US-BUSINESS Summary
Stocks may sputter with Black Friday eyed
NEW YORK - U.S. stocks could sputter this week as volumes dry up in holiday-shortened trading and with a slew of economic reports likely to illustrate the recovery is still fragile. Investors will also get a glimpse of how holiday shopping could shape up with "Black Friday," which traditionally marks the start of the season as retailers slash prices. It will be difficult for the economic recovery to make much headway without a pick-up in consumer spending as it accounts for two-thirds of the economy.
Cadbury prefers merger with Hershey over Kraft: report
LONDON - Cadbury Plc <CBRY.L> would prefer a merger with U.S. chocolate maker Hershey Co <HSY.N> rather than Kraft Foods Inc <KFT.N>, the British company's chairman Roger Carr told the Sunday Telegraph newspaper. However, he said both U.S. groups would fail if they cannot finance generous bids, the paper reported.
Nestle seen weighing possible Cadbury bid: report
ZURICH - Swiss food giant Nestle <NESN.VX> may consider a bid for Britain's Cadbury <CBRY.L> to challenge a hostile 9.9 billion-pound bid by Kraft Foods Inc and a potential move by Hershey, Bloomberg reported on Sunday. Nestle was still weighing its options and could decide against a bid, Bloomberg said, citing two unnamed people with knowledge of the matter.
BofA may extend CEO search into 2010: report
NEW YORK - Bank of America <BAC.N> may extend its search for a new chief executive into next year if its board is unable to pick a candidate in the next four days, according to a report on the Bloomberg News website. The story cites unnamed people familiar with the matter who had spoken to Bloomberg ahead of a November 20 meeting about the search for a replacement for outgoing CEO Kenneth Lewis.
"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.
NY Times to Goldman Sachs: Pay up to cut public debt
NEW YORK - A New York Times editorial slammed Goldman Sachs <GS.N> for its role in the financial crisis and said that instead of paying big bonuses to its employees it should make a multibillion-dollar gift to help reduce the U.S. national debt. The editorial, published November 21, attacked Goldman for everything from its top executive's failure to apologize properly for his investment bank's part in creating the crisis as well as Goldman's awarding of bonuses related to profits that the paper said were boosted by a government bailout.
Indian PM says no substitute for U.S. dollar: report
NEW DELHI, NOV. - Indian Prime Minister Manmohan Singh said on Sunday there was no substitute to the U.S. dollar for replacement as the global reserve currency. "As far as I can see there is no substitute for the dollar," Manmohan Singh told CNN International television in an interview, coinciding with his trip to the United States.
Ciena takes Nortel unit auction to 2nd day: sources
NEW YORK - The auction for Nortel Network's optical networking and carrier ethernet business went into a second day on Saturday, after Ciena <CIEN.O> called for a break in the auction late on Friday, two sources said. Last month Nortel Networks Corp, the bankrupt Canadian telecommunications equipment maker, said that Ciena's cash-and-stock bid, worth some $526 million, would be the stalking horse offer for these assets.
Bank of America CEO Lewis may delay retiring: report
NEW YORK - Bank of America Corp <BAC.N> Chief Executive Kenneth Lewis has said he would consider postponing his retirement if directors need more time to find a successor or smooth the transition to the next CEO, the Wall Street Journal reported on Friday. Citing a person close to the executive, the newspaper said Lewis's willingness to stay at the Charlotte, North Carolina-based bank beyond his planned December 31 retirement date is the latest sign of the difficulties directors have faced in finding a replacement.
GE-Vivendi talks over NBC Universal stalled: report
NEW YORK - Talks between General Electric <GE.N> and Vivendi <VIV.PA> over the future of NBC Universal have stalled, the New York Times reported on Friday night. Citing people involved in the discussions, the newspaper said the two sides appear to be at least $500 million apart on how to value NBC Universal, which GE is hoping to sell to Comcast <CMCSA.O>, the cable television company.