* US 1-month bill sale captures highest bidding in a month * Dollar 3-month Libor hits record low, euro rates rise * European traders wary of ECB’s moves toward policy exit (Updates market action; dateline previously LONDON) By Richard Leong and Kirsten Donovan NEW YORK/LONDON, Nov 24 (Reuters) – The rates on most U.S. Treasury bills traded steady to slightly higher on Tuesday amid shrinking supply and intense year-end appetite for the ultra low-risk, cash-like investments. Investors snatched up $32 billion of one-month T-bills at a high rate of 0.06 percent, 1 basis point higher than last week’s auction for this maturity. See [ID;nTAR000548] Bidding for the latest one-month supply was the strongest in a month. The bid-to-cover ratio came in at 4.38, higher than 3.79 last week but below 4.62 a month ago. USAUCTION7 Fund managers who reaped profits on a rebound on Wall Street and other risky assets this year have been socking their gains into T-bills in an effort to protect them, analysts said. “Many people who made money are shutting down and putting money into riskless assets,” said Eric Lascelles, chief economics and rates strategist with TD Securities in Toronto. The tremendous bids for T-bills have occurred even at the expense of money market funds, which had traditionally been viewed as a safe haven to park cash until they were roiled by Lehman Brothers’ collapse during last year’s credit crisis. The Investment Company Institute reported money market fund assets fell $71.2 billion in October, following a $126.9 billion drop in September. For more, see [ID:nWAT013937] In the London interbank market, benchmark three-month dollar Libor rates USD3MFSR= edged to a record low of 0.26063 percent, only 1 basis point away from the top end of the Federal Reserve’s current range on its policy rate. The U.S. central bank has signaled it will hold short-term rates near zero in a bid to foster an economic recovery. On Tuesday, it released minutes of its November policy meeting, which showed policy makers are increasingly confident in a durable U.S. recovery even though they do not see employment picking up soon. For more, see [ID:nWEQ003609] EURO RATES RISE Across the Atlantic, interbank lending rates for euros edged higher with central bank exit policy in focus after the European Central Bank last week took a first tentative step toward implementing tighter monetary conditions. Three-month euro Libor rates EUR3MFSR= were marginally higher at 0.67688 percent, while one-year rates EUR1YFSR= edged up to 1.22125 percent. See [ID:nGEE5AN142] One-year euro Libor rates EUR1YFSR= edged up again after posting their biggest daily rise on Monday since early June. The ECB said last Friday it would tighten its rating requirements for banks using asset-backed securities as security in its lending operations [ID:nLAG005930]. The announcement, which analysts said may signal the start of the central bank’s exit policy, pushed six- and 12-month Eonia EUREON6M=EUREON1Y= rates higher and saw interest rate futures FEIM0FEIZ0 sell off, pushing up implied rates. “Everything the ECB has done so far has been in the guise of expansion, of getting liquidity into the market and widening the collateral base as much as possible,” said ING rate strategist Padhraic Garvey in Amsterdam. “For the first time they’ve clawed some of that back so if you were to point to the beginning (of an exit), this would be it.” Despite tougher collateral requirements, the ECB will offer long-term funds to banks, analysts said. It is expected to allot 125 billion euros in its one-year refinancing operation in December, roughly two-thirds more than the total banks took in September, according to a Reuters poll of traders released on Tuesday. For more, [ID:nGEE5AN1SJ] (Editing by Leslie Adler) ((richard.leong@thomsonreuters.com ; +1 646 223 6313; Reuters Messaging: richard.leong.reuters.com@reuters.net )) © Thomson Reuters 2009 All rights reserved The rest is here: MONEY MARKETS-U.S. bill rates hold as demand stays strong (at Reuters)

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LONDON, Nov 24 (Reuters) – European shares closed lower on Tuesday after data showed the U.S. economy grew at a slower rate than forecast in the third quarter and home prices in the United States rose less than expected in September. The pan-European FTSEurofirst 300 .FTEU3 index of top shares provisionally closed 0.6 percent lower at 1,017.87 points after rising to a high of 1,025.17 earlier in the session. The index has gained nearly 58 percent since falling to a record low in early March and is up 22 percent for the year. Banks featured among the worst performers. HSBC ( HSBA.L ), BNP Paribas ( BNPP.PA ), Societe Generale ( SOGN.PA ), UBS ( UBSN.VX ) and Credit Suisse ( CSGN.VX ) were down 1.9 to 3.2 percent. “There has been some mixed economic data and the market has taken a more pessimistic view on it. Wall Street is going down with Europe in pursuit,” said Philippe Gijsels, strategist at Fortis Bank. “The market has been a little bit volatile but that is also probably because volumes are quite low. The U.S. is about to go into its Thanksgiving holiday weekend, so there are big swings in the market and that is what you are typically seeing today.” The U.S. economy grew at a slower pace than forecast in the third quarter, while Standard & Poor’s/Case-Shiller indexes showed home prices rose less than expected in September. [ID:nN23258482] [ID:nN24298560] But, U.S. consumer confidence edged higher in November after an unexpected drop in October, with less consumers expressing doubt about the a worsening jobs market, according to a report. [ID:nN24300840] (Reporting by Joanne Frearson) ((joanne.frearson@thomsonreuters.com; +44 207 542 2773, Reuters Messaging:joanne.frearson.thomsonreuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Visit link: European shares close lower; U.S. data weighs (at Reuters)

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NEW YORK, Nov 24 (Reuters) – U.S. gold futures turned higher in heavy trade Tuesday on option-related buying and fund interest, and investors continued see pullbacks in the metal as buying opportunities, traders said. For the latest detailed report, click on [GOL/]. GOLD * COMEX December gold GCZ9 up $1.60 at $1,166.30 an ounce at 10:34 a.m. EST (1534 GMT) on the NYMEX. * Ranged from $1,157.70 to $1,171.70. December hit an all-time high $1,174 on Monday. * Gold futures supported by options-related buying after Monday’s option expiration – George Gero at RBC. * Bullion holds gains in spite of a slight dollar rise amid an equities market retreat. * Gold market sees drops as opportunities to buy absent a major correction – Miguel Perez-Santalla at Heraeus. * Ethiopia signed a deal for a Saudi firm to extract an estimated 20 tonnes of recoverable gold found in the Horn of African country last month. [ID:nGEE5AN1WS] * Gold-to-oil ratio at above 15. It was last at 15.34, up from the previous session’s 15, as oil drops on Tuesday. * COMEX estimated 10 a.m. volume at a busy 221,814 lots, driven by options-related buying. * Spot gold XAU= at $1,168.80 an ounce, compared with $1,165.85 late in the previous session in New York. * London’s afternoon gold fix XAUFIX= at $1,163.25 an ounce. * For a gold price interactive graphic: here > SILVER * December silver SIZ9 down 14 cents at $18.470 an ounce, as investors lock in profits. * Technical resistance seen at breaking above the $19 an ounce level – traders * Ranged from $18.330 to $18.680. * COMEX estimated 10 a.m. volume at 48,120 lots. * Spot silver XAG= was at $18.45, against $18.59 in the previous session in New York. * London silver fix XAGFIX= at $18.57. PLATINUM * January platinum PLF0 down $4.90 at $1,462.70 an ounce as the market takes a breather after Monday’s rally. * Spot platinum XPT= $1,455.50 an ounce. PALLADIUM * December palladium PAZ9 down 5 cents at $373.25 an ounce on platinum’s weakness. * Spot palladium XPD= $369.50 an ounce. Prices at 10:52 a.m. EST (1552 GMT) Last Change Pct 2008 YTD Chg Close % Chg US gold GCZ9 1168.90 4.20 0.4 884.30 32.2 US silver SIZ9 18.470 -0.140 -0.8 11.295 63.5 US platinum PLF0 1462.60 -5.00 -0.3 941.50 55.3 US palladium PAZ9 373.65 0.35 0.1 188.70 98.0 Gold XAU= 1168.50 2.65 0.2 878.20 33.1 Silver XAG= 18.44 -0.15 -0.8 11.30 63.2 Platinum XPT= 1456.00 1.50 0.1 924.50 57.5 Palladium XPD= 371.40 2.40 0.7 184.50 101.3 Gold Fix XAUFIX= 1163.25 -7.00 -0.6 836.50 39.1 Silver Fix XAGFIX= 18.57 -19.00 -1.0 14.76 25.8 Platinum Fix XPTFIX= 1458.00 5.00 0.3 1529.00 -4.6 Palladium Fix XPDFIX= 371.00 0.50 0.1 365.00 1.6 (Reporting by Frank Tang ) ((frank.tang@thomsonreuters.com; +1 646 223 6126; Reuters Messaging: frank.tang.reuters.com@reuters.net)) ((For help: Click “Contact Us” in your desk top, click here [HELP] or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com ; +1 646-223-5546)) © Thomson Reuters 2009 All rights reserved Continue reading here: US gold up on options-related buying, fund demand (at Reuters)

