Morning all. Friday's market reports:
Telegraph
The Times
FT
The Guardian
The Independent
This is Money
Saturday
In what could turn out to be the most expensive bank failure ever, troubled mortgage lender IndyMac Bank was taken over by federal regulators on Friday. According to the FDIC, 10,000 IndyMac customers could lose as much as $500 million in uninsured deposits. The agency says the failure will cost the Deposit Insurance Fund between $4 billion and $8 billion, based on preliminary estimates.
Regulators seize troubled IndyMac
One of the largest US mortgage lenders, the California-based IndyMac Bank, has collapsed amid a growing credit crisis. Federal regulators seized the bank's assets, fearing it might not be able to meet withdrawals by depositors. It is the second-largest financial institution to fail in US history, regulators say.
Key US mortgage lender goes bust
The Dow Jones index has plunged below 11,000 for the first time in two years in a fresh rout of bank shares after US Treasury Secretary Hank Paulson dashed hopes for an imminent bail-out of mortgage giants Fannie Mae and Freddie Mac.
Dow Jones dives as Hank Paulson rules out rescue of Fannie Mae and Freddie Mac
The principal body responsible for global accounting rules said it would not dilute the "fair value" standards that critics blame for increasing the scale of credit crisis-related writedowns at banks.
Fair value rules will not change, says IASB
Britains biggest lender cut rates by as much as 0.57 percentage points yesterday, a signal that the worst of the mortgage market turmoil could be over, according to experts. It is the second time in a fortnight that Halifax has changed its rates and follows similar moves by other major lenders, such as Abbey, Nationwide and Cheltenham & Gloucester.
Halifax signals mortage market upturn with interest rate cut
What is the big idea of Richard Thaler, the economist quoted by David Cameron and Barack Obama? It comes down to this: you're not as smart as you think. Humans, he believes, are less rational and more influenced by peer pressure and suggestion than governments and economists reckon.
From Obama to Cameron, why do so many politicians want a piece of Richard Thaler?
Sunday
President George W Bush has told the Israeli government that he may be prepared to approve a future military strike on Iranian nuclear facilities if negotiations with Tehran break down, according to a senior Pentagon official.
President George W Bush backs Israeli plan for strike on Iran
The US Treasury is studying plans to inject as much as $15bn (2.75bn) of fresh capital into beleaguered mortgage firms Fannie Mae and Freddie Mac. The cash injection is one of several plans being considered by US Treasury Secretary Hank Paulson as he looks to instill confidence in the countrys ailing mortgage market.
Freddie Mac and Fannie Mae future may rest with US Treasury
Fears of a meltdown in the US mortgage market are likely to stoke further falls in the value of equities this week, with billions of pounds expected to be wiped from company values around the world. Three of Wall Street's biggest investment banks, Merrill Lynch, Citigroup and JPMorgan, will all post second-quarter earnings with new writedowns likely to exacerbate market jitters. But it's the fate of the American mortgage giants, Freddie Mac and Fannie Mae, which halved in value in two days at the end of last week, that will dominate proceedings at tomorrow's opening bell.
World markets braced for more falls after US mortgage collapse
The British economy is braced for further turbulence this week as the fallout from the second largest bank failure in US history spreads across the Atlantic.
UK braced for US banking backlash
Experts fear the western worlds mountain of debt on credit cards is about to crack under the strain.
Fears grow of a global plastic meltdown
THE 2 billion financial conglomerate Dawnay Day has this weekend become the latest victim of the credit crunch. Administrators are expected to be appointed at some of its businesses tomorrow following talks with bankers and advisers. http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4322444.ece
Financial conglomerate Dawnay Day in crisis as 2bn empire falters
Some of the world's best-known activist hedge funds are suffering their worst start to the year on record with many posting losses of more than 20 per cent of their funds.
Hedge funds show poor half-year results
Top City practitioners and regulators have been summoned to the Treasury tomorrow to discuss reforming the rights issue process, in the wake of the chaos surrounding the recent cash calls undertaken by the UK's troubled banks.
Treasury and City meet to tackle Britain's cash-call chaos
THE Treasury will pocket a surplus of at least 5.1 billion from North Sea oil and gas taxes this year, sparking calls for the government to pour funds into fuel-poverty programmes and energy infrastructure.
Treasury reaps oil price bonanza
Monday
The US government last night moved to provide state support to ailing mortgage agencies Fannie Mae and Freddie Mac amid heightened concern over their solvency. The Federal Reserve took the unprecedented step of bailing out Fannie and Freddie in a move designed to prevent their collapse and with it to secure the stability of the wider mortgage market.
Federal Reserve bails out Fannie Mae and Freddie Mac
British banks face a crucial week, with Bradford & Bingley shareholders due to convene in Sheffield on Thursday to ratify the lender's third attempt at a 400m rights issue in less than two months and many HBOS investors expected to shun the bank's 4bn cash call when it closes at the end of this week.
Underwriters brace for heavy impact in crunch fundraising week for UK lenders