Bloomberg:
Oil Falls More Than $100 From July Record. U.S. fuel consumption during the four weeks ended Nov. 21 was down 6.6 percent from a year earlier, the department said in a report last week. Oil prices will extend declines during the next 12 to 18 months if OPEC fails to implement “sufficient cuts” and supply stays at current levels, according to Christof Ruehl, the chief economist of BP Plc, Europe’s second-largest oil producer.
- Russia’s ruble may fall as much as 25 percent in the next 12 months as the central bank seeks to conserve foreign-currency reserves amid declining oil prices, Goldman Sachs Group Inc. said.
- CME Group Inc.(CME), the world’s largest futures market, said November volume fell 29 percent while the second-largest U.S. derivatives exchange, Intercontinental Exchange Inc.(ICE), said trading rose 9 percent.
- Ford Motor Co.(F) asked Congress for a credit line of as much as $9 billion, saying it expects to break even or be profitable before taxes in 2011.
- India ruled out military retaliation against Pakistan after last week’s attacks in Mumbai and asked its neighbor to extradite 20 people suspected of involvement in terrorism, including the alleged mastermind of the rampage.
- The U.S. Securities and Exchange Commission may act to curb conflicts of interest at credit-rating companies while delaying a mortgage-bond ranking proposal faulted by underwriters, two people familiar with the matter said.
- Fidelity Investments, the world’s largest manager of mutual funds, will open its Contrafund and Low-Priced Stock Fund to new investors starting Dec. 16.
Wall Street Journal:
- Goldman Sachs Group Inc.(GS), known for avoiding many of the blowups that have battered its Wall Street rivals, now is likely to report a net loss of as much as $2 billion for its quarter ended Nov. 28, according to industry insiders.
- Highbridge Capital Management helped its owner, J.P. Morgan Chase & Co., become one of the biggest hedge-fund managers in the world. But like many prized assets roiled by this year's markets, Highbridge has shrunk considerably, and now many investors want out. Investors have asked to withdraw 36% of the assets from the firm's flagship multistrategy fund, the firm's biggest. The exodus, combined with investment losses, could reduce the once-$15 billion fund to $6 billion, according to people familiar with the fund.
- Former AOL Chief Executive Jonathan Miller is trying to raise money to purchase a portion or all of Yahoo Inc., according to people familiar with the matter.
Silicon Alley Insider:
Analysts Pan Nokia’s(NOK) iPhone Killer
NY Post:
The days of hedge funds operating behind a curtain may soon be over. Bruised and bloodied by unprecedented losses, hedge-fund investors are rebelling, demanding lower fees, greater transparency and, in a growing number of cases, unfettered access to their dough. They're doing this through separately managed accounts (SMAs), which basically act as a portfolio for individual investors.
USA Today:
- Despite tough economic times, families are still out there shopping, and video games are at the top of a lot of lists. Experts expect overall retail sales to grow a modest 2.2% over last year, but sales of video games could improve as much as 15% over 2007, says analyst Michael Pachter of Wedbush Morgan Securities. Despite tough economic times, families are still out there shopping, and video games are at the top of a lot of lists. Experts expect overall retail sales to grow a modest 2.2% over last year, but sales of video games could improve as much as 15% over 2007, says analyst Michael Pachter of Wedbush Morgan Securities.
Boston Globe:
- The Bush administration is expected to issue as early as Friday a favorable final environmental review of the nation's first offshore wind farm project, clearing the way for Cape Wind to obtain a federal lease to erect 130 wind turbines in Nantucket Sound.
CNNMoney.com:
- Big Blue’s big plan.
Charlotte Observer:
- Family Dollar’s(FDO) Levines Give $1 Million to Help Needy
Folha de S. Paulo:
Sarmayeh:
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