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Reuters
Saturday, November 1, 2008; 10:33 AM

McCain, Obama battle into last weekend

COLUMBUS, Ohio (Reuters) - Republican presidential nominee John McCain on Friday seized on California Gov. Arnold Schwarzenegger's star power in Ohio, a state critical to his hopes of clawing back Democrat Barack Obama's lead going into Tuesday's election. Obama, who is ahead in national opinion polls and in this Midwestern state that has been crucial to Republican victories in the last two presidential votes, warned his supporters to expect attacks from McCain in the last days of the campaign.

Rare flash of anger from Obama on Halloween night

CHICAGO (Reuters) - It wasn't quite a Halloween nightmare on Obama street, but journalists on Friday drew a rare flash of anger from the normally unflappable Democratic presidential nominee. Barack Obama had taken a break from the campaign trail for a few hours of Halloween fun at home with his family four days before the election, but ended up visibly annoyed when news crews dogged their footsteps in their Chicago neighborhood.

Cindy McCain fits the role of first lady

WASHINGTON (Reuters) - With her elegant clothes and perfectly coiffed blond hair, Cindy McCain looks the part of a U.S. first lady. She is also well prepared for the role.

Michelle Obama softens image for first lady role

ATLANTA (Reuters) - Michelle Obama will bring the skills of a corporate lawyer to the White House if her husband wins the U.S. presidency, but she says her priority will be her role as "mom-in-chief" to the couple's daughters. Democrat Barack Obama faces Republican John McCain in Tuesday's election. If the first-term Illinois senator wins, he will become the first black U.S. president and his wife the first black first lady.

Obama has 5-point lead over McCain

WASHINGTON (Reuters) - Democrat Barack Obama's lead over Republican rival John McCain dipped slightly to 5 points with three days left in the race for the White House, according to a Reuters/C-SPAN/Zogby poll released on Saturday. Obama leads McCain by 49 percent to 44 percent among likely voters in the three-day national tracking poll, down from a 7-point advantage on Friday. The telephone poll has a margin of error of 2.9 percentage points.

Biden sounds cautious note ahead of election

LIMA, Ohio (Reuters) - Democratic vice presidential candidate Joe Biden sought on Friday to temper over-confidence that Barack Obama is a sure win in Tuesday's presidential election and said he expected the poll to be very close. Speaking to reporters at a burger restaurant in Lima, in the battleground state of Ohio, Biden said he felt "this good" at the same point in the campaigns of Democrats John Kerry in 2004 and Al Gore in 2000, who were both defeated by President George W. Bush.

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http://www.washingtonpost.com/wp-dyn/content/article/2008/11/01/AR2008110100859.html

November 1, 2008, 10:33 AM
Palin: “Government Is The Problem, Doggone It!”
Posted by Scott Conroy| 11

(CBS)From CBS News' Scott Conroy:

(NEW PORT RICHEY, FLA.) - Sarah Palin pressed her argument that Barack Obama would move the country in a dramatically leftward direction.

“Our opponent’s plan is just for more bigger government, and doggone it, government is the problem, not the solution,” Palin said at a rally here.

“So, John and I, we just have the complete opposite approach in all of this, the opposite commitment which is so much better. Instead of taking more of your hard-earned money and then spreading that out according to a politician’s priorities, we’re gonna spread opportunity so you can create new wealth. That’s equal opportunity.”

Palin accused Obama of trying to “exploit the fear and worries” of senior citizens in Florida who are concerned about maintaining their Social Security and Medicare benefits, calling it “the oldest and cheapest kind of politics there is.”

Later in the speech, she warned that Obama did not believe in gun rights, a charge the Democratic nominee has repeatedly denied.

“We believe in the forward movement of freedom, not in the constant expansion of government, and we believe that the virtues of freedom are still worth fighting for,” Palin said. “And though Barack Obama disagrees with some of that freedom, it includes the full rights and liberties under the 2nd Amendment.”

http://www.cbsnews.com/blogs/2008/11/01/politics/fromtheroad/entry4562802.shtml

Banks Alter Loan Terms to Head Off Foreclosures
David McNew/Getty Images
About 1.5 million homes were in foreclosure at the end of June, and economists expect more.

