Lehman Brothers pinned its hopes of surviving the financial crisis on selling most of its prized asset management unit and spinning off $30bn-worth of troubled property assets after failing to secure capital from outside investors
Eurozone economic growth will halve in 2008 from 2007 and inflation will be much higher because of financial turmoil, soaring commodity prices and housing market shocks, the European Commission said
The European Commission warns that Germany, Spain and the UK will fall into recession in 2008.
Troubled US bank Lehman Brothers reports a massive quarterly loss and takes radical steps to strengthen its finances
Lehman Brothers shares opened sharply higher after it confirmed plans to spin off the majority of its commercial real estate assets and sell a majority stake in its asset management unit. It reported a $3.9bn net loss for the third quarter of the year
Russia’s stocks and currency continued to slide despite an attempt by Russian President Dmitry Medvedev and other officials to shore up the market with promises of government support
Opec surprised the oil markets by announcing that it would make a small but symbolic reduction in its output because the oil cartel views the market as oversupplied
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