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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By Rodrigo Campos Reuters – Phones hang from a trading terminal on the floor of the New York Stock Exchange, May 19, 2009. … {”s” : “dell,hpq”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} NEW YORK (Reuters) – U.S. stocks were mostly flat in low volume on Tuesday as the Federal Reserve lifted its growth estimates for 2010, offsetting data that showed the economy grew at a slower-than-expected pace in the third quarter. Revised government data showed gross domestic product expanded for the first quarter in five, but the increase was just below expectations, and investors scrambled to justify additional stock gains after a 22 percent rise in the S&P 500 so far this year. The downbeat news was offset partially after the Fed revised upward its growth expectation for 2010, while minutes of the last FOMC meeting showed officials are increasingly confident about a durable recovery for the U.S. economy. “You’re getting the cross-current of weak revisions to third-quarter data matrixed against the Fed increasing the growth estimates for the economy for the next year,” said Jim Awad, managing director at Zephyr Management in New York. “But the action in the market is moderate going into the holiday weekend and I wouldn’t read too much into it.” The U.S. stock market will be closed on Thursday in observance of Thanksgiving Day. And on Friday, it will be open for only half a day due to the holiday. The Dow Jones industrial average (DJI: ^DJI – News ) slipped 13.53 points, or 0.13 percent, to 10,437.42. The Standard & Poor’s 500 Index ( ^SPX – News ) dipped 0.18 of a point, or 0.02 percent, to 1,106.06. The Nasdaq Composite Index (Nasdaq: ^IXIC – News ) dropped 6.69 points, or 0.31 percent, to 2,169.32. Hewlett-Packard Co (NYSE: HPQ – News ) fell 1.5 percent to $50.26 a day after the blue-chip computer and printer maker reported a quarterly profit that matched its preliminary results, but said the economy remained challenging. HP also said it saw growth in its share of U.S. enterprise PCs, which is rival Dell Corp’s (NasdaqGS: DELL – News ) key market. Dell’s stock fell 3.2 percent to $14.32 and ranked as a top drag on the Nasdaq. Financial stocks showed weakness throughout the session, with JPMorgan Chase & Co (NYSE: JPM – News ), down 2 percent at $42.43, leading the major decliners in the Dow industrials. The KBW bank index (Philadelphia: ^BKX – News ) fell 0.7 percent. Zephyr Management’s Awad said there is concern about banks’ capital after news that the Fed asked lenders that were part of its “stress tests” to submit plans to repay government money. U.S. home prices rose in September, according to the Standard & Poor’s/Case-Shiller index, but the increase was less robust than forecast. Home prices for that month were unchanged, according to a separate report from the U.S. Federal Housing Finance Agency. The Dow Jones U.S. Home Construction Index (DJI: ^DJUSHB – News ) fell 1.7 percent. (Reporting by Rodrigo Campos; Editing by Jan Paschal) Link: Stocks flat as Fed eyes stronger 2010 (Reuters)

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* Says Fort Hills remains core holding * Will hang onto Lease 421 stake OTTAWA, Nov 24 (Reuters) – Teck Resources Ltd ( TCKb.TO ) is comfortable with Suncor Energy Inc’s ( SU.TO ) decision not to fast track development at the planned Fort Hills oil sands project, Chief Executive Don Lindsay said on Tuesday. Lindsay told reporters that he still considers its 20 percent stake in the Fort Hills project to be a core holding for the mining company, though Suncor, the project’s operator, has put off making a development decision on the project for at least another year. “We are very supportive of Suncor’s decision,” Lindsay told reporters following a speech in Ottawa. The Fort Hills oil sands mine was delayed a year ago by Petro-Canada when costs skyrocketed. Suncor, which assumed a 60 percent Fort Hills stake when it bought Petro-Canada in August, said earlier this month that it did not yet know when it would resume work at the site, opting to complete work on other projects that had been halted during the economic crisis. The expected cost of the Fort Hills mine, once pegged at C$14 billion ($13.4 billion), has dropped sharply since the recession and falling oil prices forced most operators in the oil-rich region of northern Alberta to suspend construction on new projects, freeing up scarce labor and materials. UTS Energy Corp ( UTS.TO ), which holds the remaining 20 percent stake in Fort Hills, said earlier this year that it may cost only C$8 billion to build a facility capable of producing 160,000 barrels per day, with further savings available if the size of the project was halved. Teck and UTS have also teamed up to acquire other leases in Alberta’s oil sands region, which contains more than 170 billion barrels of oil, the biggest reserves outside the Middle East. Earlier this month, UTS sold its half share in what it calls the Lease 421 area to Imperial Oil Ltd ( IMO.TO ) and Exxon Mobil Corp ( XOM.N ) for C$250 million. However Teck, which is trying to cut a debt load that ballooned due largely to last year’s acquisition of coal producer Fording, plans to keep its stake in the property. “We think it’s an excellent lease and we’ll be hanging onto it,” Lindsay said. (Reporting Randall Palmer, writing by Scott Haggett; Editing by Jeffrey Hodgson) ((scott.haggett@thomsonreuters.com; Reuters Messaging: scott.haggett.reuters.com@reuters.net; +1 403 531-1622)) Here is the original post: UPDATE 1-Teck content with Suncor’s Fort Hills delay