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NEW YORK, Nov 24 (Reuters) – Citigroup ( C.N ) offered a stake in the bank to the Brazilian government in the beginning of the year, when the financial crisis crippled the U.S. banking system, Brazilian Energy Minister Edison Lobao said on Tuesday. The Brazilian government passed on the offer, however, as it understood that the economy needed to recover from the crisis first, Lobao told an investor conference in New York. “I think it was a good opportunity that we missed,” Lobao said during the conference, organized by the Brazilian-American Chamber of Commerce in New York. “But any prudent government would have been cautious at that time. And Brazil was cautious,” he added. (Reporting by Walter Brandimarte , Editing by Gerald E. McCormick) ((walter.brandimarte@thomsonreuters.com; +1 646 223-6319; Reuters Messaging: walter.brandimarte.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Read more: Citigroup sought to sell stake to Brazil-minister

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NEW YORK, Nov 24 (Reuters) – The dollar briefly slipped against the euro on Tuesday in choppy trading after a report showed U.S. consumer confidence rose in November. For consumer confidence data, click on [ID:nNYS007563]. The euro EUR= rose as high as $1.4970 following the data, from about $1.4952 just before. But it came back down to $1.4948, slightly down on the day. For most of the year, the dollar, which is typically viewed as a safe haven, tends to fall on upbeat economic data. (Reporting by Gertrude Chavez-Dreyfuss; Editing by James Dalgleish) ((gertrude.chavez@thomsonreuters.com; Tel: +1 646 223 6322; Reuters Messaging: gertrude.chavez.reuters.com@reuters.net)) ((Multimedia versions of Reuters Top News are now available for: * 3000 Xtra: visit topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News: topnews.reuters.com )) © Thomson Reuters 2009 All rights reserved Read the original post: Dollar dips briefly vs euro after confidence data (at Reuters)

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* Plan envisions 9,000-9,500 job cuts in Europe – Reilly * German state premier says Bochum plant is safe for now (Adds quotes and background) DUESSELDORF, Germany, Nov 24 (Reuters) – General Motors [GM.UL] will present labour leaders at European arm Opel a reorganisation plan on Wednesday that envisions cutting nearly a fifth of the workforce, GM’s acting European head said. The plan calls for eliminating between 9,000 and 9,500 jobs, GM’s Nick Reilly told reporters on Tuesday. GM has said in the past around 10,000 jobs would go at Opel and its British sister brand Vauxhall. Reilly said the German plant in Bochum was safe for now. “Bochum remains an important site for us, in the future as well,” he said. GM has given scant details so far on its 3.3 billion euros ($4.92 billion) rescue plan for Opel. GM this month backtracked on plans to sell Opel to a consortium led by carparts firm Magna ( MGa.TO ) — a deal that involved government aid — but is now turning again to European states for help to keep Opel in business. (Reporting by Tom Kaeckenhoff, writing by Michael Shields) ((michael.shields@thomsonreuters.com, Reuters Messaging: michael.shields.reuters.com@reuters.net; +49 69 7565 1266)) ($1=.6708 Euro) © Thomson Reuters 2009 All rights reserved Read the original: UPDATE 1-Opel labour to see revamp plan on Wednesday

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LONDON, Nov 24 (Reuters) – Marsh & McLennan ( MMC.N ) ( MMC.N ), the second-largest global insurance broker by assets, is exploring a deal to buy part of HSBC’s ( HSBA.L ) insurance business, the Daily Telegraph reported in its Tuesday editions. MMC is thought to be closing in on HSBC Insurance Brokers, which analysts have valued at between 150-200 million pounds, according to industry insiders, the newspaper said. The newspaper added that talks between the two groups are at an advanced stage. MMC and HSBC were not immediately available for comment. (Reporting by Michael Taylor; editing by Carol Bishopric) ((michael.taylor@reuters.com; +44 207 542 0919; Reuters messaging: michael.taylor.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Read more: Marsh & McLennan eyes HSBC’s insurance arm -Telegraph

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LONDON, Nov 23 (Reuters) – British media and events group Informa ( INF.L ) has held early stage talks with its rival Springer Science and Business Media over buying the German academic publisher, the Financial Times said. Informa, which is considering a cash bid, initiated talks with Springer three weeks ago, according to people close to the situation, the newspaper added. Springer, owned by private equity firms Candover ( CDI.L ) and Cinven [CINV.UL], said last month that it was considering a full sale of the company. [ID:nLE310487] Informa, Candover and Cinven were unavailable for comment. Candover and Cinven have been looking for up to 500 million euros ($745.2 million) for the sale of a minority stake in the business but initial bids fell short of their expectations earlier this year. [ID:nL8610351] Progress on the sale has been slow, after private equity firms TPG and EQT, as well as a consortium of Carlyle and Providence, resubmitted second-round offers for 49 percent of Springer in mid-July. [ID:nLF390415] (Reporting by Michael Taylor; Editing by Phil Berlowitz) ((michael.taylor@reuters.com; +44 207 542 0919; Reuters messaging: michael.taylor.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Read the r est here: Informa in takeover talks with Springer Science -FT

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LOS ANGELES, Nov 23 (Reuters) – Financier Carl Icahn has offered $156.5 million to acquire the partially-built Fontainebleau Las Vegas resort, which has been stalled in bankruptcy court since June, according to a spokesman for rival bidder Penn National Gaming ( PENN.O ). Penn, which said last week that it had offered $101.5 million, including $51.5 million of debtor-in-possession financing, for Fontainebleau, has raised its bid to $145 billion, said spokesman Joe Jaffoni. Both of the bids dwarf the $2 billion that has already been spent on the 3,800-room casino resort, which sits toward the northern end of the Las Vegas Strip. The property is expected to go to auction in January. Icahn, whose bid could represent a “stalking horse” floor for the auction, was not immediately available for comment. The financier acquired in 1998 the Strip’s Stratosphere hotel and casino out of bankruptcy, but in 2007 sold that property, along with three smaller casinos, to Goldman Sachs ( GS.N ) for $1.3 billion. (Reporting by Deena Beasley; Editing by Tim Dobbyn ) ((deena.beasley@thomsonreuters.com; 1-213-955-6746)) © Thomson Reuters 2009 All rights reserved Read more: UPDATE 2-Icahn outbids Penn for Fontainebleau Las Vegas

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TOKYO, Nov 24 (Reuters) – Japanese stocks are likely to rise on Tuesday after better-than-expected U.S. home sales fuelled optimism about the strength of the economic recovery and a weaker dollar boosted commodity shares, sending Wall Street higher. Hitachi Ltd ( 6501.T ) is set to be in focus after the Nikkei business daily said the company is expected to sign a high-speed railway project deal in Britain worth more than 500 billion yen. [ID:nBNG509635] But gains are likely to be limited by a strong yen a day after the dollar fell to a six-week low against the Japanese currency, though the greenback was edging up slightly at 89.02 yen in early trade. “There’s worry about oversupply, worry about the yen’s strength and worry about political uncertainty,” said Hiroichi Nishi, general manager at the equity division of Nikko Cordial Securities. “But at the same time a number of technical factors show that the Nikkei has been oversold, and selling from overseas hedge funds is also likely to quiet down a bit.” Sales of previously owned U.S. homes rose to their highest level in more than 2-½ years last month, helping to allay worries about the sector sparked last week when another report showed housing starts fell sharply in October. All Wall Street indexes rose more than 1 percent and the Dow reached a 13-month high, but volume was light. The U.S. dollar .DXY fell 0.7 percent against a basket of major currencies after comments from a senior Federal Reserve official reinforced expectations U.S. interest rates will stay low for some time. This helped lift commodity stocks, with gold hitting a record $1,170.55 an ounce and copper rising to levels not seen for 14 months, helped also by expectations of recovery. The benchmark Nikkei .N225 is seen trading between 9,400 and 9,600, market players said. It closed at 9,497.68 on Friday, with markets closed on Monday for a holiday. In a sign the Nikkei is likely to open higher, Nikkei futures traded in Chicago 2NKc1 closed at 9,560, up 0.7 percent from Friday’s Osaka close JNIc1. ———————-MARKET SNAPSHOT @ 2236 GMT ———— INSTRUMENT LAST PCT CHG NET CHG S&P 500 .SPX 1106.24 1.36% 14.860 USD/JPY JPY= 89 0.03% 0.030 10-YR US TSY YLD US10YT=RR 3.3527 — -0.017 SPOT GOLD XAU= 1162.8 -0.26% -3.050 US CRUDE CLc1 77.45 -0.03% -0.020 DOW JONES .DJI 10450.95 1.29% 132.79 ————————————————————- > Wall St rises as home sales feed optimism [.N] > U.S. dollar falls on rate outlook, stock rally [USD/] > U.S. debt prices edge up on strong demand [US/] > Gold hits record above $1,170/oz as dollar slides [GOL/] > Oil rises slightly on U.S. home sales, weaker dollar [O/R] STOCKS TO WATCH — Japan Airlines Corp ( 9205.T ) JAL asked retirees and employees on Monday to accept an average 40 percent cut to their pension payouts and warned the struggling airline could face bankruptcy if an agreement could not be reached. [ID:nT300174] — Honda Motor Co ( 7267.T ), other automakers A government official said on Friday that Japan will consider extending a car scrappage incentive scheme due to end in March by six months to support the country’s fragile car market. [ID:nT248432] — Showa Shell Sekiyu ( 5002.T ) Showa Shell and the Niigata Prefecture government will build a 700 million yen 1,000 megawatt solar power plant in northwestern Japan to begin generating power in September next year, NHK said — Mori Seiki Co ( 6141.OS ) Machine tool maker Mori Seiki Co said it will raise up to 18.2 billion yen ($205 million) to invest in new equipment and to buy Sony Corp’s ( 6758.T ) measuring equipment making unit. [ID:nT49794] — Hino Motors Ltd ( 7205.T ) Hino plans to invest 3 billion yen to build a facility to produce an annual 25,000 small-scale trucks in Indonesia, the Nikkei business daily said on Monday. [ID:nT295719] (Reporting by Elaine Lies ; Editing by Edwina Gibbs ) ((elaine.lies@thomsonreuters.com; +81 3 6441 1807; Reuters Messaging:elaine.lies.reuters.com@reuters.net)) ((Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * BridgeStation: view story .134 * Reuters Plus: from your WebDSS screen For more information on Top News, visit topnews.reuters.com )) © Thomson Reuters 2009 All rights reserved Visit link: Nikkei set to rise but gains likely capped by yen (at Reuters)

