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Editors: Bloomberg News moves a combined business/general news budget at 13:30 New York time each business day. Graphics and photos can be found at www.bloomberg.com/photos or www.bloomberg.com/newsfeed.
Stories identified with the prefix PUBLISH in the slug have been shaped for newspaper use, and the suffix -TRIM indicates the original version has been shortened. All move times are New York time. Inquiries should be directed to Jeffrey Tannenbaum in content syndication, email@example.com or or the department is TOP BUSINESS NEWS
U.S. stocks advanced, sending the Dow Jones Industrial Average toward its longest streak of weekly gains since April, as retail sales beat estimates and the Group of 20 began discussions on Europe’s debt crisis. Developing. US-STOCKS-FINAL to move by 17:00. By Rita Nazareth. Also see GLOBAL-MARKETS- WRAP, US-OIL-MARKET.
U.S. Economy: Retail Sales Increase by Most in Seven Months
Retail sales rose in September by the most in seven months, showing American consumers are helping the world’s largest economy fend off a slump. 880. Moved at 11:50. By Timothy R. Homan and Bob Willis
EU Said to Consider One-Time 50% Greek Writedown, Bank Backstop
European officials are considering writedowns of as much as 50 percent on Greek bonds, a backstop for banks and continued central bank bond purchases as key planks in a revamped strategy to combat the debt crisis, people familiar with the discussions said. 700. Moved at 11:25. By James G. Neuger. Also see G20- EURO, EU-SEEKS-CRISIS-SOLUTION, GREEK-BONDHOLDERS, IMF-LENDING- EUROPE.
Gold Traders Most Bullish Since July After Plunge: Commodities
Gold’s biggest slump in three years means traders and analysts are now the most bullish in three months, speculating that Europe’s debt crisis, slowing growth and a bear market in equities will drive demand for bullion. 1,170. Moved at 12:20. By Nicholas Larkin. Also see GOLD-NYC-ADVANCE, GOLD-TECHNICAL- ANALYSIS.
Banks May Shun $231 Billion Rollover of U.S. Emergency Loans
Bank of America Corp. and Citigroup Inc. are among firms planning to repay rather than roll over their share of $231 billion raised under a U.S. loan program meant to help the economy as the business slowdown crimps demand for credit. 990. Moved at 9:10. By James Sterngold.
Apple IPhone 4S Lines May Help Weekend Sales Hit 4 Million Units
Apple Inc. is poised to sell as many as 4 million units of its new iPhone 4S this weekend after customers around the world lined up to buy one of the last products developed under Steve Jobs. 1,350. Moved at 11:15. By Adam Satariano and Sarah Gill.
Wal-Mart Beats Target, Kmart on Toy Pricing for Holiday Season
Wal-Mart Stores Inc.’s prices on toys it expects to be best-sellers this holiday season are lower than competitors Target Corp. and Sears Holdings Corp.’s Kmart chain, according to a Bloomberg Industries analysis.
Prices for a group of 15 toys that included Elmo Rocks from Hasbro Inc. and Leapfrog Enterprises Inc.’s Leap Pad Explorer are 9 percent higher at Target and 13 percent more expensive at Kmart, according to a report led by Poonam Goyal, a Bloomberg Industries analyst. 200. Moved at 9:35. By Matt Townsend.
UAW Says Ford Contract Vote Flips in Favor as 51% Approve Pact
Ford Motor Co. hourly workers reversed course and are now voting 51 percent in favor of a proposed new four-year contract, after rejecting it in earlier voting, according to the United Auto Workers. 330. Moved at 13:10. By Keith Naughton.
American, Pilots Accelerate Talks as Crew Shortage Adds Urgency
American Airlines and its pilots union are working to reach a contract agreement over the next several days, spurred by a manpower shortage that forced the carrier to cut flights and close a crew base. 440. Moved at 13:15. By Mary Schlangenstein
Bristol-Myers Skin-Cancer Drug Rejected by U.K. Cost Agency
Bristol-Myers Squibb Co.’s Yervoy drug was rejected by the U.K.’s health-cost agency, which suggested the company consider lowering the price of the skin-cancer treatment. 300. Moved at 9:45. By Makiko Kitamura.
Ubiquiti Rises in Trading After First U.S. IPO Since September
Ubiquiti Networks Inc.’s stock rose as much as 17 percent in its first day of trading after the wireless-network equipment provider raised $106 million in the first U.S. initial public offering in more than a month. 300. Moved at 10:50. By Lee Spears.
