NEW YORK, Nov 24 (Reuters) – U.S. gold futures ended higher in very heavy trade Tuesday, driven by 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 settles up $1.10 at $1,165.80 an ounce 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 above 15. It was last at 15.34, up from the previous session’s 15, as oil drops 2 percent. * COMEX estimated final volume at a very busy 323,712 lots, driven by options-related buying. * Spot gold XAU= at $1,167.50 an ounce at 3:23 p.m. EST (2023 GMT), 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 ends down 15.5 cents at $18.455 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 final volume at a heavy 78,379 lots, partially due to December option expiration on Monday. * Spot silver XAG= was at $18.52, against $18.59 in the previous session in New York. * London silver fix XAGFIX= at $18.57. PLATINUM * January platinum PLF0 finishes down $23.80, or 1.6 percent, at $1,443.80 an ounce as the market takes a breather after Monday’s rally. * Spot platinum XPT= $1,446.50 an ounce. PALLADIUM * December palladium PAZ9 closes down $4.05, or 1.1 percent, at $369.25 an ounce on platinum’s weakness. * Spot palladium XPD= $369.75 an ounce. Close Change Pct 2008 YTD Chg Close % Chg US gold GCZ9 1165.80 1.1 0.1 884.3 31.8 US silver SIZ9 18.455 -0.155 -0.8 11.295 63.4 US platinum PLF0 1443.80 -23.80 -1.6 941.50 53.4 US palladium PAZ9 369.25 -4.05 -1.1 188.70 95.7 Prices at 3:21 p.m. EST (2021 GMT) Gold XAU= 1167.00 1.15 0.1 878.20 32.9 Silver XAG= 18.50 -0.09 -0.5 11.30 63.7 Platinum XPT= 1443.50 -11.00 -0.8 924.50 56.1 Palladium XPD= 369.75 0.750 0.2 184.50 100.4 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 -4.6 Palladium FixXPDFIX= 371.00 0.50 0.1 365.0 1.6 (Reporting by Frank Tang ; Editing by Lisa Shumaker) ((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 Originally posted here: US gold ends up on options-related buying, funds (at Reuters)

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(Adds quotes) WASHINGTON, Nov 24 (Reuters) – President Barack Obama told a joint news conference with Indian Prime Minister Manmohan Singh on Tuesday that he was committed to completing a bilateral civil agreement that would open up India’s potential $150 billion market in power plants. “I reaffirmed to the prime minister my administration’s commitment to fully implement the U.S.-India civil nuclear agreement, which will increase American exports and create jobs in both countries,” Obama said after talks with Singh at the White House. Singh echoed those words and welcomed the removal on curbs on U.S. high-tech exports to India. “The lifting of U.S. export controls on high-technology exports to India will open vast opportunities for joint research and development efforts,” he said. The 2005 civil nuclear deal that Singh signed with former U.S. President George W. Bush, ended the long nuclear isolation imposed on India after it tested an atom bomb in 1974. But several issues need to be cleared up before U.S. businesses including General Electric Co ( GE.N ) and Westinghouse Electric Co, a subsidiary of Japan’s Toshiba Corp ( 6502.T ), can compete for billions of dollars in new reactor agreements. India’s parliament has to debate a new law to limit U.S. firms’ liability in case of a nuclear accident. The United States has still not signed a nuclear fuel reprocessing agreement with India. (Editing by Sandra Maler ) ((paul.eckert@reuters.com; +1 202 789-8578; Reuters Messaging: paul.eckert.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Read more from the original source: UPDATE – US committed to completing India nuclear pact-Obama (at Reuters)

