99 pence after hitting intraday lows at 92

Using generally accepted accounting practices, its net losswas $496 million, or $1.02, compared to a profit of $403million, or 73 cents a share, for the same quarter one yearearlier. Seagate has seen its stock dive about 80 percent in thepast year. By contrast the share price of its smaller rival,Western Digital (WDC.N), another maker of disk drives, has lost46 percent of its value. (Reporting by David Lawsky, editing Leslie Gevirtz) Stocks. NEW YORK (Reuters) - The British pound rebounded from a 23-year low against the dollar on Wednesday after a source told Reuters that its slide will be discussed at the next meeting of the Group of Seven industrialized countries.

Hot StocksThe pound, which had been driven down on fears about the UK banking sector, was also helped by a late afternoon rally on Wall Street. The equities gains also lifted the euro more than 1 percent against the dollar as safe-haven flows into the U.S. Shares in rival Lloyds Banking Group also fell sharply."We are seeing the end of a financial bubble in the UK that has lasted for about four or five years," said Roger Kubarych, chief U.S. economist at Unicredit Markets and Investment Banking in New York. "The pound and every other asset in the UK was extremely overvalued.

Now, it's all coming down."Still, the pound rallied against the dollar and trimmed losses versus the euro in late trade after a source said sterling weakness will be discussed at the next G7 meeting in February.The G7 news cane after France's economy minister, Christine Lagarde, said the Bank of England should take more steps to support sterling.Sterling was last 0.5 percent higher at $1.3973 after moving in a $1.3622-$1.4021 range on the day. The euro trimmed gains to 92.99 pence, after hitting intra-day lows at 92.56 pence.Elsewhere, the dollar fell to 87.10 yen, according to EBS, its lowest level against the Japanese currency since 1995, before recovering some ground amid the late afternoon rally on Wall Street. It last traded at 89.40, down 0.4 percent.The greenback was initially driven lower by rising risk aversion and a flurry of dollar/yen options that expired without being exercised, leading options holders to sell the U.S. Against the dollar, it was last up 1.2 percent at $1.3040."The moves have been quite dramatic so it's not entirely surprising to see a bit of a correction here," says Vassili Serebriakov, currency strategist at Wells Fargo in New York.INTERVENTION ON THE RADARThe rapid gains in the yen raised speculation Japanese authorities may intervene to stem the rise in the currency."At this pace, soon the yen may hit levels that will bring some 'verbal' intervention back to the market," said Todd Elmer, a currency strategist at Citigroup in New York.The Swiss National Bank, meanwhile, said it may use unlimited foreign exchange intervention to weaken the Swiss franc and avert deflation.