Riga - Latvia's largest indigenous bank, Parex Banka, confirmed that it was seeking government help in what amounts to a partial nationalization in a surprise move on Sunday morning.

Parex Banka is the second largest bank overall in the Baltic country. It posted profits of more than 12 million lats (22 million dollars) in the first nine months of 2008.

A statement released by Parex in the early hours of Sunday morning said, "In accordance with the terms of the agreement between the bank and the Latvian state, 51 per cent of Parex Banka's shares are being sold to the state."

Hong Kong  - Some of Asia's wealthiest people were Sunday preparing to shrug off the slump by spending hundreds of thousands of US dollars on a small, pungent, edible fungus.

The super-rich, including nine Hong Kong tycoons, were gathering in Tokyo to take part in the 10th Annual World Alba White Truffle Auction.

The Hong Kong bidders have a rich history in the annual charity auction and are favorite to win Sunday night's auction for the delicacy which is nicknamed "white gold" because of its rarity and high price.

Last year, the winning bid at the Alba Truffle Auction came from a consortium of property developers from Hong Kong who paid bid 208,000 US dollars for a comparatively small 750 gram truffle.

Berlin - Five past winners of the Nobel Economics Prize generally favour an increase in regulation of financial markets, the German news magazine Der Spiegel reported Saturday.

The magazine said it asked them for comment before key world leaders hold a G20 meeting on the crisis in Washington.

Those asked for a recipe were four US academics, Joseph E Stiglitz, Paul A Samuelson, Edmund S Phelps and Robert E Lucas and one German, Reinhard Selten.

Lucas was quoted saying the best solution would be a competitive banking system where deposits were guaranteed by the state.

Sao Paulo - Developing countries need a greater say in the global economy, said Brazilian President Luiz Inacio Lula da Silva Saturday.

"Developing country participation in (international) decision- making mechanisms needs to be strengthened," he said in his opening speech before a two-day summit of representative of the G20 nations. The meeting is to prepare for a global financial summit next weekend in Washington.

At his first news conference in Chicago, since his victory over Senator John McCain on Tuesday, President-elect Barack Obama said that the economic hardships many Americans are suffering are an “urgent reminder” that swift action is needed to stabilize the financial industry.

Surrounded by a large group of economic advisers, Obama pledged to confront the country’s economic crisis “head on” the moment he is sworn in on January 20. He asked his transition team to work on ideas to help the auto industry in particular.

Washington  - The two major US automakers, Ford Motor Co and General Motors Corp, reported massive third-quarters losses Friday as the ailing industry continued to lose cash and shed jobs.

Ford, the second-largest US automaker, reported a third-quarter operating loss of 2.98 billion dollars and said it would cut jobs and spending to preserve its perilous cash reserves.