Catch up on the week

Published on Saturday 11 October 2008 18:40

MONDAY Panic sweeps through the world's financial markets, wiping $2,500bn from share values. The FTSE 100 posts its biggest ever fall, down 391 at 4,589, reducing the value of Britain's blue-chip companies by £93m. On Wall Street, the Dow Jones Industrial Average falls 370 points to 9,956, the first time it has sunk below 10,000 in four years. Germany announces a £38.7bn plan to save Hypo Real Estate.

TUESDAY

Shares in Royal Bank of Scotland collapse, dropping 39% amid fears that shareholder investments would be wiped out in a part-nationalisation of the UK banking sector. Ryanair announces that its cabin crew will be forced to take one week of unpaid leave as the budget airline cuts back on its flights from Dublin and Stansted.

WEDNESDAY

The UK Government confirms it will inject 50bn of emergency capital into the country's banks to bail them out. As part of the move, which will cost taxpayers, the Bank of England announces it will also make at least 200bn available to free up lending in the banking system. Iceland's beleaguered Landsbanki bank is nationalised.

THURSDAY

A strong performance at its motorway, airport and station stores enabled WH Smith chief executive Kate Swann, left, to report a 15% hike in underlying full-year profits. The group posted a surplus of 76m for the year to August 31, which was marginally better than expected in the City. Sales at its 449-store travel portfolio rose 3% on a like-for-like basis excluding tobacco, helping offset a 3% decline in comparable sales within the high-street business. The Icelandic government seized control of the country's biggest bank and suspended trading on its stock exchange. The move came after British authorities had seized control of Kaupthing Singer & Friedlander, the British arm of Kaupthing, which employs almost 700 people in the City.

FRIDAY

Markets crash on fears of a deep economic downturn. The bloodbath started on Wall Street before crossing to Asia, where Japan's Nikkei suffered its biggest one-day drop with a near-10% fall. The FTSE 100 index plunged more than 10% at one point, before losses were pared back slightly to leave it 320.2 points lower at 3,993.6. It is at its lowest level since May 2003.

GOOD WEEK

Mark Selway

The chief executive of Scottish engineering firm Weir Group announced full-year profits will be higher than expected. In an interim statement he predicted pre-tax profits will be closer to 170m, up from August estimates of 165m.

BAD WEEK

Andy Duncan

The chief executive of Channel 4 has been forced to abandon plans to set up three digital radio stations, blaming a slump in advertising revenues. The first station, E4 Radio, was due to go on live next year.