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This is Money
US markets bounced back to record their second-best day in history as speculation mounted that world central banks are plotting interest rate cuts.
Wall Street records second-biggest gains in history
The Financial Services Authority is assembling a team of outside advisers to deal with a possible wave of corporate crises in the insurance sector.
FSA assembles crisis team for insurers
Business failures have increased by 28pc in the past three months, with banks forcing more firms into insolvency.
Business failures rocket as banks call in the receivers
The Sports car giant Porsche has pulled off one of the greatest share killings of all time in a coup that has left some of the world's largest hedge funds nursing combined losses that could total $20bn (12.6bn).
Porsche in $20bn 'sting'
Hedge funds have lost as much as 30bn (24bn) short selling carmaker Volkswagen after the shares soared on the revelation that rival Porsche had secured 74pc of the equity and planned to seize control of its rival.
Funds lose 24bn as VW shares take off
After weeks of being buffeted by the storm of global markets, few hedge funds were expecting the shock wave that broke last weekend.
How Porsche took the wind out of the hedge funds' sails
Shares in European and US banks swung wildly today amid rumours that they could be facing huge losses after betting mistakenly on a fall in Volkswagen stock.
Banks spin over Volkswagen share surge
The International Monetary Fund, the European Union and World Bank have agreed to a $25.1 billion (15.6bn) economic rescue package for Hungary to help it cope with the global financial crisis.
IMF agrees to $25.1bn rescue deal for Hungary
The natural annual rate of output decline is 9.1 per cent, the International Energy Agency says in its annual report, the World Energy Outlook, the Financial Times reported.
World oil output declining faster than thought
Nomura, which last month bought Lehman Brothers' operations in London, was last night caught in a spiral of losses and asset write-downs, which it admitted had left the business in crisis.
Japan's largest stockbroker admits crisis as losses mount
Citigroup lowered its price target on E*Trade Financial Corp saying it sees remaining home equity portfolio losses for the U.S. discount brokerage in excess of its existing reserve and a higher probability of a dilutive capital raise. Even after exhausting its current reserve, E*Trade would need to raise close to $1.5 billion, the brokerage said.
Citigroup cuts target on E*Trade