy and St Mirren that didn�t involve Barry Lavety. Unbridled joy adorned the faces of the Paisley side�s supporters as they streamed out of Love Street following Sunday�s surprise league victory over Rangers.

Hoy happy to lend a hand on another big day

Chris Hoy, the quadruple Olympic champion, yesterday helped launch a �65,000 development programme which may enable Scottish Cycling to find his successor, and even a team-mate to help him win further Commonwealth Games gold.

Learning the game: Ramsay proves he is up to challenge

A single-minded approach has paid off handsomely for Richie Ramsay, who has virtually secured his place on the European Tour next season with his second victory on the Challenge Tour in Toulouse, France.

Alcalde to cope with step up in distance

Mark Johnston usually starts to make hay with his huge army of juveniles at this time of year and Alcalde looks a likely winner of Leicester�s ladbrokes.com Squirrel Conditions Stakes.

Turnberry could soon become the home of the European Open

Douglas Lowe on Tuesday: Turnberry is poised to become a regular home for the European Open after the South Ayrshire course stages next year�s Open Championship.

The folly at White Hart Lane

Juande Ramos stands on the Tottenham touchline, hands in pockets, shuffling his feet, for all the world giving the impression he is in a spot of bother not of his own making.

Coach calls for fast start

Andy Robinson, Edinburgh�s head coach, has warned his faltering players to click into gear or risk being out of European contention almost immediately.

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