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, firstname.lastname@example.org or or the department is TOP BUSINESS NEWS
S&P 500 Poised for Longest Weekly Rally Since February on Europe
U.S. stocks advanced, sending the Standard & Poor’s 500 Index toward its longest weekly rally since February, on speculation European leaders are moving closer to an agreement to contain the region’s debt crisis. Developing. US-STOCKS-FINAL to move by 17:00. By Rita Nazareth. Also see GLOBAL-MARKETS- WRAP, US-OIL-MARKET.
Euro Leaders Begin ‘Tough’ Six-Day Marathon on Greece, Banks
European leaders braced for a six-day battle over how to save Greece from default, shield banks from the fallout, and build more powerful defenses against the debt crisis rocking the 17-nation euro economy. 640. Moved at 9:25. By James G. Neuger and Stephanie Bodoni.
EU Officials Said to See Risks Amid Call for Debt-Swap Talks
European Union officials weighing deeper losses for Greek bondholders in a revamped bailout are concerned that any investor involvement risks further roiling markets, say people familiar with the EU’s deliberations. 700. Moved at 3:20. By Rebecca Christie and James G. Neuger
Groupon Seeks $11.4 Billion Market Value in Initial Offering
Groupon Inc., the largest online-coupon site, is seeking a valuation of $11.4 billion in its U.S. initial public offering, less than half the $25 billion it discussed with banks earlier this year as internal missteps andstock-market volatility put pressure on the IPO. 450. Moved at 10:00. By Douglas MacMillan and Lee Spears.
Payrolls Declined in 25 U.S. States, Led by North Carolina
Payrolls fell in 25 U.S. states in September, led by North Carolina and Ohio, a sign the weakness in the job market is broad-based. 1,220. Moved at 10:45. By Bob Willis.
BP Wins U.S. Approval for First Drilling Plan Since Macondo
BP Plc received permission from U.S. regulators for oil exploration in the Gulf of Mexico, the first approval since the company’s Macondo well caused the nation’s worst offshore spill last year. 470. Moved at 12:20. By Katarzyna Klimasinska and Brian Swint.
News Corp. to Pay $4.78 Million in Dowler Phone-Hack Settlement
News Corp.’s U.K. unit agreed to pay 3 million pounds ($4.78 million) to settle claims that the News of the World tabloid hacked the mobile-phone messages of schoolgirl Milly Dowler, who was murdered in 2002. 520. Moved at 11:50. By Erik Larson.
GE Profit Matches Estimates as Finance Blunts Energy Drop
General Electric Co. earnings climbed 11 percent in the third quarter as the finance unit’s gains blunted tighter profit margins in the energy business.
Profit is rebounding at GE Capital as Chief Executive Officer Jeffrey Immelt simplifies the business and concentrates on areas like middle-market lending. He’s shrinking the share of overall earnings from finance and focusing on industrial operations, where the largest unit, energy infrastructure, declined more than some analysts estimated. 640. Moved at 7:55. By Rachel Layne. Also see GE-EARNINGS-SHARES.
Verizon Profit Doubles on Smartphones; User Gains Fall Short
Verizon Communications Inc., the second-largest U.S. phone company, reported third-quarter profit doubled as consumers snapped up iPhones and Android devices. 530. Moved at 9:35. By Scott Moritz.
BofA Said to Get Subpoena From California’s Attorney General
Bank of America Corp. was given a subpoena by California’s attorney general for information related to the packaging and sale of mortgage-backed securities, a person familiar with the matter said. 350. Moved at midnight. By Greg Farrell and David McLaughlin.
SolarWorld Trade Dispute With China Divides U.S. Solar Industry
A trade complaint seeking to protect U.S. solar-panel makers from unfair competition from China may harm other parts of the U.S. solar industry, project developers said. 660. Moved at 3:05. By Ehren Goossens and Christopher Martin.
NBA Talks With Players Union Collapse; Federal Mediation Fails
Three days of federally mediated labor talks between the National Basketball Association and its players union ended with no agreement, increased acrimony, no further talks planned and more lost games a virtual certainty. 800. Moved at midnight. By Mason Levinson.
TOP GENERAL NEWS
Obama Says All U.S. Troops Will Leave Iraq by End of Year
President Barack Obama announced that all U.S. troops will be out of Iraq by the end of the year, fulfilling a campaign promise to end U.S. military involvement there. 100. Moved at 12:55. By Margaret Talev and Roger Runningen.
Papandreou Prevails in Greek Austerity Vote as One Dies
Greek Prime Minister George Papandreou won a parliamentary vote on a new round of austerity designed to secure more financial aid, risking further unrest that left one person dead after protests turned violent. 1,030. Moved at 4:50. By Maria Petrakis and Natalie Weeks.