By VIKAS BAJAJ and ERIC DASH
Published: October 31, 2008
Even as political pressure builds in Washington for a sweeping program to help struggling homeowners, some banks are realizing that it may be good business to keep borrowers in their homes.

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Related
Times Topics: Credit Crisis — The EssentialsOn Friday, JPMorgan Chase became the latest big bank to pledge to cut monthly payments, by lowering interest rates and temporarily reducing loan balances for as many as 400,000 homeowners. Early in October, Bank of America, which acquired the large lender Countrywide, announced a similar effort aimed at 400,000 borrowers as part of a settlement with state officials.

Though the measures encompass only a fraction of the nation’s troubled homeowners, analysts say they could become more instrumental in stemming the rising tide of foreclosures than the government’s plan to partly guarantee home loans.

“The banks are doing the cost-benefit analysis,” said Gerard S. Cassidy, a banking analyst with RBC Capital Markets. “The banks don’t want these customers going into foreclosure because it is a costly and punitive way of trying to collect your money.”

Roughly 1.5 million homes were in foreclosure at the end of June, and economists expect several million more borrowers may default in the coming year as housing prices erode and job losses rise. Nearly one in 10 mortgages is either delinquent or in foreclosure.

Chase officials said their effort was not an act of charity or a response to government pressure. By renegotiating loans with borrowers, the bank is hoping to reduce the losses that it incurs in the foreclosure process and when it sells repossessed homes. Chase said it has already modified 250,000 loans since the start of 2007.

“What we are doing is a process that just makes a lot of sense,” said Charlie Scharf, chief executive of retail financial services at Chase. “If the government can come in and help us find ways to modify more people that would be wonderful.”

The bank, which will open 24 counseling centers and hire 300 employees to work with borrowers, will suspend foreclosures on loans it owns for at least 90 days while it puts its new policies into place at Chase and the two banks it acquired this year, Washington Mutual and Bear Stearns.

Like other banks, Chase is largely aiming at loans that the bank owns and not the mortgages that it services on behalf of bond investors who own mortgage-backed securities. Banks have less leeway in changing the terms of loans packaged into securities, because contracts that govern them can be very restrictive.

Those contracts could limit the impact of loan modification programs at Chase and other banks. For instance, Chase owns $350 billion of the $1.5 trillion in the home mortgages it services; the rest are owned by investors. Some hedge fund investors have threatened legal action if banks aggressively modify the loans that back bonds that they own. Mr. Scharf said the bank was working with investors to gain approval to modify more loans.

Chase’s effort resembles a plan put in place at IndyMac after the Federal Deposit Insurance Corporation took it over in July. Chase’s program closely mirrors that template by lowering interest rates on existing mortgages and temporarily reducing the principal owed on loans. The goal would be to lower a borrower’s housing payments to 31 to 40 percent of disposable income.

Sheila C. Bair, the chairman of the F.D.I.C., has said the agency may be able to help 40,000 of the 60,000 delinquent IndyMac borrowers. About 3,500 of those who have been approached have agreed to a modification. IndyMac owns most of those loans but it has been seeking permission from investors to modify other loans, as well.

But the steps being taken by banks on their own could affect a much larger pool of troubled homeowners.

“A clear consensus is emerging that broad-based and systematic loan modifications are the best way to maximize the value of mortgages while preserving homeownership — which will ultimately help stabilize home prices and the broader economy,” Ms. Bair said in a statement that applauded the announcement by Chase.

Mr. Scharf said Chase would also offer modifications to borrowers who were not currently delinquent but who the bank thought could be at risk of defaulting. For certain risky loans, it might offer to temporarily reduce interest rates to as low as 2 percent and calculate payments on a reduced loan balance for a few years.

Bank of America agreed to make similar changes under a settlement of predatory lending practices with officials from 11 states, and agreed to permanently write down the amount owed on some mortgages. HSBC, another big bank, is also pre-emptively providing relief to some borrowers and has modified nearly 25 percent of its subprime mortgages.

Mark Pearce, a banking regulator in North Carolina, said the government interventions at IndyMac and Countrywide were helping to set a good example for lenders like Chase that were now beginning to take a more aggressive approach to loan modifications.