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PARIS (Reuters) – Half of the losses suffered by banks could still be hidden in their balance sheets, more so in Europe than in the United States, the International Monetary Fund’s chief, Dominique Strauss-Kahn, was quoted as saying on Tuesday. In an interview with French newspaper Le Figaro, Strauss-Kahn also said the IMF thought the euro currency was probably a bit too strong. “There are still some important losses that have not been unveiled,” Strauss-Kahn was quoted as saying in response to a question on banks, according to excerpts of the interview that were sent to media ahead of publication on Wednesday. “It’s possible that 50 percent (of bank losses) are still hidden in their balance sheets. The proportion is greater in Europe than in the United States,” he said. Asked about currencies, Strauss-Kahn noted that Europeans were the ones who have been complaining the most about the strength of their currency. “The IMF also thinks that the euro is probably a bit too strong, but it’s very difficult to determine in a way that is unquestionable the level at which currencies would be balanced,” he said. “Europeans must, however, better affirm their economic strategy if they do not want to let the Sino-American couple dominate the global debate for the next 20 years,” he said. Strauss-Kahn said the two crucial factors to achieve the status of major economic power today are a big population and technological advances. “The enlarged Europe has a big population, with 500 million inhabitants, but on the technological front things have not moved on sufficiently since the Lisbon strategy was launched in 2002,” he said, referring to the 27-member European Union. The Lisbon strategy was an EU roadmap that was supposed to cut red tape, promote growth and make the bloc the world’s most innovative region. “I note that the technological debate, which today is focused particularly on energy, is much more vigorous in the United States than in Europe,” Strauss-Kahn said. (Reporting by Estelle Shirbon; Editing by Leslie Adler) View original post here: Half of banks’ losses may be unknown: IMF chief (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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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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By Tom Kaeckenhoff and Erik Kirschbaum DUESSELDORF/BERLIN (Reuters) – General Motors has paid back a loan from Germany and slightly lowered its target for job cuts at struggling European unit Opel. Nick Reilly, the boss brought in from GM’s thriving Asian operations to help revamp Opel, told reporters in Duesseldorf on Tuesday that his plans now call for cutting 9,000 to 9,500 jobs at Opel and British sister brand Vauxhall. GM will present that plan to Opel’s labor leaders on Wednesday, having decided not to sell Opel to auto parts maker Magna International and Russian lender Sberbank , who said they would cut 10,000 jobs. German Chancellor Angela Merkel, whose government had supported GM’s plan to sell Opel to Magna, said on Tuesday that GM had also paid back the last of a 1.5 billion euro bridge loan it had made available to Opel. “I can tell you that the last funds for Opel have been paid back by General Motors,” Merkel said. “I expect at least a thank you letter from General Motors in a few years.” “German taxpayers have not lost a single cent on the entire Opel operation,” she said. The U.S. automaker, which has been bailed out by the U.S. government, is revamping operations worldwide but reassured German workers over its immediate plans. “Bochum remains an important site for us, in the future as well,” Reilly said, referring to Opel’s plant in western Germany. He said last week that it was too soon to say whether any plants would be closed. “We’ll try not to do it but we still don’t know how we’re going to carry out the production cuts,” Reilly said during a visit to Spain, where Opel’s largest factory is located. GM has provided scant details on its 3.3 billion euros ($4.92 billion) rescue plan for Opel and European officials are set to discuss possible aid on December 4. The automaker, which emerged from bankruptcy in July, muddied the waters in the debate over whether it should get state aid when its third-quarter results revealed it had nearly $43 billion in cash at the end of September. Germany — home to over half of Opel’s 50,000 staff — has given mixed signals on aid since GM’s U-turn on the Magna deal. EU Industry Commissioner Guenter Verheugen said on Monday that without state aid the revamp could not work. GM’s Reilly had traveled to Brussels to meet officials including Verheugen, Kris Peeters, the premier of Flanders, where Opel also has a plant, and EU Competition Commissioner Neelie Kroes. “General Motors made one point very clear, 100 percent clear, the restructuring plan could only be achieved when European member states with Opel plants give some financial help,” said Verheugen. (Reporting by Tom Kaeckenhoff and Erik Kirschbaum, writing by Michael Shields and Helen Massy-Beresford; Editing by Jason Neely) The rest is here: GM pays back Germany, signals fewer job cuts

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By Jan Harvey LONDON (Reuters) – Gold inched up on Tuesday as investors favored it as a hedge against medium-term dollar weakness and possible inflation, but remained below the previous session’s record peak as the U.S. currency edged higher. The prospect of further dollar weakness and more gold buying by the official sector firmly underpinned prices, analysts said. Spot gold was bid at $1,169.50 an ounce at 1221 GMT, against $1,165.85 late in New York on Monday. U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange rose $5.50 to $1,170.20 an ounce. Gold prices have rallied 12 percent since the beginning of November, when reports emerged that India’s central bank had bought 200 tons of gold from the IMF. Russia, Sri Lanka and Mauritius have all since also announced gold acquisitions. “Gold has proved over the last couple of days that profit-taking is not lasting very long,” said Peter Fertig, an consultant at Quantitative Commodity Research. “Investors are coming in, especially if the U.S. dollar is under pressure against the major currencies. That is driving the market, as is speculation that another central bank will buy gold.” “Definitely prices could still go higher — $1,200 is within reach, and there is no reason why it should not be reached this calendar year,” he added. Gold hit a high of $1,173.50 an ounce on Monday as the dollar slid against a basket of currencies, boosting interest in the metal as an alternative asset and making it cheaper form holders of other currencies. But prices have been kept in check on Tuesday by a recovery in the U.S. currency. The euro fell against the dollar on banking sector concerns, though it pared losses as a key measure of German business sentiment beat forecasts. WHOLESALE DEMAND Gold’s slight correction from record highs led to a pick-up in wholesale demand for the metal in major bullion consumer India, traders said. Any further dips are likely to be met by strong buying, they added. “People are asking for $1,150, we have a few orders at that level,” said a dealer with a state-run bank in Mumbai. Analysts and fund managers say that in addition to dollar weakness, inflation prospects in 2010 and more official sector buying are set to support prices. For graphic showing gold’s relationship to inflation expectations, click on: http://feedfetcher.net/wp-content/uploads/2009/11/5382c5cda7FP1109.gif.gif “The investment case for gold has become increasingly compelling, with central bank buying and a structural change in interest in gold as an investment at the retail level,” said Standard Chartered in a note. The bank said although pockets of dollar strength would likely check gold’s progress in the first half of next year, by the fourth quarter it is set to average $1,300 an ounce. The world’s largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings stood at 1,121.457 tons as of November 23, up 3.964 tons or 0.4 percent from the previous business day. Among other precious metals, spot silver was bid at $18.62 an ounce against $18.59, platinum was at $1,453.50 an ounce against $1,454.50, and palladium was at $372 an ounce against $369. ETF Securities, which operates exchange-traded products that issue securities backed by physical commodities, said its palladium ETP holdings rose more than 13,600 ounces to a record high of 611,924 ounces on Monday. Holdings of its platinum-backed product edged up to 423,439 ounces from 422,762 ounces, also a record high. (Reporting by Jan Harvey; Editing by William Hardy) Read more: Gold holds near $1,170/oz but dollar caps gains

