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 1-212-617- 5392. The main number for the department is 1-212-617-4300.
Major companies due to report earnings after the 16:00 close of regular trading in New York: Amgen Inc., Texas Instruments Inc.
TOP BUSINESS NEWS
U.S. Stocks Rise Amid Takeovers as Caterpillar Beats Estimates
U.S. stocks rose, following the longest weekly rally since February in the Standard & Poor’s 500 Index, amid takeover deals, as Caterpillar Inc.’s earnings beat estimates and Europe made progress taming its debt crisis. US-STOCKS-FINAL to move by 17:00. By Rita Nazareth. Also see GLOBAL-MARKETS-WRAP, US-OIL- MARKET.
Banks Said to Squabble With EU Over Size of Greek Debt Losses
The world’s biggest banks are squabbling with European leaders over the size of losses on their Greek bonds as they seek a deal to cut the country’s debt load, two people with knowledge of the discussions said. 480. Moved at 6:25. By Aaron Kirchfeld. Also see GREECE-UPDATE, CAMERON-EU-CRISIS.
Caterpillar Earnings Beat Estimates as Mining Demand Gains
Caterpillar Inc., the world’s largest construction and mining-equipment maker, posted third-quarter profit and sales that topped analysts’ estimates as demand for shovels and drills used to dig up metals rose. 600. Moved at 11:00. By Shruti Date Singh.
U.S. Mortgage Plan Expands to Refinance Underwater Borrowers
A U.S. government mortgage relief program will expand to allow homeowners to refinance regardless of how much their houses have dropped in value, the regulator overseeing Fannie Mae and Freddie Mac announced. 350. Moved at 10:30. By Lorraine Woellert.
Fed Wants to Ensure U.S. Housing Affordability, Dudley Says
Federal Reserve Bank of New York President William C. Dudley said the central bank wants to keep mortgage interest rates from rising too much and may do more to hold down borrowing costs. 830. Moved at 11:45. By Caroline Salas Gage.
Merkel Seeks German Backing for Summit as Banks Discuss Losses
Chancellor Angela Merkel will seek backing from German lawmakers to bolster the euro bailout fund on the same day she heads to a European summit, as banks joust with leaders over the size of losses they take on Greek bonds. 650. Moved at 10:15. By Patrick Donahue.
Swiss Banks Said Ready to Pay Billions, Disclose Customer Names
Swiss banks will probably settle a sweeping U.S. probe of offshore tax evasion by paying billions of dollars and handing over names of thousands of Americans who have secret accounts, according to two people familiar with the matter. 1,600. Moved at 10:25. By David Voreacos, Klaus Wille and Giles Broom.
Cigna Agrees to Buy Healthspring to Expand Medicare Business
Cigna Corp., the fifth-largest U.S. insurer, agreed to buy Healthspring Inc., a health-maintenance organization, for $3.8 billion in cash to triple the number of Medicare customers it serves. 390. Moved at 10:15. By Pat Wechsler and Elizabeth Lopatto.
Oracle Buys RightNow for $1.5 Billion to Add Cloud Services
Oracle Corp., the world’s second-largest software maker, agreed to buy RightNow Technologies Inc. for $1.5 billion, gaining customer-service expertise to bolster a new Internet- based product. 510. Moved at 10:45. By Sarah Frier.
Smucker to Buy Majority of Sara Lee Unit for $400 Million
J.M. Smucker Co., the maker of jams and Jif peanut butter, agreed to buy a majority of Sara Lee Corp.’s North American coffee food-service unit, almost doubling the size of its business that sells to large institutions. 260. Moved at 10:15. By Leslie Patton.
FedEx to Boost Holiday Hiring 18% to 20,000 as Shipments Rise
FedEx Corp. plans to hire 20,000 seasonal workers, 18 percent more than last year, to handle a surge in holiday deliveries. 350. Moved at 10:20. By Natalie Doss.
AT&T Seeks to Knock Out U.S. Ally Sprint in T-Mobile Hearing
AT&T Inc. will ask a federal judge to throw out Sprint Nextel Corp.’s lawsuit to stop its purchase of T-Mobile USA Inc., seeking a decision that would curb Sprint’s ability to help the U.S. block the deal. Developing. By Tom Schoenberg and Sara Forden.
TOP GENERAL NEWS
Turkey Quake Toll Rises to 264, Hundreds Missing Under Rubble
The death toll in an earthquake in eastern Turkey climbed to 264 and rescue workers were searching for hundreds more feared buried under the rubble in the country’s worst natural disaster since 1999. 840. Moved at 12:35. By Steve Bryant and Emre Peker.
Kenya Boosts Security in Nairobi After Grenade Attack Injures
Kenyan police boosted security in the capital, Nairobi, after at least 12 people were injured in a grenade blast at a bar in the city, two days after the U.S. Embassy warned an attack may be imminent in the country. 465. Moved at 9:40. By Eric Ombok.
