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JAMES Hardie Industries has suspended production at two US plants due to further deterioration in the American housing market.

PEPSI will spend $1.5 billion in China over the next four years, its largest investment so far in one of its fastest-growing markets.

OIL prices fell sharply in New York on signs a widening economic slowdown may freeze growth in petroleum demand next year.

WORLD equity markets lost an estimated $US5.79 trillion ($8.6 trillion) during October, the biggest monthly loss ever.

AMID uncertainty about the economic outlook, US banks continued to tighten their standards on loans to households and businesses.

THE eurozone economy was now in recession and would remain at a standstill for most of next year, the European Commission said.