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(Reuters) – U.S. stock index futures pointed to a lower opening on Wall Street on Tuesday, following the previous session’s sharp gains, with futures for the S&P 500 down 0.18 percent, Dow Jones futures down 0.26 percent and Nasdaq 100 futures down 0.38 percent at 0925 GMT (4:25 a.m. EST). Reuters – Phones hang from a trading terminal on the floor of the New York Stock Exchange, May 19, 2009. … {”s” : “^dji,^ixic,adi,aig”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} Hewlett-Packard Co (NYSE: HPQ – News ) said it has tripled the size of its share repurchase program to $12 billion as China sales and better profit margins on its services boosted quarterly earnings. The fiscal fourth-quarter results released on Monday were in line with preliminary figures that HP gave two weeks ago, which had topped Wall Street’s estimates at the time. HP shares traded in Frankfurt were up 0.9 percent. Microchip maker Analog Devices Inc (NYSE: ADI – News ) on Monday reported higher than expected quarterly sales and forecast higher profit margins and busier factories by the end of fiscal 2010. Network equipment maker Brocade Communications Systems Inc (NasdaqGS: BRCD – News ) on Monday reported a higher than expected quarterly profit, despite concerns about competition amid a series of mergers and acquisitions among rivals. Shares in Japan Airlines Corp (Tokyo:9205.T – News ) slid to a record low on Tuesday on growing investor worries that Asia’s largest airline by revenue could face bankruptcy as it struggles to agree pension cuts. The European Commission said on Tuesday it had closed formal anti-trust proceedings against U.S. chip maker Qualcomm as complaints against the firm had been dropped. Oil slipped toward $77 a barrel on Tuesday, held down by a firmer dollar, but trade was thin ahead of the U.S. Thanksgiving holiday and data that was expected to show crude stocks rising in the United States. The dollar rose as some investors bought the currency or closed dollar-short positions before Thanksgiving. Hong Kong and China stocks sank on Tuesday, with Shanghai’s SSE composite index ( ^SSEC – News ) dropping 3.5 percent, dragged down by banks as investors took profit after a recent rally, while concerns about capital-raising plans by lenders sparked fears of shareholder dilution. European stocks were down 0.7 in morning trade, led lower by banks, while miners such as Xstrata (LSE: XTA.L – News ) dropped along with metal prices. The day’s economic agenda includes the Commerce Department’s preliminary (second) estimate of Q3 Gross Domestic Product (GDP) growth, due at 1330 GMT (8:30 a.m. EST). Investors will also keep an eye on monthly consumer sentiment data, due at 1500 GMT (10 a.m. EST). On the earnings front, H.J. Heinz Co. (NYSE: HNZ – News ), Medtronic (NYSE: MDT – News ) and Hormel Foods Corp. (NYSE: HRL – News ) are among the few companies due to report on Tuesday. Kenneth Feinberg, the Obama administration’s pay czar, is being pressed by federal officials to relax executive compensation restrictions at American International Group Inc (NYSE: AIG – News ) for 2010, the Wall Street Journal reported, citing people familiar with the matter. U.S. stocks snapped a three-day losing streak on Monday as stronger than expected home sales data fueled optimism while a weaker dollar boosted commodity-linked stocks. The Dow Jones industrial average (DJI: ^DJI – News ) gained 132.79 points, or 1.29 percent, to end at 10,450.95. The Standard & Poor’s 500 Index ( ^SPX – News ) rose 14.86 points, or 1.36 percent, to 1,106.24. The Nasdaq Composite Index (Nasdaq: ^IXIC – News ) added 29.97 points, or 1.40 percent, to close at 2,176.01. (Reporting by Blaise Robinson; Editing by Greg Mahlich) Read the original post: Stock futures signal losses; HP eyed (Reuters)

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(Reuters) – U.S. stock index futures pointed to a lower opening on Wall Street on Tuesday, following the previous session’s sharp gains, with futures for the S&P 500 down 0.18 percent, Dow Jones futures down 0.26 percent and Nasdaq 100 futures down 0.38 percent at 0925 GMT (4:25 a.m. EST). Hewlett-Packard Co said it has tripled the size of its share repurchase program to $12 billion as China sales and better profit margins on its services boosted quarterly earnings. The fiscal fourth-quarter results released on Monday were in line with preliminary figures that HP gave two weeks ago, which had topped Wall Street’s estimates at the time. HP shares traded in Frankfurt were up 0.9 percent. Microchip maker Analog Devices Inc on Monday reported higher than expected quarterly sales and forecast higher profit margins and busier factories by the end of fiscal 2010. Network equipment maker Brocade Communications Systems Inc on Monday reported a higher than expected quarterly profit, despite concerns about competition amid a series of mergers and acquisitions among rivals. Shares in Japan Airlines Corp slid to a record low on Tuesday on growing investor worries that Asia’s largest airline by revenue could face bankruptcy as it struggles to agree pension cuts. The European Commission said on Tuesday it had closed formal anti-trust proceedings against U.S. chip maker Qualcomm as complaints against the firm had been dropped. Oil slipped toward $77 a barrel on Tuesday, held down by a firmer dollar, but trade was thin ahead of the U.S. Thanksgiving holiday and data that was expected to show crude stocks rising in the United States. The dollar rose as some investors bought the currency or closed dollar-short positions before Thanksgiving. Hong Kong and China stocks sank on Tuesday, with Shanghai’s SSE composite index dropping 3.5 percent, dragged down by banks as investors took profit after a recent rally, while concerns about capital-raising plans by lenders sparked fears of shareholder dilution. European stocks were down 0.7 in morning trade, led lower by banks, while miners such as Xstrata dropped along with metal prices. The day’s economic agenda includes the Commerce Department’s preliminary (second) estimate of Q3 Gross Domestic Product (GDP) growth, due at 1330 GMT (8:30 a.m. EST). Investors will also keep an eye on monthly consumer sentiment data, due at 1500 GMT (10 a.m. EST). On the earnings front, H.J. Heinz Co. , Medtronic and Hormel Foods Corp. are among the few companies due to report on Tuesday. Kenneth Feinberg, the Obama administration’s pay czar, is being pressed by federal officials to relax executive compensation restrictions at American International Group Inc for 2010, the Wall Street Journal reported, citing people familiar with the matter. U.S. stocks snapped a three-day losing streak on Monday as stronger than expected home sales data fueled optimism while a weaker dollar boosted commodity-linked stocks. The Dow Jones industrial average gained 132.79 points, or 1.29 percent, to end at 10,450.95. The Standard & Poor’s 500 Index rose 14.86 points, or 1.36 percent, to 1,106.24. The Nasdaq Composite Index added 29.97 points, or 1.40 percent, to close at 2,176.01. (Reporting by Blaise Robinson; Editing by Greg Mahlich) See original here: Stock futures signal losses; HP eyed

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* U.S. stock index futures pointed to a lower opening on Wall Street on Tuesday, following the previous session’s sharp gains, with futures for the S&P 500 SPc1 down 0.18 percent, Dow Jones DJc1 futures down 0.26 percent and Nasdaq 100 NDc1 futures down 0.38 percent at 0925 GMT. * Hewlett-Packard Co ( HPQ.N ) said it has tripled the size of its share repurchase program to $12 billion as China sales and better profit margins on its services boosted quarterly earnings. The fiscal fourth-quarter results released on Monday were in line with preliminary figures that HP gave two weeks ago, which had topped Wall Street’s estimates at the time. HP shares traded in Frankfurt were up 0.9 percent. [ID:nN23242457] * Microchip maker Analog Devices Inc ( ADI.N ) on Monday reported higher than expected quarterly sales and forecast higher profit margins and busier factories by the end of fiscal 2010. [ID:nN23273180] * Network equipment maker Brocade Communications Systems Inc ( BRCD.O ) on Monday reported a higher than expected quarterly profit, despite concerns about competition amid a series of mergers and acquisitions among rivals. [ID:nN23258074] * Shares in Japan Airlines Corp ( 9205.T ) slid to a record low on Tuesday on growing investor worries that Asia’s largest airline by revenue could face bankruptcy as it struggles to agree pension cuts. [ID:nSP480329] * The European Commission said on Tuesday it had closed formal anti-trust proceedings against U.S. chip maker Qualcomm as complaints against the firm had been dropped. [ID:nBRU010564] * Oil slipped towards $77 a barrel on Tuesday, held down by a firmer dollar, but trade was thin ahead of the U.S. Thanksgiving holiday and data that was expected to show crude stocks rising in the United States. [ID:nSIN460213] * The dollar rose as some investors bought the currency or closed dollar-short positions before Thanksgiving. [USD/] * Hong Kong and China stocks sank on Tuesday, with Shanghai’s SSE composite index .SSEC dropping 3.5 percent, dragged down by banks as investors took profit after a recent rally, while concerns about capital-raising plans by lenders sparked fears of shareholder dilution. * European stocks were down 0.7 in morning trade, led lower by banks, while miners such as Xstrata ( XTA.L ) dropped along with metal prices. * The day’s economic agenda includes the Commerce Department’s preliminary (second) estimate of Q3 Gross Domestic Product (GDP) growth, due at 1330 GMT. Investors will also keep an eye on monthly consumer sentiment data, due at 1500 GMT. * On the earnings front, H.J. Heinz Co. ( HNZ.N ), Medtronic ( MDT.N ) and Hormel Foods Corp. ( HRL.N ) are among the few companies due to report on Tuesday. * Kenneth Feinberg, the Obama administration’s pay czar, is being pressed by federal officials to relax executive compensation restrictions at American International Group Inc ( AIG.N ) for 2010, the Wall Street Journal reported, citing people familiar with the matter. [ID:nGEE5AN04Y] * U.S. stocks snapped a three-day losing streak on Monday as stronger than expected home sales data fuelled optimism while a weaker dollar boosted commodity-linked stocks. * The Dow Jones industrial average .DJI gained 132.79 points, or 1.29 percent, to end at 10,450.95. The Standard & Poor’s 500 Index .SPX rose 14.86 points, or 1.36 percent, to 1,106.24. The Nasdaq Composite Index .IXIC added 29.97 points, or 1.40 percent, to close at 2,176.01. (Reporting by Blaise Robinson ; Editing by Greg Mahlich) ((blaise.robinson@reuters.com ; +33 1 4949 5269, Reuters Messaging: blaise.robinson.reuters.com@reuters.net)) Read the original: U.S. stock futures signal losses; HP eyed (at Reuters)