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* TSX falls 0.22 pct to 11,599.28 on commodity weakness * BMO’s higher profit, Diners Club deal boost bank shares * U.S. Q3 GDP revision slightly lower than expected (Adds details) By Ka Yan Ng TORONTO, Nov 24 (Reuters) – Toronto’s main stock index was lower on Tuesday morning due to weakness in commodity shares and evidence of a slow recovery in the U.S. economy. Strength in banking stocks stemming from firm Bank of Montreal ( BMO.TO ) quarterly results cushioned the fall. The top five spots the market’s list of risers were held by big banks. Bank of Montreal reported a higher-than-expected 16 percent increase in quarterly profit and said it was buying the Diners Club North America credit card business, a deal that would double its corporate card portfolio. [ID:nN23263602] BMO shares gained 0.5 percent to C$53.80. Toronto-Dominion Bank ( TD.TO ) was up 0.27 percent at C$67.53. Resource shares were big decliners on Tuesday, led by a 1.7 percent drop in fertilizer company Potash Corp ( POT.TO ) to C$118.25. Lower oil prices and a recent runup in commodity stocks also put pressure on companies such as diversified miner Teck Resources ( TCKb.TO ), down 2.2 percent at C$36.55, and oil producer EnCana Corp ( ECA.TO ), down 0.54 percent at C$55.60. “I think it’s just an overall selloff in the market today. It had a pretty nice run in some of these commodities so it was ripe for some profit-taking,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier. At 10:40 a.m. (1540 GMT), the S&P/TSX composite index .GSPTSE was down 25.50 points, or 0.22 percent, at 11,599.28, after opening higher. The U.S. economy grew more slowly than first thought in the third quarter, but house prices rose for the fifth straight month in September and U.S. consumer confidence was up in November, suggesting a slow economic recovery is still intact. [ID:nN24296971] “I think it just confirms that we’re in a slow recovery here. It’s good to see a positive but it wasn’t as positive as people were expecting,” Nakamoto said. ($1=$1.06 Canadian) (Editing by Peter Galloway) ((kayan.ng@thomsonreuters.com; Reuters Messaging: kayan.ng.reuters.com@reuters.net; 416-941-8109)) ============================================================== FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS: TSX market report……….[.TO] Canadian dollar and bonds report….[CAD/][CA/] Top News: Canada ……[TOP/CAN] Today in Canada…….[CA/DIARY] Canadian company news .. [E-CAN] Reuters global stocks poll (Canada)…EQUITYPOLL5 [EPOLL/CA] FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide……. S&P/TSX Composite index ………….. .GSPTSE S&P/TSE Venture composite index …….SPCDNX TSX most active……….AV.TO Venture Exchange most active………….AV.V Top TSX pct gainers……PG.TO Top TSX pct losers…….PL.TO S&P/TSX 60 index ……..TSE60 52 week highs: TSX……………t.YH.TO Venture…………..t.YH.V 52 week lows: TSX……………t.YL.TO Venture…………..t.YL.V Canadian dollar quote…… CAD= CAD=D3 =CAD 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/] © Thomson Reuters 2009 All rights reserved See original here: CANADA STOCKS-TSX falls on commodities, but banks rise (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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BRASILIA, Nov 24 (Reuters) – A Senate commission on Tuesday approved Aldo Mendes as director of monetary policy at Brazil’s central bank. The Senate’s economic affairs commission voted 23-2 in favor with one abstention. (Reporting by Isabel Versiani; Writing by Elzio Barreto; Editing by James Dalgleish) ((elzio.barreto@thomsonreuters.com; Tel: +55 11 5644-7725; Reuters Messaging: elzio.barreto.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved The rest is here: Brazil Senate approves Mendes as c.bank director (at Reuters)

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LONDON, Nov 24 (Reuters) – European shares turned negative in afternoon trading on Tuesday after U.S. GDP data showed the economy grew more slowly than initially thought in the third quarter. By 1335 GMT, the pan-European FTSEurofirst 300 .FTEU3 index of top shares was down 0.2 percent at 1,021.86 points after rising as high as 1,025.17 earlier in the session. In its second reading of third-quarter gross domestic product, the Commerce Department said the U.S. economy grew at a 2.8 percent annual rate, rather than the 3.5 percent pace it estimated last month. [ID:nN23258482] Banks featured among the worst performers. HSBC ( HSBA.L ), BNP Paribas ( BNPP.PA ), Societe Generale ( SOGN.PA ) and UBS ( UBSN.VX ) were down 1.2 to 1.9 percent. (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 See the article here: European shares turn negative after US GDP 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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NEW YORK, Nov 23 (Reuters) – U.S. gold producer Newmont Mining Corp ( NEM.N ) and a unit of Japan’s Sumitomo Corp on Monday said they had agreed to sell an additional 14 percent stake of an Indonesia joint venture to a group of local governments plus PT Multicapital for $494 million. The first half of the sale will be completed with approval from the Indonesian government, with the rest to follow soon after. A meeting of the joint venture’s shareholders will be held to approve the second part of the transaction. The venture, PT Newmont Nusa Tenggara, operates the Batu Hijau cooper and gold mine. (Reporting by Joseph A. Giannone; Editing Bernard Orr) ((joseph.giannone@thomsonreuters.com; +1 646 223 6184; Reuters Messaging: joseph.giannone.reuters.com@reuters.net )) © Thomson Reuters 2009 All rights reserved See the article here: UPDATE 1-Newmont, Sumitomo to sell Indonesia JV shrs

