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£31bn wiped off blue chip shares

More than £31 billion was wiped off London's biggest companies today as investors rushed for the exits on renewed fears of a lengthy global recession.

Downturn sees sharp rise in wage freezes

The number of manufacturing firms freezing pay or deferring wage increases has risen sharply to almost one in four in the last three months, a new report revealed today.

Cowdery to press ahead with Resolution listing in December

Clive Cowdery will brave one of the worst markets for initial public offerings in history when he goes ahead with the listing of his second Resolution vehicle next month. Mr Cowdery has decided the need to have cash and currency to do deals in coming months has become stronger than hitting the best value for the IPO.

Crude falls below $50 a barrel for first time since 2007

Oil prices plunged over $3 yesterday, briefly dipping below $50 a barrel as 16-year high US unemployment figures and plummeting stock markets caused investors to price in lower crude demand.

Market Report: DSG hits 27-year low on Citi downgrade

DSG International slumped to its lowest level since the early Eighties last night after its house broker Citigroup, reiterating its "sell" rating, slashed its earnings forecasts for the troubled retail group.

Sir Stelios ramps up row with easyJet's directors

Sir Stelios Haji-Ioannou intensified his dispute with the board of easyJet yesterday by refusing toapprove the annual accounts of the budget airline he founded. His move came as the group said its profits were slashed by the high cost of fuel this year.

The mission impossible to keep HBOS independent

Victory for the Scottish National Party (SNP) at the Glenrothes by-election was to have been the springboard for two fiercely patriotic Scottish grandees, Sir George Mathewson, formerly the chief executive at Royal Bank of Scotland, and Sir Peter Burt, who filled the same role at Bank of Scotland in the 1990s, to begin their campaign to wrestle Halifax Bank of Scotland (HBOS) from the clutches of Lloyds TSB.

Yahoo faces up to life after Jerry

After a turnaround plan that never got off the ground, falling profits and a disastrous reaction to his rejection of Microsoft's advances, Yahoo chief executive and founder Jerry Yang has fallen on his sword after 18 months at the helm.

Top UK firms announce hundreds of job cuts

Top UK firms today joined the growing list of companies cutting jobs as hundreds of losses were announced and fears were expressed of further redundancies.

Recessions hits US harder than expected

The cost of living in the US fell by the most in on record and builders started work on fewer homes since at least the 1960s last month, as the recession bites more deeply than expected into the world’s largest economy.

'Mail' hit by advertising downturn

The owner of the Daily Mail newspaper has axed hundreds of jobs and launched a £100m drive to boost revenues, as it becomes the latest publishing group to feel the grip of the financial crisis.

GM workers plead for emergency bailout

A bankruptct filing by General Motors would be the beginning of the end of the US-owned car industry, the president of the United Autoworkers union has predicted.

'Lenihan levy' finally targets top earners

THE country's highest earners were hit hard yesterday as the Government introduced a new 3pc levy on those earning more than €250,000 a year.

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