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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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By Gabriel Madway Reuters – A HP Invent logo is pictured in front of Hewlett-Packard international offices in Meyrin near Geneva August 4, … {”s” : “2353.tw,coms,csco,hpq”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} SAN FRANCISCO (Reuters) – Hewlett-Packard Co (NYSE: HPQ – News ) tripled the size of its share repurchase program to $12 billion as China sales and better profit margins on its services boosted quarterly earnings. The fiscal fourth-quarter results released on Monday were in line with preliminary figures that HP gave two weeks ago, which had topped Wall Street’s estimates at the time. Shares of HP fell slightly in after-hours trading. HP, a hardware and technology services company that is a bellwether for IT spending, has been more cautious than some of its peers in predicting an economic turnaround. But Chief Executive Mark Hurd sounded somewhat more optimistic, noting pockets of returning demand, including in its closely watched printer business, which has struggled this year. “The economy remains challenging, but we do see encouraging signs of recovery in certain markets,” Hurd said on a conference call with analysts. “They’re basically pointing to year-over-year growth in the January quarter,” said Kaufman Bros analyst Shaw Wu. “It’s a good sign.” Hurd cautioned that Europe remains weak, if stable, and it was not clear when a recovery will take hold in the region. HP’s diversification, recurring revenue, and cost controls have provided it with a solid cushion during the downturn. HP bought EDS last year to become the No. 2 provider of IT services, behind IBM. HP said it has now cut 19,000 jobs as it continues to integrate the company. HP’s services revenue rose 8 percent, and the company said signings were “strong,” positioning it well for next year. PC unit sales rose 8 percent, although revenue fell 12 percent as prices across the industry continue to fall. HP, the world’s No. 1 PC maker, continues to engage Acer Inc (Taiwan: 2353.TW – News ) in a price war, analysts say, particularly on consumer laptops. HP said it made big gains in the enterprise PC business in the United States, and PC revenue in China jumped 40 percent. “Although growth has slowed down to a certain extent in the U.S, emerging markets, where consolidation is taking place, is providing new opportunities for HP to broaden its reach,” said Unni Narayanan, chief executive of Primary Global Research, an investment research firm. BIG BUYBACK Earlier this month HP announced a $3 billion deal to acquire 3Com Corp (NasdaqGS: COMS – News ), as it moved to take on network giant Cisco Systems Inc (NasdaqGS: CSCO – News ). As competition in the corporate data center heats up and industry consolidation continues, analysts expect HP to remain aggressive in M&A. “The No. 1 thing we get back from customers is they’d like us to do more, they’d like us to have a broader portfolio with more capabilities,” Hurd said. HP raised its stock repurchase plan by $8 billion, the company said. About $4 billion remained of an $8 billion share buyback program approved in September 2008. Chief Financial Officer Cathie Lesjak said the authorization was part of its normal strategy. HP reported a net profit of $2.4 billion, or 99 cents a share, in its fourth quarter, up from $2.1 billion, or 84 cents a share, in the year-ago period. Excluding items, HP earned $1.14 a share. Revenue fell 8 percent to $30.8 billion. As it forecast earlier this month, HP expects fiscal 2010 earnings, excluding items, of $4.25 to $4.35 a share on revenue of $118 billion to $119 billion. Shares of Palo Alto, California-based HP closed at $51.02, up 1.96 percent, on the New York Stock Exchange and fell to $50.71 after hours. (Reporting by Gabriel Madway and Paul Thomasch; Editing by Richard Chang) Continue reading here: HP triples stock buyback plan, profit up 14 percent (Reuters)

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LOS ANGELES (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, 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 million, said spokesman Joe Jaffoni. Both of the bids are dwarfed by 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 for $1.3 billion. (Reporting by Deena Beasley; Editing by Tim Dobbyn ) © Thomson Reuters 2009 All rights reserved Go here to see the original: CORRECTED: 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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SANTIAGO, Nov 23 (Reuters) – Chile’s peso CLP=CL surged to a new 16-month high on Monday on a broadly weaker dollar and high copper prices, despite the specter of possible central bank intervention, while peso strength punished local exporter shares, analysts said. The peso rose 1.77 percent to 492.50/492.80 per U.S. dollar, compared to Friday’s close of 501.20/501.70. Last week the currency flirted with 17-month intraday highs. The dollar slid against major currencies on Monday after investors sought assets with higher yields following a Federal Reserve official’s comments that affirmed expectations U.S. interest rates would stay low for some time. For more see [ID:nN23375049]. The flight to riskier assets helped lift other currencies such as the Brazilian real ( BRBY ), which has gained about 35 percent so far this year and continued to strengthen on Monday. [ID:nN23240130] “We opened the session with a strong peso appreciation, the product of an advance on global bourses as well as copper prices,” a Chilean trader said. COPPER HELPS PESO SURGE Three-month copper MCU3 prices on the London Metal Exchange hit 14-month highs earlier on Monday, driven by the dollar’s weakness and gains in other commodity markets, before paring gains. Stronger prices for copper, Chile’s No.1 export, tend to boost the country’s currency. The end of a 42-day strike at BHP Billiton’s ( BHP.AX )( BLT.L ) Spence copper mine in Chile partly helped limit expectations of further price gains for the metal. Chilean Central Bank President Jose De Gregorio said last week that he did not rule out intervening in the country’s foreign currency market to curb peso appreciation of around 30 percent against the dollar year-to-date. The peso has been one of the best-performing emerging market currencies this year against a weaker U.S. dollar. Some analysts expect the central bank to intervene if the peso hits 480 per dollar. The peso’s appreciation also dragged Chile’s blue-chip IPSA share index .IPSA 0.63 percent lower at 3,268.85 while the all-market IGPA .IGPA fell 0.50 percent to 15,431.21. “When the exchange rate falls the market falls, when the exchange rate rises the market rises,” said Cristina Acle, head of research for CorpResearch brokerage. “It seems to be related to profitability for foreign investors … All stocks are falling so it seems to be a more generalized effect on exporters.” Conglomerate Copec ( COP.SN ), the most heavily weighted share on the Santiago bourse, fell 2.32 percent to 7,106 pesos, while rival CMPC ( CAR.SN ) fell 1.79 percent to 18,199 pesos. Chile-based regional energy group Enersis ( ENE.SN ) fell 1.57 percent to 188 pesos. Chile steel and iron ore producer CAP ( CAP.SN ) fell 3.5 percent to 13,360 pesos. (Additional reporting by Froilan Romero, Maria Jose Latorre, and Aaron Nelsen; Editing by James Dalgleish) ((simon.gardner@thomsonreuters.com; Tel: +562-370-4250; Reuters Messaging: simon.gardner.reuters.com@reuters.net)) Link: Chile peso hits 16-month high, hurts stock prices (at Reuters)

