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• Wall Street lower, Caterpillar latest to miss on revenues
• Rosneft beefs up with TNK-BP purchase
• Caterpillar slashes forecast again, sees weaker economy
• Corzine, banks push to end MF Global fraud lawsuit
• FedEx to add 20,000 seasonal workers, sees shipping up 13 percent
• Nissan recalls new Altima in U.S. on loose steering bolts
• Prison looks likely for France's rogue trader Kerviel
• Euro zone cut fiscal deficit in 2011, debt up
• Goldman book was not meant to be an expose: author
• Petronas, Progress not giving up after Ottawa balks
• Russia's Rosneft buys out TNK-BP
• A look at Putin's man behind Rosneft rise to power
• Why Greg Smith left Goldman Sachs
• Markets are weighed down by disappointing earnings
• Caterpillar sees weak economy as it cuts outlook
• Hasbro 3rd-qtr profit falls 4 pct, revenue drops
• FedEx sees online shoppers powering holiday record
• Without buyer, Dominion to close Wis. power plant
• Private equity firm to buy Ancestry.com for $1.6B
• Philips Q3 earnings rise, growth economies help
• Petronas, Progress not giving up after Ottawa balks
• Prison looks likely for France's rogue trader Kerviel
• News Summary: Pfizer buying ADHD drug maker
• Markets are weighed down by disappointing earnings
• Oil falls below $90; pump prices continue to drop
• Global shares fall on corporate fears, Spain boosts euro
• A closer look at Caterpillar's growth predictions
• A look at Putin's man behind Rosneft rise to power
• Wall Street lower, Caterpillar latest to miss on revenues
• ADM bids for Australia's GrainCorp in $2.77B deal
• News Summary: Archer Daniels bids for GrainCorp
• News Summary: Caterpillar cuts guidance
• FedEx sees online shoppers powering holiday record
• Senior Merkel ally hints at more time for Greece
• Hasbro 3rd-qtr profit falls 4 pct, revenue drops
• Corzine, banks push to end MF Global fraud lawsuit
• Greece's Aegean airline to buy rival Olympic Air
• S.Africa's Sasol says registers to issue debt in US
• BBC faces more fallout on Savile scandal
• Slovenia PM says can't borrow further without fast reforms

Wall Street lower, Caterpillar latest to miss on revenues Posted: 22 Oct 2012 08:45 AM PDT NEW YORK (Reuters) - Stocks were modestly lower on Monday as investors fretted about the impact of slower global growth on corporate revenues, offsetting earnings that beat expectations. Caterpillar's shares seesawed after the heavy equipment maker became the latest to exceed expectations on the bottom line but fall short of revenue forecasts. The stock fell early, turned around to rally, and then again gave up those gains and was most recently flat at $83.86 a share. ...

Rosneft beefs up with TNK-BP purchase Posted: 22 Oct 2012 07:48 AM PDT MOSCOW/LONDON (Reuters) - State group Rosneft tightened its grip on Russia's oil industry on Monday, announcing a $55 billion deal to buy domestic producer TNK-BP and make Britain's BP a one-fifth Rosneft shareholder with two seats on the board. Rosneft, already the top oil company in the world's biggest producing country, will be pumping more oil and gas than Exxon Mobil with TNK-BP on board. With BP as a partner, powerful chief executive Igor Sechin can also pursue his dream of rivaling the industry number one on the world stage. ...

Caterpillar slashes forecast again, sees weaker economy Posted: 22 Oct 2012 07:37 AM PDT (Reuters) - Caterpillar Inc, the world's largest maker of tractors and excavators, slashed its 2012 forecast for the second time this year and warned the global economy was slowing faster than it had expected. The caution sign was the latest in a string of comments from multinational manufacturers, including General Electric Co and Honeywell International Inc, that the economic recovery remains tenuous and tepid at best. ...

Corzine, banks push to end MF Global fraud lawsuit Posted: 22 Oct 2012 08:31 AM PDT NEW YORK (Reuters) - Jon Corzine's lawyers say allegations that he fraudulently ran MF Global Holdings Ltd make "no sense" and that a lawsuit seeking to hold him and others responsible for the futures brokerage's bankruptcy must be thrown out. Corzine, former colleagues and several banks, including JPMorgan Chase & Co and Goldman Sachs Group Inc , filed papers on Friday night to dismiss investor litigation over MF Global's collapse. The company's October 31, 2011, bankruptcy was Wall Street's biggest meltdown since 2008. ...

