Business

The International Monetary Fund cuts growth forecasts, predicting that developed economies as a whole will shrink 0.3% in 2009.

The European Central Bank lowers interest rates to 3.25% in an attempt to prevent a eurozone-wide recession.

The Bank of England slashes interest rates by one-and-a-half percentage points in a bid to stimulate the economy.

Shares in Hong Kong carrier Cathay Pacific plunge 14% after it warns of falling revenue and fuel hedging losses.

Housebuilder Bovis says the current trading environment is the worst for many years.

Japanese car firm Toyota shocks analysts by announcing a 69% fall in quarterly profits and its 2008 profit forecast.

Sales of new cars dropped sharply in October, figures from the Society of Motor Manufacturers and Traders are expected to show.

The IMF approves a $16.4bn loan to Ukraine to bolster its economy, which has been shaken by the global financial turmoil.

Concerns about the state of the world economy send Asian shares sharply down, reversing gains made after the US election.

Wall Street shares plummet the day after the US presidential election as concerns remain about the economy.