US foreclosure filings jumped 57 percent and bank repossessions more than doubled in March from a year earlier as adjustable mortgages increased and more owners gave up their homes to lenders.
The Royal Institution of Chartered Surveyors' measure of sentiment in the UK housing market fell to the lowest since records began in 1978 in March as mortgage lending dried up.
Wachovia Corp, the fourth-largest US bank, reported an unexpected loss because of subprime infected mortgage holdings and said it plans to raise capital by selling shares to outside investors.
Blockbuster Inc, the biggest movie-rental chain, made an unsolicited offer to buy Circuit City Stores Inc, for as much as $1.35 billion as the second- largest US electronics retailer struggles with falling sales.
The Federal Reserve's new twice-monthly loan auctions have failed to reduce banks' borrowing costs since officials introduced them in December, Stanford University economist John Taylor said.
Airlines lined up yesterday for compensation after Boeing Co announced a further six-month delay for its new 787 Dreamliner plane.
The Bank of England cut the benchmark interest rate for the third time since December as the worst housing slump in 16 years threatened to push the economy into a recession.
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