“It’s clear that they have studied IndyMac and the Countrywide settlement,” said Mr. Pearce, who is a deputy commissioner for banks in North Carolina. “Those public programs are leading other servicers to rethink how they are approaching these issues.”

http://www.nytimes.com/2008/11/01/business/01modify.html?em

ITV.com
Brown heads to Gulf for oil talks
BBC News - 4 hours ago
Gordon Brown has set off on a visit to the oil-rich Gulf for talks on how to improve the global economy. The prime minister plans to tell Middle East countries they must play their part in stabilising world oil prices.
Brown says Gulf states must help solve crisis Reuters UK
Brown in bid to stabilise oil price The Press Association
Sky News - AFP - Times Online - TeleText
all 991 news articles »

AFP
Second bid for HBOS anticipated
BBC News - 5 hours ago
The HBOS merger with Lloyds TSB is being thrown into doubt by a possible rival bid for the Halifax Bank of Scotland, BBC Scotland has learned.
Lloyds TSB takeover of HBOS cleared Reuters UK
Overseas bank lines up to bid for HBOS Scotsman
guardian.co.uk - Times Online - Telegraph.co.uk - Independent
all 453 news articles » LON:LLOY

City fury over terms of Barclays bailout
Independent - 14 hours ago
By Mathieu Robbins Barclays faces the possibility of an investor revolt after announcing it is taking cash from Middle-Eastern investors, at a hefty cost, as an alternative to accepting the UK government bailout which its rivals HBOS, Lloyds and Royal ...
Gulf states' spending spree goes on as investors buy stakes in ... guardian.co.uk
Barclays Agrees to Sell Big Stake Wall Street Journal
Financial Times - Times Online - Forbes - Telegraph.co.uk
all 937 news articles » LON:BARC - PINK:BCLYF - PGD

AFP
Rand posts biggest monthly decline since 1985
Moneyweb - 8 hours ago
The rand weakened the most in October since August 1985, when the apartheid government suspended debt payments. The All Share Index fell for a fifth month, losing 12%.
S.Africa rand steadies, stocks follow global markets up Reuters South Africa
Rand softer against major currencies SABC News
Reuters - Bloomberg - Reuters South Africa - Bloomberg
all 78 news articles »

S.Africa trade gap widens, rate hopes take a knock
guardian.co.uk - 31 Oct 2008
By Gordon Bell JOHANNESBURG, Oct 31 (Reuters) - South Africa's trade deficit widened in September, data showed on Friday, bucking the trend of data this week that have raised hopes the next move in interest rates will be down.
Lower inflation Business Day
South African Bonds Rally as Producer Inflation `Turns Corner' Bloomberg
Reuters South Africa - The Times - Business Report - The Herald Eastern Cape
all 65 news articles »

Harmony Gold Q1 results: Graham Briggs – CEO, Harmony Gold
Moneyweb - 21 hours ago
ALEC HOGG: Graham Briggs, chief executive of Harmony Gold is with us in the studio. All the tough decisions that you took, Graham, are paying off.
Harmony turnaround continues apace Mining MX
Harmony Gold lifts Q1 profit, output Creamer Media's Mining Weekly
Business Report - Moneybiz - Citizen - Creamer Media's Mining Weekly
all 12 news articles »

Bush urges Americans to vote

AFP - 20 minutes ago
WASHINGTON (AFP) - President George W. Bush on Saturday urged Americans to vote Tuesday to choose his successor, with an apparent lack of bitterness over an election in which even his own party has repudiated him.
McCain renews attacks on 'far-left' Obama The Australian
Last-minute appeals on radio by Obama, McCain The Associated Press
Sydney Morning Herald - Telegraph.co.uk - BBC News - Washington Post
all 1,159 news articles »

Telegraph.co.uk
Barack Obama's 'Auntie Zeituni' made illegal contributions to his ...
Times Online - 43 minutes ago
Barack Obama's 'Auntie Zeituni', found by The Times living on a Boston housing estate, appears to have made an illegal contribution to her nephew's presidential campaign because she is not a US citizen.
Obama says he didn't know aunt's illegal status, 12th Ld-Writethru guardian.co.uk
Barack Obama's Kenyan aunt 'living illegally' in US Telegraph.co.uk
BBC News - Melbourne Herald Sun - The Press Association
all 981 news articles »

