Today's Headlines

Bloomberg:

- U.S. stocks advanced, led by banks, as Congress neared an agreement on a $700 billion bailout of financial institutions to help revive lending and credit markets.

- Federal Reserve Chairman Ben S. Bernanke moved closer to cutting interest rates, signaling that risks to U.S. growth are greater than policy makers saw them just last week.

- Washington Mutual Inc.'s(WM) options may be dwindling as potential bidders shy away from making an offer because it's not clear how much the proposed $700 billion U.S. bank rescue package will benefit the Seattle-based lender.

- Clarium Capital Management LLC, the $7 billion hedge-fund firm run by PayPal co-founder Peter Thiel, profited from turmoil in financial markets as he almost doubled his U.S. stock holdings and wagered commodity prices would fall, according to an investor letter. The firm's Clarium LP fund rose 1.8 percent in the week ended Sept. 19, boosting the return to 27.8 percent for the year, according to estimates given to investors.

- Russia's international reserves, the world's third largest, fell $900 million last week to the lowest in three months after the central bank sold currency to support the ruble.

- Russia’s economy will grow at a slower rate than expected this year as banks hoard cash and curb lending amid the biggest financial challenge the government has faced since it defaulted and devalued the ruble in 1998. Foreign investors have pulled $50 billion out of Russia since the country invaded its pro-Western neighbor Georgia last month, according to BNP Paribas. The war, plunging commodity prices and the seizing up of global capital markets culminated in a 25% plunge in Moscow’s benchmark Micex Index over three days last week.

- London is turning against the $450 billion hedge-fund industry that helped make the city a contender for the title of world financial capital.

- Norsk Hydro ASA, Europe’s second-largest aluminum producer, said the outlook for the lightweight metal is “uncertain” because of the global financial crisis. Market turmoil will curb short to medium-term economic growth, Hydro said. Aluminum demand in North America will drop as much as 5% this year.

Wall Street Journal:
- September has piled on more pain for some of the hedge-fund industry's biggest players. The month has added to earlier declines for some prominent hedge-fund names, who are struggling with fierce volatility in commodities and stock and credit markets and intensifying troubles on Wall Street.

CNBC:

- Chadwick: Bring Back the Uptick Rule!

Market Watch:

- General Electric Co.(GE) on Thursday warned 2008 earnings may be as much as 15% lower than it earlier predicted and said it would halt a stock-buyback program to maintain the AAA credit rating that's so important to its financials business.

- September has piled on more pain for some of the hedge-fund industry's biggest players. The month has added to earlier declines for some prominent hedge-fund names, who are struggling with fierce volatility in commodities and stock and credit markets and intensifying troubles on Wall Street.

Tulsa World:

- Two hedge funds led by billionaire T. Boone Pickens have lost $1 billion so far this year, according to the Wall Street Journal. Because of that, the construction of an indoor practice facility at Oklahoma State University has been pushed back, according to a report.

The Tex Report:
- Prices for Chinese coal coke have fallen to $350 to $380 from more than $400.

CNNMoney.com:

- Goldman’s(GS) commodities queen. With some $3.4 billion in revenue, Goldman Sachs's commodities desk is not just a cash cow - it has also been a launchpad for CEO Lloyd Blankfein and president Gary Cohn. While Goldman doesn't break out revenues, one broker who works with the firm estimates Ealet has personally generated revenues of $40 million to $80 million annually. Under Ealet, the bank has doubled the amount of its own money it has risked, from $24 million in the second quarter last year to $48 million this year - right before the massive plunge in commodity prices that began in July.

AP:

- The International Gymnastics Federation widened a probe into whether Chinese gymnasts were too young to compete at the Beijing Olympics to include athletes at the 2000 Sydney Games.

- China and Iraq will conclude a $3 billion oil agreement next week, citing a spokesman from the Middle East A Chinese delegation will visit Baghdad to sign the accord that will allow China National Petroleum Corp., China’s biggest oil company, to develop the field for 20 years, citing Assem Jihad. nation’s oil ministry.

Financial Times:
- A crackdown on illegal immigrants, coupled with encouragement for highly qualified foreigners to work in the European Union, are the highlights of a French-inspired immigration pact set to be adopted by EU ministers on Thursday. All 27 member-states are expected to approve the pact, which is one of the main features of France's six-month EU presidency and is likely to define the framework for the bloc's immigration policies for many years to come.

IrishTimes.com:
- Seven international hedge funds have bet hundreds of millions of euro that Irish bank stocks will continue to fall. Although it is normal stock market practice, since last Friday short-selling of the four Irish publicly quoted banks has been banned by the Irish Financial Services Regulatory Authority. While the regulator banned investors from taking new short positions, existing positions can be maintained, reduced or closed.

Referans:
- Orders for Turkish car parts have dropped 30% as the global financial crisis cuts domestic and export demand. Car producers and parts manufacturers have started to fire workers and reduce production.

Haaretz:
- Israeli Finance Ministry officials say economic growth may slow to between 2% and 2.5% next year, and some say it may fall below 2%. The unofficial expectations compare with the 3.5% estimate the ministry used for forecasting tax revenue in the 2009 budget.