Libya Will Be a ‘Moderate Muslim Nation,’ NTC Chairman Says
Mustafa Abdel Jalil, chairman of Libya’s National Transitional Council, sought to give assurances that the country will be a moderate Muslim nation, amid concern the interim government wants to adopt a strict Islamic tone. 650. Moved at 9:00. By Caroline Alexander, Ola Galal and Robert Tuttle. Also see LIBYA-LIBERATION, LIBYA-QADDAFI-PROBE.
Secretary of State Hillary Clinton said Pakistan will suffer “dire consequences” if it fails to “contain” terrorists operating from its soil, and it needs the U.S. and Afghanistan to help get the job done. 1,080. Moved at 1:50. By Indira A.R. Lakshmanan.
Karzai Says Afghanistan Would Help Pakistan Against U.S. Attack
Afghan President Hamid Karzai urged Pakistan’s military to stop supporting the Taliban insurgency, saying his country is a loyal neighbor that would assist Pakistan if attacked by the U.S. 420. Moved at 5:15. By Eltaf Najafizada and James Rupert.
U.S. Envoy Leaves Syria Over ‘Credible Threats’ to Safety
The U.S. ambassador to Syria, Robert Ford, left the country after “credible threats against his safety,” Haynes Mahoney, the American Embassy’s deputy chief of mission, said today by phone from Damascus. 100. Moved at 6:55. By Massoud A. Derhally.
Saudi Crown Prince’s Death Raises Succession Questions
Saudi Arabia, the world’s largest oil exporter, is waiting for a successor to the crown prince as the ruling family gathers tomorrow for prayers after the death of Sultan bin Abdulaziz Al Saud. 1,230. Moved at 7:55. By Glen Carey.
Bangkok River Swells to Record as Flooding Reaches Thai Capital
Thai authorities warned people living on the banks of the Chao Phraya river to prepare to evacuate as water levels reached a record and floodwaters began spilling into the nation’s capital. 1,120. Moved at 13:00. By Daniel Ten Kate and Anuchit Nguyen.
BUSINESS NEWS FEATURES
Ferrari Adds Cashmere for Drivers Demanding Unique Dress: Cars
Ferrari SpA has begun offering personal touches like cashmere-covered seats and gold-colored exteriors for customers who find that cars like the $410,000 620-horsepower 599 GTB aren’t quite special enough.
The “tailor made” personalization program, which started last month, aims to add 20 percent to 60 percent to the price of a car as the Fiat SpA unit looks to pad profit after capping deliveries, according to the Maranello, Italy-based company.
“Being different is important for Ferrari buyers as these cars are all about status,” said Rebecca Lindland, a IHS analyst in Norwalk, Connecticut. “It’s like showing up to a gala in the same dress -- funny at first, annoying if it keeps happening.” 875. Moved at 4:55. By Tommaso Ebhardt.
GENERAL NEWS FEATURES
Chinese See Communist Land Sales Hurting Mao’s Poor to Pay Rich
Bulldozers razed Li Liguang’s farmhouse four years ago after officials in the Chinese city of Loudi told him the land was needed for a 30,000-seat stadium.
What Li, 28, says they didn’t tell him is that he would be paid a fraction of what his plot was worth and get stuck living in a cinder-block home, looking on as officials do what he never could: Grow rich off his family’s land.
It’s a reversal of one of the core principles of the Communist Revolution. Mao Zedong won the hearts of the masses by redistributing land from rich landlords to penniless peasants. Now, powerful local officials are snatching it back, sometimes violently, to make way for luxury apartment blocks, malls and sports complexes in a debt-fueled building binge. 2,840. Moved at 12:45. By Bloomberg News.
Bidding Wars Heat Up Under VA Buyer’s Centralized Strategy
Retired U.S. Army Colonel Jan Frye says he loves a mission, and he’s passionate about this one: squeezing savings from the $16 billion a year the Department of Veterans Affairs spends on contracts. 1,200. Moved at 10:25. By Kathleen Miller.
(Bloomberg Government feature released earlier but made available today to newspapers. GRAPHIC: BGOV_LOGO_072511. Bloomberg Government logo. Size: 1C X 2in. (45.9 mm X 50.8 mm) Available now.)
Perry’s Best Chance to Become Romney Alternative Rests With Iowa
The green and yellow John Deere tractor, a model 8760, that loomed as Texas Governor Rick Perry’s backdrop at a campaign event in eastern Iowa this weekend would have been cliché for most presidential candidates.
For Perry, a former cotton farmer and Texas agriculture commissioner, it seemed almost natural.
“It’s good to get my feet back on some good, black fertile soil,” Perry told about 180 people gathered Oct. 22 on a farm in Wilton, Iowa. “I think an 8640 was the last John Deere tractor like that one that I actually sat on and made a living on.”
Whether Iowa will prove bountiful for Perry’s Republican presidential ambitions remains unknown. With Iowa’s Jan. 3 caucuses 10 weeks away, time is running out. 1,290. Moved at midnight. By John McCormick.
-0- Oct/24/2011 17:34 GMT