Today's Headlines

Bloomberg:
- Natural gas is falling again in NY after US inventories soared to a record last week.
- Heating oil futures are falling as inventories are 18% above the 5-year average for this time of the year and forecasts call for warm weather in the Northeast.
- Crude oil fell more than $1/bbl. on speculation that members of OPEC won’t follow through with production cuts.
- Gold is set to post a weekly decline as falling oil prices reduced the appeal of the precious metal as a hedge against inflation.
- The US dollar posted the biggest gain since July against the yen and euro after a government report showed the US jobless rate unexpectedly fell in September.
- Jerome York, an aide to billionaire investor Kirk Kerkorian, resigned form GM’s board after the automaker failed to support Kerkorian’s proposal for an alliance with Renault SA and Nissan Motor.
- Crown Castle(CCI), the second-biggest owner of US cellular-telephone towers, agreed to buy Global Signal(GSL) for about $3.93 billion to become the dominant provider in LA, Chicago and Dallas.
- US Treasuries are falling, pushing 10-year yields up the most since July, after the government said the nation’s jobless rate dropped in September while the economy added more jobs in prior months than reported earlier.
- Amaranth Advisors, LLC, the hedge-fund manager that’s liquidating after losing $6.5 billion betting on natural gas, plans to cut about 60% of its workforce within a week and help place them at other firms.
- The cost of transporting oil abroad supertankers may fall by year-end as OPEC members reduce production, leaving a glut of vessels.

Wall Street Journal:
- The end of Hong Kong’s “laissez-faire capitalist” economy policies will slow the territory’s growth and end its role as a model for Asian countries, economist Milton Friedman said.
- MySpace.com, the social networking site, has attracted older users.
- Hedge funds searching for investment opportunities are turning their attention to sub-Saharan Africa.
- JC Penney(JCP) is seeking to emulate department-store rival Kohl’s(KSS) by opening more freestanding stores, which customers are increasingly favoring over regional malls.

NY Times:
- Andrew Cuomo, Democratic candidate for NY’s Attorney General, made a 19% return when he invested more than half of his $1.2 million in campaign funds in the hedge fund of one of his supporters two years ago, citing campaign spokeswoman Wendy Katz. The hedge fund Cuomo invested in, Gregg Hymowitz’s EnTrust Partners, waived its minimum asset requirement and investment amount when it allowed the Cuomo campaign to invest in its fund.

Boersen:
- Dong Energy A/S of Denmark has applied for an exploration permit to search for oil and natural gas off the country’s northwest coast, citing Jan Terje, the company’s head of exploration.