Bloomberg:
- Crude oil fell below $59 a barrel in NY after Saudi Arabia’s state oil company told customers in East Asia and Europe to expect the same quantity of oil in November as this month, undercutting OPEC’s plans to cut output.
- OPEC President Edmund Daukoru wrote a letter to the group’s 11-members calling for an output cut of 1 million barrels a day effective from Nov. 1 in an effort to bolster falling prices.
- Homeowners in the US can expect to pay an average 13% less for natural gas this winter than they did a year earlier, as prices have plunged and inventories surged.
- Federal Reserve Bank of Dallas President Richard Fisher said he’s “comfortable” with the central bank’s current interest-rate stance.
- Broadcom(BRCM) failed to win a US judge’s support for a proposed import ban on cell phones that use Qualcomm’s(QCOM) newest chips.
- The US dollar reached its highest this year against the yen.
- ImClone Systems(IMCL) said its chairman and another director resigned, moving billionaire investor Carl Icahn a step closer to taking control of the biotech company.
- House Speaker Hastert said he would fire anyone who helped hide Representative Foley’s electronic messages to teenage congressional pages.
- US Treasuries declined, pushing 10-year yields to a three-week high, on speculation government reports this week will show faster growth in the world’s biggest economy.
- Corn prices in Chicago fell the most since August on speculation that US farmers are increasing sales as they harvest their second-largest crop ever.
- Alaska and the western half of the US will get warmer-than-normal weather this winter, courtesy of El Nino, US meteorologist Michael Halpert said at an energy conference.
- Vedanta Resources, India’s largest producer of copper and zinc, said second-quarter metals output rose after the company opened new smelting plants.
Wall Street Journal:
- US airlines bumped 40% more passengers in the second quarter than a year earlier.
- North Korea’s claim of conducting a nuclear test may give the US leverage on Iran, which has rejected international calls to discuss its nuclear program. Consensus on Iran sanctions may be hard to reach because all UN Security Council members except the US have substantial trade and finance ties with Iran.
- Fidelity Investments’ Charitable Gift Fund, the largest US donor-advised fund, is dropping its initial minimum contribution to $5,000 from an earlier range of between $10,000 and $25,000, depending on circumstances.
- The State of Connecticut Department of Banking has started a unit to work with the state Attorney General’s office to investigate fraud in hedge funds.
NY Times:
- The FDA is holding its first public hearing today on nanotechnology in food products, as use for the research may total $5.8 billion by 2012.
- The active-duty US military reached its recruiting goals this year.
AP:
- Harley-Davidson(HDI) and ConAgra Foods(CAG) plan to jointly market a beef jerky to build business in the growing market for meat-based snacks.
- GameStop(GME) plans to accept pre-orders for Sony’s(SNE) PlayStation 3 game console in its stores Tuesday due to an “extremely limited supply.”
Tongling Daily:
- Tongling Nonferrous Metal Inc. plans to expand copper output by more than 50% within 3 years, which may make the company one of the world’s top five producers.
Liberte-Algerie:
- Algeria calculated its 2007 public budget on the assumption that the average price of its crude oil will be $52/bbl.
AFP:
- The judge at Saddam Hussein’s genocide trial in Baghdad expelled the former Iraqi dictator from court following an altercation between the two men.
- A bombing in the southern Philippines, which killed 12 people and injured dozens, may have been carried out by Muslim extremists.
Gulf News:
- Borders Group(BGP) plans to open its first Middle East outlets in the United Arab Emirates and Oman.
London-based Times:
- Anheuser-Busch(BUD) may receive a $56-a-share bid from billionaire investor Eddie Lampert’s ESL Investments.
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