Property giant Stockland Corporation Ltd said it would use the millions it raised in equity last week to pay debts and expand its retirement business.

Australian stocks are expected to open flat on Monday as Wall street closed the week modestly lower following its horror session on Thursday.

Top fund managers say fear and panic drove global financial markets last week as they bought conservative stocks to try and avoid volatility.

The Group of 20 rich and emerging countries said it was committed to using all the means available to tackle the financial crisis rocking world markets.

Iceland has reached an agreement with the Netherlands to reimburse Dutch clients of the frozen online savings bank Icesave.

An international group of finance leaders claimed progress in implementing an agreed tightening of rules.

US President George W Bush said after crisis talks with finance ministers from the G7 agreed the world financial meltdown required & quot;a serious global response & quot;.

Vietnam has given the go-ahead for Australia & #39;s ANZ bank to set up a wholly owned subsidiary based in Hanoi, an official statement said.

Indian shares closed down 7.07 per cent, despite an injection of liquidity from the Reserve Bank, on fears over the global financial crisis, dealers said.

US and European share prices have suffered heavy losses as fear stalked trading floors and investors looked to a meeting of G7 finance chiefs for salvation.

Mexico & #39;s peso has changed hands at 13.29 to the dollar, a new record low, despite the injection of & #36;US6.4 billion onto the market by the central bank.

Oil prices have slumped to one-year lows under & #36;US80 per barrel, striking & #36;US75 in London, amid a global equities meltdown, traders said.

General Electric has announced that its third-quarter earnings plunged by 23 per cent from a year ago to & #36;US4.3 billion ( & #36;A6.3 billion).

Australia wants to work with the world & #39;s economic community to secure long-term solutions for global recovery, Treasurer Wayne Swan has told a US think tank.

Treasurer Wayne Swan says the OECD is supportive of Australia & #39;s long-term economic agenda and plans for comprehensive taxation reform.

The Australian share market ended a horror week down more than eight per cent on Friday in a session that wiped & #36;106 million from the value of stocks.

Japan & #39;s prime minister, who chairs the Group of Eight rich nations, says he will call a G8 summit if finance chiefs meeting in the US do not reach a deal.

Governments should consider buying stock on share markets to stop the rot and restore some confidence, CommSec chief equities economist Craig James said Friday.

National Australia Bank Ltd says it will vigorously defend itself against a shareholder move to dump a senior board member.

Commonwealth Bank, hit by a computer glitch overnight, has processed Centrelink payments and says it will complete processing transactions Friday afternoon.