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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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(Adds more Gibbs comment, background) WASHINGTON, Nov 23 (Reuters) – The White House said on Monday it was reviewing options to spur economic activity and job creation, but stressed any action would be taken in the context of the fiscal challenges facing the country. “We’re going to work with members of Congress to try to come up with sensible and reasonable measures that might spur economic growth. I know those conversations continue,” White House press spokesman Robert Gibbs told a daily news briefing. “Before we can create jobs we have to have economic growth that is on the positive side of the ledger,” Gibbs said, noting that the economy only began growing again in the third quarter, after suffering the worst recession in 70 years. President Barack Obama’s public approval rating has been hurt by soaring U.S. unemployment which, at 10.2 percent, now stands at a generation-high and could yet get worse. Obama will host a jobs forum on Dec. 3 to brainstorm what else can be done to boost employment, but said last week that he was wary of adding to the country’s record deficit from fear this may trigger a double-dip recession. (Reporting by Alister Bull ; Editing by Vicki Allen ) ((+1-202-354-5820, email: alister.bull@thomsonreuters.com)) © Thomson Reuters 2009 All rights reserved Link: UPDATE – W.House: reviewing ’sensible’ options to spur jobs (at Reuters)

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By Jo Winterbottom MILAN (Reuters) – Italy’s Ferrero family is united in its decision to look at options for British confectioner Cadbury, a source close to the family told Reuters, after newspapers reported a potentially deal-breaking division. “It is absolutely united in this preliminary phase … there is absolutely no division in the family,” the source said on Monday, on condition of anonymity. Italian newspapers have said Michele Ferrero was reluctant to consider a bid while his chief executive sons Pietro and Giovanni were more interested in such a move. Ferrero and U.S.-based Hershey Co said last week in separate statements they were reviewing a possible offer for Cadbury, the target of a hostile 9.9 billion pound ($16.4 billion) bid by U.S. food group Kraft Foods Inc. The Ferrero family has made no further comment. Michele Ferrero is Italy’s richest man and the company’s Rocher chocolates are known worldwide. However, the family has shunned publicity and not made a single acquisition in its 60-year history. Speculation about a bid battle for Cadbury lifted shares in the company to a new high on Monday but analysts doubted whether a competing bid will emerge. Ferrero would only consider a friendly bid, a source close to the matter told Reuters last week. The Italian company and Hershey have also weighed breaking Cadbury up into separate businesses, a source familiar with the situation said last week. (Editing by Dan Lalor) ($1 = 0.6020 pound) © Thomson Reuters 2009 All rights reserved Follow this link: Ferreros united in viewing Cadbury options: source

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By Chuck Mikolajczak NEW YORK, Nov 23 (Reuters) – Overseas shares traded in the United States rose on Monday as the U.S. dollar fell and better-than-expected housing data raised optimism on the economic recovery. The National Association of Realtors said sales of existing homes in the United States rose to their highest level in more than 2-1/2 years to an annual rate of 6.1 million units. For details, see [ID:nN23252398] The decline in the greenback .DXY ,which fell 0.8 percent against a basket of currencies, boosted demand for overseas shares priced in the U.S. currency. In equities news, LDK Solar ( LDK.N ) jumped 9.1 percent to $8.73 in New York after the Chinese solar wafer maker reported a surprise third-quarter profit and guided toward better-than-expected fourth-quarter sales. [ID:nBNG390732] Also moving higher on earnings was China’s 51job Inc ( JOBS.O ), which surged 13.6 percent to $18.93 after posting better-than-expected results for the third quarter and forecasting a strong fourth quarter. [ID:nBNG414434] The Bank of New York Mellon index of leading American Depositary Receipts (ADRs) .BKADR gained 2 percent. The U.S. benchmark S&P 500 index .SPX was on track to snap a three-day streak of declines, up 1.3 percent . The Bank of New York Mellon index of leading Asian ADRs .BKAS added 1.3 percent. Asian shares rose as resource stocks led to gains in Australia while Japan was closed for a holiday. The Bank of New York Mellon index of leading European ADRs .BKEUR climbed 2 percent. In Europe, the FTSEurofirst 300 .FTEU3 index of top shares rose to its highest level in more than five weeks, making up more than half the losses suffered in the previous four sessions. (Editing by Leslie Adler) ((Charles.mikolajczak@thomsonreuters.com; +1 646 223 5234; Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Read more: ADR Report-Housing data, dollar fall lift ADRs (at Reuters)

