[September 15, 2008]

Kyodo news summary -7-+

(Japan Economic Newswire Via Acquire Media NewsEdge) NEW YORK, Sept. 15_(Kyodo) _ ---------- Crude oil futures end at $95 level per barrel

NEW YORK - (EDS: ADDING MISSING WORD IN 2ND GRAF)

The bellwether crude oil futures plunged to the $95 level per barrel in New York on Monday on expectations of stable supply, ending below the $100 line for the first time since early March.

---------- Dow suffers 6th largest loss on bankruptcy filing by Lehman Brothers

NEW YORK - New York stocks tumbled Monday with the Dow Jones index sustaining the sixth largest single-day loss of about 500 points amid growing fears of credit unrest following the filing of bankruptcy protection by ailing U.S. securities house Lehman Brothers Holdings Inc.

The 30-issue Dow Jones Industrial Average lost 504.48 points from last Friday to 10,917.51, the lowest closing since late July 2006. The daily fall, the sixth largest, was the sharpest since about 685 points lost on Sept. 17 2001 shortly after the Sept. 11 terrorist attacks on the United States.

---------- Dollar plunges to 104 yen range on fears of credit unrest

NEW YORK - The U.S. dollar plunged to the 104 yen range Monday in New York for the first time since mid-July on fears of credit unrest following the bankruptcy of Lehman Brothers Holdings Inc.

At 5 p.m., the dollar traded at 104.62-72 yen, compared with 107.90-108.00 yen at 5 p.m. Friday in New York. The Tokyo market was closed Monday for a national holiday.

---------- Gov't working to minimize Lehman effects on markets: Bush

WASHINGTON - President George W. Bush said Monday his administration is working to minimize the effects on financial markets from Lehman Brothers Holdings Inc.'s bankruptcy and its ramifications.

"We're working to reduce disruptions and minimize the impact of these financial market developments on the broader economy," he told reporters at the White House.

---------- Malaysia's law minister resigns over detentions

KUALA LUMPUR - Malaysia's law minister Zaid Ibrahim submitted his resignation Monday in protest against the detention of political opponents and a journalist under a security law, signaling a split in the government already under siege from a resurgent opposition.

"Yes, he has sent the letter today," his aide told Kyodo News.

---------- Typhoon to turn about to approach Japan later this week

TOKYO - Typhoon Sinlaku is expected to turn in the East China Sea north of Taiwan and approach the Japanese archipelago later this week, the Japan Meteorological Agency said Tuesday.

The agency said the typhoon, the season's 13th, may get close to Okinawa Prefecture, the Amami Islands and western Japan areas from Wednesday to Thursday.

---------- Aozora Bank's exposure to Lehman Brothers stands at $463 million: report

NEW YORK - Many Japanese financial institutions, including Aozora Bank, have held claims to the bankrupt U.S. brokerage house Lehman Brothers Holdings Inc., Reuters news service reported Monday, citing a large-lot creditor list it presented to a federal bankruptcy court.

Aozora Bank's exposure to Lehman Brothers is $463 million, the report said. The Japanese bank was listed as Lehman's biggest unsecured creditors along with Citigroup Inc., Bank of New York Mellon Corp. and Mizuho Financial Group Inc.

---------- FSA orders Lehman Brothers Japan to halt operations for 12 days

TOKYO - The Financial Services Agency on Monday ordered Lehman Brothers Japan Inc. to halt operations following the parent firm's bankruptcy filing.

The Japanese unit of the U.S securities house Lehman Brothers Holdings Inc. was ordered to suspend operations, excluding returning of assets to customers, for 12 days through Sept. 26.

---------- Lehman Brothers files for bankruptcy protection

NEW YORK - Struggling major U.S. securities house Lehman Brothers Holdings Inc. said it filed for bankruptcy protection Monday as weekend bailout talks faltered.

Bank of America, meanwhile, announced earlier in the same day it has agreed to buy Merrill Lynch & Co., another major U.S. brokerage house hit by the U.S. subprime mortgage debacle, in a stock swap deal worth about $50 billion.

Copyright ? 2008 Kyodo News International, Inc.

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