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OXFORD, England (Reuters) – Twitter, the social internet firm that tracks trends through individuals’ updates of events around them, may eventually go to the stock market for funding if necessary, its co-founder Biz Stone said. The three-year-old company was already making some revenue and would concentrate on that next year. “2010 is really going to be the revenue year. I don’t know if we’re going to be profitable, but we have plenty of time,” Stone said on Monday. In September, Twitter received a new round of funding from investors including mutual fund giant T. Rowe Price and private equity firm Insight Venture Partners, which analysts said set the stage for an eventual IPO or sale. According to a person familiar with the matter, the new funds totaled $100 million, theoretically valuing the company at $1 billion. Stone told reporters he did not want to sell the company but would explore alternatives to an initial public offering. “The point is, we want to build our own company that will last for a long time. If an IPO’s the way to do that, then sure. We don’t have it checked off on the calendar yet,” he said on the sidelines of an entrepreneurship workshop. “We are definitely not interested in selling the company,” he said. “If an IPO’s the only thing, then sure. But if there is some other way then that would be great too. Maybe some other new way will emerge.” he said at the Oxford University event. Stone declined to give detail of how Twitter would introduce advertising next year on its site to its users, but hinted again it would be different from traditional forms of internet advertising, which include display ads and sponsored search. “Everyone’s going to love it. It’s going to be amazing,” he said when asked about the dangers of its tens of millions of visitors taking exception to the move. Twitter, which lets people send, or tweet, 140-character text messages to groups of “followers,” is one of the world’s fastest-growing social internet companies. Worldwide visitors to its site hit 44.5 million in June, up 15-fold from a year earlier, according to tracker comScore. (Reporting by Georgina Prodhan ; Editing by Dan Lalor) Read this articl e: Twitter’s Biz Stone says could go IPO route

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By Herbert Lash NEW YORK (Reuters) – Gold hit a fresh record high on dollar weakness and global stocks surged on Monday after upbeat economic news in the euro zone and better-than-expected U.S. home sales data bolstered appetite for riskier assets. European shares posted their biggest one-day percentage gain in more than five weeks and an early rally on Wall Street reversed most of the losses from a three-day sell-off last week. U.S. gold futures hit record highs above $1,170 an ounce, gaining more than 2 percent, as the dollar weakened broadly on expectations U.S. interest rates would stay low for some time. Oil prices almost topped $80 a barrel, before paring some gains, as the sagging dollar and signs of buoyant demand from China, the world’s second-largest energy consumer, lifted commodity prices. The dollar slid after a Federal Reserve official affirmed expectations that U.S. interest rates would stay low for some time and U.S. housing data dampened the currency’s safe-haven appeal. Sales of previously owned U.S. homes jumped in October from the previous month a record 10.1 percent to their highest level in more than 2-1/2 years, the National Association of Realtors said. Buyers rushed to take advantage of a popular tax credit for first-time buyers that had been scheduled to end in November. “The (housing) data adds to bearish U.S. dollar momentum, as stronger-than-expected home sales data is bullish for equity markets,” said George Davis, chief technical strategist at RBC Capital Markets in Toronto. “That decreases risk aversion and increases broad-based dollar weakness. In Europe, the euro zone’s dominant service sector grew at its fastest pace in two years in November, suggesting a recovery will continue in the fourth quarter, albeit at a slower rate, a key survey showed. The FTSEurofirst 300 index of top European shares rose 2.1 percent to close at 1,023.49 points, the biggest one-day percentage gain since Oct 14. The index, which has surged more than 58 percent since hitting a record low in early March, made up more than half the losses it suffered over the previous four sessions. At 1 p.m., the Dow Jones industrial average was up 124.62 points, or 1.21 percent, at 10,442.78. The Standard & Poor’s 500 Index was up 15.04 points, or 1.38 percent, at 1,106.42. The Nasdaq Composite Index was up 29.87 points, or 1.39 percent, at 2,175.91. “The rise in home sales was primarily driven by the credit for first-time home buyers. But still, given the unemployment rate and given the number of foreclosures, you have to be very pleased about the numbers. It’s stellar,” said Tim Speiss, leader of Personal Wealth Advisors group at Eisner LLP in New York. Prices of euro zone and U.S. Treasury debt eased as higher stocks sapped the safe-haven appeal of government bonds. Investors also prepared for another huge dose of supply of U.S. government debt this week. St. Louis Fed President James Bullard on Sunday said the U.S. central bank should keep alive its mortgage-related assets purchase program beyond a planned end date to help stimulate the economy. The benchmark 10-year U.S. Treasury note was down 9/32 in price to yield 3.4 percent. The 2-year U.S. Treasury note was down 1/32 in price to yield 0.74 percent. Oil gained after China’s implied demand in October was more than 10 percent higher than a year ago, customs data showed. It was the latest sign consumption is rising in emerging economies despite the lingering impact of the economic crisis. “Chinese demand is definitely supporting this market as demand in the OECD (Organization for Economic Co-operation and Development) remains relatively weak,” said Andrey Kryuchenkov, analyst at VTB Capital in London. U.S. light sweet crude oil rose 62 cents to $78.09 a barrel. The dollar was down against a basket of major currencies, with the U.S. Dollar Index down 0.76 percent at 75.083. The euro was up 0.80 percent at $1.4979, and against the yen, the dollar was up 0.22 percent at 89.11. Spot gold prices rose $17.50 to $1167.00 an ounce. MSCI’s index of Asia-Pacific stocks outside of Japan rose 0.7 percent after Asian markets closed, and then rose further, up 1.1 percent after midday in New York. The Nikkei Index in Tokyo, however, fell 0.5 percent. (Reporting by Angela Moon, Gertrude Chavez-Dreyfuss and Chris Reese in New York; Ian Chua, David Sheppard, Brian Gorman and Pratima Desai in London; writing by Herbert Lash; Editing by Andrew Hay) Read the original post: Oil, global stocks surge on upbeat economic data

