Morning all. Friday's market reports:
The Times
The Times (Need to know)
FT
The Guardian
The Independent
This is Money
Saturday
The price of money on the wholesale money market has tumbled, falling by the greatest amount since Black Wednesday in 1992.
Wholesale money market rates tumble by biggest amount since Black Wednesday
Britain's lenders face losing vital profits following the Bank of England's historic one-and-a-half point interest rate cut because their cost of funding remains stubbornly high.
Banks profits jeopardised as Libor falls short
The number of companies going bust soared by 26.3 per cent between July and September this year as the worsening economy took its toll on UK businesses.
Company collapses soar by 26% on downturn
Almost 300 people a day were declared insolvent during the three months to the end of September, new figures reveal, as experts warned worse is to come.
Almost 300 people a day declared insolvent
Berkshire Hathaway, the investment firm run by Warren Buffett, the worlds richest man reported a 77 per cent drop in third-quarter profits, as a $1.01 billion loss on derivatives and other investments combined with sharply reduced results from its operations across the board.
Warren Buffett's investment firm Berkshire Hathaway reports huge losses
P Morgans level three assets rose by $1.3bn in the third quarter, the investment bank said in an SEC filing on Friday.
JP Morgans mark to make-believe assets on the rise
The bearish analysis suggests that it will be difficult for Chinese consumers to lift the country out of the slowdown as the economy is still largely focused on exports and commodities.
Respected analyst Eric Fishwick says that China may be heading for a severe economic slowdown
Even if the bans on shorting financials introduced on Wall Street, in London and elsewhere actually worked, it seems curious that Japan would only introduce its own anti-bear-raid sanctions once its premier index, the Nikkei 225, had fallen 40 per cent in the space of four months. No matter. Japans Financial Services Agency actually gave two weeks notice that the ban would be introduced, but theres been precious little detail on the specifics since then.
Japans belated shorting ban
General Motors, the biggest US car group, warned last night that it could run out of cash early next year without a government bail-out, a merger or asset sales.
We'll go bust without bail-out or merger, says General Motors
A car dealer desperate to shift stock has stunned the motor industry with an extraordinary offer: buy one car and get one free. Buyers were able to buy two Dodge Avenger SXT 2.4i models for 20,000 from the firm, based in Colchester, Essex. Car industry experts described the offer as "almost unbelievable'' and said it was a sign the car market was in crisis. New car sales in the UK slumped by 23% last month, the biggest fall for 17 years.
Buy one car, get one free: dealer's offer as desperation takes hold in showrooms
Sunday
Expectations are at fever pitch that next week's summit in Washington could radically change the rules.
Hopes of world pinned on Bush's 'Bretton Woods II' summit
Knight Vinke, the activist American investor, has been thrust to the fore-front of a potential shareholder revolt at Barclays over a 7.3 billion fundraising that includes a preferential placing to investors in the Gulf.
Knight Vinke could fight 7bn Barclays move
The revelation of the deal, to help HBOS with its wholesale-funding needs, comes after two of Scotlands most senior bankers launched a sensational attempt to block the proposed takeover of HBOS by Lloyds. The loan shows how closely they are working ahead of the merger and the scale of support will surprise the City,
Lloyds TSBs secret 10bn loan to HBOS
Sir Peter Burt and Sir George Mathewson, the former bosses of Scotlands two leading banks, are battling to prevent HBOSs merger with Lloyds TSB.
Burt and Mathewson lay siege to emergency bank deal
Hedge fund Toscafund Asset Management is understood to be trying to sell its 27% stake in cash-strapped housebuilder Redrow. Toscafund, which took a 300m hit from the collapse of American bank Washington Mutual in September, is desperately trying to raise cash. Market watchers suggested Hughes was preparing a fire sale of assets. The company's main stakes include Playtech, Aberdeen Asset Management and Sovereign Bancorp.
Redrow up for grabs as Toscafund sells
The Centre for Economics and Business Research (CEBR) argues that significant fiscal measures will be needed on top of interest-rate cuts in spite of the Bank of Englands dramatic and unexpected 1.5-point reduction last week.
Call for Alistair Darling to cut Vat to 12.5% to boost economy
Major industry across Britain is to shut down for a month over Christmas as the recession tightens its grip. The car, steel and construction industries are worst hit, and others could follow as production is cut back while business tries to weather the storm.
Firms' shut-down for month hits pay
Monday
China underlined worries about the effect of the financial crisis on its economy with plans for a massive 4,000bn yuan (373bn) boost to try to arrest the downturn.
China provides massive boost for ailing economy
Banks are drawing up secret black-lists to ban businesses from overnight borrowing as the credit crunch moves into a damaging new phase, The Times has learnt.
Banks tighten screws and draw up secret blacklists
Latvia has been forced to bail out its second largest bank over the weekend and may soon need a rescue by the International Monetary Fund as the financial crisis engulfs the Baltic region, and much of Scandinanvia.
Latvia mulling IMF loan as crisis sweeps Nordic region