FedEx to add 20,000 seasonal workers, sees shipping up 13 percent Posted: 22 Oct 2012 06:41 AM PDT (Reuters) - FedEx Corp said on Monday it plans to hire 20,000 seasonal workers, the same as last year, to handle holiday shipping volume that it expects will be up more than 13 percent. An ongoing increase in e-commerce and last-minute orders amid a slow-growing economy will mean more deliveries for companies like FedEx that can handle fast shipments. FedEx, which is closely watched as an indicator of consumer demand and economic health, anticipates handling more than 280 million shipments during the holiday season between Thanksgiving and Christmas. ...

Nissan recalls new Altima in U.S. on loose steering bolts Posted: 22 Oct 2012 06:10 AM PDT (Reuters) - Nissan Motor Co is recalling 13,919 of its top-selling Altima sedans in the United States because bolts that may not have been tightened properly during production could fall off, increasing the risk of a crash, according to U.S. safety regulators. The Altima sedans are from the from the 2012 and 2013 model years and were made at the Nissan plant in Canton, Mississippi, from May 10 to July 26, Nissan North America told the National Highway Traffic Safety Administration. ...

Prison looks likely for France's rogue trader Kerviel Posted: 22 Oct 2012 08:57 AM PDT PARIS (Reuters) - Jerome Kerviel, the man behind France's biggest rogue-trading scandal, finds out this week whether he is heading to prison or walking free after his last court appeal in a four-year battle against former employer Societe Generale . Former trader Kerviel submitted a final attempt in June to be acquitted and avoid a three-year jail sentence handed down in 2010 for his role in taking huge, risky bets that cost SocGen 4.9 billion euros ($6.4 billion) to unwind and slammed the French bank's reputation. ...

Euro zone cut fiscal deficit in 2011, debt up Posted: 22 Oct 2012 06:33 AM PDT BRUSSELS (Reuters) - The euro zone's fiscal deficit fell sharply last year as governments slashed expenses and raised taxes to regain market confidence in their public finances, but public debt still climbed, data from the European Union's statistics office showed on Monday. Eurostat said the aggregate budget deficit in the 17 countries using the euro fell to 4.1 percent of gross domestic product in 2011 from 6.2 percent in 2010 - the first year of the sovereign debt crisis. Euro zone public debt, however, rose to 87.3 percent of GDP in 2011 from 85.4 percent, Eurostat said. ...

Goldman book was not meant to be an expose: author Posted: 22 Oct 2012 06:44 AM PDT JOHANNESBURG (Reuters) - The former Goldman Sachs Group Inc vice president who publicly accused the bank of taking advantage of unsuspecting clients said he never intended his book to be an expose of practices at the Wall Street firm. Preliminary reviews of Greg Smith's "Why I Left Goldman Sachs," which hits bookstores on Monday, have been lackluster. Critics say the book contains few revelations, given that it had been hyped as a "tell all" look at the investment bank. ...

Petronas, Progress not giving up after Ottawa balks Posted: 22 Oct 2012 08:51 AM PDT CALGARY/TORONTO (Reuters) - Progress Energy Resources Corp and Petronas said they will meet with Canadian officials to try to reverse the government's surprise decision late on Friday to block their $5.2 billion merger deal. Petronas, the Malaysian state oil company, agreed on Monday to extend its deadline to close the acquisition of Progress, which has extensive exploration lands in the gas-rich Montney shale region of British Columbia, by up to 90 days. ...

Russia's Rosneft buys out TNK-BP Posted: 22 Oct 2012 07:32 AM PDT Russian state-owned oil giant Rosneft strengthened its hold on the country's lucrative oil industry when it sealed a $61 billion deal, buying TNK-BP, the joint venture between a group of Russian oil oligarchs and the British energy company.

A look at Putin's man behind Rosneft rise to power Posted: 22 Oct 2012 08:47 AM PDT Igor Ivanovich Sechin, the CEO of Russian state-owned oil company Rosneft and a loyal aide to Russian President Vladimir Putin for more than 20 years, was the driving force behind Monday's deal to take over rival TNK-BP.

Why Greg Smith left Goldman Sachs Posted: 22 Oct 2012 07:19 AM PDT Greg Smith wrote the essay that echoed across Wall Street like a thunderclap.

Markets are weighed down by disappointing earnings Posted: 22 Oct 2012 08:51 AM PDT Stocks are mostly lower in midday trading as investors digest some weak earnings reports.