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MEXICO CITY, Nov 23 (Reuters) – Mexico’s peso and local stocks pared gains on Monday after Fitch Ratings cut its foreign currency issuer default rating on Mexico to ‘BBB’ from ‘BBB+’ and put the country on a stable outlook. The peso MXN= MEX01 pared back from sharp early gains, but was still up 0.2 percent at 13.0476 per U.S. dollar, while the IPC stock index .MXX also pulled back but traded up 0.4 percent at 30,782. (Reporting by Michael O’Boyle) ((michael.oboyle@thomsonreuters.com; Tel: +5255-5282-7153; Reuters Messaging: michael.oboyle.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Read more: Mexico peso pares gains on Fitch downgrade (at Reuters)

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* TSX up 152.00 points at 11,731.33 * Gold and energy shares power rally (Adds details and comments) By Frank Pingue TORONTO, Nov 23 (Reuters) – Toronto’s main stock index rose to its highest level in nearly 14 months on Monday as firm oil prices powered Suncor Energy ( SU.TO ) and its peers, while lofty gold prices also helped generate interest in miners. Shares of Suncor Energy ( SU.TO ), the biggest contributor to the index’s gain, rose 2.4 percent to C$39.00, while Canadian Natural Resources ( CNQ.TO ) was up 2.6 percent at C$72.45. The rally in energy stocks came as oil prices rose more than 2.6 percent above $79.50 a barrel given signs of buoyant demand from China. [O/R]. Barrick Gold Corp ( ABX.TO ) shares rallied 2.7 percent to C$48.29, followed by Goldcorp ( G.TO ), which was up 2.7 percent at C$47.96. The rally in gold-mining shares came as the price of gold hit a record high above $1,167 an ounce. [GOL/] “It’s definitely commodity prices. Simply put, continued discussion ongoing, as it has been for months now, about U.S. dollar weakness,” said Gareth Watson, Canadian Equity Advisor, Portfolio Advisory Group, ScotiaMcLeod. “People aren’t wanting to get off that bandwagon so as long as that continues to be weak you are going to see strength in commodity prices which is naturally going to lift the TSX.” At 10:05 a.m. (1505 GMT), the S&P/TSX composite index .GSPTSE was up 152.00 points, or 1.31 percent, at 11,731.33. Earlier it rose to 11,733.56, its highest level since Oct. 1, 2008. (Editing by Jeffrey Hodgson) ((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: TSX market report……….[.TO] Canadian dollar and bonds report….[CAD/][CA/] Top News: Canada ……[TOP/CAN] Today in Canada…….[CA/DIARY] Canadian company news .. [E-CAN] Reuters global stocks poll (Canada)…EQUITYPOLL5 [EPOLL/CA] FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS: Canadian Equities speed guide……. S&P/TSX Composite index ………….. .GSPTSE S&P/TSE Venture composite index …….SPCDNX TSX most active……….AV.TO Venture Exchange most active………….AV.V Top TSX pct gainers……PG.TO Top TSX pct losers…….PL.TO S&P/TSX 60 index ……..TSE60 52 week highs: TSX……………t.YH.TO Venture…………..t.YH.V 52 week lows: TSX……………t.YL.TO Venture…………..t.YL.V Canadian dollar quote…… CAD= CAD=D3 =CAD 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/] © Thomson Reuters 2009 All rights reserved View original post here: CANADA STOCKS-TSX hits highest level since Oct 2008 on oil, gold (at Reuters)