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By Angela Moon Reuters – The Wall Street entrance to the New York Stock Exchange is pictured March 27, 2009. REUTERS/Eric Thayer … {”s” : “^dji,^djushb,^drg,^hmo,^ixic”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} NEW YORK (Reuters) – U.S. stocks advanced on Monday, with the S&P 500 on track to snap a three-day sell-off, as a weak U.S. dollar and better-than-expected home sales data encouraged investors. Sales of previously owned U.S. homes rose at a faster-than-expected pace to the highest in more than 2-1/2 years, according to the National Association of Realtors. The Dow Jones U.S. Home Construction Index (DJI: ^DJUSHB – News ) gained 0.3 percent. The U.S. dollar index ( ^DXY – News ) slid 0.7 percent following comments from St. Louis Federal Reserve President James Bullard, who said on Sunday that the Fed should extend its mortgage-related assets purchase program to give policy-makers more flexibility. “The home sales complement a strong upward trend we are seeing now … there are a lot of people still on the sidelines to pile in because we never had what’s called a technically good bottom since March (lows) and this will continue the rally,” said Paul Lange, vice president of services at Team Trading LLC in New York. The Dow Jones industrial average (DJI: ^DJI – News ) was up 131.20 points, or 1.27 percent, at 10,449.36. The Standard & Poor’s 500 Index ( ^SPX – News ) was up 15.27 points, or 1.40 percent, at 1,106.65. The Nasdaq Composite Index (Nasdaq: ^IXIC – News ) was up 29.42 points, or 1.37 percent, at 2,175.46. Among home builders, D.R. Horton (NYSE: DHI – News ) rose 2 percent to $10.58 and MDC Holdings Inc (NYSE: MDC – News ) gained 1.2 percent to $30.98. Energy shares got a boost as January crude futures gained 1.3 percent, or 98 cents, to $78.45 a barrel, with Dow component Chevron Corp (NYSE: CVX – News ) up 2.9 percent at $78.99. On the Nasdaq, News Corp (NasdaqGS: NWSA – News ) rose 0.4 percent to $12.03 after sources said Microsoft Corp (NasdaqGS: MSFT – News ) has talked about a deal in which News Corp, which owns The Wall Street Journal and the New York Post, would get paid to take its news websites off Google Inc (NasdaqGS: GOOG – News ). Microsoft added almost 1 percent to $29.91. Google climbed 2.1 percent to $582.65. The Morgan Stanley Healthcare Payor index (AMEX: ^HMO – News ) gained 3.6 percent, while the AMEX Pharmaceutical index (AMEX: ^DRG – News ) was up 1.1 percent, buoyed by news that U.S. President Barack Obama’s healthcare reform plan cleared an important Senate hurdle over the weekend. But lawmakers warned of challenges ahead in winning support for passage, even among Obama’s fellow Democrats. On the downside, Ciena Corp (NasdaqGS: CIEN – News ) shed 9.5 percent to $11.91 after it agreed to buy the optical networking and ethernet equipment businesses of bankrupt Nortel Networks (Other OTC: NRTLQ.PK – News ). (Reporting by Angela Moon; Editing by Jan Paschal) Go here to see the original: Wall Street gains on weak dollar, strong home sales (Reuters)

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By Anurag Kotoky and Sweta Singh BANGALORE (Reuters) – People’s United Financial Inc ( PBCT.O ) agreed to buy Financial Federal Corp ( FIF.N ) for about $738 million in stock and cash to boost its equipment financing businesses. The deal values Financial Federal at $27.74 a share, a premium of 35 percent to the stock’s Friday close of $20.55. Financial Federal shares jumped as much as 36 percent Tuesday. People’s United shares, which rose as much as 4 percent, later pared their gains to trade down 5 percent. “I think its overall positive. It adds to their earnings power and balance sheet capacity for doing additional deals,” analyst Christopher Nolan of Maxim Group said. People’s United, one of the better-capitalized banks in the United States, said it expects the deal to add significantly to its operating profit in 2010 and be slightly positive to its capital levels on a pro forma basis. “Financial Federal is a leader in equipment financing and provides a valuable complement to our existing business lines, particularly, People’s Capital and Leasing, our equipment financing subsidiary,” People’s United Chief Executive Philip Sherringham said in a statement. Financial Federal’s shareholders will receive $11.27 in cash and one People’s United common share for each share held, in a deal that has a termination fee of $26 million. “I like the deal,” analyst Richard Weiss of Janney Montgomery Scott said. “Generally when you do deals in the middle of recession your eyes are wide open. More problems happen when you do deals when the times are really good because you are not as careful. I think they (People’s United) have done due diligence,” he added. The Bridgeport, Connecticut-based People’s United, which was added to the S&P 500 Index .SPX last November, has been saying it was seeking acquisitions as it had a massive cash reserve of $2.5 billion. People’s United spokesman Brent DiGiorgio had told Reuters in April the company was actively seeking acquisitions of like-minded banks in the corridor from Maine to Washington, D.C. At September 30, People’s United Financial’s tangible equity ratio — a measure of capital strength closely watched by investors these days — stood at 18.6 percent, higher than most of the banks in the nation. Analyst Weiss believes that the company, which has about $2.5 billion in excess cash, will be scouting for acquisition opportunities in the near-term, including possible deals brokered by the U.S. Federal Deposit Insurance Corp. “When you have a balance sheet like People’s in this kind of economy there is a lot of opportunity which should be coming in their way. They should be quite busy exploring different kind of acquisition opportunity,” Weiss said. (Reporting by Sweta Singh in Bangalore; Editing by Deepak Kannan and Anil D’Silva) See the rest here: People’s United to buy Financial Federal for $738 million

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NEW YORK, Nov 23 (Reuters) – The dollar extended losses against the euro on Monday after data showed U.S. existing home sales surged 10.1 percent in October, suggesting a generally stable U.S. recovery. For housing data, click on [ID:nNYZ002488]. The euro rose to session highs against the dollar to $1.5000 EUR=D2 and up 0.9 percent on the day, from about $1.4984 just before the report. It was last at $1.4986. (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: Dollar extends loss vs euro after US housing data (at Reuters)

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By Frank Pingue TORONTO (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. By 9:15 a.m., 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. . 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 was down 2 Canadian cents at C$99.98 to yield 1.263 percent, while the 10-year bond was down 15 Canadian cents at C$102.80 to yield 3.402 percent. (Additional reporting by Scott Anderson; Editing by Padraic Cassidy) Original post: Dollar extends gain after strong retail sales data

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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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NEW YORK (Reuters) – Ciena Corp will buy Nortel Networks Corp’s optical networking and carrier ethernet business for $769 million after outbidding Nokia Siemens Networks in a three-day auction, sources told Reuters on Sunday. Ciena’s winning offer consists of $530 million in cash and $239 million in convertible notes, one of the sources said, speaking on condition of anonymity since details of the auction have not been made public. Last month, the U.S. network equipment maker announced that it had made a ’stalking-horse’ offer for these assets of Nortel, the Canada-based telecommunications company that filed for bankruptcy in January and has been auctioning off assets. Ciena initially offered $390 million in cash and 10 million shares of Ciena stock, for a total deal value of $522 million, based on the Friday closing price of Ciena stock. The final bid by Nokia Siemens Networks, which had teamed with private equity firm One Equity Partners, came “very close” to Ciena’s offer, the source said. (Reporting by Anupreeta Das ; Editing by Lincoln Feast ) © Thomson Reuters 2009 All rights reserved Read the original post: Ciena to pay $769 million for some Nortel assets: source

