GE To Tap Fed’s Commercial Paper Facility Next Week · General Electric, the biggest U.S. issuer of commercial paper, confirmed it will tap the Federal Reserve's new short-term funding facility next week to demonstrate "support" for the central bank's recent liquidity measures.  The company did not confirm the amount it plans to borrow. (Bloomberg)

U.S. Industrial Production Falls 2.8%, Most Since 1974 · The Federal Reserve reported Thursday that U.S. industrial production declined 2.8% in September, the most in nearly 34 years, as factories were hit by the Gulf Coast hurricanes and a Boeing strike. Economists forecast a decline of a 0.8%. (CNNMoney)

GM Shares Hit 60-Year Low After Ratings Warning · General Motors shares plunged to their lowest level in almost 60 years after S&P warned it may cut the auto maker's long-term credit rating. GMAC was also put on creditwatch. (CNBC)

Ford Triples Job Cuts At Volvo · Ford Motor is tripling layoffs at Volvo to 6,000 jobs, as the unit predicts a wider than expected second-half loss. Volvo's CEO termed the downturn in the global car industry "more drastic than expected". (Bloomberg)

Alcoa, BofA Kick Off Q3 Earnings With Bad News · Alcoa reported a 52% drop in third-quarter profit and Bank of America posted a 68% drop, kicking off the first earnings season for U.S. companies since the turmoil on Wall Street began. (Bl)

Tata To Build Nano Plant In Gujarat · Tata Motors, which last week had to back off plans to build its ultra-cheap Nano car in West Bengal, has found a new plant site in the northwestern Indian state of Gujarat. (domain-b.com)

Toyota Offers 0% Financing For First Time · Toyota Motor is for the first time offering 0% financing after sales fell 32.3% Sales fell 62% for its top-selling, midsize SUV. The 0% credit applies to 11 of its biggest-selling models. (BNET)

PROFILE: Robert Toll, Master Overbuilder · Robert Toll's luxury home-building company was one of the winners of the housing bubble. With the bubble now popped, he concedes Toll Brothers made some foolish deals. (Portfolio.com)

Business Jet Inventories Rise · Inventories of used business jets in the U.S. are 37% higher than a year ago. Honeywell Aerospace, which supplies executive jet equipment, is warning that flight activity is falling in the U.S. and in Europe. (FT)

Buffett’s GE Stake Seen As Win For Both · Billionaire investor Warren Buffett invested $3 billion in General Electric last week. Morningstar analysts Daniel Holland and Justin Fuller look at the deal from the perspective of both GE and Buffett's flagship investment company, Berkshire Hathaway, and like what they see. (Morningstar)

Tata Abandons Cheap Car Plans After Protests · India's Tata Group confirmed Friday that it has abandoned plans to build the world's cheapest car in West Bengal due to local political unrest regarding land it acquired.  The car, dubbed the Nano, was expected to cost $2,130. (BBC)

Auto Sale Slide Hits Luxury Cars Hard · September was a dismal month for auto sales in the United States, but luxury cars seem to have suffered the brunt of the slump. Lexus sales fell 36.1%, while BMW dropped 29.5%. (BNET Auto Industry Blog)

Auto Sales In U.S. Fall To Lowest Since 1993 · U.S. consumers bought 964,873 cars and trucks In September, 26.6% fewer than in September 2007 and the lowest amount in 15 years. Every auto maker, U.S. and foreign, experienced double-digit sales declines. (Detroit Free Press)

Warren Buffett Extends Buying Spree To GE · On Monday, Warren Buffett took a stake in a Chinese electric car company. On Wednesday, the billionaire's Berkshire Hathaway made the ultimate electric play, buying $3 billion of General Electric preferred stock. The deal, which also includes $3 billion in warrants for GE common, caps a flurry of investing by Buffett-owned entities amidst the recent market turmoil. (LA Times)

Buffett Takes $3B Stake In GE · Warren Buffett's Berkshire Hathaway will buy $3 billion of preferred shares in General Electric. The conglomerate, which has seen its shares drop as its finance unit struggles to cope with global financial turmoil, is also offering $12 billion in common shares. Buffett also gets warrants for $3 billion of common stock with a strike price of $22.25. (Bloomberg)