Bloomberg:
- Crude oil is falling another $1.80/bbl. to the lowest this year in New York as traders said OPEC members will fail to cut production by 1.2 million barrels a day as planned.
- Russia will maintain its current oil production despite cuts from OPEC.
- A 20-year-old Wisconsin man was charged with making false threats on the Internet to detonate “dirty bombs” at seven NFL stadiums, federal prosecutors said.
- Goldman Sachs(GS), which urged investors to buy wheat futures five months ago, advised them to sell after prices surged recently. Goldman maintained its hold rating on corn.
- BHP Billiton Ltd.(BHP) may start drilling for oil and gas in the Orange Basin off the South African west coast in the next two years.
- Billionaire investor Carl Icahn moved closer to gaining control of ImClone Systems with the naming of an additional ally to the biotech company’s board.
- Iraqi religious leaders will meet late today in the Muslim holy city of Mecca, Saudi Arabia, in an effort to halt sectarian violence in their country.
Wall Street Journal:
- NBC Universal Television Group’s plan to drop prime-time high-cost dramas may hurt the network’s brand image and ability to attract viewers, citing industry officials.
- Young Republicans are flourishing at Univ. of California Berkeley, underscoring how the former bastion of liberal political thinking has filled with a more conservative student body.
- Eli Lilly’s(LLY) $2.1 billion purchase of Bothell, Washington-based biotech company ICOS may turn out to be a bargain because its product may have wider applications.
- Wal-Mart’s(WMT) unit, Sam’s Club, has hired a new advertising agency and it plans flashier marketing to lure customers this Christmas shopping season.
- Advanced Medical Optics(EYE), which makes devices for eye surgery, and rival Alcon Labs have started to market multi-focal lens implants as luxury items in an effort to spur sales.
NY Times:
- China may reduce oil shipments to North Korea if the latter conducts more nuclear test or refuses to return to negotiations, citing Chinese government advisers.
- The College Board, a powerful US educational organization, is studying whether virtual chemistry laboratories, used by 150,000 students, are an acceptable substitute for real lab work.
NY Daily News:
- Cantor Fitzgerald LP CEO Lutnick has conditionally pledged $25 million toward the construction of the World Trade Center Memorial.
Star-Ledger of Newark:
- New Jersey’s Assembly Appropriations Committee approved a measure to spend $270 million building stem-cell and biomedical-research facilities.
Petroleum Intelligence Weekly:
- European refiners expect a “flood” of Azeri Light crude oil as pumping volumes increase through the Baku-Tbilisi-Ceyhan pipeline.
Financial Times:
- UK housing price rises have not fallen to the level of household income growth, which suggests that supply of new homes is far outdistanced by demand. UK home prices rose 11.5% over the last year in the month ended Oct. 7, citing Rightmove Plc data. In contrast, real disposable income grew only 1.5% in the second quarter. The number of new houses will not catch up with the number of new households for at least a decade.
Handelsblatt:
- German companies invested less in Chinese businesses last year than competitors from the US and UK.
Chosun Ilbo:
- North Korean leader Kim Jong Il apologized to China for conducting a nuclear weapons test, during a meeting in Pyongyang with Chinese State Councilor Tang Jiaxuan.
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