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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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* 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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* Peet’s raises Diedrich bid to $32/shr from $26/shr * Green Mountain confirms $30/shr offer for Diedrich * Diedrich shares jump 28 pct in premarket trade Nov 23 (Reuters) – Gourmet coffee chain Peet’s Coffee & Tea Inc ( PEET.O ) increased its cash-and-stock offer to acquire Diedrich Coffee Inc ( DDRX.O ) by $53 million to ward off competition from rival Green Mountain Coffee Roaster Inc ( GMCR.O ). The revised offer from Peet’s values Diedrich at about $32 a share, a premium of 23 percent over the stock’s Friday closing price. The total value of the deal is about $265 million. On Monday, Green Mountain confirmed it had offered to buy Diedrich for $30 a share, 15 percent more than the stock’s closing price on Friday, or a total of $247 million in cash. Green Mountain said its offer had no financing and no due diligence contingencies, and it intends to fully finance the deal through cash on hand and its existing credit facilities. Diedrich makes and sells K-Cup refills for Green Mountain Coffee’s single-cup Keurig brewer system through a licensing agreement. Peet’s, which is looking to enter the fast growing single-cup coffee market, had earlier this month offered $26 a share for Diedrich, in a $212 million deal. In a separate statement on Monday, Diedrich, a wholesale coffee roaster and distributor, said it was evaluating the Peet’s revised offer. Shares of Diedrich shot up 28 percent to $33.25, while those of Peet’s were down 3 percent and Green Mountain shares were up marginally in premarket trade Monday. (Reporting by Viraj Nair in Bangalore; Editing by Anne Pallivathuckal) ((viraj.nair@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: viraj.nair.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved See the original post: UPDATE 1-Peet’s ups bid for Diedrich to ward off Green Mountain

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* To issue 15 mln shares, pay C$28 mln cash to Duce * To raise C$35 mln through bought deal financing Nov 23 (Reuters) – Junior oil and gas explorer Colonia Energy Corp ( CLA.V ) said it agreed to buy privately held Duce Oil Ltd for C$35 million ($32.8 million) in a cash and stock deal to boost its oil assets. Colonia Energy said the acquisition provides it with light oil assets and a significant position in the Bakken light oil resource play. Colonia Energy said it will issue about 15.0 million of its common shares, at a deemed price of 20 Canadian cents per share, and pay C$28.0 million in cash to Duce shareholders. The company also said it plans to buy working interest of Duce’s minority partners for C$4.0 million in cash. Colonia also said it agreed to raise C$35 million through a bought deal financing by selling 175 million subscription receipts at 20 Canadian cents apiece. The underwriting of the financing will be co-led by GMP Securities L.P. and Peters & Co. Ltd, the company said. Shares of the Calgary-based Colonia Energy closed at 20 Canadian cents Friday on the Toronto Venture Exchange. ($1=1.066 Canadian Dollar) (Reporting by R. Manikandan in Bangalore; Editing by Anil D’Silva) ((r.manikandan@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: r.manikandan.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved See the article here: UPDATE 1-Colonia Energy to buy Duce Oil for C$35 mln

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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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© Thomson Reuters 2009 All rights reserved Read the original post: Bookies see Europe stocks snapping losing streak (at Reuters)

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Nov 23 (Reuters) – Health insurer Humana Inc ( HUM.N ) is looking for acquisitions in complementary areas to adapt to changing healthcare need, its Chief Executive Mike McCallister told the Wall Street Journal in an interview. The company is targeting areas such as managing expenditure on expensive specialty drugs and chronic diseases. “If you look at the future in terms of where drug spending is going to be, specialty drugs are going to get very large,” McCallister told the paper. “It’s important for the company to have the right positioning on that, whether it’s inside or outside.” Humana set off a political storm in September when it sent letters to its Medicare Advantage health insurance plan customers warning them about pending health reform legislation. [ID:nN21320651] (Reporting by Deepti Govind in Bangalore; Editing by Valerie Lee) ((deepti.govind@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: deepti.govind.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Read more: Humana eyes acquisitions in complementary areas-WSJ