‘Gruesome’ Videos of Qaddafi’s Final Hours May Trigger UN Probe
At least two videos of Muammar Qaddafi’s final moments have surfaced on the Internet: In one he is alive and in the other, dead. What happened in between may now become the subject of a United Nations investigation. 1,270. Moved at 12:35. By Caroline Alexander and Flavia Krause-Jackson.
Qaddafi Death Marks Start of Libya’s Transition, Challenges
The hunt for Libya’s Muammar Qaddafi united his opposition as they pursued the man who ruled the North African nation for 42 years.
Now, his death may bring to light their divisions.
The interim National Transitional Council, made up of former government officials and technocrats, had said it would wait for Qaddafi’s capture or death before forming a new government. It faces the challenge of establishing democratic rule in a country that Qaddafi governed without a constitution after toppling a pro-Western monarch in 1969. 1,300. Moved at 5:55. By Alaa Shahine and Ladane Nasseri. Also see: QADDAFI- ENERGY-MARKETS.
Yemen’s Saleh Faces UN Action After Despot Qaddafi Killed
A day after the death of Muammar Qaddafi, the United Nations Security Council that authorized bombing over Libya plans action against another despot clinging to power: Yemen’s Ali Abdullah Saleh. 670. Moved at 9:10. By Flavia Krause- Jackson. Also see RUSSIA-YEMEN-UN.
Yingluck Warns Bangkok to Prepare as Floods Reach Thai Capital
Thai Prime Minister Yingluck Shinawatra urged Bangkok residents to move belongings to higher ground as floodwaters that have swamped factories and displaced millions this month start moving through the capital. 600. Moved at 13:00. By Daniel Ten Kate and Supunnabul Suwannakij.
Democrats Have Financial Advantage in Contest to Hold Senate
Senate Democrats, in danger of losing control of the chamber next November, hold a cash advantage a year before the election as each of their most vulnerable incumbents banked at least $1 million and some have far more money on hand. 970. Moved at midnight. By Laura Litvan and Jonathan D. Salant.
California Regulators Approve Design for Carbon Trading System
California air regulators approved the final design for what will become the country’s first economy-wide program to regulate greenhouse gas emissions.
The Air Resources Board approved 252 pages of rules governing how the state will cut carbon emissions from power generators, oil refineries and industrial plants roughly 15 percent by 2020. The plan will now be reviewed by the state Office of Administrative Law. 640. Moved at 8:05. By Lynn Doan and James Nash.
Piecemeal Plan to Obama Jobs Bill Fails First Senate Test
Democrats failed in their first attempt to salvage parts of President Barack Obama’s jobs plan as the U.S. Senate blocked a proposal designed to keep state workers employed. 600. Moved at 11:45. By Brian Faler.
NYU Exiting National Merit Scholarship Citing Test Process
New York University pulled out of the National Merit scholarships, becoming at least the ninth school to stop funding one of the largest U.S. merit-based aid programs, because it doesn’t want to reward students based on a standardized test. 1,700. Moved at midnight. By Janet Lorin.
BUSINESS NEWS FEATURES
Tepco’s ‘Deal With Devil’ Signals End to Japan’s Postwar Era
Kazutaka Kikawada ran track and field at Fukushima’s Yamafunyu Elementary School before becoming the local boy made good, attending the elite University of Tokyo and carving out a career that made him president of Tokyo Electric Power Co.
The school ground where he ran his races a century ago now has a yellow backhoe digging out topsoil irradiated by the wrecked nuclear reactors Kikawada approved for construction 60 kilometers (38 miles) away. The dirt is piled under sky-blue tarpaulins. Graffiti in red and black kanji on the main road demands Tokyo Electric remove its “radioactive trash.”
“I reckon he brought the nuclear plant to his home prefecture to create jobs and prosperity,” said Chozo Yamaki, an 83-year-old who knew Kikawada and still lives and farms cucumbers on a patch of land across the street from where the schoolboy runner grew up in the farming hamlet. “It’s tragic it led to such a crisis.” 4,400. Moved at 10:40. By Bloomberg News.
GENERAL NEWS FEATURES
Obama-Bashing Ads Never End in U.S. Elections With Scret Cash
Ben Nelson doesn’t face re-election to the U.S. Senate for another year and won’t know his opponent until next May. Yet advertising attacks on the second-term Democrat began months ago.
“Can Nebraskans trust Ben Nelson?” began a radio spot in January sponsored by American Future Fund, a tax-exempt group that backed Republicans in the 2010 election. Two other independent organizations aired commercials in July criticizing him over federal spending. A third sponsored rallies in August accusing him of hiding from constituents.
The last election was barely over when airwaves began humming with messages blasting lawmakers for the next one. Many of the ads don’t count as political spending under federal rules because they’re appearing so long before November 2012, and they don’t urge an explicit vote. This helps independent associations such as American Future Fund keep their tax-exempt status as groups whose primary activity can’t be political campaigning. 2,610. Moved at midnight. By Charles R. Babcock.
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