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 may consider a bid for Cadbury: report

ZURICH bid by Kraft Foods Inc <KFT.N> and a potential move by Hershey <HSY.N>, Bloomberg reported on Sunday. Nestle is still weighing its options and may decide against a bid, Bloomberg said, citing two unnamed people with knowledge of the matter.

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.

Time Warner, News Corp reported interested in MGM

NEW YORK - News Corp, Time Warner Inc and Qualia Capital LLC are interested in buying Hollywood's Metro-Goldwyn-Mayer film studio, home of the James Bond movies, Bloomberg News reported on Friday. Citing people with knowledge of the situation, the report said the companies have not yet examined the studio's finances and their level of interest will depend on price.

U.S. Q3 seen revised down on widening trade deficit

WASHINGTON - The U.S. economy's return to growth in the third quarter was less brisk than previously thought as the trade deficit worsened and companies still aggressively cut inventories, a Reuters survey predicted. The poll of 66 economists forecast real gross domestic product growth would be revised down to an annualized rate of 2.9 percent from the 3.5 percent pace reported by the government last month.

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.