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Monday, September 08, 2008, 09:20
The US Treasury is to announce a rescue of Fannie Mae and Freddie Mac, two giant American mortgage banks, in what is likely to be the biggest financial bail-out of recent history.
The move may trigger a bounce in global stock markets but analysts warn that some of the uncertainties that plagued the markets last week will persist.
The Business Secretary, John Hutton, will outline an ambitious vision for the future of British manufacturing, saying one million 'green collar' jobs could be created in low-carbon technology.
Hutton's statement, the first big industrial policy initiative from Labour in six years, will attempt to halt the steady shrinking of Britain's manufacturing base.
Sunday Telegraph
Nationwide, one of Britain's biggest mortgage lenders, is in advanced talks to merge with the Derbyshire Building Society in a move expected to kick-start consolidation of the £350 billion industry.
Nationwide, which is the country's largest building society by far, is also in talks to merge with another smaller rival. If it succeeds in securing the two mergers, it will strengthen its lead as the largest building society in Britain.
China's central bank has built stakes worth an estimated £9 billion in Britain's index of leading blue-chip companies, including HSBC, Tesco and Unilever.
The scale of the investments by Beijing's State Administration of Foreign Exchange, an arm of the People's Bank of China, goes far beyond previous assumptions about the level of Chinese state ownership of London-listed companies.
The Observer
Stock markets fell sharply in London and around the world after further evidence of weakness in the US jobs market revived worries about the health of the global economy.
Latest jobs data has shown that unemployment in the US soared to its highest level in nearly five years in August.
Shares in Sony have plunged after the firm was forced to recall hundreds of thousands of Vaio laptop computers amid reports that some models have caught fire and injured their owners.
Shares in the electronics giant fell more than four per cent – their lowest level in almost three years – following the sudden recall of 438,000 PCs worldwide.
The Independent on Sunday
Chancellor Alistair Darling is understood to be close to temporarily abandoning the Government's fiscal rules rather than changing them when he presents his pre-Budget report later this autumn.
The UK's public borrowing will break through the £50 billion mark in this financial year and the 40 per cent ceiling on total debt will be breached in 2009.
The beleaguered housebuilders Barratt and Redrow are this week expected to report that plunging land prices and a market in freefall have wiped more than £300 million from their portfolios.
When Barratt's chief executive, Mark Clare, reports its final results on Wednesday, he will say it has had to write off around £160 million related to the value of its land bank and work in progress.
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