US bank reveals that net profits in the third quarter of 2007 have nosedived by 60%, blaming 'dislocations'in the credit markets. By Graeme Wearden.

  2.30pm update: Bank's shares slide amid pessimism over a sell-off, while reports suggest KPMG has been lined up as an administrator. By Graeme Wearden.

  New mortgage approvals in Britain have fallen to their lowest since April. By Larry Elliott.

  2pm: Privatising postal services after 136 years of public ownership vaults Japan Post past Citigroup. By Justin McCurry in Tokyo.

  Shares in consumer debt advisory firm crashed by 69% this morning after it said it would stop advertising its credit arrangement services because they may soon be unprofitable. By Graeme Wearden.

  Sly Bailey says shareholders will support the decision not to sell regional newspapers including the Birmingham Post at just any price. By Katie Allen.

  Ahava, whose skincare products are based on salt and mud, plans to raise $22m. By Marianne Barriaux.

  Afternoon market report: But after the sugar and sweetener group's profit warning on Friday, some unkind souls described the revival as a dead cat bounce. By Nick Fletcher.

  BBC Worldwide has bought a majority stake in travel guide company Lonely Planet. By Mark Sweney.

  The turbulence in credit markets has badly hit the confidence of UK financial institutions and their business expectations are the weakest in almost two decades, according to survey.

  The BP board has given Sir Peter Sutherland the green light to stay on as chairman until 2009 despite the wave of problems that have led to a management shake-up of the oil group and seriously undermined the performance of its share price.

  The Financial Times website is to partially reverse its policy of forcing users to pay for content. By Stephen Brook.

  Government warned that nuclear energy plans could be thwarted by shortages of skills and components.

  Hopes of an early stock-market flotation for Ocado, the online grocery part-owned by the John Lewis Partnership, have receded after a set of heavy losses for the last financial year.