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Global shares rally on central banks

HONG KONG (Reuters) - Asian shares rose for a second session on Thursday, though investors' willingness to take on risk was mainly limited to defensive plays, while the dollar and yen rose as central banks in the UK and Europe prepared to cut interest rates to their lowest in years.

Bank seen slashing rates to 2 percent

The Bank of England could slash interest rates to their lowest in more than half a century later on Thursday amid mounting evidence the rapidly sinking economy may be heading for a full-blown depression.

Oil falls below $46 to almost four-year lows

Oil fell below $46 a barrel on Thursday to almost four-year lows on fears of deepening economic woes, which overshadowed bullish weekly U.S. oil stocks data. U.S. light crude for January delivery fell 89 cents a barrel to $45.90 by 2:24 a.m. GMT, having earlier fallen as low as $45.75.

Preventing possible bankruptcies driving car aid push

Senate Majority leader Harry Reid wants to try to find a way to avert threatened bankruptcies in the U.S. auto industry with Detroit Three chief executives readying for a make-or-break hearing on Thursday on a $34 billion (23 billion pound) bailout request.

FTSE ends up as pharmas rally

The leading share index closed 1.1 percent higher on Wednesday, boosted by a rally in defensive drugmakers and expectations of a sizeable Bank of England rate cut.

Government and banks pledge lending help

The government and major banks pledged to improve lending to small businesses and ease strains on home owners on Wednesday as pressure intensified on lenders to free up credit in the face of recession.

BA says planned deals all possible

British Airways <BAY.L> said its proposed mergers with Iberia and Qantas and a tie-up with American Airlines were not alternatives and could all happen if regulators agree, as it reported a fall in traffic in November.

ECB seen cutting rates by 50 basis points or more

The European Central Bank is expected to cut interest rates for the third time in less than two months on Thursday, with opinions split on the odds of a tried-and-trusted 50 basis point cut or a more aggressive move.

EDF makes bid for Constellation assets

PARIS/NEW YORK (Reuters) - French power company EDF <EDF.PA> unveiled a plan to pay as much as $6.5 billion (4.4 billion pounds) for 50 percent of Constellation Energy Group's <CEG.N> nuclear business and other assets in an attempt to torpedo a rival offer from investor Warren Buffett.