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* To sell about 5.5 mln units at C$18.35/unit * Public issue price at 2 pct discount to Monday close * To use proceeds for improving liquidity, acquisitions Nov 23 (Reuters) – Canada’s RioCan Real Estate Investment Trust ( REI_u.TO ) said it plans to sell about 5.5 million units at C$18.35 apiece for gross proceeds of C$100.9 million ($94.7 million). The sale price represents a 2 percent discount to the unit’s Monday close of C$18.70 on the Toronto Stock Exchange. RioCan said it reached an agreement with a syndicate of underwriters co-led by RBC Capital Markets, BMO Capital Markets and TD Securities Inc for the public issue. The company also granted the underwriters an option to buy an additional 550,000 units at the same price. RioCan said it will use the proceeds to provide additional financial flexibility to its liquidity position, to fund development activities and future property acquisitions and for general trust purposes. The offering is expected to close on or about Dec. 1, the company said in a statement. ($1=1.066 Canadian Dollar) (Reporting by Koustav Samanta in Bangalore; Editing by Maju Samuel) ((koustav.samanta@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: koustav.samanta.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved See the original post: UPDATE 1-RioCan REIT to raise C$100.9 mln via public offering

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67 WALL STREET, New York – November 23, 2009 – The Wall Street Transcript has just published its Travel and Leisure Report–Airlines, Hotels, Resorts, Cruise Lines, and Restaurants offering a timely review of the sector to serious investors and industry executives. This 137 page special feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available via The Wall Street Transcript Online . Topics covered: Consumer Traveler Spending – U-Shaped Recovery in Restaurant Sector – Low-Cost and Network Airlines – Airline Carriers and Online Travel Agencies – Hotel Occupancy Rates – Improvement in Transportation Sector – Upscale Casual and Fast Casual Restaurants – Near-Term Risk in Hotel Space – Fuel Prices a Universal Concern – Restaurant Industry Stability – Increased Consolidation in Airline Industry – Firming of Traffic Trends in Restaurant Space Companies include: Vail Resorts, Inc. (MTN); Air France-KLM (AFLYY); AirTrans (AAI); Alaska Air Group (ALK); Allegiant Travel Group (ALGT); American Airlines (AMR); Applebee’s (APPB); Ashford (AHT); BJ’s Restaurants (BJRI); Boeing (BA); Brinker (EAT); British Airways (BAY); Buffalo Wild Wings (BWLD); Burger King Corp (BKC); California Pizza Kitchen (CPKI); Carnival (CCL); Cheesecake Factories (CAKE); Chipotle Mexican Grill (CMG); Choice (CHH); Continental Airlines (CAL); Darden (DRI); Delta Airlines (DAL); Denny’s (DENN); DiamondRock (DRH); Domino’s Pizza (DPZ); Expedia (EXPE); Famous Dave’s (DAVE); FelCor (FCH); Gaylord Entertainment (GET); Great Wolf Resorts (WOLF); Green Mountain (GMCR); Hawaiian Holdings (HA); Home Inns & Hotels (HMIN); Hospitality Properties Trust (HPT); JetBlue Airlines (JBLU); LaSalle Hotel Properties (LHO); Lufthansa (LHA); MHI Hospitality Corporation (MDH); Marriott (MAR); McDonalds (MCD); Mesa (MESA); Morton’s Steakhouse (MRT); National Business Travel Association (NBTA); National Mediation Board (NMB); Orbitz (OWW); P.F. Chang’s (PFCB); Panera Bread (PNRA); Peet’s (PEET); Priceline (PCLN); Republic Airlines (RJET); Royal Caribbean Cruise Lines (RCL); Royal Caribbean International (HST); Ruby Tuesday (RT); Ruth’s Chris Steakhouse (RUTH); Sonesta (SNSTA); Sonic (SONC); Southwest Airlines (LUV); Spicy Pickle (SPKL.OB); Starbucks (SBUX); Starwood Hotels (HOT); Strategic (BEE); Sunstone (SHO); Texas Roadhouse (TXRH); UFood (UFFC.OB); US Air (LCC); United Airlines (UAUA); Wyndham (WYN) In the following brief excerpt from just one of the in depth interviews in the 137 page Travel and Leisure Report, an award winning equity analyst discusses the outlook for the sector and for investors. HELANE BECKER is a Managing Director at Jesup & Lamont who covers the transportation industry, focusing on airlines, air freight and freight forwarding. Ms. Becker has more than 25 years of experience in the financial industry, holding positions within research, trading and investment banking departments. Prior to joining Jesup & Lamont, she was Managing Director at CapStone Investments and helped to raise capital for small- to mid-cap companies. She also previously held positions at Smith Barney, Lehman Brothers and several other broker-dealers as a Senior Transportation Analyst. Ms. Becker was ranked first, second or third from 1985 to 1993 by Institutional Investor magazine. She was also ranked in the top five by the Wall Street Journal in 1992, 1993, 1997, 2001 and 2002 as one of the best analysts on the Street. Ms. Becker holds a B.A. from Montclair State University and an MBA from New York University. She is a member of several organizations, including Who’s Who Among Women in Business, and she is a former President of The Society of Airline Analysts. TWST: Let’s start with your overall outlook for the airline industry today. What is your outlook and why? Ms. Becker: We think that the airlines have seen the bottom or are in the process of bottoming, and our outlook for the third quarter is for an aggregate total of about $30 billion in revenue, and operating profit of about $600 million and a net loss of about $400 million. Obviously, all numbers exclude non-recurring gains, charges and mark-to-market hedge-related gains and losses. The revenue estimate is for a decline of about 8%. That compares to our initial estimate earlier in the year that revenues would be down between 7% and 9%. I think that the fourth quarter should show a little bit of improvement versus the third quarter and versus last year. We’re thinking the fourth quarter will be low single digits, so down 3% to 7%. And then 2010 we think will be better. TWST: So perhaps the worst is behind us? Ms. Becker: We think the worst is behind us. TWST: I’m sure you saw these statistics too, but I read recently that globally the airline industry is expected to lose $11 billion this year and another $3.8 billion in 2010. How much of that is attributable to the U.S. airline industry? Ms. Becker: I think that most of that is attributable to airlines outside the United States. The U.S. is far ahead of the rest of the world in terms of capacity reductions and adjustments to declines in traffic. Of the $11 billion decline that IATA is estimating, which is the number that you just cited, probably about $3.5 billion to $4 billion is related to the United States; the rest is outside the U.S. And the reason for that is the U.S. airlines were very quick to cut capacity when fuel prices were going up and the rest of the world did not. The rest of the major airlines, like British Airways (BAY) and Lufthansa (LHA), Air France-KLM (AFLYY), Japan Airline (JALSY), waited a very long time before they moved the needle on capacity. And so the U.S. airlines had about a one-year head start, and the result was that when traffic turned down, it didn’t look quite as bad for the U.S. airlines as it did for the peer group. Note: Opinions and recommendations are as of 10/07/09. HELANE BECKER Jesup & Lamont The Wall Street Transcript is a unique service for investors and industry researchers – providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This 137 page special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online . The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations. For Information on subscribing to The Wall Street Transcript, please call 800/246-7673 See the rest here: Buy Airline Stocks Now Says Ranked Equity Analyst (Wall Street Transcript)