Caterpillar sees weak economy as it cuts outlook Posted: 22 Oct 2012 07:53 AM PDT Caterpillar says the world's economy is weaker than it thought, and it doesn't expect growth to pick up until the second half of next year.

Hasbro 3rd-qtr profit falls 4 pct, revenue drops Posted: 22 Oct 2012 08:32 AM PDT The toys wars are heating up, with Hasbro planning to beef up spending on advertising after reporting that its third-quarter results fell by 4 percent.

FedEx sees online shoppers powering holiday record Posted: 22 Oct 2012 08:35 AM PDT FedEx expects to ship a record number of packages during the holidays, thanks to shoppers' growing fondness for buying online.

Without buyer, Dominion to close Wis. power plant Posted: 22 Oct 2012 07:45 AM PDT Dominion Resources Inc. said Monday that it plans to close and decommission its Kewaunee Power Station in Wisconsin after it was unable to find a buyer for the nuclear power plant.

Private equity firm to buy Ancestry.com for $1.6B Posted: 22 Oct 2012 05:32 AM PDT Genealogy website Ancestry.com has agreed to be acquired by a group led by European private equity firm Permira Funds in a cash deal valued at about $1.6 billion.

Philips Q3 earnings rise, growth economies help Posted: 22 Oct 2012 12:22 AM PDT Royal Philips Electronics NV, the maker of electric shavers, light bulbs and medical imaging equipment, saw earnings more than double in the third quarter, thanks to modest growth at all its business lines as well as the disposal of its loss-making television business.

Petronas, Progress not giving up after Ottawa balks Posted: 22 Oct 2012 09:00 AM PDT CALGARY/TORONTO (Reuters) - Progress Energy Resources Corp and Petronas said they will meet with Canadian officials to try to reverse the government's surprise decision late on Friday to block their $5.2 billion merger deal. Petronas, the Malaysian state oil company, agreed on Monday to extend its deadline to close the acquisition of Progress, which has extensive exploration lands in the gas-rich Montney shale region of British Columbia, by up to 90 days. ...

Prison looks likely for France's rogue trader Kerviel Posted: 22 Oct 2012 08:57 AM PDT PARIS (Reuters) - Jerome Kerviel, the man behind France's biggest rogue-trading scandal, finds out this week whether he is heading to prison or walking free after his last court appeal in a four-year battle against former employer Societe Generale . Former trader Kerviel submitted a final attempt in June to be acquitted and avoid a three-year jail sentence handed down in 2010 for his role in taking huge, risky bets that cost SocGen 4.9 billion euros ($6.4 billion) to unwind and slammed the French bank's reputation. ...

News Summary: Pfizer buying ADHD drug maker Posted: 22 Oct 2012 08:51 AM PDT THE DEAL: Pfizer Inc., the world's largest drug company, on Monday agreed to buy NextWave Pharmaceuticals Inc. in a deal worth as much as $700 million.

Markets are weighed down by disappointing earnings Posted: 22 Oct 2012 08:51 AM PDT Stocks are mostly lower in midday trading as investors digest some weak earnings reports.

Oil falls below $90; pump prices continue to drop Posted: 22 Oct 2012 08:51 AM PDT The price of oil is falling Monday, tracking the small declines in U.S. stocks.

Global shares fall on corporate fears, Spain boosts euro Posted: 22 Oct 2012 08:49 AM PDT NEW YORK (Reuters) - Global stocks faltered on Monday on concerns about weak corporate results and outlooks, while the euro gained as an election victory in Spain was seen as helping the country seek international aid to ease the euro zone debt crisis. Most U.S. stocks traded near break-even after heavy-equipment maker Caterpillar Inc slashed its 2012 forecast for the second time this year and warned that the global economy was slowing more quickly than it had expected. Shares of Caterpillar were on a roller-coaster as the bellwether for global growth rose up and down to trade flat near ...

A closer look at Caterpillar's growth predictions Posted: 22 Oct 2012 08:48 AM PDT Caterpillar Inc. makes mining and construction equipment, so its fortunes rise and fall with the world's economy. On Monday, it said it doesn't expect to see overall economic growth until the second half of 2013. It laid out what it expects to see next year, region by region:

A look at Putin's man behind Rosneft rise to power Posted: 22 Oct 2012 08:47 AM PDT Igor Ivanovich Sechin, the CEO of Russian state-owned oil company Rosneft and a loyal aide to Russian President Vladimir Putin for more than 20 years, was the driving force behind Monday's deal to take over rival TNK-BP.

