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Financial News

Dollar Being Used to Fund `Carry Trade,' May Still Be Overvalued, IMF Says The International Monetary Fund said traders are probably using the dollar to fund “carry trades” across the world and the currency may still be overvalued even after its slide this year.

Geithner, Brown Split on Transaction Tax as G-20 Seeks Rebalanced Economy Group of 20 governments split on whether to tax financial trading as part of a broader strategy to ensure the global economy’s expansion is less crisis-prone.

U.S. Treasury Two-Year Notes Gain as Unemployment Rate Tops 10% in October Treasury two-year note yields touched the lowest since May after the U.S. unemployment rate rose to a 26-year high of 10.2 percent and the Federal Reserve said it will keep rates at record lows for an “extended period.”

Berkshire Net Income Triples to $3.2 Billion on Buffett's Stock, Bond Bets Billionaire investor Warren Buffett’s Berkshire Hathaway Inc. said third-quarter profit tripled on gains in derivatives tied to stocks and bonds.

UCBH Holdings' Bank Is Seized, Becomes 120th U.S. Lender Closed This Year UCBH Holdings Inc.’s United Commercial Bank, a San Francisco-based lender with $11.2 billion in assets, was seized by regulators, becoming the 120th U.S. bank to fail this year.

Fannie Mae Bid to Sell Tax Credits Vetoed by U.S., Thwarting Goldman Sachs Fannie Mae’s request to sell $2.6 billion in low-income housing tax credits would be a bad deal for taxpayers and won’t be allowed, the U.S. Treasury said.

Top Cadbury Holder Franklin Resources Bought for M&A, Awaits Kraft Offer Franklin Resources Inc. fund manager Anne Gudefin, whose company is the biggest investor in Cadbury Plc, said she targeted the U.K. confectioner as a takeover candidate before Kraft Foods Inc.’s unsolicited approach.

Galleon Executive Panu Quits Concurrent Computer's Board Amid Fund Probe Krish Panu, a managing partner at Galleon Group LLC, resigned from the board of software maker Concurrent Computer Corp. after the New York hedge-fund firm’s involvement in an insider-trading scandal.

Rupert Murdoch Would Like One of His Children to Succeed Him at News Corp. News Corp. Chairman Rupert Murdoch, who began building his media group with the Adelaide News in 1953, said he’d like one of his children to succeed him, amid regular discussions about who will take over at the U.S. company.

Tishman Blackrock Move $3 Billion Stuyvesant Town Loan to Special Servicer The $3 billion loan backed by Stuyvesant Town-Peter Cooper Village in Manhattan was transferred to a special servicer at the request of Tishman Speyer Properties Inc. and Blackrock Realty, Fitch Ratings said.

General News

Pelosi Predicts Health Bill Will Pass After Abortion Deal, Obama Lobbying House Speaker Nancy Pelosi said her chamber today will pass legislation on the most sweeping U.S. health-care changes in four decades as President Barack Obama urged Congress to “rise to this moment.”

Fort Hood Killing Spree Was Ended by Base Police Officer, Officials Say A civilian police officer at Fort Hood whose shots stopped a killer’s rampage is a member of a special reaction team and a weapons expert who probably saved lives with her response, officials say.

Massacre at Fort Hood Prompts U.S. Army to Re-Examine Stress on Soldiers The shooting that killed 13 people on a U.S. Army base in Texas has spurred the Obama administration to re-examine the stresses on a military force that has been at war for eight years.

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