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TOKYO (Reuters) – Japan’s defense ministry is moving toward selecting Lockheed Martin Corp’s (NYSE: LMT – News ) F-35 jet as the mainstay of its next-generation fighter force, Kyodo news agency reported on Monday, citing ministry sources. Reuters – The F-35 fighter aircraft is seen at Lockheed Martin’s production plant in Fort Worth, Texas August 31, 2009. … {”s” : “lmt”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} The ministry, which is thinking of buying about 40 F-35s, plans to submit a request for their purchase in the fiscal 2011/12 budget, Kyodo said. It added, however, that the ministry may postpone making the request for one year, due to a view in the government that the purchase should only be made when full details of the plane’s capabilities are available. Lockheed is developing three models of the radar-evading F-35 to replace at least 13 types of aircraft, initially for 11 nations. Kyodo said each F-35 was estimated to cost about 9 billion yen ($100 million). Japan is looking to replace its current fleet of aging F-4 jet fighters, whose design dates back to the 1960s, because they have become increasingly difficult to maintain. Lockheed said last week that it was making progress on the F-35 fighter, the costliest U.S. weapons program, despite rising costs and delays. Japan has also been following moves in the U.S. Congress aimed at extending production of Lockheed’s radar-evading F-22 Raptor fighter, widely considered the most advanced fighter plane in use today. Foreign sales of the F-22 were banned by a 1998 law aimed at protecting the “stealth” technology and other high-tech features. A Senate panel has urged the Air Force to start developing an export model of the F-22. Apart from Japan, Israel and Australia have also shown an interest in buying the F-22. (Reporting by Miho Yoshikawa; Editing by Alex Richardson) Read the r est here: Japan leans towards buying F-35 fighter jet: media (Reuters)

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* Terra rejects latest CF offer * Says offer was at the same price of Nov.1 bid (Adds quote from Terra CEO, new details from source, background) By Michael Erman NEW YORK, Nov 22 (Reuters) – Fertilizer maker Terra Industries Inc ( TRA.N ) on Sunday rejected rival CF Industries Holdings Inc’s ( CF.N ) latest proposal to buy it, saying the new offer was at the same price as CF’s already-rejected proposal from Nov. 1. Terra, whose shareholders elected a slate of three directors backed by CF Industries on Friday, said the CF bid had proposed a deal at the same price as before that also included a 30-day “go shop” provision subject to a break up fee and expense reimbursement. “Nothing about the vote changed the value of CF’s proposal,” Terra Chief Executive Mike Bennett said in a statement. “We continue to believe that Terra’s current strategy, which capitalizes on our attractive product mix, diversified customer base and geographic advantages, will deliver greater value than CF’s proposal.” But a source close to CF said the company had sent the offer over as a possible framework for a deal. The source said CF was prepared to discuss the terms of its offer once it understands what the process is to reach a deal. CF has offered to pay $24.50 in cash and 0.1034 shares of its stock for every Terra share. The offer also includes a $7.50 per share special cash dividend, which Terra shareholders will receive whether the deal is accepted or not. Terra’s board, which previously rejected CF’s proposal as inadequate, again concluded the proposed merger agreement did not provide any basis for engagement with CF, it said. The companies had discussed a breakup fee of around $1.50 a share, or roughly $150 million, the source said. CF has been pursuing Terra since January and has been the target of its own hostile takeover bid from Canada’s Agrium Inc ( AGU.TO ). The nearly year-long, three-way takeover battle between Agrium, CF and Terra has put the spotlight on the three companies and the increasingly hot fertilizer sector. The industry has been rife with both proposed and rumored mergers, as many believe the world’s growing demand for food and biofuel will lead to sustained growth and soaring profits. On Friday, Terra’s shareholders voted in the CF slate with the dissident directors taking roughly 45 percent of the shares outstanding in the preliminary vote count and Terra’s slate with around 35 percent, according to a source familiar with the matter. That includes around 7 percent of Terra’s shares that CF owns. The company’s shares rose more than 5 percent to over $40 a share, reaching their highest point in more than a year after the vote. Terra said on Sunday that it will seat the new directors when the election results are certified. But the company said it has also taken steps to increase the size of its board and will reseat the three directors that shareholders voted out. That slate of directors include the company’s chairman, Henry Slack. (For more M&A news and our DealZone blog, go to www.reuters.com/deals ) (Additional reporting by Paritosh Bansal ; Editing Bernard Orr) ((paritosh.bansal@thomsonreuters.com +1 646 223 6113; Reuters Messaging: paritosh.bansal.reuters.com@reuters.net)) Continue reading here: UPDATE 2-Terra board rejects latest CF bid

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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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NEW DELHI, NOV. (Reuters) – Indian Prime Minister Manmohan Singh said on Sunday there was no substitute to the U.S. dollar for replacement as the global reserve currency. Reuters – India’s Prime Minister Manmohan Singh speaks during the three-day long India Economic Summit 2009 at the World Economic … “As far as I can see there is no substitute for the dollar,” Manmohan Singh told CNN International television in an interview, coinciding with his trip to the United States. “My own feeling is that we have not entered an era of irreversible shift in economic strength of the United States,” Singh said during the interview. “Chinese are hesitant from the fact that they own 2.5 trillion dollars of reserve assets. They have not disposed even a fraction of them,” Singh added. China allowed the yuan to rise 21 percent against the dollar between July 2005 and July 2008 before effectively repegging the yuan to help its exporters cope with a slump in global demand. Beijing now faces mounting international calls to let the yuan, or “renminbi,” rise on the grounds that it is undervalued and stoking imbalances with other big economies, but it showed no public sign of budging during last week’s visit by U.S. President Barack Obama. India had said in July that it welcomed discussions on replacement of the dollar, along with China, France and Russia who wanted a debate on the issue. The dollar rose for a second straight session last Friday as investors cut exposure to risky assets and high-yield currencies ahead of a holiday-shortened week in the United States. (Reporting by Bappa Majumdar; Editing by Jon Loades-Carter) Here is the original post: Indian PM says no substitute for U.S. dollar: report (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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(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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* Colombian president vows no aggression against Venezuela * Bridge incident follows tensions over Colombian plan By Jose Miguel Gomez CUCUTA, Colombia, Nov 21 (Reuters) – Colombian President Alvaro Uribe on Saturday ruled out any military retaliation against Venezuela after Venezuelan troops dynamited two cross-border footbridges. “The fellow republic of Venezuela will never hear any aggression from the people or the government of Colombia,” Uribe said at an event in the border town of Cucuta. “We will never restrict our frontier to our Venezuelan brothers.” Venezuela says its troops this week blew up two illegal footbridges that cross over the border because they had been used by drug traffickers and smugglers. Colombia criticized the action as an aggression and said it would denounce it before the United Nations and the Organization of American States. Ties between the two countries have soured over a Colombian plan to allow U.S. troops more access to its bases. Venezuelan President Hugo Chavez, a fierce critic of American influence in the region, says it sets the stage for a possible attack against his OPEC nation. Tensions run high on the 1,375-mile (2,200-km) border, an area rife with Colombian FARC rebels still fighting a four-decade-old war and other groups engaged in smuggling cocaine, guns and other contraband. The leftist Chavez has ordered his military leaders to prepare for war, a move he says is just a response to the base plan. Uribe, a conservative, counters that the base deal is an extension of current military cooperation with Washington. Analysts say Chavez may be stirring up tensions to distract from domestic troubles such as power and water shortages that are threatening to dent his popularity. The two leaders have in the past managed to work out their differences with handshakes and backslaps. But the current crisis triggered by the U.S.-Colombia plan has curbed their $7 billion per year in bilateral trade, making it harder to resolve swiftly. (Reporting by Luis Jaime Acosta; Writing by Patrick Markey in Bogota; Editing by Xavier Briand ) ((pat.markey@reuters.com, +57-1-634-4090, Reuters messaging: pat.markey.reuters.net@reuters.com)) See the original post here: Colombia’s Uribe seeks to ease Venezuela tensions (at Reuters)

