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| Lehman administrator seeks $8bn | Lehman administrator seeks $8bn |
| (40 minutes later) | |
| The European administrators of failed US investment bank Lehman Brothers have filed a court order in New York demanding $8bn (£4.4bn) is returned from the US to London. | The European administrators of failed US investment bank Lehman Brothers have filed a court order in New York demanding $8bn (£4.4bn) is returned from the US to London. |
| A PricewaterhouseCoopers (PwC) spokesman said the money was needed to pay creditors, salaries, property bills and other day-to-day expenses. | A PricewaterhouseCoopers (PwC) spokesman said the money was needed to pay creditors, salaries, property bills and other day-to-day expenses. |
| Lehman's European headquarters, where 4,500 staff worked, is based in London. | |
| PwC is currently trying to find buyers for various parts of Lehman Europe. | PwC is currently trying to find buyers for various parts of Lehman Europe. |
| 'No redundancies' | |
| Before it went into administration last Monday, Lehman Europe frequently transferred money from its London HQ to its parent company in New York, said the BBC's Joe Lynam. | |
| "The money was usually kept overnight - earning interest - before being sent back to London." | |
| But, as the bank neared its end last Sunday, that did not happen and Lehman Europe found itself down by $8bn, having formally requested the money earlier in the week, our reporter said. | |
| PwC also said it was hopeful of finding a single buyer of Lehman's (European) equities group and investment banking businesses, which employ 1000 specialist staff. | |
| "Who ever buys these groups will have to take on staff liabilities," said Dan Schwarzmann, a PwC administator. | |
| He added that PwC was hopeful that there would be no redundancies in these businesses, but could not rule it out. | |
| Lehman's demise sent shock waves through global markets, undermining confidence in the financial system. | |
| Tighter regulation | |
| The UK prime minister said that international regulation of the financial system must be brought up to date in the wake of the recent turmoil. | |
| Gordon Brown told the BBC: "We're in a new economy, a global financial economy, the world is changing very fast, but the governance of the global financial system has not caught up with it and that's what's got to change." | |
| The global financial impact of the demise of Lehman Brothers is still emerging as firms worldwide state their degree of exposure to the bankrupt firm. | |
| In Hong Kong, angry investors marched to government offices on Sunday calling for action after losing money on investments linked to the failed investment giant. | |
| Last week, UK bank Barclays snapped up some of the core assets of the Wall Street giant, including its New York headquarters, for $1.75bn. |