Wikinews News in Brief for October 9, 2008

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Audio Wikinews Audio Wikinews News Brief for October 9, 2008
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Good day, this is the Audio Wikinews Brief for Thursday, October 9, 2008. I'm Kevin Fields, and here are today's current stories.

Markets down across the world; Dow Jones falls below 9,000

Stock markets across the world have fallen dramatically as worries that recent government moves might not prevent a global recession. The largest drop was with the the Dow Jones index, which fell 678 points to below the 9,000 mark. The index has fallen over 2,000 points in the past nine days to reach its lowest level since 2003. The S&P 500 was down more than 7%. In the UK, the FTSE 100 dropped from a day high of 145 points to 52.9 points lower, which is a 4 year low. The only major world indexes that gained any value were the Hang Seng in Hong Kong, which closed up 3.31%, and the Russian RTS, which ended up more than 10.91%.

Investors are waiting for the outcome of several meetings that will be held this weekend. Finance ministers from the G7 will be gathering in Washington, and in the meantime the International Monetary Fund and the World Bank will be holding there autumn meetings. In response to the financial tsunami, the European Central Bank opened this Thursday an unlimited emergency credit line to stimulate liquidity in the institutions that are facing bankruptcy. Through six-day credits, the ECB plans aiding financially the 15 countries which are part of the Eurozone. Iceland had to nationalize a third bank after the board of directors for Kaupthing Bank, the most important bank in the country, requested the takeover and resigned. The Nordic state, whose economy is highly dependent on the banking system, is handling great financial problems after the government was forced to nationalize the three most important banks, and could have to face bankruptcy.Central banks in Argentina, Brazil and Mexico also decided to intervene in the market to stop the rapid devaluation of their currencies, fearing a capital flight out. Germany's Chancellor Angela Merkel did not rule out nationalizing banks in her country.

IMF: World on brink of recession; prepares special loan program

Dominique Strauss-Kahn, Managing Director of the International Monetary Fund says the world is on the brink of a global recession but predicts the economy will begin to recover by late 2009. He stressed nations must work together to avert a global recession and warns there is "no domestic solution" to the crisis. He also said this week's coordinated interest rate cuts around the world are a good example of the international cooperation needed to restore faltering economies. Furthermore, he announced the IMF has activated an emergency program Wednesday that allows the fund to provide loans more easily and quickly to emerging countries in economic trouble.

US presidential candidate Barack Obama has 50% support

United States presidential candidate Barack Obama now has 50% support in the polls. Tuesday was the first day Obama received 50% or more support in the Day to Day Politics Poll Average since it began back in mid July. Barack Obama now has 50.1% support and John McCain has 43.6% support - a 6.5% difference with a margin of error of 0.70%. This is the largest lead Barack Obama has had in the past three months.

French author Le Clézio wins the 2008 Nobel Prize in Literature

The 2008 Nobel Prize in Literature has been awarded to French writer Jean-Marie Gustave Le Clézio. The prize of $1.4 million dollars was awarded by the Swedish Academy, the steward for the award named after Swedish scientist Alfred Nobel. The Academy recognized Le Clézioas being a key figure of French literature. In a press release, the Academy stated, "The emphasis in Le Clezio's work has increasingly moved in the direction of an exploration of the world of childhood and of his own family history." The 68 year-old novelist, who resides in Nice, France, released his first novel in 1963, which earned him the Théophraste-Renaudot Award that same year. Le Clézio has also won five other notable literature awards in his lifetime.

Conclusion

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