Today's Business Headlines

Market's $110bn wipeout
The biggest share market rout since the October 1987 crash has caught millions of shareholders off guard and raised fears the China boom might not protect the Australian economy from a looming US recession. The Australian

No end in sight to carnage after 7% fall
There will be no let-up ine the caranage on the Australian share market today, analysts predict, especially if the economy appears to be heading for an interest rate rise. The Australian

Bumi swoops on Herald stock
Bumi Resources has struck a serious blow against the bid defences of takeover target Herald Resources after amassing a 19.6 per cent blocking stake following a $64.4 million on market share raid. The West

Financing fears could delay Vale's move to buy Xstrata
Brazil's Vale has outed itself as a potential buyer of Anglo-Swiss miner Xstrata. The West

ASIC affirms grip on Westpoint
The federal corporate watchdog wants to keep a clamp on the assets of four Westpoint executives for another two years while it tries to work out what actions can be taken over the property group's $600 million implosion. The West

THE WEST AUSTRALIAN
Page 1: Fear and panic gripped the Australian sharemarket yesterday, sparking the biggest one-day fall since October 1989 and fuelling warnings from investment analysts that share prices were likely to fall even further on the back of the ailing US economy.

Business: The stockmarket plunge is already claiming victims, with a record numbers of investors being hit with margin calls as shares values plummet.

Pessimism has taken root in investment circles, with fund manager either scrambling for position of battening hatches.

Bumi Resources has struck a serious blow against the bid defences of takeover target Herald Resources after amassing a 19.6 per cent blocking stake following a $64.4 million on market share raid.

Takeover target Consolidated Media Holdings was the only beacon in yesterday's sharemarket storm but still finished well below its offer price.

The federal corporate watchdog wants to keep a clamp on the assets of four Westpoint executives for another two years while it tries to work out what actions can be taken over the property group's $600 million implosion.

Brazil's Vale has outed itself as a potential buyer of Anglo-Swiss miner Xstrata.