Bloomberg:
- Bank of America and other foreign institutions that have invested a combined $13 billion in China’s banks will be required to hold their shares for at least three years and won’t be allowed to buy stakes in more than two lenders.
- Gangs of youths clashed with French police for a sixth night as violence spread in Paris suburbs, prompting President Chiraq to call for calm.
- Johnson & Johnson won clearance from US antitrust regulators for its planned $25.4 billion purchase of Guidant after agreeing to divest stent technology and blood vessel-harvesting products.
- Johnson & Johnson said it may not complete its $25.4 billion purchase of Guidant because the companies haven’t agreed on a restructuring of the transaction requested by J&J.
- Mercury Interactive said three of its top executives resigned after a company investigation found that they manipulated the value of stock options for six years.
- GE expects as much as $1.2 billion in savings next year after it consolidated operations into six business units, four times earlier estimates.
- Heating oil, crude oil and gasoline fell after an EIA report showed that US inventories of distillate fuel dropped less than expected.
Wall Street Journal:
- MBIA is close to settling federal and state investigations of its accounting, agreeing to pay less than $100 million in fines and damages and accepting a review of past practices.
- A SEC investigation into GE’s use of hedge accounting has been upgraded to a formal investigation.
- Black & Decker plans to start selling next year tools with rechargeable batteries that provide double the power of 18-volt tools commonly used by contractors.
- US regulators will ask drugmakers to submit digital versions of the labels they use to describe a treatment’s use and risks, to be included in an online archive available to the public.
- Sweeping changes to the US tax code are necessary to remove a bias against saving and investment, R. Glenn Hubbard wrote.
NY Times:
- Aetna Inc., a health insurer, plans to say today that it will pay for some depression treatment as employers cite the ailment as a frequent cause of absenteeism and low productivity.
Financial Times:
- IVillage Inc., which operates Web sites for women, may sell its operations for more than $700 million.
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