Opec set to cut output

Opec will hold an extraordinary meeting on November 18 at which it is set to cut production to stabilise falling oil prices. Chakib Khelil, the Opec president, said the organisation was “very likely” to lower output. Benchmark US light crude slipped $4 to $84.95 a barrel last night, down more than 40 per cent from the July peak.

City hiring down 20%

Hays, Britain’s largest recruitment agency, has seen a 20 per cent slide in City hiring over the summer and fears that the deterioration in the jobs market will continue for at least the rest of this year. Paul Venables, Hays’s finance director, said that the slump was unprecedented in his 25 years in recruitment.

Citigroup pulls out

Citigroup said that it was walking away from talks to divide up Wachovia’s assets with its rival suitor, Wells Fargo, paving the way for Wachovia and Wells Fargo to complete the deal they announced last week. However, Citigroup said it would continue to seek damages from the other two banks for breach of contract.

GM hits 60-year low

Shares in General Motors were among the hardest hit on Wall Street last night after a downgrade by a credit rating agency pummelled the stock to depths not seen for almost 60 years. The shares fell 31 per cent to $4.76 after Standard & Poor’s lowered its rating on the carmaker.

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