Today's Headlines

Bloomberg:
- The U.S. Senate is set to vote tonight on a $700 billion financial-rescue plan, tying it to an increase in bank-deposit-insurance limits and tax breaks to win support from Republicans.

- The US dollar advanced against the euro for a third consecutive day as demand for funding in the U.S. currency increased, reflecting banks' reluctance to lend to each other amid a global credit crunch. ``Markets need dollars,'' said Matthew Kassel, director of proprietary trading at ING Financial Markets LLC in New York. ``They need funding, and they buy dollars in the spot market.''

- Polish economic growth may slow more than previously forecast next year as the consequences of the global financial turmoil become known, central bank central bank Governor Slawomir Skrzypek said.

- General Electric Co.(GE)d it has been able to sell corporate paper and fund operations without tapping bank lines, seeking to quash speculation that led to a surge in its credit default swaps and a slump in the stock.

- General Electric Co. plans to offer $12 billion in common shares and billionaire investor Warren Buffett's Berkshire Hathaway Inc. will buy $3 billion in preferred shares.

- The probability that the Federal Reserve will cut interest rates before policy makers are next scheduled to meet increased after manufacturing in the U.S. contracted at the fastest pace since the last recession.

- Oil prices are more volatile than at any time since the first Gulf War in January 1991 as the banking crisis raises concern the six-year rally in commodity prices is over. “Historical volatility has jumped about 30 points over the last 20 sessions,” said Stephen Schork in his daily Schork Report.

- Crude oil fell after a U.S. government report showed a bigger-than-forecast increase in supplies as fuel consumption dropped to the lowest since 2001. Fuel use over the past four weeks averaged 19 million barrels a day, the lowest since October 2001. ``Things are going to get worse as far as the bulls are concerned,'' said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. ``Imports will remain high and refineries are coming back. Prices are now headed for $90.'' Crude-oil imports increased 26 percent to 8.99 million barrels a day, the biggest one-week percentage gain since November 1997.

- The U.S. Supreme Court reaffirmed its decision barring the death penalty for the crime of child rape, rejecting a bid to reopen the case and instead amending the majority opinion to address an overlooked federal law. Louisiana, backed by the Bush administration, had urged the justices to schedule a new round of arguments, something the court hadn't done in a decided case since 1960. The justices voted 7-2 not to reopen the case.

Wall Street Journal:

- Slide Inc., a startup best known for software tools that help people personalize their profiles and amuse themselves on social-networking sites like Facebook and MySpace, is trying to prove it has staying power. The San Francisco company, begun in 2005 by Silicon Valley wunderkind Max Levchin, on Thursday will kick off distribution partnerships with Time Warner Inc.'s Warner Bros., CBS Corp., and Comcast Corp.'s E! Entertainment channel, among others. Using a new Slide video service, social-networking users will be able to view clips from shows such as NBC's "Nightly News" and "Beverly Hills 90210" for free.

CNBC:
- Steel Authority of India Ltd. plans to cut prices of flat products, citing company officials.

MarketWatch.com:

- Hedge fund manager David Einhorn suffered a big loss in September as the credit crisis deepened and regulators banned short selling of more than 900 financial-services stocks. Einhorn is chairman of Greenlight Re (GLRE) a reinsurer that invests almost all its premiums with him. The company said Wednesday that its investment portfolio lost 11.5% in September, leaving it down 12.9% so far this year.

WealthBulletin:
- At least 1000 hedge funds, one in eight of the worldwide total, are trying to unwind investments held by their prime brokers amid moves today by investment firm Olivant to recover its 2.78% holding in UBS, which was held in accounts managed by Lehman Brothers in Europe.

Fox News:

- Questions are being raised about the objectivity of Thursday's vice presidential debate moderator after news surfaced that she is releasing a new book promoting Barack Obama and other black politicians who have benefited from the civil rights struggle. Gwen Ifill, of PBS' "The NewsHour," is expected to remain as moderator, however.

NY Post:
- As Wall Street burns, smoke can now be seen billowing from its neighbor to the north: Greenwich, Conn., the world's hedge-fund capital. With once-highflying funds seeing their performance worsening, investors are pounding on the door to get their money out, sources told The Post.

Market News International:

- Charles Plosser, president of the Federal Reserve Bank of Philadelphia, may be prepared to back further interest rate cuts if the outlook for the economy weakens, citing an interview.

Reuters:
- France plans to propose a $422 billion bank-rescue fund for the European Union at a meeting of government leaders this weekend, citing an European government source. In an interview to be published tomorrow in Germany’s Handelsblatt, French Finance Minister Christine Lagarde said France would propose an EU-wide fund.

- Deutsche Bank AG CEO Josef Ackermann said Europe should be ready if necessary to provide a financial rescue plan for banks similar to the $700 billion bailout in the US.

Financial Times:
- Blackstone(BX) and JPMorgan(JPM) will brave shrinking credit markets by attempting to raise more than $1bn to fund the conversion of up to 20,000 US cinema screens to digital projection systems, in a deal due to be announced on Wednesday. Blackstone and JP Morgan are arranging the financing for a consortium made up of the three largest US cinema chains, which has done a deal with five Hollywood studios, according to a person familiar with the situation.

O Estado de S. Paulo:

- Brazil plans to limit textile imports from China to lower its trade deficit in the sector.