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The pound has taken another hammering as fears over the UK economy accelerated and analysts warned that it will fall further over the coming weeks and months.
Pound's slump accelerates as analysts warn it will get worse
Hedge funds will be decimated by the global financial meltdown and the crisis will wipe out as much as three quarters of the money they manage, George Soros, the billionaire investor, predicted in Washington yesterday.
George Soros warns 'hedge funds will be decimated'
Five of the world's richest hedge fund managers, including George Soros, the man who the broke the Bank of England, have been called to account by US politicians for their role in the collapse of the global financial system.
Soros faces Congress over hedge funds' role in meltdown
Troubled US carmakers GM and Ford have been given a potentially devastating vote of no confidence by three big European credit insurers, which have removed cover from their suppliers. The withdrawal of credit insurance which covered suppliers against the risk of the automakers failing has previously hastened the demise of a string of European companies.
Insurers pull cover from GM and Ford suppliers
The extent of the slowdown in the Chinese economy became clearer on Thursday when the government disclosed that the rate of increase of industrial production had dropped to the lowest level in seven years.
China industrial growth at 7-year low
In the midst of the worst financial crisis since the Great Depression, Canada has joined the ranks of governments that in recent weeks stepped up to help banks cope with more fallout from bad U.S. subprime mortgages. In Canada's case, however, the reason for the assistance is a little different from some of its G-7 partners.
Why Canada's Banks Don't Need Help
Richard Ralph, former Governor of the Falkland Islands and a past British ambassador to both Peru and Romania, has been fined 117,691.41 by the City regulator after it was discovered he asked a friend to buy shares in Monterrico Metals.
Ex-diplomat fined for insider dealing