Bloomberg:
- OPEC should hold an emergency meeting ahead of its December summit to consider cutting production if oil prices, down almost 25% over the last 2 months, continues to “fall further,” Kuwait’s oil minister said.
- Shares of oil-tanker companies, which fell the most in more than five months yesterday, may extend their decline after the cost of hiring vessels fell due to crude-oil production cuts.
- US Treasuries gained, pushing 10-year yields toward a seven-month low, as Federal Reserve Chairman Ben S. Bernanke said housing is slowing and inflation will recede.
- General Motors(GM) ended talks aimed at forming an alliance with Carlos Ghosn’s Renault SA and Nissan Motor.
- Mortgage applications in the US surged to the most in 15 months as borrowing costs close to an eight-month low spurred home sales and refinancing.
- US researcher Roger Kornberg won the Nobel Prize in chemistry for showing how genes are copied at the molecular level, enabling the human body to make use of information stored in DNA.
- The Australian dollar dropped to the lowest in almost 11 weeks as prices of commodities the nation sells abroad such as copper slumped.
Wall Street Journal:
- Rick Wagoner, the CEO of GM(GM), was expected to tell the board that the company is recovering and wouldn’t gain much from a partnership with Renault SA and Nissan Motor.
- Israeli entrepreneurs, the children of the Holocaust in WWII Romania, are helping modernize Romania.
- Yahoo!(YHOO), seeking to expand its mobile-advertising outside Japan, will start testing keyword-based advertisements on mobile phones in the US and UK.
- Sales of office buildings in Chicago may set a record this year, spurred by low prices and attractive properties.
- US stock mutual funds had a strong third quarter, led by large-company stocks, as worries about interest rates and inflation lessoned.
- The hedge-fund business may be heading for its first significant consolidation, citing Jamie Dimon, the CEO of JPMorgan Chase(JPM). A total of 2,622 hedge funds have been started since the start of last year but 1,071 have closed in the same period as returns have been squeezed by intensifying competition, citing Hedge Fund Research. The latest hedge-fund firm to stumble is Madrid-based Vega Asset Management, which has been hurt by an unfortunate bet against US bonds and now has $3 billion of assets, down from $12 billion two years ago.
NY Times:
- DaimlerChrysler AG(DCX) and China’s Chery Automobile have reached a broad understanding in their venture to export subcompact cars to the US.
Washington Times:
- UN Secretary General Kofi Annan won’t publicly release the financial disclosure form he filed last month, citing UN officials. Annan began requiring that all UN senior officials file such forms 10 months ago in an effort to reform the world body following the $64 billion Saddam/UN oil-for-food program scandal. Officials questioned the involvement of Annan’s son, Kojo, in the program as he had worked for a company that received an oil-for-food contract.
NY Daily News:
- The average price of an apartment in Manhattan fell 7% to $1.29 million in the third quarter, citing the appraisal firm Miller Samuel. Prices are still 12% above year ago levels and the report suggests a soft landing for the housing market in the area, citing the CEO of Miller Samuel.
AP:
- Venezuelan President Hugo Chavez ordered a cut in the country’s oil production to help keep oil prices above $60 a barrel, which he said is a “fair price.”
Financial Times:
- Google(GOOG) CEO Schmidt said that voters will one day be able to use “truth predictor” software to judge the probability that statements by politicians are true.
Bahrain Tribune:
- BlackBerry, the portable communications device from Research In Motion(RIMM), was introduced yesterday into Bahrain, its first Gulf market.
Argumenty I Fakty:
- Russia is investigating 2,500 officials from different levels of government for corruption, citing the director of the Federal Security Service.
Facts:
- A merger of General Motors(GM) and Ford Motor(F) would bring “phenomenally large” savings and create the world’s largest carmaker, GM Vice Chairman Bob Lutz said.
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