Sydney Morning Herald
African Union Condemns Violence in Congo
Voice of America - 5 hours ago
By Peter Heinlein The African Union has condemned the violence in eastern Democratic Republic of Congo, and is launching a 'quiet diplomacy' initiative aimed at bringing all parties involved to the negotiating table.
Crisis bites for Goma refugees BBC News
Miliband flies to Goma as rebels advance guardian.co.uk
Inter Press Service - AllAfrica.com - Times Online - Deutsche Welle
all 3,590 news articles »
Market wins by a nose over horses
Melbourne Herald Sun - 3 hours ago
There is one very big qualification and associated understanding: that you are investing for the long term - not for next week, next month or even next year.
We play a waiting game Sydney Morning Herald
Rudd a step ahead of fear The Australian
The Age - Business Spectator - Sydney Morning Herald - The Australian
all 367 news articles »

AFP
Moves to allow access to funds applauded
Sydney Morning Herald - 11 hours ago
The peak funds body welcomed moves to allow investors facing hardship access to some frozen funds but urged patience while working through the process of getting liquidity back into the funds.
Frozen cash to be released Sky News Australia
Australian regulator unfreezes funds to relieve hard-up AFP
The Australian - ABC Online - The Age - WA Business News (subscription)
all 92 news articles »

Radio Australia
Emissions scheme Rudd's chance to prove economic credentials
The Australian - 31 Oct 2008
Against the backdrop of a world economy heading into recession and Australian economy like to follow very closely, the Government needs to press ahead with the implementation of its emissions trading system (ETS).
Ridout slams 'Dr Who' Treasury modelling ABC Online
PM warns of climate tariffs on tardiness The Age

CBC.ca
TSX holds onto triple-digit losses
Toronto Star - 31 Oct 2008
The Toronto stock market continued to see red in morning trading as commodities prices weakened in the final session of a terrible month of declines.
Toronto stock market ends dismal October down 17% CBC.ca
Retrenching consumer slows economy Globe and Mail
Vancouver Sun - The Canadian Press - DigitalJournal.com - Bloomberg
all 364 news articles » TSE:X - TSE:RCI.B - TSE:AZD

CTV British Columbia
Welfare payouts hit target . . . for 1988
Toronto Star - 8 hours ago
Welfare recipient Phill Hozer, in his west-end neighbourhood, will see two per cent more in his monthly cheque in December. A single person like Hozer now will get $572 a month.
Local officials pleased with uploading of social services Woodstock Sentinel Review
Provincial uploading to save $9 million a year Northumberland News
Toronto Sun - Globe and Mail - Ottawa Citizen - Canada.com
all 149 news articles »

680 News
Poor health forces Rogers CEO to step aside
Globe and Mail - 9 hours ago
Ailing communications magnate Ted Rogers has been admitted to hospital, forcing him to relinquish his duties as CEO of his sprawling cable TV, wireless, sports and media conglomerate.
Illness sidelines Ted Rogers Toronto Star
Ted Rogers admitted to hospital, temporarily hands over CEO ... The Canadian Press
CityNews - Edmonton Sun - Bloomberg - Reuters
all 105 news articles » TSE:RCI.B Langue : Français »

700 jobs to go at Dell plant in Limerick
Siliconrepublic.com - 3 hours ago
01.11.2008 Friday was a black day for the tech sector in Limerick after it emerged that 700 workers are to be let go at Dell’s Raheen manufacturing operation and a further 100 jobs at the Flextronics contract... more... 01.11.2008 Local knowledge ...
Fears for hi-tech plant as Dell axes 700 staff Irish Independent
Up to 800 job losses in Limerick companies Irish Times
RTE.ie - FinFacts Ireland - Limerick Leader - Limerick Post
all 10 news articles »

RTE.ie
Minister does not plan to intervene in Aer Lingus and Siptu standoff
Irish Times - 30 Oct 2008
THE MINISTER for Transport Noel Dempsey has no plans to intervene in the standoff between Aer Lingus and Siptu that could lead to industrial action at the airline in the run-up to Christmas.
Aer Lingus LRC talks break down RTE.ie
Aer Lingus sticks to cost cuts as union talks fail Reuters
The Press Association - Herald.ie - 4ni.co.uk
all 29 news articles »

RTE.ie
Bin charges increase unlikely, says Gormley
RTE.ie - 9 hours ago
Minister for the Environment John Gormley has said he does not think bin charges will be increased as a result of a collapse in the global price for recycled goods.
Bin charges on the way up Irish Independent
Recycling firms warn of collection charge hike Irish Times
Belfast Telegraph - Irish Times
all 19 news articles »

