Bloomberg:
- Crude oil is falling again, another .84 to $58.75/bbl., as warm weather in the eastern US reduced heating fuel consumption and speculators continued to trim bets on production disruptions.
- The 250 biggest US law firms grew 4% in the past year, slower growth than the previous year, and half of the rate in 2001, according to a survey published today by the National Law Journal.
- Citigroup(C) will put its name on the NY Mets’ new ballpark under a 20-year agreement that also includes a partnership to develop sports and entertainment ventures.
- Wynn Resorts(WYNN) will pay shareholders a $609.3 million special cash dividend, almost a quarter of which will go to billionaire founder Steve Wynn.
- The US dollar is rising the most in more than a week against the euro and yen as traders bet comments by the head of China’s central bank do not indicate a faster pace of US currency sales in the near future.
- House Democratic leader Nancy Pelosi said she supports Representative John Murtha, who has called for the immediate withdrawal of US troops from Iraq, for the post of majority leader, bypassing the current No. 2, Steny Hoyer.
- Duke University Management Co. CEO Thruston Morton will retire at the end of the year to form his own investment firm, following the leads of the former endowment heads at Harvard and Stanford universities.
- Lead is headed for its biggest loss in 16 years, falling 12% today, leading zinc and copper lower in London.
- Eddie Bauer Holdings said it plans to be acquired by Sun Capital Partners and Golden Gate Capital, for $286 million.
- The SEC expects to file more enforcement actions against hedge funds over illegal trading and violations of client trust.
Wall Street Journal:
- Tribune Co.(TRB) has received a preliminary bid from Gannett Co.(GCI), the nation’s largest newspaper publisher by circulation.
- News Corp.’s(NWS) Twentieth Century Fox plans to sell cheap DVDs in China to help reduce sales of counterfeits.
- Some US hedge funds and other large investors are transferring some cash to speculative energy stocks from commodities. Yet some analysts say the energy stocks are risky, especially if gas prices fall again.
- A Los Angeles entrepreneur has built a thriving business fixing defective imported apparel.
- GM(GM) plans to increase publicity for its gasoline-electric hybrid cars and other fuel-saving projects over the next few weeks.
- Merck(MRK) CEO Richard Clark has set tough financial targets for the company and so far succeeded in achieving them.
NY Times:
- Maurice R. Greenberg, former chairman of American International Group(AIG), is considering a bid for Tribune Co.(TRB).
- Half of all US identity-theft victims say the thief was a family member, a friend, a neighbor or an in-home employee, citing surveys by the FTC and private research firm Javelin Strategy and Research.
- Clear Channel Communications(CCU) today may get final bids worth $18 billion from two groups of private equity firms.
- Gap Inc.(GPS), Apple Computer(AAPL) and Motorola(MOT) are among US retailers that will use the holiday season to link their product lines to charitable causes.
NY Post:
- Telkonet Inc. subsidiary Microwave Satellite Technologies will cover the southern half of New York’s Central Park with a wireless network.
La Tribune:
- Beneteau SA, the world’s biggest sailboat maker, is considering acquisitions in the US and could spend about $708 million to expand, CEO Cathelinais said.
El Universal:
- Venezuela faces economic policy challenges as crude oil prices decline and may fall further next year.
Panorama:
- Petroleos de Venezuela SA, South America’s largest oil company, found a new oil field in the western state of Zulia, citing Energy and Oil Minister Rafael Ramirez.
Calgary Herald:
- US buyout firms the Carlyle Group and Riverstone Holdings LLC are among investors planning a $352 million refinery that produces ethanol and bio-diesel in Alberta.
Xinhua News:
- China next year will use less state funds for construction projects to counteract overheated growth in fixed-asset investment, citing the Ministry of Finance. The government will use more funds from the sale of treasury bonds for projects in areas including social security, resource conservation and rural development, and less on “blind investment” in construction, citing ministry spokesman Zhang Tong.
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