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(Adds background) WASHINGTON, Nov 23 (Reuters) – President Barack Obama added a Monday night meeting with top advisers on Afghanistan to his schedule as he closes in on a decision on whether to send more U.S. troops. The White House said Obama would meet Vice President Joe Biden, Secretary of State Hillary Clinton, Defense Secretary Robert Gates and other officials at an 8 p.m. EST/0100 GMT Tuesday meeting in the Situation Room. Previous meetings on Afghanistan have been during normal business hours instead of at night. Obama had a crowded schedule on Monday and he is hosting Indian Prime Minister Manmohan Singh on Tuesday. Obama is said to be nearing a decision on whether to add as many as 40,000 troops to the eight-year-old war. With the U.S. capital shutting down for the Thanksgiving holiday this week, Obama is not expected to announce his plans until next week at the earliest. The president has been reviewing war strategy in Afghanistan for the past two months after U.S. Army General Stanley McChrystal said in a report to him that conditions were deteriorating and more troops were needed. Obama and his advisers have debated options ranging from sending tens of thousands more troops to limiting troop increases and concentrating on attacking al Qaeda targets. One factor that has complicated the deliberations has been concerns about corruption in Afghanistan President Hamid Karzai’s government. Obama has said he wants to ensure he has a reliable partner there. (Reporting by Steve Holland , editing by Jackie Frank) ((For more coverage of Afghanistan, click on [nAFPAK])) ((steve.a.holland@thomsonreuters.com; www.twitter.com/steveholland1)) © Thomson Reuters 2009 All rights reserved See the original post here: UPDATE – Obama adds Afghanistan meeting to Monday schedule (at Reuters)

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BRUSSELS, Nov 23 (Reuters) – General Motors GM.UL is expected to present a restructuring plan for its Opel and Vauxhall units to European Union ministers by the end of the week, the head of the Belgian region of Flanders said on Monday. Kris Peeters, the premier of Flanders, said EU ministers would discuss the GM Europe plan at a meeting on Dec. 4. Nick Reilly, the interim chief executive of GM Europe, said earlier that Opel needed around 3.3 billion euros ($4.94 billion) of refinancing. ((Reporting by Phil Blenkinsop, Brussels newsroom, +32 2 287 6830; email: brussels.newsroom@thomsonreuters.com)) ($1=.6679 Euro) © Thomson Reuters 2009 All rights reserved See the original post: EU ministers to discuss Opel plan Dec. 4 – Flemish premier

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* To cut value of some securities in portfolio * Adjustment to result in pre-tax losses of $423 mln * Expects tax refunds * Stock up 15 pct Nov 23 (Reuters) – Zions Bancorp ( ZION.O ) said it will reduce the value of certain securities in its investment portfolio, resulting in a pretax loss of about $423 million on the securities, and expects a tax refund, sending shares up as much as 15 percent. The transactions will have no material impact on consolidated net income, but will impact the balance sheet by reducing net federal deferred tax assets by about $148 million, the company said. As a result of the adjustments, the company will receive a cash refund of a substantial majority of the total $340 million of federal income taxes paid in 2007, it said. The adjustments will be recognized on the company’s consolidated tax return for 2009. Separately, Zions said it will exchange about 5.6 million depositary shares for common shares to boost its common tangible equity ratio, a measure of capital increasingly important to stock investors and debt rating agencies. Deutsche Bank Securities Inc and Goldman Sachs & Co are the financial advisers for the exchange offer, the company said in a statement. Shares of the company were trading up 14 percent at $14.31 in morning trade on Nasdaq. They earlier touched a high of $14.42. (Reporting by Sweta Singh in Bangalore; Editing by Anil D’Silva) ((sweta.singh@thomsonreuters.com ; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: sweta.singh.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Visit link: UPDATE 1-Zions sees tax refund from cut in securities value

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* Canadian dollar rallies as high as C$1.0544 per US$ * Retail sales continue climb in September * Bond prices mostly lower across the curve (Adds details) By Frank Pingue TORONTO, Nov 23 (Reuters) – The Canadian dollar rose against the U.S. currency on Monday amid the backdrop of stronger equity and commodity prices, including a record level for gold, with support also coming from solid domestic retail sales data. The rise in the Canadian currency was also compounded by a drop in the greenback, which fell against a slew of currencies as the view that U.S. interest rates would stay low for a long time prompted investors to diversify out of the dollar. That helped send the Canadian dollar as high as C$1.0544 to the U.S. dollar, or 94.84 U.S. cents, after a string of four straight lower closes. “It continues to be a U.S. dollar story as it responds to higher equities and gold, so with the U.S. dollar weaker across the board, the currency profile is showing cyclical, commodity and risk type carry trade currencies … all performing well as equity markets are showing higher valuations,” said Jack Spitz, managing director of foreign exchange at National Bank Financial in Toronto. The domestic currency added to its earlier gains after data showed Canadian retail sales increased twice as much as expected in September. [ID:nN23252766] By 9:15 a.m. (1415 GMT), the Canadian unit was at C$1.0546 to the U.S. dollar, or 94.82 U.S. cents, up from C$1.0699 to the U.S. dollar, or 93.47 U.S. cents, at Friday’s close. Gold hit a record high above $1,167 an ounce and added to momentum from earlier this month, while oil prices rose more than 2.6 percent above $79.50 a barrel on signs of buoyant demand from China. [GOL/] [O/R]. Oil and gold are key Canadian exports whose prices often influence its currency. The rally in commodity prices helped lift equities overseas and is expected to keep Toronto’s main resource-heavy stock index higher. Canadian bond prices were slightly lower across most of the curve as the upbeat domestic data crimped investor appetite for more secure assets like government debt. The two-year bond CA2YT=RR was down 2 Canadian cents at C$99.98 to yield 1.263 percent, while the 10-year bond CA10YT=RR was down 15 Canadian cents at C$102.80 to yield 3.402 percent. (Additional reporting by Scott Anderson; Editing by Padraic Cassidy) ((frank.pingue@thomsonreuters.com ; +1 416 941-8094; Reuters Messaging: frank.pingue.reuters.com@reuters.net)) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: Canadian dollar and bonds report….[CAD/][CA/] TSX market report……….[.TO] Headlines from global forex markets …[FXNEWS] Bank of Canada stories…..[BOC] Bank of Canada weekly t-bill auction…[CA/BIL] Bank of Canada securities auctions…..[CA/AUC] Bank of Canada interest rate story…..[CA/INT] Reuters monthly Canadian dollar poll..FOREXPOLL33 [CAD/POLL] Canadian interest rate poll………..[CA/POLL] Reuters G7 quarterly economy poll….[ECILT/CA] Weekly economic data poll……[ECI/CA][ECI/CI] Reuters global stocks poll (Canada)…EQUITYPOLL5 [EPOLL/CA] Top News: Canada ……[TOP/CAN] Today in Canada…….[CA/DIARY] Canadian debt and money news ….[D-CAN][M-CAN] FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Real-time Canadian economic RICS…….ECONCA Canadian dollar quote………… CAD= CAD=D3 Canadian bonds quote..CDBN CABONDT Canadian money market quote…CDMN Canada-Treasury spread rates…….. Canadian Debt and Forex speed guide……….. Canadian Equities speed guide……. S&P/TSX Composite index ………….. .GSPTSE FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS: FTSE Eurotop 300 ……FTEU3 European report …….[.EU] Nikkei 225…………..N225 Tokyo report…………[.T] FTSE 100…………… .FTSE London report………..[.L] Xetra DAX…………. .GDAXI Frankfurt market stories[.F] CAC-40.. .FCHI Paris market stories…[.PA] World Indices……. Foreign exchange……..[FRX/] Oil…….[O/R] US Treasuries……….. [US/] International bonds…..[EUB/] Gold………[GOL/X] or [GOL/] CRB index of commodity futures………[CRB/] All spots FX= Tokyo spots AFX= Europe spots EFX= Volatilities FXVOL= Tokyo Forex market info from BOJ TKYFX World central bank news [CEN] Economic Forecasts…ECON Official rates…[INT/RATE] Forex Diary…….[MI/DIARY] Top events……..[M/DIARY] Diaries………..[DIARY] Diaries Index……..[IND/DIARY] Press Digests…..[PRESS] Polls on G7 economies..[SURVEY/] © Thomson Reuters 2009 All rights reserved See the rest here: CANADA FX DEBT-C$ extends gain after strong retail sales data (at Reuters)

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LONDON, Nov 23 (Reuters) – European equities rose in early trade on Monday, snapping a four-day losing streak, with firmer crude CLc1 and metal prices boosting commodity shares. By 0806 GMT, the pan-European FTSEurofirst 300 .FTEU3 index of top shares was up 1.1 percent at 1,014.27 points. “Asian shares were mostly firmer and gold has hit another record high. The markets on balance have had good earnings and economic data and in general have no excuses to move lower,” said Bernard McAlinden, strategist at NCB Stockbrokers. Energy stocks were in demand as crude prices rose 1.2 percent. Heritage Oil ( HOIL.L ) was up 4.2 percent after selling its Ugandan interests to Italy’s Eni ( ENI.MI ), while BG Group ( BG.L ), BP ( BP.L ), Royal Dutch Shell ( RDSa.L ) and Total ( TOTF.PA ) were 0.4 to 1 percent firmer. Miners featured among the top performers as metal prices gained. Copper MCU3=LX was up 1.8 percent, aluminium MAL3=LX was 1 percent higher and nickel MNI3=LX rose 1.9 percent. Anglo American ( AAL.L ), Antofagasta ( ANTO.L ), BHP Billiton ( BLT.L ), Eurasian Natural Resources Corporation ( ENRC.L ), Rio Tinto ( RIO.L ) and Xstrata ( XTA.L ) were 2.4 to 4 percent higher. (Reporting by Joanne Frearson) ((joanne.frearson@thomsonreuters.com; +44 207 542 2773, Reuters Messaging:joanne.frearson.thomsonreuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Go here to see the original: Europe shares snap losing run; oils, miners boost (at Reuters)

