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US stocks have suffered their biggest one day decline in over 20 years as fears grew that central bank moves to rescue ailing financial markets would prove insufficient to avert a global recession.
Dow Jones suffers biggest decline in 20 years
Leading this evenings rout was GM. Shares in the car maker plunged $2.15, or 31 percent, to a 58-year low of $4.76 after S&P dropped this bombshell: GM running out of cash.
American automakers GM and Ford fight for survival
Finance ministers and central bank governors from around the world gather in Washington today to consider further steps to avert global financial meltdown as the US Treasury draws up plans to shore up American banks with direct cash injections.
International crisis meeting as Dow Jones plummets below 9,000
Europe's credit markets have continued to seize up on mounting fears that the region's banks may fail to roll over $700bn (405bn) debt falling due in coming months.
Extreme leverage haunts Europe's banks as rollover crunch looms
The International Monetary Fund has "opened the firehouse doors" to "hundreds of billions of dollars" of emergency cash to help countries battle the financial crisis.
IMF opens doors to emergency loans
Yamato Life Insurance Co., a 98- year-old Japanese insurer, filed for court protection from creditors in the nation's first bankruptcy in the industry in seven years, with debts exceeding assets by 11.5 billion yen ($116 million).
Yamato Life Files for Bankruptcy, Citing Investments
Relations between Alistair Darling's Treasury and the Bank, under Mervyn King, its Governor, have been fractious since the crisis erupted last autumn. Just as the crisis reaches its most dangerous phase, official exasperation with Mr King appears to have reached new heights.
Tension rises between Bank of England and Treasury
Bailiffs have visited at least a dozen stores belonging to JJB Sports after landlords reported unpaid rents at the beleaguered sports retailer.
Bailiffs visit JJB stores over unpaid rents
An American police chief has ordered his officers to stop evicting people from foreclosed properties, after he railed against the injustice of the housing crisis.
US police chief stops officers from evicting residents from foreclosures