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Business

Berkshire Buys Burlington in Buffett's Biggest Deal

Bloomberg - Andrew Frye, Hugh Son - ‎1 hour ago‎
Nov. 3 (Bloomberg) -- Warren Buffett'sBerkshire Hathaway Inc. agreed to buy railroad Burlington Northern Santa Fe Corp. in what he described as an “all-in wager on the economic future of the United States.

GM, Ford, Toyota US Vehicle Sales Climb as Chrysler Reports 30% Decline

Bloomberg - Jeff Green, Alex Ortolani - ‎33 minutes ago‎
Nov. 3 (Bloomberg) -- General Motors Co. and Ford Motor Co. both said US auto sales rose in October, their first combined increase in three years, as the industry rebounded from a drop in demand after the so-called cash ...

UPDATE 3-Ex-Madoff auditor pleads guilty, denies knew of fraud

Reuters - Grant McCool - ‎23 minutes ago‎
NEW YORK, Nov 3 (Reuters) - The former outside accountant for Bernard Madoff's firm pleaded guilty to fraud charges on Tuesday, but he told a US judge he did not know about the swindler's multibillion-dollar Ponzi scheme, ...

A tale of two banks at RBS and Lloyds

guardian.co.uk - ‎40 minutes ago‎
Royal Bank of Scotland's shares down almost 20% in two days; Lloyds's shares an oasis of tranquillity. Those market reactions tell the story of the banking bailout part 3, or part 2(b) as the government would probably prefer.

LA Clippers Owner Settles Discrimination Lawsuit

Bloomberg - Edvard Pettersson - ‎1 hour ago‎
Nov. 3 (Bloomberg) -- Donald Sterling, owner of the National Basketball Association's Los Angeles Clippers, agreed to pay $2.73 million to settle a US government lawsuit accusing him of housing discrimination.

Chrysler's Marchionne Said to Forecast Profit by End of 2011

Bloomberg - Mike Ramsey - ‎37 minutes ago‎
Nov. 3 (Bloomberg) -- Chrysler Group LLC, the money-losing US automaker run by Fiat SpA, expects to break even next year and be profitable by the end of 2011, three people familiar with the matter said.

Long-Dated Treasurys Down Before FOMC Decision, Supply Details

Wall Street Journal - Min Zeng - ‎1 hour ago‎
NEW YORK (Dow Jones)--Prices of longer-dated Treasurys were lower Tuesday afternoon as investors adjusted bets on the outcome of the Federal Reserve monetary policy meeting and upcoming details for next week's ...

Royal Caribbean Forecasts Loss as Bookings Decline

Bloomberg - Beth Jinks - ‎56 minutes ago‎
Nov. 3 (Bloomberg) -- Royal Caribbean Cruises Ltd., the world's second-largest cruise operator, forecast a loss for this quarter as bookings declined more than the company expected in a seasonally slow period.

Johnson & Johnson to Overhaul Pharma, Cut 7000 Jobs

BusinessWeek - Arlene Weintraub - ‎1 hour ago‎
The recession has slammed Johnson & Johnson (JNJ), the world's largest health-care company. So, CEO William Weldon on Nov. 3 announced an overhaul that will result in layoffs of 6% to 7% of J&J's 117000 employees, or more than 7000 ...

PRECIOUS METALS: NY Gold Hits Record High After RBI Purchase

Wall Street Journal - Allen Sykora - ‎52 minutes ago‎
Gold futures stormed to record highs Tuesday following news that India's central bank bought 200 metric tons of the precious metal from the International Monetary Fund last month.

House Panel to Begin Work on Systemic Market Risk Bill

Wall Street Journal - Michael R. Crittenden, Fawn Johnson - ‎2 hours ago‎
WASHINGTON -- A US House panel will begin work on legislation this week to deal with systemic risks to the financial markets, though a final committee vote could take some time.

Landry's Reaches New Buyout Deal With CEO; Valued At $238M

Wall Street Journal - Kevin Kingsbury, Paul Ziobro - ‎3 hours ago‎
NEW YORK (Dow Jones)--With the credit markets unfrozen, Landry's Restaurants Inc. (LNY) has reached a new buyout deal with Chairman and Chief Executive Tilman Fertitta, valuing the company at ...

UPDATE 1-Omnicare, Teva co pay $112 million for kickbacks

Reuters - Diane Bartz, Maureen Bavdek - ‎23 minutes ago‎
WASHINGTON, Nov 3 (Reuters) - Omnicare Inc (OCR.N), the largest US provider of pharmacy services to nursing homes, will pay $98 million and Teva (TEVA.

Bank of America's Next Chief May Be Based in New York

Bloomberg - David Mildenberg, Bradley Keoun - ‎33 minutes ago‎
Nov. 3 (Bloomberg) -- Bank of America Corp. broadened its search for a chief executive officer to include candidates who want to live in New York, acknowledging the bank's biggest units are no longer based in its ...

WRAPUP 1-U.S. factory orders rise, bolstering recovery

Reuters - Lisa Lambert - ‎24 minutes ago‎
WASHINGTON, Nov 3 (Reuters) - US factory orders rose a stronger-than-expected 0.9 percent in September and inventories continued to shrink, bolstering the prospects for a sustained economic recovery.

Nokia Siemens Plans Workforce Cuts, Seeks Purchases

Bloomberg - Diana ben-Aaron - ‎2 hours ago‎
Nov. 3 (Bloomberg) -- Nokia Siemens Networks plans to slash as many as 5760 jobs in the second round of cuts since the joint venture between Nokia Oyj and Siemens AG was created.

New Black & Decker Bid Unlikely

Barron's - Sterne Agee - ‎1 hour ago‎
Stanley Works' agreement to acquire Black & Decker for $3.46 billion will likely not be topped, says Sterne Agee. By Sterne Agee ($47.34, Nov. 3, 2009) Stanley Black & Decker will have pro forma sales of $8.4 billion.

Viacom's Profit Rises 15%, TV Ad Demand Improves

Wall Street Journal - Sam Schechner, John Kell - ‎1 hour ago‎
Viacom Inc. executives said Tuesday that they were seeing increased demand and strong prices for television advertising heading into the holiday season, adding to an up-tempo chorus from media executives after a brutal ...

UBS' US Wealth Mgmt Unit Had $9.6B In Client-Money Outflows

Wall Street Journal - Brett Philbin - ‎1 hour ago‎
NEW YORK (Dow Jones)--UBS ag's (UBS) US Wealth Management unit had a second straight quarter of client-money outflows, as clients took out $9.6 billion in the third quarter.

Oil Rises More Than $1 on Failure to Break Though 2-Week Low

Bloomberg - Mark Shenk - ‎33 minutes ago‎
Nov. 3 (Bloomberg) -- Crude oil rose more than $1 a barrel after failing to decline below a two-week low and as the India's central bank purchase of gold bolstered the appeal of commodities to investors.

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