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PARIS, Nov 23 (Reuters) – European stock index futures pointed to a higher open on Monday, as equities were poised to bounce back from a two-week closing low hit in the previous session, supported by buoyant oil and metal prices. By 0702 GMT, futures for the DJ Euro Stoxx STXEc1, for Germany’s DAX FDXc1 and for France’s CAC FCEc1 were up 1.0-1.1 percent. (Reporting by Blaise Robinson ) ((blaise.robinson@reuters.com ; +33 1 4949 5269, Reuters Messaging: blaise.robinson.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Continue reading here: European stock index futures signal early gains (at Reuters)

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PARIS, Nov 23 (Reuters) – Financial bookmakers expected to see the leading European benchmark indexes rising on Monday, as stocks were poised to snap a four-session losing streak, helped by rising commodity prices. Financial spreadbetters expected Britain’s FTSE 100 .FTSE to open 32 to 34 points higher, or as much as 0.7 percent, Germany’s DAX .GDAXI to open 29 to 32 points higher, or as much as 0.6 percent, and France’s CAC-40 .FCHI to open 28 to 30 points higher, or as much as 0.8 percent. Copper prices rallied sharply on Monday, shrugging off a 40 percent fall in China’s refined copper imports in October as a weaker dollar and gains in other commodity markets dominated sentiment, while oil prices rose above $78 a barrel as heightened tension between Iran and Western nations raised speculation over a potential supply risk. European equities slipped for a fourth session on Friday to reach a two-week closing low, as financials dropped on worries over some banks’ exposure to Ukrainian debt, while weaker crude oil prices hurt energy shares. ———————-MARKET SNAPSHOT AT 0610 GMT———————- LAST PCT CHG NET CHG S&P 500 .SPX 1,091.38 -0.32 % -3.52 NIKKEI .N225 9,497.68 -0.54 % -51.79 MSCI ASIA EX-JP .MIASJ0000PUS 476.39 0.43 % 2.04 EUR/USD EUR= 1.4933 0.50 % 0.0074 USD/JPY JPY= 88.82 0.03 % 0.0300 10-YR US TSY YLD US10YT=RR 3.360 — -0.01 10-YR BUND YLD EU10YT=RR 3.252 — 0.01 SPOT GOLD XAU= $1,162.30 1.23 % $14.10 US CRUDE CLc1 $78.29 1.06 % 0.82 ———————————————————————– * Wall St dips as investors fret about recovery [ID:nN20241386] * Gold at record; resource plays boost Asian stocks [ID:nGEE5AM01J] * Dollar turns tail as gold climbs to record [ID:nSYD322692] * Oil tops $78 amid fresh Iran tensions [ID:nSYD484303] * U.S. Treasuries rise on economic recovery worries [ID:nHKG293886] * Gold strikes record on inflation, economic worries [ID:nSP457620] * Copper defies slower China imports, focus on weak dlr [ID:nSP532811] (Reporting by Blaise Robinson ; editing by Simon Jessop) ((blaise.robinson@reuters.com ; +33 1 4949 5269, Reuters Messaging: blaise.robinson.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Original post: European Factors-Shares set to snap losing streak (at Reuters)

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HELSINKI, Nov 23 (Reuters) – Nokia Siemens Networks [NSN.UL] said on Monday: * it, together with its financial partner, did not submit the highest bid for nortel ops at auction * its final offer represented fair value for the assets * further bidding was not financially justified For more on this story, please click [ID:nN22395163] ((tarmo.virki@reuters.com, +358-9-680 50 235, Reuters messaging: tarmo.virki.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Go here to see the original: BRIEF-Nokia Siemens says lost auction for Nortel assets

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NEW YORK, Nov 22 (Reuters) – Microsoft Corp ( MSFT.O ) has had talks with News Corp ( NWSA.O ) about a tie up, which would involve News Corp getting paid to take its news websites off Google Inc ( GOOG.O ), a source familiar with the matter said on Sunday. News Corp, which owns such papers as the Wall Street Journal and the Sun, started the discussions, which were at an early stage, the source said. Microsoft has also talked with other online publishers about removing their sites from Google, according to the Financial Times, which first reported the development. Microsoft could not be reached immediately on Sunday. News Corp declined to comment. The source is anonymous because the talks are not public. (Reporting by Robert MacMillan ; writing by Paritosh Bansal ; Editing Bernard Orr) ((paritosh.bansal@thomsonreuters.com +1 646 223 6113; Reuters Messaging: paritosh.bansal.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved See the original post: Microsoft, News Corp weigh web pact -source

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SYDNEY (Reuters) – Global miner Rio Tinto ( RIO.AX ) ( RIO.L ) expects to receive at least $741 million from the flotation of its U.S. coal-mining unit, Cloud Peak Energy Inc ( CLD.N ), on the New York Stock Exchange, Rio said on Monday. Cloud Peak Energy shares fell in their debut on Friday after its shares priced below expectations in the initial public offer. Rio Tinto retains a 48.3 percent stake in Cloud Peak. For full statement click “> here (Reporting by Mark Bendeich; Editing by Jonathan Standing) © Thomson Reuters 2009 All rights reserved Go here to see the original: Rio to get at least $741 million from Cloud Peak IPO

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PHILADELPHIA, Nov 22 (Reuters) – Kraft Foods ( KFT.N ) may raise its offer for Cadbury Plc ( CBRY.L ) or offer more cash in its bid if rival takeover offers emerge, a source familiar with the situation said on Sunday. “The Kraft team is figuring out the next move,” the source said. Kraft made a $16.8 billion hostile offer to acquire U.K. confectioner Cadbury, but rivals such as Hershey Co ( HSY.N ), Italy’s Ferrero, and Nestle ( NESN.VX ) now may be weighing takeover bids themselves. Kraft “never said that was its final offer,” the source said. The source declined to be named because they were not authorized to speak with the media. (Reporting by Jessica Hall ; Editing Bernard Orr) (For more M&A news and our DealZone blog, go to here ) ((jessica.hall@thomsonreuters.com; 215-922-1086; Reuters Messaging: jessica.hall.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved See original here: Kraft mulls higher offer for Cadbury – source

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LONDON, Nov 22 (Reuters) – The British government could face trade sanctions if it is found guilty of protectionism as a result of the bank bail out, Pascal Lamy, director general of the World Trade Organisation, told the Sunday Telegraph. Lamy said the WTO will likely examine whether countries that bailed out their banks did so on the understanding that the banks should lend more to domestic customers in the future. If the UK is challenged and found guilty, it could face trade sanctions or be forced to overhaul the semi-nationalised banking system, the paper said. The warning would also apply to the United States and European countries that have taken similar steps, it said. Last October the government bailed out three banks – Royal Bank of Scotland ( RBS.L ), Lloyds TSB and HBOS – with a 37 billion-pound cash injection aimed at strengthening their capital reserves in the face of the credit crunch. [ID:nL3562807] RBS and Lloyds Banking Group ( LLOY.L ), Britain’s two largest retail banks, secured another 31 billion pounds ($50.5 billion) from the government on Tuesday and agreed to sell branches and key businesses to appease EU competition concerns over state aid. [ID:nL3540088][ID:nL3323607] (Reporting by Julie Crust ; editing by Jon Loades-Carter) ((julie.crust@thomsonreuters.com; +44 207 542 3847)) © Thomson Reuters 2009 All rights reserved Continued here: UK bank bail-out may have broken WTO rules-report (at Reuters)

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ZURICH (Reuters) – Swiss food giant Nestle may consider a bid for Britain’s Cadbury to challenge a hostile 9.9 billion pound ($16.3 dollars) bid by Kraft Foods Inc and a potential move by Hershey, Bloomberg reported on Sunday. Nestle is still weighing its options and may decide against a bid, Bloomberg said, citing two unnamed people with knowledge of the matter. Nestle declined to comment. Italian chocolate maker Ferrero and U.S.-based Hershey have teamed up and said on Wednesday they were reviewing a possible offer for Cadbury. Analysts view Nestle as a potential suitor for Cadbury. (Writing by Lisa Jucca ; Editing by Jon Loades-Carter) © Thomson Reuters 2009 All rights reserved Read more: Nestle may consider a bid for Cadbury: report

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* Nestle still weighing options, BBG says citing sources * Nestle may also decide against bid, BBG reports * Nestle declines to comment ZURICH, Nov 22 (Reuters) – Swiss food giant Nestle ( NESN.VX ) may consider a bid for Britain’s Cadbury ( CBRY.L ) to challenge a hostile 9.9 billion pound bid by Kraft Foods Inc ( KFT.N ) and a potential move by Hershey ( HSY.N ), Bloomberg reported on Sunday. Nestle is still weighing its options and may decide against a bid, Bloomberg said, citing two unnamed people with knowledge of the matter. Nestle declined to comment. Italian chocolate maker Ferrero and U.S.-based Hershey have teamed up and said on Wednesday they were reviewing a possible offer for Cadbury. [ID:nLK612249] Analysts view Nestle as a potential suitor for Cadbury. (Writing by Lisa Jucca ; Editing by Jon Loades-Carter) ((elisabetta.jucca@thomsonreuters.com; +41 58 306 7354; Reuters Messaging: elisabetta.jucca.reuters.com@reuters.com)) © Thomson Reuters 2009 All rights reserved View original post here: Nestle may consider a bid for Cadbury-Bloomberg

