Credit Crunch
Going ForwardTuesday 28
Autumns market mayhem has left the worlds financial institutions nursing losses of $2.8tn, the Bank of England said, as it called for fundamental reform of the global banking system going forward
Monday October 27
Shares in Asia suffered sharp falls and the FTSE 100 was down 200 points at one stage, although it ended only around 30 points lower.
The spectre of a cascade of failing economies from the Baltic to Turkey was raised as a $16.5bn IMF bailout for Ukraine was mired in political infighting and Hungary sought its own $10bn rescue package.
GKN warned that plummeting demand from the world’s carmakers was biting into profits and forcing it to shed 1,400 jobs in its automotive components businesses.
Friday October 24
Shares and the pound slumped as official government figures confirmed that the UK economy was shrinking, with the biggest drop in GDP since 1990.