IBT Staff Reporter

As fallout from the summer credit crunch spreads, Wall Street faces more job cuts -- and smaller bonuses. Investment banks have announced thousands of jobs cuts as investors stopped snapping up risky corporate loans, mortgage securities and complex asset-backed securities.

Stocks rallied on Friday after Microsoft's upbeat outlook boosted the three major indexes and a profit forecast from lender Countrywide Financial buoyed the struggling financial sector. Stocks extended their gains as the weekend approached, in a sign investors are expecting the Federal Reserve to cut interest rates when it meets next week, analysts said.

Today in the UK, Delta Two, the Qatar based investment firm trying to takeover supermarket chain J Sainsbury’s, was given a deadline of 8th November 2007 to make a bid.The deadline was set by the Takeover Panel Executive at the request of both Sainsbury’s and Delta Two who both “agree that it is in the best interests of shareholders and colleagues to bring this process to a conclusion as soon as practicable”, according to a joint statement.Delta Two has made a 600p per share offer for Sainsbury’s, however in order to follow through with the offer, the company still needs an addition £500 million of extra equity.In a statement today the two parties said that Delta Two was trying to secure the extra funding from the Qatar Investment Authority and that as a result, “there can be no certainty that such funding will be forthcoming and, therefore, no certainty that an offer will be made.”Delta Two originally approached Sainsbury’s in July with an offer, however following the credit crunch the Sainsbury family, who own 18% of the shares were concerned that the offer had too much debt.Sainsbury’s is the third largest supermarket chain in the UK.

China's central bank said yesterday that it is necessary to appropriately increase the regulation and control of its monetary policy, improve the formation mechanism of RMB exchange rate, and promote the RMB capital account to be convertible stably.

Airbus A380 showcased its interior cabin in the Shanghai Pudong International Airport yesterday and carried nearly 150 guests for the one hour's demonstration flight.

Shares in Vonage Holdings Corp jumped 42 percent on Friday after it settled a patent dispute with Verizon Communications Inc, raising hopes the Internet-based calling company was emerging from legal troubles.

China: GDP grows 11.5% in the first three quarters According to the State Statistics Bureau, China's national economy continued stable and rapid development throughout the duration of this year. The country’s gross domestic product (GDP) hit 16.6043 trillion yuan ($2.1 billion) in the first three quarters of this year, with year-over-year growth of 11.5%. The figures represent 0.7% growth compared to the same period last year.

The dollar fell to fresh lifetime lows versus the euro and a basket of currencies on Friday as investors fretted an anticipated Federal Reserve interest rate cut next week would not be the last.

Turkish helicopters and fighter jets pounded Kurdish rebel positions on Friday as diplomatic efforts began in Ankara to avert a major offensive against the guerrillas based in northern Iraq.

Risk education for new investors in soaring markets is key to preventing financial and social turmoil should stocks drop.

Consumer sentiment fell further than expected in late October to its lowest in more than a year as concerns about the housing slump darkened the economic outlook, a survey released on Friday showed.

Insurer Coventry Health Care Inc on Friday posted a 14 percent increase in third-quarter profit, in line with forecasts, but shares fell on a slightly lower-than-expected 2008 profit forecast.

Daiichi Sankyo Co Ltd said its first-half net profit would beat its initial estimate by 36 percent aided by strong drug sales overseas, but it only nudged its annual outlook higher as it will likely spend more to buy rights to new drug candidates.

Nissan Motor Co posted a surprise gain of 12 percent in quarterly operating profit on Friday as a pickup in its global car sales outweighed rising commodity prices, and it kept its full-year forecasts unchanged.

German Chancellor Angela Merkel aims to boost business ties with India on her first trip to the world's biggest democracy starting on Monday.

Shares in LG.Philips LCD Co Ltd surged on Friday on market talk Japan's Matsushita Electric Industrial was buying a stake in the South Korean flat screen maker, but both firms poured cold water on the talk.

Nintendo Co Ltd said it aims to launch its Wii game console in China and South Korea next year, helping accelerate its break-neck growth and cement its recent lead over Sony Corp and Microsoft Corp.

Insurer Pearl made a 4.9 billion pound ($10.1 billion) cash offer for rival Resolution on Friday, in a dramatic move aimed at thwarting a deal between Resolution and Standard Life agreed just hours earlier.

Gold climbed to a 28-year peak on Friday and platinum traded just below an all-time high, as a record low dollar and lifetime-high oil spurred buying.

Stocks jumped on Friday, driving the Nasdaq up 2 percent briefly and S&P 500 up 1 percent, after lender Countrywide Financial Corp. said it expects to return to profitability this quarter, easing some fears about financial sector losses.

Merrill Lynch & Co Inc Chairman and Chief Executive Stan O'Neal has told friends he expects to be ousted by the end of the weekend, CNBC television reported on Friday.

Microsoft Corp has made progress in getting its Windows software to work on a low-cost laptop computer for poor children that currently runs on rival Linux software, an executive said on Thursday.

Saving the galaxy from annihilation has to be emotional, according to a Canadian video game developer who wants players of action role playing title Mass Effect to weigh their choices carefully as they fight for the future.

Singer-guitarist Walter de Castro couldn't believe his luck when he found out his band's song The Core would be featured on FIFA 2008, the Electronic Arts popular soccer game.

Activision Inc is set to launch Guitar Hero 3 amid expectations that the latest installment of its music-themed franchise will be a platinum hit for the second-biggest U.S. video game publisher.

The Senate has approved legislation extending a moratorium on state Internet access taxes for seven years.

Countrywide Financial Corp posted a $1.2 billion third-quarter loss on Friday as the housing market slumped, but its shares soared after the largest U.S. mortgage lender projected a return to profit this quarter as it slashes jobs and regains its footing. Shares of Countrywide rose $2.87, or 22 percent, to $15.94 in pre-market trading. Stock futures also moved higher.

Institutional money flows into oil are playing a big part in its advance to record peaks, a portfolio manager at commodities hedge fund Tiberius said on Friday.

U.S. oil surged to a nominal all-time high of $92.22 a barrel on Friday, boosting the annual average price to $67.87.