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CARACAS, Nov 22 (Reuters) – Oil-exporting Venezuela is in recession, its socialist President Hugo Chavez said on Saturday, adding that the capitalist system of measuring economic growth was established in the United States. “When an economy shrinks instead of grows, according to the norms established by international capitalism, then it enters into recession,” he said during a five-hour speech to inaugurate a party congress. “GDP fell in the third quarter, and so we entered a recession, according to the patterns elaborated in the United States,” he said. Venezuela’s economy contracted an unexpected 4.5 percent in the third quarter, a second consecutive three-month contraction that most economists’ define as a recession. Until now, the government avoided using the word. Chavez says the normal method of measuring a country’s gross domestic product does not sufficiently weigh social services and publicly owned enterprises. He has called for the measurement to be revised in Venezuela. Chavez has nationalized many of Venezuela’s major industries, along with some food production, telecommunications and electricity. Many in the private sector say his policies have a chilling effect on manufacturing, which fell by nine percent in the quarter. Venezuela enjoyed a five-year boom of fast growth fed by soaring oil prices and lavish social spending but it came to an abrupt halt this year when global oil prices crashed. Prices have recovered somewhat but the economy has yet to follow suit. (Reporting by Eyanir Chinea and Julio Uribarry; Writing by Frank Jack Daniel , editing by Philip Barbara) ((frank.daniel@thomsonreuters.com; Tel: +58 212 263 7415; Reuters Messaging: frank.daniel.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Read more: Chavez says Venezuela in recession, by US yardstick (at Reuters)

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* Optical networking, carrier ethernet unit sale continues * Nokia Siemens/One Equity Partners also bidding -source (Adds background) NEW YORK, Nov 21 (Reuters) – The auction for Nortel Network’s optical networking and carrier ethernet business went into a second day on Saturday, after Ciena ( CIEN.O ) called for a break in the auction late on Friday, two sources said. Last month Nortel Networks Corp, the bankrupt Canadian telecommunications equipment maker, said that Ciena’s cash-and-stock bid, worth some $522 million, would be the stalking horse offer for these assets. [ID:nN07462090] Earlier this week another source familiar with the sale told Reuters that Nokia Siemens Networks and private equity firm One Equity Partners had also jointly bid for the assets. [ID:nN18125510] Ciena’s stock fell sharply after it revealed the proposed deal last month, with analysts saying the rising price and possible equity side of the deal would weigh on investors minds. Ciena’s offer consisted of $390 million cash and 10 million Ciena shares. Analysts and investors have been concerned about Ciena’s offer because the U.S. networking gear maker would have to take significant pains to integrate the Nortel assets. Although the assets are a good fit for Ciena’s portfolio, the deal would weigh down operations, they said. Nortel, once North America’s biggest telecoms equipment maker, filed for bankruptcy protection in January. It is selling off its assets rather than trying to restructure. One Equity manages $8 billion for JPMorgan ( JPM.N ) in private equity investments. Nokia Siemens is a 50-50 venture of Nokia ( NOK1V.HE ) and Siemens ( SIEGn.DE ). (Reporting by Anupreeta Das ; Editing by Jon Boyle ) © Thomson Reuters 2009 All rights reserved Continued here: UPDATE 1-Ciena takes Nortel unit auction to 2nd day -sources

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CHICAGO, Nov 21 (Reuters) – LyondellBasell said on Saturday it had received a preliminary, nonbinding cash offer from Indian energy giant Reliance Industries ( RELI.BO ) to acquire a controlling interest in the company, contemporaneously with LyondellBasell’s emergence from Chapter 11 reorganization. Petrochemicals firm LyondellBasell [ACCEIN.UL] said in a statement that the offer represents a potential alternative to a previously filed reorganization plan. (Reporting by Julie Ingwersen , Editing by Sandra Maler) © Thomson Reuters 2009 All rights reserved See the original post here: LyondellBasell says received offer from Reliance

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STOCKHOLM, Nov 21 (Reuters) – A U.S.-led group will make an offer for Ford-owned ( F.N ) Volvo cars next week, rivalling a bid already on the table from China’s Zhejiang Geely Holding Group ( 0175.HK ), the daily Dagens Industri reported on Saturday. The U.S. consortium, called Crown, is led by former Ford Motor Co director Michael Dingman, but has backing from Swedish investors, Dagens Industri wrote. Zhejiang Geely Holding Group, the parent of Geely Automobile, was named by Ford as a preferred bidder for its loss-making Swedish car unit last month. [ID:nHKG181412] Media reports put the bid at between $2 billion and $2.5 billion. “There is no point in bidding low. You are not going to win anything that way,” the paper quoted a Crown consortium source as saying. © Thomson Reuters 2009 All rights reserved Here is the original post: U.S. group Crown plans Volvo cars bid-paper

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MEXICO CITY, Nov 20 (Reuters) – Foreign direct investment in Mexico plunged 37 percent in the first nine months of 2009 as the world financial crisis bit into capital flows, according to data released by the government on Friday. Mexico attracted $9.75 billion in FDI in the nine months ending in September, the economy ministry said. The report did not provide a comparative figure but the government reported last year that FDI in the first nine months of 2008 was $15.56 billion. However, the ministry also revised higher its estimate of FDI flows in 2008 to $22.516 billion, up sharply from an initial estimate of $18.6 billion. The government forecast in May that foreign direct investment would fall to about $15 billion in 2009. Manufacturing and financial services received the majority of FDI flows into Mexico in the period reported, the economy ministry said. The United States was the principal source of FDI, providing nearly $5.2 billion, followed by the Netherlands, with $1.439 billion. (Reporting by Robert Campbell ; Editing by Gary Hill) © Thomson Reuters 2009 All rights reserved See the article here: Mexico FDI plunges 37 pct in first 9 months of 2009 (at Reuters)

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* GE to pay Vivendi 1/3 value of stake as interim payment * Two sides are $500 mln-$1 bln apart on stake valuation * Vivendi values NBC stake at $6.1 bln * Vivendi’s OK needed before Comcast deal can progress (Adds details on Vivendi-GE talks, changes dateline, byline) By Jui Chakravorty and Anupreeta Das NEW YORK, Nov 20 (Reuters) – General Electric and Vivendi are moving closer to a deal on NBC Universal, with Vivendi agreeing to accept payment for just one-third of its stake until a related deal with Comcast closes, according to a source familiar with the situation. Talks between Vivendi SA ( VIV.PA ) and General Electric Co ( GE.N ) have been holding up Comcast Corp’s ( CMCSA.O ) plan to buy a controlling stake in NBCU. Vivendi has to agree to sell its 20 percent stake to GE before the Comcast deal, which would be the biggest in media this year, can progress. While Vivendi and GE have not agreed on a price yet, the French media company’s acceptance of a staggered payment schedule shows it is willing to compromise to pave the way for Comcast, the largest U.S cable service provider. Vivendi had previously asked to be paid fully upfront to avoid regulatory risk — U.S. antitrust enforcers are expected to take at least a year to scrutinize the Comcast-NBCU deal. Vivendi values its stake in NBCU, acquired in 2004, at $6.1 billion, according to sources familiar with the situation. One said GE’s latest offer is about $500 million lower, while two people described the gap as less than $1 billion. Comcast, which has long coveted owning media content, has been in talks for months with GE, which owns 80 percent of NBCU and has been under pressure from some shareholders to divest its media business. The plan is for GE to sell Comcast a 51 percent stake in a proposed joint venture. Comcast would contribute its cable networks and $4 billion to $6 billion in cash to the venture. The two companies have agreed to value NBC Universal at about $30 billion, sources previously told Reuters. But for that deal to happen, GE has to buy out Vivendi’s stake first. PUT OPTION Every year between November and December, Vivendi has to decide whether to exercise its “put” option to sell its stake. It could also demand an initial public offering for NBC Universal instead, putting it in a strong bargaining position. Vivendi acquired Brazilian telecoms group GVT ( GVTT3.SA ) in a $4.8 billion deal last week. “Following the GVT deal, we believe Vivendi will ultimately sell its stake in NBCU, but not at any price … Similarly, GE needs Vivendi’s stake for Comcast for the tie-up to go through and we see a compromise as likely,” UBS wrote in a note. Differences in valuation and when Vivendi should get paid have slowed the talks, the sources said, dampening hopes of GE and Comcast announcing a deal before the U.S. Thanksgiving holiday next Thursday. “There seems a good deal of posturing on all sides,” Citi analysts wrote in a note on Friday, adding they valued Vivendi’s stake at $5.9 billion. “Vivendi’s liquidity rights (right to force an IPO at some point) may well be unappealing to Comcast as a potential majority owner of NBCU over time. As such, we think that Vivendi’s leverage in negotiations will be reasonably strong,” the analysts wrote. NBC declined to comment while Vivendi did not return calls seeking comment. GE and Comcast have ironed out all their issues and are now waiting for GE and Vivendi to reach a resolution, sources said. Neither side is expected to walk away, the sources said, but the hold-up makes the timing of a deal unclear. The proposed joint venture is expected to be able generate cash to pay down $9 billion in debt that would be added to its books as part of the deal. It would use that debt to buy the rest of the company from GE. GE has negotiated a redemption option that would give it the right to redeem all or part of its stake in the new company in exchange for cash at the three-and-a-half year mark and at a seven-year mark, sources have said. The terms of the deal allow Comcast’s cash payment to be determined partly by NBC Universal’s financial performance. If the unit’s performance worsens between the signing of the deal and the closing, Comcast could end up paying less, sources previously told Reuters. (Additional reporting by Dominique Vidalon in Paris and Georgina Prodhan and Quentin Webb in London; editing by Matthew Lewis, Tiffany Wu and Andre Grenon) © Thomson Reuters 2009 All rights reserved Follow this link: UPDATE 4-GE, Vivendi make progress on NBC Universal

