Bloomberg:
- Crude oil fell 8.3% in the last two days, the biggest two-day plunge since December 2004, as mild weather curbed near-record speculation by investment funds.
- US regulators approved 18 new drugs in 2006, close to an eight-year low, as drugmakers struggled to develop products for hard-to-treat disorders.
- Express Scripts(ESRX), pushing its unsolicited $26 billion offer for Caremark Rx. Inc.(CMX), today urged Caremark shareholders to reject a lower bid from CVS Corp.(CVS).
- Emerging-market stocks tumbled, led by Poland’s biggest copper miner and a Brazilian iron ore producer on the prospects for slowing economic growth in emerging economies as commodity prices fall.
- Children will get more shots this year to prevent chickenpox and thwart viruses that cause cervical cancer, severe diarrhea and flu under new US guidelines that would increase use of Merck(MRK) vaccines.
- The US dollar is rising to a two-week high against the euro as reports showing an increase in US factory orders and services growth left most traders betting the Fed will refrain from cutting interest rates this quarter.
- Cisco Systems(CSCO) agreed to buy closely held IronPort Systems for $830 million to push into the security software market.
- Gold is falling a second day in NY as the US dollar strengthened against the euro, reducing the precious metal’s appeal as an alternative investment.
- Copper fell to an eight-month low in NY, extending a slide that began in May, as speculators continue to cut long positions as inventories rise.
- Peru’s copper output rose to an eight-month high in November as three of the country’s four largest mines stepped up production.
Wall Street Journal:
- Toyota Motor Corp.(TM) may this month announce a site for a new $1 billion factory in the US, its eighth in the country. The Japanese automaker has narrowed its selections to between three and five locations in the South, including Chattanooga, TN and Marion, Arkansas.
- Microsoft’s(MSFT) new Office product is useful and more logical in how the commands are laid out, which reflects a complete change in how users interact with the software, Walt Mossberg wrote.
USA Today:
- A Web site created by the National Council on Teacher Quality will provide state and union data on teachers’ contracts, including working schedules, salaries and benefits.
NY Times:
- Warner Brothers Entertainment plans to announce next week a new videodisc that can play in both the competing DVD technologies of Blu-ray and HD-DVD.
Washington Post:
- US House Democrats plan to divert oil subsidies and other incentives to new tax breaks for renewable energy sources.
LA Times:
- California Governor Schwarzenegger will push for universal health coverage for the state’s children, including those there illegally, citing officials.
Business Day:
- Eastern Platinum Ltd. may increase output from its South African unit by 70% this year, citing a report from Canaccord Adams.
Asharq al-Awsat:
- Saudi Arabia and Eqypt feel threatened by Iran’s nuclear ambitions.
Economic Times:
- World steel production rose 9.4% last year to 1.21 billion metric tons from 1.1 billion in 2005, citing estimates from the Intl. Iron & Steel Institute.
Tehran Times:
- Iran lowered its expected oil revenue for the year that ends in March by $3 billion.
al-Hayat:
- Gold demand in Saudi Arabia declined 9% in the last 10 months, with consumers deterred by a plunging local stock market and declining prices for the precious metal, citing World Gold Council.
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