NEWS UPDATE
Round the week

Story of the Day
RBI cuts CRR, repo rates further Updated

Markets
Forex Rates on Oct 31
Call rate higher at 17.00-18.00%

Corporate
Mercedes-Benz to shift to new plant early 2009
Gujarat NRE rights issue on track, says company official
Honda motorcycle October sales up by 23%
GM India sales up 5.31% in October
Bajaj bike sales down 34% in Oct
Maruti Suzuki Oct sales dip 7%
Zee News in tie-up with Sky B(Bangla), also picks up 26% stake
Gujarat NRE Q2 net zooms to Rs 102.75 cr
Board meetings today
Board meetings on Monday

Book Closures/Dividends
Religare Enterprises allots shares under ESOS

Corporate Results
Panacea Biotec net loss at Rs 44.06cr for Sept quarter
Koutons Retail Q2 net at Rs 30.42 cr
Petron Engg net up 58%
Thales posts marginal rise in Q3 revenues at €2.64 bn
Uttam Galva Q2 net down 30% at Rs 21 cr
Lanco Infratech Q2 net up at Rs 39.87 cr
Unitech net jumps to Rs 415.55 cr in Q2

Commodities
Sugar closes quiet in thin trade
Bajra, barley weakens on reduced offtake
Palmolein oil remains weak on global cues
Gold recovers on seasonal demand
Crude oil prices rebound

Logistics
Jet Airways withdraws New Delhi-Raipur flight
Airnetz launches first GDS in Indian pvt jet industry

Global News / Markets
Freedom Bank 17th in the US to close down
European markets gain on last day of Oct month
Wall Street ends higher

General
Castlewood invites Indian buyers to Hungary
RBI's rate cut to help SMEs to get affordable credit
Foreign law firms set to operate in India: CJI
Fuel supply agreement issue to be resolved soon: CIL
Alang ship breaking industry faces recession
India working with Pak to resolve issues on IPI gas pipeline
To save 'Kyunki...', Balaji moves Bombay High Court
Pulitzer Prize-winning author Terkel dead

Politics
RSP flays hike in FDI cap in insurance sector

Info-Tech
Spanco Telesystems net slips 26%
Reliance Communications distributes prizes under festive offer

Banking & Finance
IDBI Bank cuts home, education loan rates by 0.5 %
RBI measures to induce rate cuts: Bankers

Govt/States
MMRDA to carry out comprehensive study for Monorail project
Joint meeting soon to expedite completion of TN court buildings

Weekly Review
Diwali gives much needed impetus to falling market

http://www.thehindubusinessline.com/blnus/

US banks using government money for deals

1 Nov, 2008, 2200 hrs IST, AGENCIES

US banks are using the federal bailout money to buy other banks instead of boosting their lending. BSE Weekly: Gainers, Losers | NSE Weekly: Losers, Gainers

India, China wary of global economic crisis

Crisis-hit US fears dumping by India, China: Report

RBI cuts rates to induce Rs 85,000 cr; signals interest cut

US heads into another real estate mess
1 Nov, 2008, 2150 hrs IST, REUTERS

Non-residential property investment in US has stayed unusually strong unusually long into what is looking like a protracted recession. Biz Week in Pics | CEOtoons

One in five US homeowners with mortgages under water

Uncertainty holds up Wipro's Atlanta plan
1 Nov, 2008, 2210 hrs IST, IANS

Plans of Wipro Ltd to open a software development centre at Atlanta in the US are on hold due to global meltdown and uncertainty in economic environment. IT at work

No job cuts in IT industry, says Narayana Murthy

All headlines >>

India, Iran pitch for two-way investments in various fields
1 Nov, 2008, 2222 hrs IST

India and Iran today strongly pitched for increased two-way investments in various fields as they finalised DTAA and decided to conclude a pact on promotion and protection of investments at the earliest.

Crisis-hit US fears dumping by India, China: Report
1 Nov, 2008, 2221 hrs IST

In the midst of the global financial crisis, a media report has raised the spectre of major producers dumping products in world markets and giving America another worry.

All News headlines >>

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http://economictimes.indiatimes.com/News/articlelist/1715249553.cms

Palash Biswas