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WASHINGTON, Nov 20 (Reuters) – President Barack Obama’s job approval rating has dropped below 50 percent in a second major poll in an indication he is suffering from the long healthcare debate and weakness in the economy, Gallup said on Friday. Gallup said 49 percent of Americans approved of Obama’s job performance. A survey by Quinnipiac University on Wednesday had a similar finding, putting him at 48 percent support. It was the first time he had fallen below majority support in those two polls. He had been polling in the low 50s for months after taking office in January with an approval rating just under 70 percent. Gallup said Obama’s drop in its daily tracking poll likely resulted from the contentious debate over healthcare as well as the poor state of the U.S. economy, with millions of Americans out of work. “Americans are also concerned about the Obama administration’s reliance on government spending to solve the nation’s problems and the growing federal budget deficit,” Gallup said in an analysis of its poll, which surveyed 1,533 people from Tuesday to Thursday. The margin of error was 4 points. Democrat Obama became the fourth-fastest U.S. president since World War Two to drop below majority support in the Gallup poll, following Republican Gerald Ford, Democrat Bill Clinton and Republican Ronald Reagan. Peter Brown, assistant director of the Quinnipiac University Polling Institute, said that although Obama’s job approval was below 50 percent for the first time nationally, it was not statistically different from his 50 percent approval rating in October. “Nevertheless, in politics symbols matter and this is not a good symbol for the White House,” said Brown. “Moreover, the percentage who approve of the way he is handling the economy has dropped from a split 47-46 percent approval in October to 52-43 percent disapproval today.” (Reporting by Steve Holland ; Editing by Peter Cooney ) © Thomson Reuters 2009 All rights reserved See the original post here: Obama job approval rating drops under 50 percent (at Reuters)

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* TSX down 20.97 points at 11,579.33 * Index up 1.5 percent for the week * Energy sector leads retreat (Adds details, quote) By Jennifer Kwan TORONTO, Nov 20 (Reuters) – Toronto’s main stock index fell on Friday as weaker oil prices, caused partly by a stronger U.S. dollar, weighed on resource issues, including Suncor Energy Inc ( SU.TO ). Suncor dropped 0.5 percent to C$38.07, while Canadian Natural Resources ( CNQ.TO ) fell 0.7 percent to C$70.60. Barrick Gold ( ABX.TO ), another top mover on the downside, fell 0.7 percent to C$47.00. Oil prices fell below $77 a barrel, with the U.S. dollar rising for a second straight session as investor risk tolerance shrank. [O/R] [USD/] “Oil is down a bit and that obviously has a big impact on our market,” said Jennifer Radman, vice-president and associate portfolio manager at Caldwell Investment Ltd. The S&P/TSX composite index .GSPTSE ended down 20.97 points, or 0.18 percent, at 11,579.33, with six of its 10 main groups lower. The index was up 1.5 percent for the week and touched a 13-month high on Wednesday. Paul Taylor, chief investment officer at BMO Harris Investment Management Inc, said investors locked in some profits after the market’s recent gains. “I think this is what we’re going to see. We’re going to see choppy markets for the next while. We’re not going to see strong trends,” he said. The TSX followed global markets lower on Friday as investors cut their exposure to riskier assets. [MKTS/GLOB] The market slump also came after Bank of Canada Governor Mark Carney said on Thursday evening that Canada’s economy performed worse than expected in the third quarter, but was now recovering. He also cautioned that it risks further setbacks due to a strong Canadian dollar. [ID:nN19514256] Earlier on Thursday, Finance Minister Jim Flaherty suggested he thought the economy could have stood still in the third quarter. However, analysts said the comments didn’t have any major bearing on the broader market. “They are being more overly cautious in their estimates,” said Steve Ibel, institutional equities trader at Beacon Securities in Halifax, Nova Scotia. Flaherty vowed on Friday to resist big, new spending measures in his next budget, but said it was too early to pull stimulus away from a still shaky economy. [ID:nN20237039] Other influential names on the downside included Rogers Communications ( RCIb.TO ), which dropped 2.6 percent to C$32.05. The broader telecoms group was off 0.45 percent The blue chip S&P/TSX 60 index .TSE60 closed 1.59 points lower, or 0.23 percent, at 688.99. ($1=$1.07 Canadian) (Additional reporting by Irene Kuan ; editing by Rob Wilson) © Thomson Reuters 2009 All rights reserved Read the original post: CANADA STOCKS-Oil prices, profit-taking drag TSX lower (at Reuters)

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* C$ falls to C$1.0699 to U.S. dollar * Currency down 1.8 pct for the week * Sluggish oil, equity prices weigh (Updates to close, adds quotes) TORONTO, Nov 20 (Reuters) – The Canadian dollar fell on Friday, mirroring losses in commodity and stock markets, as many investors sold riskier assets on concerns about global growth and to lock in gains as year-end approaches. The currency was also hit by broad-based gains by the U.S. dollar against a range of currencies for a second session as the greenback benefited from the drop in risk tolerance. [USD/] The Canadian dollar touched a session low of C$1.0733 to the U.S. dollar, or 93.17 U.S. cents, its weakest level since Nov. 9. The unit “hasn’t really exhibited much strength at all. It seems to me a fair portion of this does fall to the U.S. dollar,” said Eric Lascelles, chief economics and rates strategist at TD Securities. Canada’s currency finished at C$1.0699 to the U.S. dollar, or 93.47 U.S. cents, down from Thursday’s close C$1.0635 to the U.S. dollar, or 94.03 U.S. cents. The greenback’s gain and falling risk appetite hit commodity prices, which heavily influence the Canadian dollar because the country is a commodity exporter. Oil edged lower, dropping nearly 1 percent to below $77 a barrel, extending a 2 percent fall in the previous session. [O/R] The market appeared to shrug off comments late on Thursday from Bank of Canada Governor Mark Carney who said Canada’s economy performed worse than expected in the third quarter and risks further setbacks due to the sharp rise of the Canadian dollar. [nN19514256] Finance Minister Jim Flaherty vowed on Friday to resist big, new spending measures in his next budget, but said it was too early to pull stimulus away from a still shaky economy. [ID:nN20237039] A report out on Friday showed Canadian bankruptcies rose about 29 percent in September from a month earlier, as consumers felt the squeeze of rising debt and a weak job market. [ID:nN20314679] Canadian economic reports due out next week include monthly retail sales and third-quarter current account data. ECONCA BOND PRICES MOSTLY FIRMER With no major Canadian economic data out on Friday, most domestic bond prices tracked moves in the big U.S. Treasury market, where short-term issues rallied on fund demand before the year’s end. [US/] “It has long been our view that the Canada short end has been cheap and some of that mis-valuation is being worked out in the market today,” said Lascelles. “This is very much a day of adjustment as opposed to responding to any particular news.” The two-year bond CA2YT=RR rose 2.5 Canadian cents to C$99.99 to yield 1.255 percent, while the 30-year bond CA30YT=RR fell 30 Canadian cents to C$117.75 to yield 3.937 percent. Canadian bonds outperformed their U.S. counterparts across much of the curve. The Canadian 10-year bond was 1.8 basis points above the U.S. 30-year yield, compared with 4.5 basis points on Thursday. (Reporting by Jennifer Kwan and Jeffrey Hodgson; editing by Rob Wilson) © Thomson Reuters 2009 All rights reserved Visit link: CANADA FX DEBT-C$ falls with commodities as risk appetite wanes (at Reuters)

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PHILADELPHIA, Nov 20 (Reuters) – U.S. chocolate maker Hershey Co ( HSY.N ) is considering launching a bid of at least $17 billion for British chocolatier Cadbury Plc ( CBRY.L ) in an effort to outstrip a hostile offer by Kraft Foods Inc, a source familiar with the matter said on Friday. Hershey, which is still considering a joint bid with Italy’s Ferrero, lined up deal financing from Bank of America ( BAC.N ) and JP Morgan ( JPM.N ), said the source, who declined to be named because he was not authorized to speak with the media. JPMorgan declined to comment. Bank of America and Hershey could not be immediately reached for comment. (Reporting by Jessica Hall ) (For more M&A news and our DealZone blog, go to here ) © Thomson Reuters 2009 All rights reserved Link: Hershey weighs $17 billion Cadbury bid – source