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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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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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LONDON (Reuters) – Cadbury Plc would prefer a merger with U.S. chocolate maker Hershey Co rather than Kraft Foods Inc, the British company’s chairman Roger Carr told the Sunday Telegraph newspaper. However, he said both U.S. groups would fail if they cannot finance generous bids, the paper reported. Hershey is considering launching a bid of at least $17 billion for Cadbury as it seeks to trump a hostile $16.5 billion offer by Kraft, a source familiar with the matter said on Friday. “Clearly, whilst some potential offerors are more aligned with our business model than others, it is the value of the offer rather than the source of the offer that is our priority,” Carr told the Sunday Telegraph. Cadbury shares closed at 800.5 pence on Friday, valuing the company at about 11 billion pounds ($16.5 billion). In recent notes, analysts have said Cadbury is worth about 850-900 pence a share. “We’re focused on delivering value to shareholders as a standalone pure-play confectioner,” a Cadbury spokesman said on Sunday. “We have always said that we would give proper consideration to any serious offer that delivers full value for the company. Unless and until we find ourselves in that situation we have nothing to comment upon.” (Reporting by Julie Crust ; editing by Jon Loades-Carter) ($1=.6645 Pound) © Thomson Reuters 2009 All rights reserved Go here to see the original: Cadbury prefers merger with Hershey over Kraft: report

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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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(Adds detail, quotes) MADRID, Nov 22 (Reuters) – The European Central Bank believes eurozone interest rates are “now appropriate”, Executive Board member Jose manuel Gonzalez-Paramo said in a press interview published on Sunday. “We believe our rates are now appropriate and the risks to price stability are controlled in good measure,” Gonzalez-Paramo told El Mundo. Gonzalez-Paramo added that the ECB saw no “short-term pressure” in inflation. “The upside and downside risks are balanced,” he said. He also said he did not foresee any joint action by the ECB and the U.S. Federal reserve, because the United States had a slightly different economic cycle and its financial system was in a different situation. “At this time I no not see what would justify unity of message and co-ordinated action,” Gonzalez-Paramo said. Gonzalez-Paramo also said the ECB would be “more explicit” in December about its plans to withdraw stimulus measures in 2010. “The exit must be gradual and at the right time, without a specific date, ” he said. Asked if the ECB’s last long-term financing crisis measure would be made about that, Gonzalez-Paramo said “nothing has been decided.” “But it is also true, as the president (Jean-Claude Trichet) said that we have no intention of saying anything that may upset market expectations.” (Reporting by Martin Roberts ; Editing by Jon Loades-Carter) ((martin.roberts@thomsonreuters.com; +34 91 585 2130; Reuters Messaging: martin.roberts1.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved See the rest here: UPDATE – ECB’S Paramo says eurozone rates appropriate-paper (at Reuters)

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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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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 $526 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 bid for the assets. [ID:nN18125510] (Reporting by Anupreeta Das ; Editing by Jon Boyle ) © Thomson Reuters 2009 All rights reserved Continue reading here: 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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NEW YORK, Nov 20 (Reuters) – Axiant LLC, a provider of legal collections services, said on Friday it filed for Chapter 11 bankruptcy protection and will be sold NCO Group Inc, a provider of accounts receivable outsourcing services. Axiant had between $10 million and $50 million of both assets and debts, according to its Chapter 11 filing on Friday with the U.S. bankruptcy court in Wilmington, Delaware. The Huntersville, North Carolina-based company said it filed after its cash flow slid in 2008 and 2009 because of a decline in volume from key customers and a reduction in collection rates stemming from the recession. While Axiant said it could once handle $55 million in collections per month, it has closed two call centers and reduced its workforce by more than 95 percent, to 50 employees from 1,069. Axiant expects the NCO transaction to close in the first quarter of 2010, subject to better offers that might be received at auction, and approval of the bankruptcy court. The bankruptcy case is In re Axiant LLC, U.S. Bankruptcy Court, District of Delaware, No. 09-14118. (Reporting by Jonathan Stempel; Editing by Richard Chang) © Thomson Reuters 2009 All rights reserved The rest is here: UPDATE 1-Axiant files bankruptcy, to be bought by NCO Group

