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Tokyo's Nikkei 225 share average fell 6.9pc. It has now lost a fifth of its value this month alone. South Korea's Kospi index dropped 8.5pc, while the Hang Seng index in Hong Kong was down 653.33, or 4.6 percent, to 13,613.27, the first time it has fallen below 14,000 since July 2005.
Asian markets plunge after Wall Street slide
There is a moment that comes in every central banker's career when they suddenly realise the phenomenal power their merest words can have.
R is for rout as Governor scares the markets
The pound suffered its biggest fall since the aftermath of Black Wednesday in 1992 after the Prime Minister and Governor of the Bank of England warned that the UK is entering a recession.
Pound suffers biggest fall since Black Wednesday
Mervyn King, Bank of England Governor, has indicated that the Government is considering selling units in a Bank Reconstruction Fund containing the banks' shares.
Government plans to recover 37bn bank injection
Hungary has raised interest rates by three percentage points to 11.5pc in a drastic move to stop the collapse of its currency peg against the euro, raising fears of a crunch across Eastern Europe as a string of states are forced to follow suit to stem capital flight.
Crisis mounts in East Europe after shock 3pc rate rise by Hungary
Pakistan is asking for emergency aid from the International Monetary Fund (IMF) as the country scrambles to raise $4 billion (2.4billion) in 30 days to save its economy from collapse.
Pakistan asks IMF for emergency help as economy faces collapse
The great emerging markets sell-off continues with Hungary, Turkey, Poland and Argentina taking starring roles. Ukraine and Belarus meanwhile are both in talks for IMF loans. But how are things looking for Russia? Not so good according to Fitch.
Russia not so strong says Fitch
The White House yesterday called an emergency summit of the world's key economies for November 15 as fallout from the global financial crisis hit emerging market nations, causing havoc from Budapest to Buenos Aires.
White House calls summit of world's key economies
Hedge funds worldwide posted record losses in September as bans on short-selling and increased client redemptions hit funds, including Citadel Investment Group.
Hedge funds post record loss
The stricken US bank Wachovia reported yesterday the biggest quarterly loss of any bank since the onset of the credit crunch. The $24bn (14.7bn) of losses amount to more than the total price being paid for the North Carolina lender by its rival Wells Fargo, which was last night playing down the impact of the figures on the combined business.
Wells Fargo plays down $24bn loss at Wachovia
Prosecutors said they had opened an investigation into whether the bank's executives acted criminally in allowing KfW to transfer 319m (248m) to US investment bank Lehman Brothers the day it went bankrupt.
Police raid 'Germany's dumbest bank' in Lehman transaction probe
The American securities clearing house Depository Trust & Clearing Corporation (DTCC) and its European rival LCH.Clearnet have agreed to combine to create the world's biggest clearing house in an effort to cut trading costs.
Big US and UK clearing houses agree to merge
The system for assigning credit ratings to complex mortgage derivatives, which handed out gold-plated ratings to investments that have turned out to be worthless, was damned as "nuts" and as having created "a monster" and that was just by senior employees at the rating agencies.
Congress mauls bosses of credit ratings agencies