AFP - Devastating profit results worldwide and more grim news on Wednesday that Germany and Britain are facing recession raised pressure on world leaders ahead of an economic crisis summit this weekend.

AP - World stocks fell Wednesday, extending Tuesday's heavy losses as evidence mounted that the global financial crisis is hurting economies and company profits.

Reuters - The British economy will shrink sharply next year and inflation will tumble, the Bank of England predicted on Wednesday, suggesting that it will cut interest rates even below their current half-century low.

Reuters - British interest rates will probably fall further, the Bank of England signaled on Wednesday, with the economy already sliding into recession and unemployment recording its biggest jump since 1992.

AFP - The Bank of England said Wednesday the British economy was probably already in recession and faced a distant risk of deflation as a global financial crisis takes its toll.

AFP - London shares closed down Wednesday in a volatile session as financial and retail stocks sunk on further evidence of severe economic downturns across the globe.