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* Colombian president vows no aggression against Venezuela * Bridge incident follows tensions over Colombian plan By Jose Miguel Gomez CUCUTA, Colombia, Nov 21 (Reuters) – Colombian President Alvaro Uribe on Saturday ruled out any military retaliation against Venezuela after Venezuelan troops dynamited two cross-border footbridges. “The fellow republic of Venezuela will never hear any aggression from the people or the government of Colombia,” Uribe said at an event in the border town of Cucuta. “We will never restrict our frontier to our Venezuelan brothers.” Venezuela says its troops this week blew up two illegal footbridges that cross over the border because they had been used by drug traffickers and smugglers. Colombia criticized the action as an aggression and said it would denounce it before the United Nations and the Organization of American States. Ties between the two countries have soured over a Colombian plan to allow U.S. troops more access to its bases. Venezuelan President Hugo Chavez, a fierce critic of American influence in the region, says it sets the stage for a possible attack against his OPEC nation. Tensions run high on the 1,375-mile (2,200-km) border, an area rife with Colombian FARC rebels still fighting a four-decade-old war and other groups engaged in smuggling cocaine, guns and other contraband. The leftist Chavez has ordered his military leaders to prepare for war, a move he says is just a response to the base plan. Uribe, a conservative, counters that the base deal is an extension of current military cooperation with Washington. Analysts say Chavez may be stirring up tensions to distract from domestic troubles such as power and water shortages that are threatening to dent his popularity. The two leaders have in the past managed to work out their differences with handshakes and backslaps. But the current crisis triggered by the U.S.-Colombia plan has curbed their $7 billion per year in bilateral trade, making it harder to resolve swiftly. (Reporting by Luis Jaime Acosta; Writing by Patrick Markey in Bogota; Editing by Xavier Briand ) ((pat.markey@reuters.com, +57-1-634-4090, Reuters messaging: pat.markey.reuters.net@reuters.com)) See the original post here: Colombia’s Uribe seeks to ease Venezuela tensions (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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NEW YORK (Reuters) – The auction for Nortel Network’s optical networking and carrier ethernet business went into a second day on Saturday, after Ciena (NasdaqGS: CIEN – News ) 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. 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. (Reporting by Anupreeta Das; Editing by Jon Boyle) View original post here: Ciena takes Nortel unit auction to 2nd day: sources (Reuters)

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WASHINGTON, Nov 21 (Reuters) – President Barack Obama on Saturday urged Americans to show patience over the economy and argued that his just-concluded Asia trip was critical for U.S. exports, countering criticism he had returned empty-handed. With unemployment at a generation high of 10.2 percent and once-lofty popularity ratings down, Obama said a December White House forum will leave no stone unturned in the hunt for jobs. “Even though it will take time, I can promise you this: we are moving in the right direction; that the steps we are taking are helping,” Obama said in his weekly address, amid signs that the public is getting impatient for results. A Gallup poll on Friday showed Obama’s job approval rating had dropped to 49 percent, the first time he has fallen below 50 percent in this survey, as Americans express dissatisfaction with his handling of the economy and other issues. Obama’s remarks on the economy were his first in public since returning to Washington after an 8-day Asian tour where critics said he had failed to win significant concessions on trade or currency manipulation from partners like China. But Obama said that progress had been made with Russia and China in sending a unified message to Iran and North Korea about giving up nuclear weapons “or face the consequences,” while also maintaining pressure to stimulate growth. “Above all, I spoke with leaders in every nation I visited about what we can do to sustain this economic recovery and bring back jobs and prosperity for our people,” he said. U.S. growth jumped in the third quarter, ending the longest economic slump the country has suffered in 70 years, but this has not yet translated into a faster pace of hiring. Obama’s Dec. 3 jobs forum will gather leaders from business and labor to review how to boost credit to small business, encourage firms to hire and boost green jobs and other ideas. But the White House has already said it will not be about a second stimulus package, potentially limiting how much of a dent the initiative will be able to make in the 15.7 million Americans who were drawing unemployment aid in October. Obama signaled that any measures hammered out during the jobs conference would have to be fiscally responsible. “It is important that we do not make any ill-considered decisions — even with the best of intentions — particularly at a time when our resources are so limited. “But it is just as important that we are open to any demonstrably good idea to supplement the steps we’ve already taken to put America back to work. That’s what I hope to achieve in this forum,” he said. (Additional reporting by Steve Holland in Washington) (Reporting by Alister Bull ; Editing by Sandra Maler ) See the original post here: Obama asks Americans for patience on economy (at Reuters)

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NEW YORK (Reuters) – Bank of America Corp (NYSE: BAC – News ) Chief Executive Kenneth Lewis has said he would consider postponing his retirement if directors need more time to find a successor or smooth the transition to the next CEO, the Wall Street Journal reported on Friday. Reuters – Bank of America CEO Kenneth Lewis speaks at the National Urban League Conference in Chicago July 30, 2009. … {”s” : “bac”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} Citing a person close to the executive, the newspaper said Lewis’s willingness to stay at the Charlotte, North Carolina-based bank beyond his planned December 31 retirement date is the latest sign of the difficulties directors have faced in finding a replacement. Tensions have mounted as various internal and external candidates are floated, approached and vetted, people familiar with the discussions said, according to the Journal. Some people inside the company claim the process is leaving the bank adrift without cohesive leadership as it tries to navigate the recession and other problems, the report said. The 62-year-old Lewis has no plans to backtrack on his September 30 retirement announcement, indicating only that he could act as a “bridge” until a successor is found, according to the Journal’s source. While Bank of America directors have shown no obvious interest in the idea so far, “the door isn’t shut,” the person told the newspaper. The board has completed its interviews of inside and outside CEO candidates and is expected to deliberate over the weekend, according to another person familiar with the discussions, the Journal said. The list of prospects has been narrowed to two Bank of America executives, consumer and small-business banking chief Brian Moynihan and Chief Risk Officer Gregory Curl, and at least two outsiders, the report said. (Reporting by Steve James; Editing by Sugita Katyal) Original post: Bank of America CEO Lewis may delay retiring: report (Reuters)

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