Iceland Shuts Stock Exchange
THE INDEPENDENT: Crisis-hit Iceland suspended trading on its stock exchange until Monday today.

The OMX Nordic Exchange Iceland said the decision was due to "unusual market conditions".

Iceland is sinking deeper into financial turmoil as its top-heavy banking system collapses.

The Icelandic government now has control of all three of the country's major banks - Kaupthing, Landsbanki and Glitnir - as it struggles to contain the panic.

The crisis is also hitting several other countries in Europe, where thousands of people have accounts with subsidiaries of the Icelandic banks. [Source: The Independent] AP | October 9, 2008

THE INDEPENDENT:
Council Millions at Risk in Icelandic Banks: Britain's local authorities came under fire today after it emerged that millions of pounds of council taxpayers' money invested in Icelandic banks is at risk.

Critics branded the investments an "absolute disgrace" and said those responsible should consider their positions.

One authority - Kent County Council - has £50 million deposited in Icelandic banks while more than 20 others are thought to have exposure running into millions of pounds.

Barnet Council in north London is thought to have in the region of £27 million deposited and Westminster Council said it had £17 million with Icelandic institutions.

Transport for London said it has a £40 million deposit with Kaupthing Singer & Friedlander, which has been placed into administration.

Mark Wallace, campaign director at the TaxPayers' Alliance, said: "People will be shocked that the councils had this money stashed away in the first place.

"Every year we hear that councils don't have enough money and need to raise taxes but it seems they have had sufficient excess tax to salt tens of millions of pounds away.

"The fact that they have invested this money and seem to have lost it is even more shocking and is sadly yet another reminder of the poor financial management in local councils.

"In short, they should not have stashed this money in the first place and they simply weren't equipped to try to be clever in the markets with it." >>> By Joe Sinclair, PA | October 9, 2008

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Billions Wiped Off London Shares
TIMESONLINE: About £77 billion was wiped from UK blue chip share values this morning as fears of a US recession reverberated around the globe, sending the FTSE 100 index down to its lowest level in 19 months.

London's benchmark index of blue chips dived by as much as 324 points, sliding through the 5,600 mark for the first time since June 2006, to plumb 5,578. By late morning it had rallied slightly to 5,596, still down 306 points.

Following frenzied trading in Asia as investors drained cash from the Tokyo and Hong Kong markets, European traders joined the gloom-fest. Germany's DAX index slumped by 381 points to 6933, while the CAC 40 in France was down 238 points at 4854.

In the UK, mining companies, retailers and banks bore the brunt of the markdown in prices as dealers decided that President George W Bush's proposed stimulus package for the US economy, that was revealed last week, would not be enough. The threat that the credit ratings of monoline insurers - which insure bond investors against default - could be downgraded added to the general anxiety. US recession fears wipe £77bn from London shares: London's FTSE 100 fell to an 18-month low as markets took a dim view of President Bush's plan to fight off a US downturn By Patrick Hosking and Leo Lewis

NZZ Online:
Ein schwarzer Montag an den Börsen: Weltweite Verunsicherung auf den Finanzmärkten

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