Bloomberg:
- Merrill Lynch, Man Group Plc and Leon Black’s Apollo Management LLC transformed a discreet auction for failed Refco into a worldwide free-for-all.
- The European Commission plans to cut its 2006 growth estimate for the euro region and warn the 12-nation economy may perform even worse.
- The Dolan family withdrew its offer to take Cablevision Systems private and instead suggested the board declare a special dividend of $3 billion.
- Iraqis approved a new constitution that will establish a permanent government, the next step in the country’s transition to democracy after two decades of rule by Saddam Hussein’s dictatorship.
- McDonald’s will place nutrition information on most of its packaging to attract health-conscious consumers.
- Crude oil, gasoline, heating oil and natural gas are rising on speculation that US fuel consumption will increase with the end of the Atlantic hurricane season and the beginning of winter.
- The euro gained the most in more than two weeks against the dollar after business confidence in Germany rose to a five-year high.
Wall Street Journal:
- A group led by Comcast, Cox Communications and Time Warner is near an agreement with Sprint Nextel that would allow the cable operators to sell wireless phone service.
- Property development in the Florida Panhandle after eight hurricanes struck the state in the last 14 months has spurred a boom in real estate transactions.
- The US Congress is close to agreement on $101 billion in agricultural spending.
- The European Union, Brazil, China, India and other countries have called for an international agency to regulate the Internet and replace US control of the electronic information system.
- US automakers including General Motors have gone back to offering incentives to consumers to purchase their vehicles as sales remained weak.
- Some clinical trials suggest low-dose chemotherapy over extended periods may halt the spread of breast and ovarian cancers.
NY Times:
- Wal-Mart Stores plans to announce today a program to reduce energy consumption in its stores, double the fuel efficiency of its trucks and minimize packaging, citing CEO Scott.
Interfax:
- Russia will continue to assist Iran with its nuclear energy program after the completion of a plant at Bushehr in the Middle East nation.
London-based Times:
- Ben Bernanke, named by President Bush to succeed Alan Greenspan as chairman of the US Federal Reserve, forecast that the American economy will continue to grow without fiscal inflation even as energy prices rise.
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