The Federal Reserve brought some much-needed relief to the crumbling US housing market tonight by cutting interest rates for the second consecutive meeting. By Angela Balakrishnan.

  Competition Commission says big stores are not driving smaller rivals out of business.

  The world's favourite internet search engine now has a market value of $219bn, which ranks it among America's top five companies. By Andrew Clark in New York.

  Nationwide says annual rate of house price inflation has risen to 9.7% despite higher interest rates. By Ashley Seager.

  World's biggest economy seems to shrug off a collapsing housing market as a falling dollar gives a big boost to exports. By Ashley Seager.

  Closing market report: Talk boosts shares in DSG International, Premier Oil and Mitchells &Butler as traders await the US Federal Reserve's key interest rate decision. By Nick Fletcher.

  Treasury understood to be considering the introduction of tax relief of up to £100,000 for people who sell their businesses when they retire. By Graeme Wearden.

  Consumers'intentions to make a major purchase tumbles to its worst reading for 12 years. By Ashley Seager.

  Under-fire chief executive Pat Russo may have saved her job with an 'aggressive'cost-cutting plan for the recently merged company. By David Gow.

  Bank's City-based investment arm reports pre-tax loss of €179m and charge of €2.2bn in the third quarter but group as a whole performs better than expected. By David Gow.

  The United States'second-richest man has delivered a blunt message to the Bush administration: he wants to pay more tax. By Andrew Clark in New York.

  Julia Finch: Perhaps we ought to have a national energy shortage day to help us concentrate our minds on the issue. It could even be sponsored by the National Grid.

  Sportswear billionaire Mike Ashley has waded into the market on a mission to derail US sports group Nike's agreed takeover of England soccer shirts maker. By Julia Finch.

  Days of speculation end as Merrill Lynch chairman and chief executive finally steps down. By Andrew Clark in New York.