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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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* 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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By Rodrigo Campos NEW YORK, Nov 20 (Reuters) – A global retreat from risky assets on concerns over the strength of the economic recovery weighed on overseas shares traded in the United States on Friday, sending them lower for a fourth-straight day. Stocks of European companies led declines, especially banks and materials companies. New York-traded shares of Deutsche Bank ( DB.N ) fell 2.7 percent to $73.38 and BHP Billiton Plc ( BBL.N ) lost 1.4 percent to $60.72. The Bank of New York Mellon index of leading American Depositary Receipts (ADRs) from European companies .BKEUR fell 1.2 percent. The bright spot on Friday came from Japanese banks, as their local shares rose after a recent sell-off sparked by concerns about fund-raising after top lender Mitsubishi UFJ Financial Group ( MTU.N ) announced a massive share sale this week. The bank’s ADRs rose 3.5 percent on Friday. The BoNY Mellon index of leading ADRs .BKADR fell 0.77 percent while the U.S. benchmark S&P 500 index .SPX slipped 0.32 percent. The broad ADR index posted its first weekly loss in three weeks, with a decline of 1.5 percent. The BoNY Mellon index of leading Asian ADRs .BKAS rose 0.6 percent. Japanese ADRs .BKJP advanced 1.3 percent led by banks and supported by Canon Inc ( CAJ.N ), up 2.5 percent to $38.03 and Panasonic Corp ( PC.N ), up 2.2 percent to $13. Overnight in Asia shares fell in most major markets. The BoNY Mellon index of leading Latin American ADRs .BKLA dropped 1 percent. Risk aversion weighed on Mexico’s benchmark IPC stock index .MXX , which fell 0.5 percent. Sao Paulo’s Bovespa exchange was closed Friday due to a regional holiday. (Editing by Kenneth Barry) © Thomson Reuters 2009 All rights reserved See the rest here: ADR Report-ADRs fall on economy concerns, risk aversion (at Reuters)

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* Trading slows as Bovespa on holiday, investors cautious * Argentina debt swap could open in January – source * Brazil to create 1.3 mln jobs by year’s end – Lula By Walter Brandimarte NEW YORK, Nov 20 (Reuters) – Latin American assets were little changed on Friday on investor concern about the sustainability of the recent rally. Trading also slowed down as a holiday in Brazil’s financial center closed the stock and commodity exchanges in Sao Paulo. The MSCI stock index for Latin America .MILA00000PUS edged 0.2 percent higher after two consecutive days of losses which left the index just slightly below a 15-month high. Most regional currencies edged lower on persistent fears of government intervention to curb the recent rally. “A degree of uncertainty seems to have settled over global financial markets, driving range trading to become the norm across asset classes,” RBC Capital Markets analysts wrote in a research note. “The strength of the rally we witnessed this year has driven some to question the fundamental support of current valuations,” they added. Regional stock gains were supported by a positive performance in Chile, where the blue-chip IPSA stock index .IPSA rose 0.77 percent. But Mexico’s benchmark IPC index .MXX lost 0.45 percent as investors became more averse to risk, especially after European Central Bank President Jean-Claude Trichet said it was too early to say the financial crisis was over. Trichet also warned that banks risked becoming addicted to cheap money from emergency government stimulus programs and must be prepared for its withdrawal, reinforcing market concerns about the early removal of expansionary policies. The Mexican peso MXN= weakened for the same reasons. It was trading 0.14 percent weaker in the afternoon at 13.086 per U.S. dollar. Currencies in Chile CLP=CL , Colombia COP=STFX and Peru PEN=PE also slipped between 0.1 and 0.17 percent. The Brazilian real ( BRBY ) closed little changed at 1.733 per dollar with very thin trading outside Sao Paulo. In a more optimistic forecast for the Brazilian labor market, President Luiz Inacio Lula da Silva said the economy will add 1.3 million formal jobs by the end of 2009. A few days earlier, the country’s Labor Minister had estimated 1.0 million to 1.1 million jobs would be created. For more see [ID:nN20234590]. Meanwhile, a source said Argentina could launch a long-awaited debt swap for holdouts as early as January after filing an offer prospectus with the U.S. Securities and Exchange Commission and with European regulators in Luxembourg. [ID:nLK296598] (Editing by James Dalgleish) © Thomson Reuters 2009 All rights reserved Read more from the original source: EMERGING MARKETS-LatAm assets little changed in cautious trade (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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