THE National Australia Bank says it will vigorously defend itself against a shareholder move to dump a senior board member over claims of poor risk oversight related to $4.5 billion of toxic assets.

QUEENSLAND will suffer as its exports lose value in the global financial meltdown but it's too early to tell by how much, Treasurer Andrew Fraser says.

Asian markets plunged on the back of steep falls on wall street overnight,as Japan halts some trading.

MATTHEWS Capital sold over $182 million of Santos stock today, in what is said to be part of a liquidation to ward off fund redemptions.

BRITISH Prime Minister Gordon Brown today condemned Iceland's position on the freezing of bank accounts held by British savers, saying it was "effectively illegal action".

THE Federal government must take immediate steps to salvage Australia's economy, including dropping the 2010 starting date for the carbon emissions trading scheme, Opposition Leader Malcolm Turnbull says.

ZINC and lead miner Perilya has asked its shareholders to take no action on an unsolicited takeover bid by CBH Resources.

AUSTRALIAN shares were in freefall today amid fears Asian economies were heading towards recession.

OZ Minerals said it is "optimistic" about commodities demand, but nevertheless forecast tough times amid the global crisis.

The market crisis can only be compared to 1929 - but is twice as bad, explains economics Professor Steve Keen.