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This is Money

Two of Wall Street's largest investment banks have confirmed for the first time that they are embroiled in investigations into the US sub-prime mortgage collapse. The two banks - Goldman Sachs and Morgan Stanley - separately revealed that each is working with investigators seeking information on their activities in relation to the packaging and trading of sub-prime mortgages.
Wall St banks quizzed over sub-prime crisis

The legal fallout from the sub-prime crisis in the United States continued yesterday as Goldman Sachs conceded for the first time that it was the target of legal action and the FBI opened an investigation into 14 companies involved in Americas mortgage bond industry.
Goldman Sachs hit with fresh legal action relating to sub-prime fallout

Alliance & Leicester has almost quadrupled its write-off from investments in special off-balance sheet vehicles, denting 2007 profits. The high street bank had previously said that as of the end of October, the value of its investments in structured investment vehicles (SIVs) had fallen by 40m. In an unscheduled trading statement ahead of its full-year results on February 20, A&L said losses from SIVs had widened to 145m following the difficult markets of November and December.
Alliance & Leicester writes down 185m

European leaders meeting in Downing Street last night agreed to co-operate closely in future to help avert another financial crisis spreading across the world.
G8 leaders call for global watchdog

More than a million people will struggle to repay their mortgages if an economic slowdown causes banks to continue to toughen their lending criteria, the City watchdog said yesterday.
One million homeowners at risk as banks get tough, warns FSA

His buccaneering business strategy has made him one of Britain's richest men. But the last few months have witnessed a dramatic decline in the value of his investments.
Crash landing: the fall of Robert Tchenguiz

NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

OUTLOOK Standard Life FY sales seen up 11 pctAustralian shares close lower on concerns about financial sectorTFN economic and business calendarThomson Financial Europe AM at a glance share guide: Shares mixed, oil higher

Good morning traders!

In Asia today, the Nikkei closed down 133.83 points at 13,345.03, while the Hang
Seng ended the morning down 373.08 points at 23,918.72.

New York's main oil contract, light sweet crude for March delivery, rose 77 cents
to $92.41 a barrel from its close of $91.64 Tuesday on the New York Mercantile
Exchange.

Happy trading!

G.

Australian shares close lower on concerns about financial sector - UPDATE

TFN UK calendar and forecasts for today

Tokyo shares close lower on Mizuho subprime losses, caution ahead of Fed

BROKERWATCH British Land cut to 'hold' by Citigroup; target price raised, 1,110pThe Wednesday Press Roundup

Thomson Financial UK at a glance share guideLondon shares outlook - Lower; Asian losses overshadow US gains

BROKERWATCH Tullett Prebon started 'overweight' at Morgan Stanley; 600p target

BROKERWATCH Heineken cut to 'equal-weight' from 'overweight' at Morgan StanleyBROKERWATCH Next upped to 'buy' vs 'hold' by Citigroup, target 1,700p vs 1,550

BROKERWATCH Imperial Tobacco resumed as 'overweight' at Lehman Brothers

BROKERWATCH Shire downgraded to 'neutral' vs 'buy' at Goldman Sachs, target 990pTokyo shares close lower on Mizuho subprime losses, caution ahead of Fed UPDATE

BROKERWATCH Lonmin cut to 'sell' vs 'neutral' at Goldman Sachs, tgt to 2,665CORRECTION - Tokyo shares close lower on Mizuho subprime losses

BROKERWATCH Kingfisher upgraded to 'outperform' by Sanford BernsteinUK smallcap opening - Oakdene Homes plunges on FY profits warning

UK smallcap opening - Neville Porter ticks up on refinancing move

BROKERWATCH Icade upped to 'buy', among top picks in Exane real estate reviewUK smallcap opening - Formjet firms on upbeat update

London shares open lower as Asian losses overshadow US gains

UK smallcap opening - Conival edges up on new brand launchUK smallcap opening - Pressure Technologies up on FY results

STOCKWATCH Oakdene downgraded to 'hold' by Seymour Pierce after profit warning