Friday Papers: OECD warns Bank of need for rate cut - other news

OECD warns Bank of need for rate cut, Rock debt to Bank now £8 billion and US August new home sales fall to worst level in seven years.

* Dow rises 35 points and Nasdaq adds 11 points
* OECD report warns the UK's economy is weakening and the Bank of England may need to cut rates after recent market turmoil
* Northern Rock debt to Bank of England now £8 billion
* US August new home sales down 8.3% to 795,000 units, worst level in seven years
* US second-quarter GDP revised lower to 3.8% rise
* US second quarter core price index revised to 1.4% rise from 1.3% earlier
* US second-quarter consumer spending up 1.4%, unrevised from last month's estimate
* US jobless claims minus 15,000 to 298,000 September 22 week vs 320,000 expected
* US Conference Board help-wanted ad index 23 in August vs 25 in July
* Bank of England's Monetary Policy Committee member David Blanchflower says immigration is helping to keep wage inflation low
* US Federal Reserve adds $38 billion to markets with range of new repos
* Goldman Sachs warns of a likely recession in Japan and mounting risks that the US property slump could spread to parts of Europe
* Eurozone inflation data today are expected to show the annual rate has jumped back clearly above the European Central Bank's target range
* British banks caution Chancellor over price of protection scheme
* British Bankers' Association predicts soft landing for housing market in Britain
* European Union threatens curbs on Asian and Middle Eastern sovereign funds
* Labour leaves its conference on an election footing, with Gordon Brown agonising over whether to call a November election or wait until next spring
* Standard Chartered chief upbeat on emerging markets
* Camelot charity arm to fold as operator pulls £2 million contribution
* Immigration estimates out by 45,000 a year and five million more are on their way
* Designer Katharine Hamnett is to terminate a deal to supply organic and fair trade clothing to Tesco
* Rolls-Royce has rebuffed a last-ditch attempt by the government to stop it building its new testing facility in Germany rather than locating it in Derby
* Smith & Nephew in talks to settle over investigation by New Jersey Attorney
* UK retailers agree voluntary plan to phase out sale of traditional light bulbs
* Tarquin Resources cuts first-half loss to £216,524 vs loss £512,764.