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This is Money
Japan's Nikkei index fell as much as 10pc while shares in South Korea, Hong Kong, and Australia suffered falls of 8pc,7.6pc, and 6.7pc respectively.
Asian shares dive as slowdown fears grip world markets
Ben Bernanke, the chairman of the US Federal Reserve, admitted yesterday that patching up credit markets would not result in an immediate boost to the American economy as new evidence emerged that suggests a sharp slowdown is under way.
Ben Bernanke warns of more pain ahead
European Union regulators have backed proposals to reform the "mark-to-market" accounting rules that many banks blame for forcing them to declare far larger writedowns than have been necessary during the credit crisis.
EU backs proposals to ease 'mark to market' accounting rules
Global regulation of the world's 30 biggest financial institutions may be set up by the end of the year as part of wholesale shake-up in the way banks and markets are supervised.
Gordon Brown demands global financial regulator
The City is piling pressure on the Government to allow those banks being bailed out by the taxpayer to pay dividends to shareholders.
Government under mounting pressure to allow nationalised banks to pay dividends
The banking plan unveiled by the Government on Monday and now being copied around the world is based on a blueprint drawn up by Mr Sands and by Richard Meddings, Standard Chartered's finance director.
Standard Chartered chief Peter Sands was quiet architect of Britain's bank rescue
Barclays Capital has been forced to file a legal relief motion relating to its acquisition of Lehman Brothers' US assets after a reformatting error with an Excel spreadsheet resulted in 179 contracts being mistakenly included in the purchase agreement.
Excel error leaves Barclays with unwanted Lehman assets