TOP GENERAL NEWS
Berlusconi Survives Confidence Vote as Italian Bonds Slump
Prime Minister Silvio Berlusconi won a confidence vote in Parliament, avoiding the collapse of his government and giving him more time to protect Italy from falling victim to Europe’s debt crisis.
Berlusconi carried the vote today in the Chamber of Deputies in Rome 316 to 301. The motion was called after the premier failed to muster a majority in a routine ballot this week, prompting President Giorgio Napolitano to call on the premier to clarify “questions and concerns” about his ability to govern the euro area’s third-biggest economy. 770. Moved at 9:50. By Chiara Vasarri and Lorenzo Totaro.
Wall Street Protests Go Global With Planned Asia-Pacific Rallies
Protests against widening income disparity are planned across the Asia-Pacific region tomorrow as demonstrators organizing via social media from Tokyo to Sydney join London in the Occupy Wall Street movement. 825. Moved at 11:00. By Soraya Permatasari and Kanoko Matsuyama.
Occupy Wall Street Park Cleaning Postponed After NYC Protest
A confrontation between Occupy Wall Street demonstrators and New York City police was avoided after Brookfield Office Properties Inc. postponed cleaning its Zuccotti Park in Lower Manhattan, where the protesters have been camping out for almost a month. 830. Moved at 11:40. By Esmé E. Deprez and Joel Stonington.
Obama, South Korea’s Lee Promote Trade Gains for Automakers
President Barack Obama and South Korean President Lee Myung-bak take a victory lap in Michigan today for the auto industry, which is poised to increase sales and jobs under the U.S.-South Korea free-trade agreement. Developing. By Roger Runningen and Eric Martin.
Cain Vow to Balance Budget Dismissed Over ‘Massive’ Cuts Needed
Herman Cain’s self-described “bold” 9-9-9 tax proposal has received most of the attention in his campaign for the Republican presidential nomination. His plans for the federal budget are more radical.
Cain this week pledged at a debate to balance the government’s books in a single year if elected. This would require the elimination of what the Congressional Budget Office projects may be a more than $800 billion deficit in 2013. 960. Moved at midnight. By Brian Faler. Also see CAIN-MR-999.
Lions Bettors Get Half-Million Riding $100 Wager Over 14 Games
The Detroit Lions, with more winless seasons than playoff appearances over the past 10 years, would have made $450,130 for a bettor who wagered $100 on the club in December and stayed with it. 900. Moved at midnight. By Eben Novy-Williams.
U.K. Defense Chief Resigns Over Links With Self-Styled Adviser
U.K. Defense Secretary Liam Fox resigned, saying he’d allowed the line between his personal and public life to become blurred in his relationship with a friend, Adam Werritty. 600. Moved at 11:55. By Thomas Penny and Robert Hutton.
United Nations Warns of ‘Full-Blown Civil War’ Risk in Syria
The United Nations warned today that the repression and killings in Syria could lead to a “full-blown civil war,” and called for unified and decisive action by the international community. 200. Moved at 7:05. By Tamara Walid.
BUSINESS NEWS FEATURES
Refinancing Chills U.S. Home Purchases Amid Economic ‘Squeeze’
Amy Haenner, a broker at Legacy Lending Group in Fort Wayne, Indiana, is processing eight mortgages this week. None of them are for home purchases.
A year ago, her business was evenly split between home- purchase loans and refinancings that reduce interest rates on existing mortgages. That’s changed as a slowing U.S. economy curtails buying demand and encourages current owners to save cash by locking in near-record-low borrowing costs, she said.
“People are deciding to stay in place until the economy turns around,” Haenner said. “That same concern for the economy is causing buyers to take a wait-and-see attitude.” 960. Moved at midnight. By Kathleen M. Howley.
GENERAL NEWS FEATURES
Texas Faces Billions in Water Costs as Drought Imperils Economy
Allan Ritter pushed a bill to make 25 million Texans pay an extra $3.25 a year to help provide water for decades. Then, with a record drought devastating farms and ranches, the state representative’s party leaders waded in.
“We couldn’t get the votes,” said the Republican from Nederland who heads the Natural Resources Committee in the House of Representatives. Lawmakers who run the chamber sought to oblige Governor Rick Perry’s pledge not to boost taxes instead. 1,840. Moved at midnight. By David Mildenberg and Whitney McFerron.
-0- Oct/14/2011 17:46 GMT