US-BUSINESS Summary
Futures up after Bullard comment, weak dollar
NEW YORK - U.S. stock index futures rose about 1 percent on Monday, looking to snap a three-session losing streak as commodity and natural resource stocks gained on a falling U.S. dollar. James Bullard, the St. Louis Federal Reserve president, said Sunday the central bank should extend its mortgage-related assets purchase program to give policy-makers more flexibility as they help the economy recover from a painful recession.
Cadbury hits new high as bidders circle
LONDON - Speculation of a bid battle for Cadbury <CBRY.L> between Kraft Foods <KFT.N> and other rivals who are considering making takeover offers lifted shares in the British confectioner to a new high, analysts said on Monday. Most of the other big players in the global confectionery industry -- U.S.-based Hershey Co <HSY.N>, Italy's Ferrero and Switzerland's Nestle AG <NESN.VX> -- are now weighing bids themselves, according to Reuters sources and media reports.
Tyson Foods profit beats estimates
NEW YORK - Tyson Foods Inc <TSN.N> <TSN.N> reported a higher-than-expected quarterly profit on Monday, boosted by the performance of its beef, pork and prepared foods businesses. The world's largest meat producer reported a net loss of $455 million, or $1.22 a share, in the fourth quarter ended on October 3, compared with a year-earlier profit of $48 million, or 13 cents a share.
Gold hits record above $1,167/oz as dollar slips
LONDON , against $1,148.20 late in New York on Friday. U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange rose $19.10 to $1,165.90 an ounce.
"Black Friday" deals may not signal retail comeback
CHICAGO - When the U.S. holiday shopping season kicks off on the day after Thanksgiving, retailers can expect to see millions of less frightened, but even more bargain-hungry customers cross their thresholds. Industry experts expect a strong turnout on Black Friday, which falls on November 27 this year, as deep discounts lure shoppers after more than a year of subdued spending. But they caution it will not mean a bumper holiday season in the weeks leading up to Christmas since consumers still remain cautious.
Dimon seen as successor to Geithner: report
- Several U.S. policy makers consider JPMorgan Chase & Co <JPM.N> Chief Executive Jamie Dimon as a potential successor to U.S. Treasury Secretary Timothy Geithner, the New York Post said, citing sources. Dimon "would love to serve his country," the paper quoted people familiar with his thinking as saying.
U.S. business economists raise 2010 growth outlook
WASHINGTON - A group of U.S. business economists boosted their forecast for economic growth over the next year, but said the jobless rate will remain stubbornly high, a survey released on Monday showed. The National Association for Business Economists predicted real growth in gross domestic product for 2010 would be 2.9 percent, up from its October forecast for 2.6 percent growth.
Microsoft, News Corp weigh web pact: source
NEW YORK - Microsoft Corp <MSFT.O> has had talks with News Corp <NWSA.O> about a tie up, which would involve News Corp getting paid to take its news websites off Google Inc <GOOG.O>, a source familiar with the matter said on Sunday. News Corp, which owns such papers as the Wall Street Journal and the Sun, started the discussions, which were at an early stage, the source said.
Ciena buys Nortel ops for $769 million: sources
NEW YORK/HELSINKI - Ciena Corp will buy the optical networking and carrier ethernet business of bankrupt Nortel for $769 million, sources told Reuters, after it trumped Nokia Siemens Networks in a three-day auction. The deal will more than double Ciena's turnover, prompting the market to focus on how the U.S. network equipment maker will integrate the new operations and cope with an increased debt load.
Chicago Fed chief sees 10.5 percent U.S. jobless peak: report
PARIS - Chicago Federal Reserve President Charles Evans expects U.S. unemployment to peak at around 10.5 percent next spring and hopefully easing to about 9.5 percent by end-2010, according to comments published on Monday. "The best guess would be that we will probably plateau in the spring," the Financial Times quoted him as saying.