Financial Stability

Global stock markets plunge on banking fears

The Dow Jones average of shares listed in New York sank below 10,000 for the first time since 2004 as equities markets around the world plunged on signs that troubles in the global banking system had further intensified over the weekend.

Zimbabwe halts e-transfers, inflation at 531 bn%

The Reserve Bank of Zimbabwe on Friday halted electronic transfers as the currency plunged to a fresh low. News of the stoppage follows a new estimate puts Zimbabwean annual inflation at 531 billion percent.

Wells Fargo bids for Wachovia

Wells Fargo, a US bank, looks set to snag Wachovia from Citigroup, the world's biggest lender, after offering $15.1 billion for the troubled bank. The move could see the Federal Deposit Insurance Corporation (FDIC), which manages the US's deposit…

House passes bailout plan

The House of Representatives, the lower house of the US Congress, has backed a revised version of the Treasury's $700 billion plan to tackle the financial crisis.

Trichet on the turmoil

The root of the problems in many financial institutions was their inability to adequately assess the risks associated with their exposures, said Jean-Claude Trichet, the president of the European Central Bank.

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