Bloomberg:
- The euro will fall versus the dollar and the yen after reaching a record high in the first quarter of 2007, according to strategists at Lehman Brothers(LEH). They expect the euro to decline 10% against the dollar, and 21% against the yen, by 2008.
- The US dollar is rising to a three-week high against the euro after a report foreign investors boosted purchases of US securities in October.
- Facebook, the social-networking Web site courted by Yahoo!, isn’t for sale, board member Peter Thiel said.
- Natural gas extended this month’s decline in NY as mild weather covers the eastern half of the US, curbing demand from utilities for the furnace fuel with supplies near record levels.
- Gold fell the lowest in five weeks as a gain in the value of the dollar reduced the appeal of the precious metal as an alternative investment.
- Copper tumbled to the lowest price since June as rising inventories signal demand is slowing.
Wall Street Journal:
- General Motors(GM) CFO Henderson said it’s “feasible” for the US automaker to reach an agreement with Delphi Corp. over pension and benefits costs by the end of the first quarter next year.
- FAO Schwarz, a US toy retailer, is using glitz, exclusive toys and attention to detail to help spur sales and to distinguish itself from discount rivals.
- Penn National Gaming(PENN) made a mostly cash offer for Harrah’s Entertainment(HET), a bigger casino competitor.
- Tradebot Systems, JPMorgan Chase’s(JPM) Citadel Derivatives Group and other brokers are striving to shave fractions of a second from times taken to trade stocks.
NY Times:
- American military commanders are talking about asking for as many as 35,000 new troops to deploy to Iraq.
NY Sun:
- The New York Taxi and Limousine Commission on Dec. 18 will unveil cabs that allow passengers to pay with credit or debit cards, watch television and show electronic maps of their trips through the city.
Philadelphia Inquirer:
- Philadelphia’s City Council is considering legislation to ban trans fats in restaurants by September 2008, following similar action in New York.
LA Times:
- US and California officials are investigating a recent series of scams in Los Angeles that used homeless people to defraud government health-care and food-stamp programs.
Financial Times:
- Saudi Aramco, which is in charge of Saudi Arabia’s oil reserves, is the world’s biggest company, dwarfing Exxon Mobil(XOM), citing its own research, carried out together with McKinsey & Co.
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