LONDON (AFP) –
The government is to force state-rescued banks RBS and Lloyds Banking Group to sell assets in a massive shake-up of the banking sector but will support them with 30 billion pounds, the goverment said on Tuesday.

The government expects new banks to be born as a result of the break-ups which are the result of pressure from EU competition authorities.

The parts being separated from the parent groups add up to about 10 percent of the country's troubled retail banking market.

In return for more state aid, Lloyds and Royal Bank of Scotland (RBS) will have to cut bonuses paid to top staff and increase lending to recession-struck businesses and individuals.

Lloyds announced that it would launch a record 13.5-billion-pound rights issue. This represents the country's biggest-ever sale of new shares to existing shareholders.

Tuesday's announcement meanwhile comes one week after the European Commission approved the state aid in plans to break up and sell nationalised bank Northern Rock.

"Today will be the day that we see the beginning of the greatest changes in UK high street banking ever," said senior trader Manoj Ladwa at ETX Capital.

"The creation of three new banks, dramatic divestments from both Lloyds and in particularly RBS, mammoth fund raising for both banks including the British taxpayer dipping into their pocket."

Prime Minister Gordon Brown said the shake-up would create competition and place the two banks on a more solid footing.

"I believe at the end of the day the banks will be paying money to the British public and not the other way round," Brown said.

Despite pumping 30 billion pounds into the two banks, Tuesday's move means that the taxpayer's exposure has been cut by more than 300 billion pounds, finance minister Alistair Darling added.

This is largely because of Lloyds' decision not to participate in the toxic asset protection scheme.

"To promote greater competition in UK banking, and meet EU state aid rules, the banks will... be required to make divestments of significant parts of their businesses over the next four years," the Treasury said in a statement.

The country's biggest retailer, supermarket giant Tesco and Richard Branson's Virgin Group are rumoured to be interested in expanding their own banking services.

"We are going to see at least three new banks operating on the British high street in the next four years and that is very good news for the British taxpayer, the British consumer," Treasury Minister Paul Myners told the BBC.

Under the plans, the state will pump 25.5 billion pounds into Royal Bank of Scotland, which in turn will place 282 billion pounds of high-risk debts into the government's toxic asset insurance scheme -- lower than originally planned.

As a result of the move, the state's economic interest in RBS will climb to 84 percent. In addition, RBS will have access to a contingency fund of eight billion pounds.

In trading here, RBS shares plunged 8.52 percent to 35.36 pence on the FTSE 100 index of leading companies, which was down 2.20 percent.

Lloyds stock rose briefly as the group also said that a record rights issue would allow it to avoid the state's toxic asset insurance plan -- but it will pay a 2.5-billion-pound break fee.

The government said it would take part and maintain its 43-percent stake in Lloyds.

Royal Bank of Scotland will sell its RBS-branded branches in England and Wales, and NatWest branches in Scotland, as well as its Churchill and Direct Line insurance division and parts of its investment banking arm.

Ahead of Tuesday's announcement, RBS had revealed on Monday that it would axe about 3,700 jobs across its retail operations.

Lloyds Banking Group added on Tuesday that it would offload Lloyds branches in Scotland, its Cheltenham & Gloucester branches, and the Intelligent Finance online unit.

"UK consumers will in theory enjoy increased choice and lower pricing, while rivals such as HSBC will be glad to see their rivals paying for their mistakes," said analyst Keith Bowman at Hargreaves Lansdown stockbrokers.

The Treasury has reached agreement "in principle" with EU Competition Commissioner Neelie Kroes over the restructuring.

Regulatory authorities are concerned that such state-backed banks have an unfair advantage over other institutions which weathered the global financial storm without government aid, such as Barclays and HSBC.

