Emerging markets were hit by a wave of selling amid growing concern about the financial crisis in Argentina. Bonds, equities and currencies extended losses of recent days in what traders described as the worst turbulence since the crisis of 1997-98.
The trigger was Argentina's government bond auction at which it was forced to pay 14 per cent interest on three-month paper.
The board of Ford Motor Company is to consider a senior-level management reshuffle that is likely to involve the appointment of a new chief finance officer.
Directors of the world's second-largest carmaker are shortly expected to name Martin Inglis head of Ford's North American operations to succeed Henry Wallace as finance chief.
Webvan, the US online grocer seen as a symbol of the Internet's unlimited potential, filed for bankruptcy, shutting down operations, laying off 2,000 staff and ending one e of the most ambitious attempts to create a viable online retailer.
Cathay Pacific, Hong Kong's de-facto flag carrier, cancelled more than 40 flights out of Hong Kong as the war of attrition with the pilot's union intensified.
The airline said the number of pilots calling in sick had doubled since the beginning of the work slowdown around ten days ago.
French maker PSA Peugeot-Citroen and Japan's top automaker Toyota Motor Corp announced that they planned to invest 1.5 billion euros ($1.28 bilion) to produce 300,000 small passenger cars a year for the European market.
