Bloomberg:
- Crude oil is falling .80 as warmer temperatures are expected to further lower demand and speculators trim bets.
- Bank of New York(BK) agreed to buy Mellon Financial(MEL) for about $16.5 billion, creating the biggest custodian of assets for institutional investors.
- Pilgrim’s Pride(PPC), the second-largest US poultry processor, said Gold Kist(GKIS) agreed to a sweetened $1.1 billion takeover offer, ending a hostile bid and creating the world’s biggest chicken company.
- Station Casinos(STN) said its management offered to take the company private for $4.7 billion, the industry’s second biggest takeover this year.
- Billionaire investor Carl Icahn made a $4.3 billion cash and stock offer for Reckson Assoc. Realty(RA), replacing an all-cash bid for the real estate investment trust after his two partners withdrew over the weekend.
- Cerberus Capital is in talks with Delphi Corp. and Delphi’s largest union that may lead to the investment company’s purchase of 12 of the bankrupt auto-parts maker’s US plants.
- Morgan Stanley(MS) acquired Brookville Capital, a four-year-old company that overseas about $221 million in debt, in the firm’s fourth investment in a hedge fund in the past two months.
- LSI Logic(LSI) agreed to buy Agere Systems(AGR) for about $4 billion in stock to move into a faster growing business for mobile-phone chips and gain customers such as Samsung Electronics.
- The number of people suffering from diabetes has soared to 246 million and kills more people than AIDS globally, the head of the International Diabetes Federation said.
- James Lennon, executive director of commodities research at Macquarie Bank Ltd sees commodity demand “easing” in China.
Wall Street Journal:
- US advertising spending growth will slow and older media such as newspapers and television will lose ground to online outlets next year, citing surveys by Merrill Lynch, Publicis Groupe SA and WPP Group Plc.
- Wall Street firms are putting money into casino investments as the number of US states permitting such gambling increases.
NY Times:
- Wal-Mart(WMT) has developed a program to show appreciation for its 1.3 million workers in the US.
NY Post:
- Dow Jones(DJ) will unveil today the Wall Street Journal’s revised format that will trim three inches form the newspaper’s width and cut $18 million a year from expenses.
Financial Times:
- Reuters Group Plc and Yahoo!(YHOO) agreed to work together on a venture to gather and distribute news photos and video sent by the public, citing the president of Reuters Media, Chris Ahearn.
- Improved energy productivity could cut annual growth in global demand for energy to less than 1% from 2.2% between 2003 and 2020, citing McKinsey & Co. data. Subsidies by governments to citizens and corporations are harmful because they encourage waste and less innovation.
Financial Times Deutschland:
- The European Central Bank expects inflation to fall below its 2% limit in 2008, according to projections that are due to be published on Dec. 7.
Tageblatt:
- The economy of the dozen nations sharing the euro will continue to expand next year if at a “slightly weaker pace,” ECB council member Erkki Liikanen said.
Argus Leader:
- Livestock processors and meatpackers such as Tyson Foods(TSN) and Smithfield Food(SFD) are investing in facilities to produce biofuels from manure, animal fats and vegetable oils, citing Jeff Webster, a vice president for Tyson.
Sparkspread:
- Goldman Sachs(GS) expects its Horizon Wind Energy unit for renewable energy will be the third largest owner of wind farm assets in the US by the end of next year.
Interfax:
- OAO Lukoil will invest $5.7 billion this year in oil and gas production and refining in Russia and abroad.
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