This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7662572.stm

The article has changed 36 times. There is an RSS feed of changes available.

Version 7 Version 8
Asia share panic after Dow plunge European markets tumble on open
(40 minutes later)
Asian markets have fallen heavily after US stocks plunged to their lowest level for five years. Stock markets across Europe have fallen steeply on opening after earlier dramatic share price falls in Asia.
Tokyo's Nikkei-225 index dropped 9.6% in its biggest one-day fall since 1987, while shares in Australia, Hong Kong and Singapore all plummeted. The FTSE 100 share index plunged 9.8% to 3887 points, the first time it fell below 4,000 points in five years.
Despite concerted government action, investors are fearful the financial crisis will prompt a global recession. There were similar falls across Europe - Paris was down 9% while Germany was down 9.6%.
Earlier Tokyo's Nikkei index dropped 9.6% in its biggest one-day fall since 1987, while shares in Australia, Hong Kong and Singapore all plummeted.
Despite concerted government action, investors are increasingly fearful the financial crisis will prompt a global recession.
Finance ministers from the G7 leading industrial countries are set to meet in Washington to discuss the crisis.Finance ministers from the G7 leading industrial countries are set to meet in Washington to discuss the crisis.
US President George W Bush is due to make an address to the American people later in the day.US President George W Bush is due to make an address to the American people later in the day.
'Deeper panic''Deeper panic'
Heavy falls were seen across Asia's markets as a climate of fear took hold on Friday. Selling is unstoppable in New York and Tokyo. Investors were gripped by fear Yutaka MiuraShinko SecuritiesHeavy falls were seen across Asia's markets as a climate of fear took hold on Friday. Selling is unstoppable in New York and Tokyo. Investors were gripped by fear Yutaka MiuraShinko Securities
As the Nikkei-225 index slumped in its biggest fall in a single session since the 1987 stock market crash, the global crisis claimed its first Japanese financial institution, with the insurance company Yamato Life going bankrupt.As the Nikkei-225 index slumped in its biggest fall in a single session since the 1987 stock market crash, the global crisis claimed its first Japanese financial institution, with the insurance company Yamato Life going bankrupt.
"Selling is unstoppable in New York and Tokyo," said Yutaka Miura, senior strategist at Shinko Securities in Tokyo."Selling is unstoppable in New York and Tokyo," said Yutaka Miura, senior strategist at Shinko Securities in Tokyo.
"Investors were gripped by fear.""Investors were gripped by fear."
At the end of trading on Friday, Tokyo shares had plunged 24% during the week - double their weekly fall during the 1987 market crash.At the end of trading on Friday, Tokyo shares had plunged 24% during the week - double their weekly fall during the 1987 market crash.
FROM THE TODAY PROGRAMME More from Today programmeFROM THE TODAY PROGRAMME More from Today programme
Elsewhere in Asia it has been a similar story. Elsewhere in Asia was a similar story.
Australian shares closed down 8.3%, Hong Kong's benchmark Hang Seng index slumped to a three-year low, in the Philippines, share prices closed down more 8.3% while Shanghai's index was down 3.8%.Australian shares closed down 8.3%, Hong Kong's benchmark Hang Seng index slumped to a three-year low, in the Philippines, share prices closed down more 8.3% while Shanghai's index was down 3.8%.
In Indonesia, plans to re-open the stock market were suspended in order to prevent what the president of the exchange called "deeper panic". Trading was halted for two days earlier this week.In Indonesia, plans to re-open the stock market were suspended in order to prevent what the president of the exchange called "deeper panic". Trading was halted for two days earlier this week.
With the value of gold continuing to rise as investors seek security, oil fell below $83 a barrel to a 12-month low.
'Beyond fundamentals''Beyond fundamentals'
As well as the G7 meeting, talks will be held at the International Monetary Fund (IMF) in Washington.As well as the G7 meeting, talks will be held at the International Monetary Fund (IMF) in Washington.
The IMF has said it is ready to lend to countries hit by the global credit crunch, using an emergency lending procedure first used in the 1990s Asian crisis.The IMF has said it is ready to lend to countries hit by the global credit crunch, using an emergency lending procedure first used in the 1990s Asian crisis.
The organisation's chief, Dominique Strauss-Khan, said on Thursday this would allow the IMF to react quickly to support countries facing funding problems.The organisation's chief, Dominique Strauss-Khan, said on Thursday this would allow the IMF to react quickly to support countries facing funding problems.
The IMF has warned the financial crisis is the most dangerous since the 1930sThe IMF has warned the financial crisis is the most dangerous since the 1930s
Mr Strauss-Kahn said the world was "on the cusp of recession", but could still recover.Mr Strauss-Kahn said the world was "on the cusp of recession", but could still recover.
The IMF has about $200bn immediately available to lend to countries in need but can tap other sources.The IMF has about $200bn immediately available to lend to countries in need but can tap other sources.
After a gloomy day's trading in Europe on Thursday, the Dow Jones - the US benchmark index - ended down 7.3% - tumbling below 9,000 points for the first time since August 2003. The Dow Jones - the US benchmark index - ended down 7.3% on Thursday - tumbling below 9,000 points for the first time since August 2003.
"We're way beyond fundamentals," said Chris Orndorff, head of equity strategy at Payden & Rygel, in Los Angeles."We're way beyond fundamentals," said Chris Orndorff, head of equity strategy at Payden & Rygel, in Los Angeles.
"This is just pure panic, that's all it is.""This is just pure panic, that's all it is."
Iceland missionIceland mission
The IMF has already sent a mission to Iceland, where the government has taken control of its three biggest banks.The IMF has already sent a mission to Iceland, where the government has taken control of its three biggest banks.
There is no domestic solution to a crisis like this one Dominique Strauss-Kahn, IMF managing director Time to reform the IMF?'Major global downturn' says IMFStocks falter as fears persistRobert Peston's blogThere is no domestic solution to a crisis like this one Dominique Strauss-Kahn, IMF managing director Time to reform the IMF?'Major global downturn' says IMFStocks falter as fears persistRobert Peston's blog
Speaking ahead of meetings of the IMF and World Bank, Mr Strauss-Khan urged countries to act "quickly, forcefully, and co-operatively" to solve the global economic problems.Speaking ahead of meetings of the IMF and World Bank, Mr Strauss-Khan urged countries to act "quickly, forcefully, and co-operatively" to solve the global economic problems.
A day after seven central banks around the world cut interest rates in an effort to calm financial markets, the IMF chief said further co-ordinated action was necessary. He said further co-ordinated action was necessary to calm financial markets: "All kinds of policy co-operation are to be commended".
"All kinds of policy co-operation are to be commended," he said.
But he issued a stark warning against countries acting unilaterally to fight the crisis, referring to recent isolated moves by certain European Union member countries.But he issued a stark warning against countries acting unilaterally to fight the crisis, referring to recent isolated moves by certain European Union member countries.
"There is no domestic solution to a crisis like this one.""There is no domestic solution to a crisis like this one."
Finance ministers from the G7 group of wealthy nations are to meet in Washington this weekend.Finance ministers from the G7 group of wealthy nations are to meet in Washington this weekend.