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NEW YORK, Nov 20 (Reuters) – The charitable trust that controls Hershey Co ( HSY.N ) is pushing the company to launch a rival $17 billion bid for Cadbury Plc ( CBRY.L ), the Wall Street Journal reported on Friday, citing people familiar with the matter. That would be bigger and have more cash than the offer Kraft Foods Inc ( KFT.N ). has made, the newspaper said. A bid, if one emerges, would not be ready for at least two weeks and the terms of a possible offer are in flux, the paper said. One possible scenario, the paper said, would include at least $10 billion in cash from Hershey, plus $2 billion in new Hershey shares. A third component would be another $3 billion to $5 billion in cash from rich investors in exchange for equity in Hershey, the paper said, citing those people. The investors are being courted by Hershey adviser Byron Trott, a former Goldman Sachs banker known for his close relationships with Warren Buffett and other rich investors, the paper said. (Reporting by Megan Davies ; Editing by Tim Dobbyn ) © Thomson Reuters 2009 All rights reserved Here is the original post: UPDATE 1-Hershey’s trust pushes for Cadbury bid -WSJ

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NEW YORK, Nov 20 (Reuters) – Vivendi SA ( VIV.PA ) and General Electric ( GE.N ) have agreed that Vivendi will be paid close to one-third of the value of its NBC Universal stake, although a value for the stake itself is still being negotiated, a person familiar with the matter said. The amount would be paid between the signing of a related deal between GE and Comcast, and that deal’s closing. Vivendi is seeking about $6.1 billion for the 20 percent of NBC Universal it has owned since 2004, the source and another person familiar with the matter said. GE, which owns the remainder of the broadcast and cable unit, has sought to buy Vivendi’s stake as part of a proposed deal with U.S. cable company Comcast Corp ( CMCSA.O ) to create a new NBC Universal joint venture. GE wants to pay less, and the two sides are currently about $500 million apart in terms of how to value Vivendi’s stake, the source said. Vivendi is keen to sell its stake to GE so that the U.S. conglomerate can proceed with its Comcast deal, the source said, speaking on condition of anonymity because the negotiations have not been made public. (Reporting by Anupreeta Das ; Editing by Tim Dobbyn ) © Thomson Reuters 2009 All rights reserved See the original post: Vivendi, GE agree to interim payment on NBCU stake

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* US T-bill rates dip below zero for first time since Dec * Dollar Libor at new low, other market rates fall * Abundant liquidity, dovish central bankers support (Adds trader quote, recasts; changes dateline; previous London) By Chris Reese NEW YORK, Nov 20 (Reuters) – Yields on short-dated Treasury bills pushed below zero on Friday as investors clamored for low-risk investments in bets that central banks will hold interest rates at ultra-low levels for a long time. Dollar interbank lending rates hit a new low as an abundance of liquidity and dovish central banker comments also eroded short-term market rates. Even as policy makers begin to talk about exit strategies from extraordinary measures put in place during the depth of the financial crisis, investors expect policy rates around the globe will stay low well into next year. “People are getting out of risk, getting into Treasuries for the year-end, everybody is parking money,” said James Combias, head of government bond trading at Mizuho Securities USA in New York, adding that the Federal Reserve is expected to hold interest rates near zero for the foreseeable future. Demand for U.S. Treasury bills maturing in January 2010 pushed their yields below zero for the first time since late December when the financial crisis worsened in the aftermath of the Lehman Brothers collapse. Two-year Treasury note yields US2YT=RR also held close to the lowest since December, which in turn represented the lowest levels on record. “Flow information suggests central banks buying T-bills and short-term Treasury cash even at very low yield as cash is abundant,” said BNP Paribas rate strategist Alessandro Tentori. Calyon rate strategist David Keeble said year-end factors were also at play as banks tidied up balance sheets to present the best possible view of their business at the end of the year. “It’s a little bit of window dressing, to do with needing liquidity on the balance sheet. You liquidate some securities and buy something low-risk like Treasuries so you get a bit of a squeeze,” he said. Three-month dollar Libor rates USD3MFSR= fell to 0.26219 percent [ID:nLK442537]. Eurodollar interest rate futures EDM0EDU0 — a measure of interest rate expectations — have been climbing steadily since late October, reaching contract highs and implying lower rates, on the back of dovish central bank comments. SLOWLY, SLOWLY TO THE EXIT European Central Bank officials have also stressed that while they are heading for the exit, the withdrawal of special measures to provide liquidity to the banking sector and in turn boost the economy, will be gradual. But recent comments appear to warn banks against becoming too reliant on ECB funds. ECB President Jean-Claude Trichet warned on Friday that market participants needed to be aware that the size of support measures was unprecedented and any measures which posed a threat to stability would be undone “promptly and unequivocally.” And ahead of the bank’s next, and likely final, tender of one-year funds in December, Executive Board member Lorenzo Bini Smaghi late on Thursday urged national authorities to address over-reliance on cheap, unlimited ECB funds by some banks. The Greek central bank this week did just that, advising banks to show restraint in borrowing 12-month ECB funds. Banks currently have 595 billion euros of longer-term ECB money, over 85 percent of which is in 12-month funds, and there is around 60 billion euros of excess cash in the system, most of which is being parked back at the central bank overnight. Three-month Euribor rates EUR3MFSR= edged down to 0.67313 percent. (Additional reporting by Kirsten Donovan in London and Burton Frierson in New York) (Editing by Theodore d’Afflisio) © Thomson Reuters 2009 All rights reserved Go here to see the original: MONEY MARKETS-U.S. Treasury bill rates dip below zero (at Reuters)

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NEW YORK, Nov 20 (Reuters) – U.S. gold futures ended higher for a sixth straight session on Friday despite a dollar rise, and a late session rally in the face of a stronger dollar could boost sentiment early next week, traders said. For the latest detailed report, click on [GOL/]. GOLD * COMEX December gold GCZ9 settles up $4.90 at $1,146.80 an ounce on the NYMEX. * Range spanned from $1,132.50 to $1,148.50. It hit a record $1,153.40 set on Wednesday. * After Friday’s settlement, December hit a high $1,150.50. * Gold initially pressured as the dollar rose for a second straight session as investors cut risk exposure. [USD/] * Technical buying and short covering started late session rally – Frank McGhee at Integrated Brokerage Services. * Strong buying may boost prices early next week – McGhee. * Gold ended higher than a week earlier for a third straight session. * Gold’s ability to stem losses despite weaker equities and oil prices drop signal strong buying interest – traders. * December $1,200 call strike options set to expire worthless on Monday, despite strong open interest – option traders. * Gold-to-oil ratio at 14.93, up from the previous session’s 14.74. * COMEX estimated final volume at 192,162 lots. * Spot gold XAU= at $1,149.45 an ounce at 3:25 p.m. EST (2025 GMT), compared with $1,143.50 late in the previous session in New York. * London’s afternoon gold fix XAUFIX= at $1,140 an ounce. * For a gold price interactive graphic: here > SILVER * December silver SIZ9 ends down 1.5 cent at $18.440 an ounce, tracking gold’s weakness. * Ranged from $18.035 to $18.595. * COMEX estimated final volume at 51,595 lots. * Spot silver XAG= was at $18.46 against $18.51 in the previous session in New York. * London silver fix XAGFIX= at $18.18. PLATINUM * January platinum PLF0 finishes down $2 at $1,441.90 an ounce on broad-based commodities weakness amid a strong dollar. * Spot platinum XPT= $1,442.50 an ounce. PALLADIUM * December palladium PAZ9 closes down $5.55, or 1.5 percent, at $364.35 an ounce on platinum’s weakness. * Spot palladium XPD= $361 an ounce. Close Change Pct 2008 YTD Chg Close % Chg US gold GCZ9 1146.80 4.9 0.4 884.3 29.7 US silver SIZ9 18.440 -0.015 -0.1 11.295 63.3 US platinum PLF0 1441.90 -2.00 -0.1 941.50 53.1 US palladium PAZ9 364.35 -5.55 -1.5 188.70 93.1 Prices at 3:24 p.m. EST (2024 GMT) Gold XAU= 1149.30 5.80 0.5 878.20 30.9 Silver XAG= 18.46 -0.05 -0.3 11.30 63.4 Platinum XPT= 1442.50 1.00 0.1 924.50 56.0 Palladium XPD= 361.00 -5.000 -1.4 184.50 95.7 Gold Fix XAUFIX= 1140.00 -2.50 -0.2 836.50 36.3 Silver Fix XAGFIX= 18.18 -2.00 -0.1 14.76 23.2 Platinum Fix XPTFIX= 1435.00 5.00 0.3 1529 -6.1 Palladium FixXPDFIX= 360.00 1.00 0.3 365.0 -1.4 (Reporting by Frank Tang ; Editing by David Gregorio) © Thomson Reuters 2009 All rights reserved Originally posted here: US gold up despite dollar rise; sentiment strong (at Reuters)

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