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BERLIN (Reuters) - The European economy is sliding deeper into recession and the fourth quarter of last year was "catastrophic," European Union Industry Commissioner Guenter Verheugen said on Sunday.

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Federal prosecutors are appealing a court's ruling that allows alleged fraud mastermind Bernard Madoff to remain under house arrest on $10 million bail.
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NEW YORK (Reuters) - U.S. President-elect Barack Obama is seeking new ways to end a credit crisis that is roiling world economies and he warned on Saturday of the vast challenges a worsening economy poses for Americans.

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NEW YORK (Reuters) - William Dudley, who runs the markets desk at the Federal Reserve Bank of New York, is the likely front-runner to become next president of the bank, the Wall Street Journal reported on Friday.

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NEW YORK (Reuters) - Citigroup Inc plans to split into two units and Bank of America Corp took $20 billion in government aid after the two banks suffered huge quarterly losses from the worsening credit crisis.

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NEW YORK (Reuters) - Stocks rose on Friday on strength in the energy sector and companies that hold up well in recessions, while reassuring comments from Britain's Barclays late in the day helped financials cut losses that had driven the market lower earlier.

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WASHINGTON (Reuters) - Bank regulators closed two small banks on Friday, the first U.S. banks to fail this year but the latest in an upsurge that began last year as the struggling economy and falling home prices took their toll on financial institutions.