In Friday's Americas papers
10 October 2008 12:00 [Source: ICIS news]
THE WALL STREET JOURNAL
Front page
Iceland looks back to the sea
Icelanders are returning to fishing after the global financial crisis ruined the country’s swollen banks.
Global markets reel
The Dow plunged 678.91 points to 8,579.19, leaving the US in one of its worst bear markets in decades. Asian markets tumbled, with Japan’s Nikkei ending down 9.6%. European indexes were also pummelled in early trading.
Drivers scrimp despite cheaper gas prices
The sour economy is prompting drivers to stick to their new fuel-efficient ways, even as gasoline prices continue to decline.
Money & Investing
US weighs backing bank debt
US officials are discussing temporarily backing all US bank deposits if economic conditions continue to worsen, a move that would mark another unprecedented step.
Ford shares fall on cash concerns
Shares of GM and Ford tumbled more than 20% amid growing concerns the two may not have enough cash to survive the US slowdown.
THE NEW YORK TIMES
Front page
Markets in Europe and Asia plunge
Global stocks plummeted, with selling momentum accelerating after a Japanese insurance company was driven out of business. In Tokyo, the Nikkei fell 9.6%.
Nations weighing global approach as chaos spreads
The US and Britain appear to be coming to a common solution for the financial crisis a day before a meeting of financial leaders in Washington.
Business Day
Afternoon turns dark as stocks plunge
A late-day decline again pushed the markets down sharply, with the Dow falling more than 600 points a year to the day after hitting its record high.
Insurance industry joins banking giants on the hot seat
Insurance companies are now being battered like Wall Street banks were last month, suggesting a similar round of consolidation and recapitalisation.
WASHINGTON POST
Front page
Former Finnish president wins Nobel Peace Prize
Finland’s ex-president Martti Ahtisaari received the Nobel Peace Prize on Friday for his efforts to build a lasting peace in places as diverse as East Timor and the Balkans in Europe.
Fears of US recession deepen rout of stocks
Foreboding takes hold on Wall Street, as the stock market plunges 679 points and investors become convinced US is headed for prolonged recession.
Business
Treasury weighs investing in banks
Sources say Bush administration finalises details of plan that would allow government to inject cash into banks in exchange for ownership stakes in an effort to shore up confidence in financial system.
Investor confidence dashed as bailout fails
As stock market plunges again, investors become convinced that the nation is on the verge of a deep and prolonged recession.
GLOBE AND MAIL, Canada
Front page
Ottawa admits it must act on market crisis
Government plans to assume some mortgages held by banks in bid to keep lending taps open.
Snowbirds jet crashes, two killed
Pilot and photographer were both soldiers at the 15 Wing base in Moose Jaw.
Business
Japan dives, eyeing biggest fall since '87 crash
The Nikkei average tumbled more than 11% on Friday.
US considering backing bank debt, deposits: WSJ1
The US is considering guaranteeing billions of dollars in bank debt and temporarily insuring all US bank deposits.
BUENOS AIRES HERALD
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