Wall Street lower, Caterpillar latest to miss on revenues Posted: 22 Oct 2012 08:45 AM PDT NEW YORK (Reuters) - Stocks were modestly lower on Monday as investors fretted about the impact of slower global growth on corporate revenues, offsetting earnings that beat expectations. Caterpillar's shares seesawed after the heavy equipment maker became the latest to exceed expectations on the bottom line but fall short of revenue forecasts. The stock fell early, turned around to rally, and then again gave up those gains and was most recently flat at $83.86 a share. ...

ADM bids for Australia's GrainCorp in $2.77B deal Posted: 22 Oct 2012 08:42 AM PDT Archer Daniels Midland Co. has offered to buy Australian grain handler GrainCorp for about $2.77 billion.

News Summary: Archer Daniels bids for GrainCorp Posted: 22 Oct 2012 08:41 AM PDT THE BID: Australian grain handler GrainCorp says U.S. agribusiness conglomerate Archer Daniels Midland Co. has offered to buy the company for about 11.75 Australian dollars a share, or about $2.77 billion.

News Summary: Caterpillar cuts guidance Posted: 22 Oct 2012 08:41 AM PDT COCOONING: Caterpillar cut 2012 guidance, again. Revenue and profits will both be less than analysts had expected, as dealers work to cut inventory.

FedEx sees online shoppers powering holiday record Posted: 22 Oct 2012 08:35 AM PDT FedEx expects to ship a record number of packages during the holidays, thanks to shoppers' growing fondness for buying online.

Senior Merkel ally hints at more time for Greece Posted: 22 Oct 2012 08:32 AM PDT BERLIN (Reuters) - A senior member of German Chancellor Angela Merkel's party hinted on Monday that Greece could be given more time for certain structural reforms if its international lenders suggested this. Hermann Groehe is the latest senior member of Merkel's center-right coalition to suggest that Athens should get some leeway on agreed reforms. Horst Seehofer, leader of the Bavarian sister party of Merkel's CDU, indicated on Saturday Greece could get more time to implement them. ...

Hasbro 3rd-qtr profit falls 4 pct, revenue drops Posted: 22 Oct 2012 08:32 AM PDT The toys wars are heating up, with Hasbro planning to beef up spending on advertising after reporting that its third-quarter results fell by 4 percent.

Corzine, banks push to end MF Global fraud lawsuit Posted: 22 Oct 2012 08:31 AM PDT NEW YORK (Reuters) - Jon Corzine's lawyers say allegations that he fraudulently ran MF Global Holdings Ltd make "no sense" and that a lawsuit seeking to hold him and others responsible for the futures brokerage's bankruptcy must be thrown out. Corzine, former colleagues and several banks, including JPMorgan Chase & Co and Goldman Sachs Group Inc , filed papers on Friday night to dismiss investor litigation over MF Global's collapse. The company's October 31, 2011, bankruptcy was Wall Street's biggest meltdown since 2008. ...

Greece's Aegean airline to buy rival Olympic Air Posted: 22 Oct 2012 08:29 AM PDT Greek airline Aegean says it has agreed to purchase its main rival Olympic Air for €72 million ($94 million), nearly two years after an attempted merger was blocked by the European Commission on the grounds that the combined carrier could have monopolized the national market.

S.Africa's Sasol says registers to issue debt in US Posted: 22 Oct 2012 08:25 AM PDT JOHANNESBURG (Reuters) - South African petrochemicals group Sasol Ltd said on Monday it has registered with U.S. regulators to sell debt securities, a sign it is likely to raise money overseas. Sasol did not say how much debt it intended to issue in the United States.

BBC faces more fallout on Savile scandal Posted: 22 Oct 2012 08:22 AM PDT The BBC faced growing fallout Monday over sexual abuse allegations against a popular children's TV entertainer, as Prime Minister David Cameron accused the broadcaster of changing its story about why it killed a news segment on the accusations.

Slovenia PM says can't borrow further without fast reforms Posted: 22 Oct 2012 08:20 AM PDT LJUBLJANA (Reuters) - Slovenia will only be able to issue new bonds and service its debt in 2013 if it enforces reforms, including raising the retirement age, by the end of this year, Prime Minister Janez Jansa told parliament on Monday. He said the country - which has so far avoided joining other vulnerable euro zone economies in seeking a bailout - would need to take on new debt of 1 billion euros ($1.30 billion) per year in 2013 and 2014 just to finance the budget deficit. "It is crucial for Slovenia that reforms are enforced by the end of this year ... ...

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