Today's Headlines

Bloomberg:
- The world has 3.7 trillion barrels of oil left, three times the estimates of geologists and analysts such a Matthew Simmons, of the investment bank Simmons & Co., who argue that global oil output is already close to a peak, according to a new report from Cambridge Energy Research, the consulting firm run by Danial Yergin. Cambridge said the “peak oil” theory is based on faulty analysis.
- Crude oil is falling a third day in NY as warm weather in parts of the US is reducing fuel consumption and a report states the world has three times more recoverable oil than previously thought.
- US Treasuries rose the most in two weeks after a government report showed wholesale prices matched their largest monthly decline in US history.
- Al-Qaeda groups are trying to obtain nuclear, chemical and biological material to use in terrorist attacks in the UK, the Foreign Office in London said.
- Europe’s economy slowed more than forecast in the third quarter and German investor confidence unexpectedly fell this month, weakening the case for further interest rate hikes by the ECB.
- The perceived risk of owning United Airlines parent UAL Corp.’s debt rose after a report that the company may be the target of a leveraged buyout, according to traders betting on the creditworthiness of companies in the credit-default swap market.
- Nymex Holdings, owners of the world’s largest energy market, increased the size of its initial public offering and raised the price range by more than 10% because of strong demand for its shares.
- Iran doubled its capacity to produce enriched uranium last month, defying UN Security Council calls for it to stop, the UN’s nuclear watchdog reported.
- DR Horton(DHI), the largest US homebuilder, said fiscal fourth-quarter profit fell less than analysts estimates and average selling prices rose. The shares surged 8.3%.
- Wal-Mart Stores(WMT) and Target Corp.(TGT) reported third quarter profits than exceeded analysts’ estimates on sales of food and toys.
- Men who put on weight in their 40s and 50s may not live into their 80s, a study found. Using tobacco and drinking too much also shortens lifespans.

Wall Street Journal:
- US Commerce Secretary Carlos Gutierrez and senior Chinese trade officials held talks Monday over access to the China market, product piracy, and complex government regulations.
- President Bush will focus on efforts to curtail Iran’s nuclear development program in private talks with Russian President Putin and Chinese President Hu Jintao.
- US Internet companies are asking the SEC to stop fee increases imposed by stock exchanges for displaying data from electronic markets, citing Markham Erickson, who heads NetCoalition.com, a trade group.
- TiVo Inc.(TIVO) will introduce new features that will let friends or family members share videos over the Internet for play on a television sets.
- Whole Foods Market(WFMI) has started selling a line of chips and a non-carbonated drink from PepsiCo(PEP), neither of which bears the parent company’s name on their labels.
- Delta Air has cut prices for seats on more than 10,000 domestic routes through the middle of next month.

NY Times:
- The US National Council of Teachers of Mathematics, which in 1989 said math education should let children explore problems rather than demand rote learning, has called for a return to basics.
- US evangelical Christians’ support for Israel has become a political force that will be hard to ignore.
- US county and local officials in at least nine states in the past year have imposed new restrictions on where and how long political signs can be erected.
- WildBlue Communications, Hughes Network Systems and Spacenet are among satellite providers that provide high-speed Internet service to rural customers who aren’t being served by phone and cable companies.
- The NYC Central Labor Council, which represents about 1 million workers in 400 local unions, will vote tomorrow on whether to admit the NY Taxi Workers Alliance as a member.

AP:
- KFC Corp. is overhauling its well-known Colonel Sanders brand logo as part of a plan to freshen its image.

NY Post:
- The American Heart Assoc. is opposing NYC mayor Michael Bloomberg’s plan to ban trans fat in restaurants. Prohibiting cooking oils containing trans fat, such as vegetable oil and shortening, could force restaurants to use animal fat or palm oils, which are high in saturated fat.

Algerie Presse Service:
- Algeria’s state-energy company Sonatrach found two new petroleum fields in eastern Algeria.

Xinhua News:
- China will establish police stations in each of the nation’s 700,000 rural villages to quell growing unrest, citing a security official. China’s current police force of 1.8 million isn’t enough to deal with the rising number of murders and assaults.