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PHILADELPHIA – Chase Utley ripped a no-doubt-about-it shot to right, put his head down and ran around the bases so quickly he nearly passed Jimmy Rollins and Shane Victorino.
Even in the World Series, Utley doesn't pause to admire his homers. He's had plenty of opportunities, too, connecting five times to tie Reggie Jackson's record set in 1977 with the Yankees.
Another big swing from Utley got the Philadelphia Phillies started, and they broke out of their hitting funk in an 8-6 victory over the New York Yankees in Game 5 on Monday night.
Utley hit a three-run shot off A.J. Burnett in the first inning and a solo homer off Phil Coke in the seventh, becoming the second player to have two multihomer games in a World Series. Willie Aikens did it for Kansas City against the Phillies in 1980.
Coming in, Utley didn't have a hit in the Series off any pitcher except CC Sabathia. He had an RBI double and three solo homers off the big lefty, including two in the opener.
Trying to become the seventh team to ever rally from a 3-1 deficit in the World Series, the Phillies forced the first Game 6 since the Florida Marlins beat the Yankees in six in 2003. The Series resumes in New York on Wednesday night.
The defending champs weren't going to let the Yankees celebrate in their house.
With Cliff Lee on the mound, it didn't seem the Phillies would need many runs. Lee has been dominant in the postseason. He came in with a dazzling 0.54 ERA in four starts.
Pitching on regular rest, Lee didn't have his best stuff. He allowed five runs in seven-plus innings, but the offense bailed him out and the left-hander improved to 4-0 in the playoffs.
If the Phillies force a seventh game, Lee could be out there again on just two days' rest Thursday. It would be his turn to throw a side session, and manager Charlie Manuel has said he'll probably use him for a few innings.
Utley and the rest of the slumping big Philadelphia boppers made sure that possibility still exists.
Raul Ibanez, who was just 3 for 16 in the Series, hit a solo homer and RBI single. Rollins had two hits and Jayson Werth had a key RBI single and was robbed of extra bases by center fielder Brett Gardner.
After New York jumped to a 1-0 lead on a RBI double by Alex Rodriguez in the first, the Phils answered in their half.
Rollins led off with a single and Victorino took a fastball off his hand after squaring to bunt. Victorino went down in pain, but got up and stayed in until the eighth. X-rays on his finger were negative, according to Fox.
Utley hit Burnett's next pitch — a 94 mph fastball — over the right-field fence to give the Phillies a 3-1 lead. He circled the bases so quickly that he rounded third before Rollins and Victorino had even crossed the plate.
The All-Star second baseman is too old-school to flip his bat, stand at the plate, jog slowly or doing anything flashy.
Utley got things going in the third with a leadoff walk. He stole second before Ryan Howard walked. Werth lined an RBI single and Ibanez singled in another run, chasing Burnett. Carlos Ruiz hit a fielder's choice grounder to knock in the sixth run.
Burnett pitched a gem against the Phillies in Game 2, allowing one run and four hits in seven innings of a 3-1 victory. He frustrated Philadelphia with a biting curveball and many hitters took first-pitch strikes.

The Phillies came out swinging this time.

Jackson hit five homers for the Yankees the '77 Series against the Los Angeles Dodgers. Mr. October had three in New York's clinching victory in Game 6.

After Utley went deep off Coke, Howard struck out for the 12th time in the Series, tying Willie Wilson's record. Wilson struck out 12 times against the Phillies in 1980. Tug McGraw fanned Wilson for the final out to secure Philadelphia's first championship.

LOS ANGELES (Reuters) –
Michael Jackson concert movie "This Is It" saw opening weekend ticket sales in the U.S. and Canada rise by 9 percent from initial estimates to a total $23.2 million, according to final studio figures on Monday.

The movie has made another $69.5 million internationally since its Wednesday opening, up from an original box office estimate of $68.5 million, film studio Columbia Pictures said.

In total, the movie has made $103.9 million at worldwide box offices, said Columbia Pictures, the Sony Corp division that paid $60 million for the video used in the film.

"This Is It" follows Jackson during his final weeks of rehearsal for a planned series of 50 shows in London.

The concerts were canceled when the "Thriller" singer died on June 25 from an overdose of powerful medication in Los Angeles, and investigators are probing his death.

(Reporting by Alex Dobuzinskis: Editing by Bob Tourtellotte)